Updated distribution reinvestment plan terms

VITAL HEALTHCARE PROPERTY TRUST
Managed by NorthWest Healthcare Properties Management Limited
vhpt.co.nz

MARKET RELEASE
12 August 2020

Updated Distribution Reinvestment Plan Terms

NorthWest Healthcare Properties Management Limited (the Manager), the manager of
Vital Healthcare Property Trust (Vital) advises that it has updated the terms of the Vital
Healthcare Property Trust Distribution Reinvestment Plan (DRP) to:
a. reflect recent changes made to the NZX Listing Rules relating to mandatory
timetable requirements for reinvestment plans;
b. allow the Manager to elect, at its discretion, to either (i) issue new units; or (ii)
acquire existing units on market to satisfy the DRP;
c. bring the DRP in line with best practice (for example, to allow unitholders to elect
to participate in the DRP online); and
d. clarify the interpretation of the DRP and improve unitholder understanding of its
operation (for example, the inclusion of a “Q&A” section which sets out answers to
key questions relating to participation in the DRP).
A copy of the updated Vital DRP is attached and is also available on Vital’s website at
http://vhpt.co.nz/distribution-reinvestment-plan.
Existing participants in the DRP are not required to take any action as a result of the
changes as their participation in the DRP will continue.

– ENDS –


ENQUIRIES
Aaron Hockly
Fund Manager, Vital Healthcare Property Trust
Tel 09 973 7301, Email aaron.hockly@nwhreit.com
Michael Groth
Chief Financial Officer, NorthWest Healthcare Properties Management Limited
Tel +61 409 936 104, Email michael.groth@nwhreit.com

VITAL HEALTHCARE PROPERTY TRUST
Managed by NorthWest Healthcare Properties Management Limited
vhpt.co.nz
Page 2 of 2
About Vital (NZX code VHP):

Vital Healthcare Property Trust is an NZX-listed fund that invests in high-quality healthcare
properties in New Zealand and Australia including private hospitals (~81% of rent),
Medical Office Buildings (~11% of rent) and aged care (~8% of rent).

Vital is the only specialist listed landlord of healthcare property in Australasia and
currently has a portfolio valued at over $2 billion.

Vital is managed by NorthWest Healthcare Properties Management Limited, a subsidiary
of Toronto Stock Exchange listed NorthWest Healthcare Properties REIT, a global owner
and manager of healthcare property.

For more information, visit our website: www.vhpt.co.nz

---

VITAL HEALTHCARE PROPERTY TRUST
Managed by NorthWest Healthcare Properties Management Limited
vhpt.co.nz

Vital Healthcare Property Trust
Distribution Reinvestment Plan
Vital Healthcare Property Trust Distribution Reinvestment Plan

This document is dated 12 August 2020 and sets out the terms and conditions of the
Vital Healthcare Property Trust Distribution Reinvestment Plan (“DRP”) established by
the Manager on behalf of Vital Healthcare Property Trust (“Trust”) as a means by
which unitholders in the Trust may elect to have fully paid units issued to them in lieu
of all or a specified part of any dividend distributions otherwise payable to them.

These Terms are issued in compliance with the exclusion for dividend reinvestment
plans contained in Schedule 1 of the Financial Markets Conduct Act 2013 and
Schedule 8 to the Financial Markets Conduct Regulations 2014.

Terms and conditions
Preliminary
1. These terms and conditions (“Terms”) constitute the terms and conditions of the
DRP established by the Manager under the Trust Deed.

2. The DRP will continue in operation until suspended or terminated by the
Manager pursuant to clause 43.

3. Capitalised terms used in these Terms have the meanings set out in the
definition section at clause 54.

Operation of the DRP
4. By electing to participate in the DRP, a Participant elects to forgo cash
distributions on units participating in the DRP and instead receive Additional
Units in the Trust, to the extent of their participation in the DRP. The Manager will,
on the day that a Participant would have otherwise been paid a cash
distribution on units participating in the DRP, either issue or arrange the transfer
of the number of Additional Units to which the Participant is entitled under the
DRP.

5. Additional Units acquired by Participants under the DRP will be issued or
transferred on these Terms, will all be subject to the same rights as each other
and will rank equally in all respects with all other fully paid units in the Trust as at
the date of issue.

VITAL HEALTHCARE PROPERTY TRUST
Managed by NorthWest Healthcare Properties Management Limited
vhpt.co.nz

Participation and eligibility
6. Participation in the DRP is optional and is open to all unitholders except to the
extent that the Manager excludes unitholders resident in jurisdictions outside
New Zealand where to extend the DRP to that jurisdiction would risk breaching
the laws of that jurisdiction. For further details please see clauses 34 to 35.

7. Units which do not qualify for a distribution under their terms of issue, or by virtue
of any of the terms of the Trust Deed, cannot participate in the DRP.
8. Any units over which the Manager has a lien or charge in accordance with the
Trust Deed or otherwise, for a sum that is presently payable, cannot participate
in the DRP while the sum remains unpaid.

9. Normal cash distribution payments will be made in respect of units not
participating in the DRP.

Election to participate
10. Election to participate in the DRP may be made by a unitholder at any time by
submitting a Participation Election in one of the following ways:

(a) Online election
By visiting the Registrar’s website www.investorcentre.com/nz.

OR

(b) Election Notice
By completing an Election Notice and sending the completed Election Notice
to the Registrar at:

Vital Healthcare Property Trust
c/- Computershare Investor Services Limited
Private Bag 92119
Victoria Street West
Auckland 1142
New Zealand

or such other person or address as the Manager may advise from time to time.
Election Notices may be obtained from the Registrar at any time.

11. Following receipt by the Registrar of a correctly completed Participation
Election, participation in the DRP will be effective for distributions payable from
the first Record Date after receipt or, if a Participation Election is received after
a Record Date but before 5.00pm on an Election Date, from the Record Date
immediately preceding that Election Date. Any Participation Election received
after 5.00pm on an Election Date for a distribution will be effective only from the
next following distribution.

VITAL HEALTHCARE PROPERTY TRUST
Managed by NorthWest Healthcare Properties Management Limited
vhpt.co.nz

12. Participation will continue for all future distributions to which the DRP applies in
accordance with these Terms unless and until participation is varied, terminated
or suspended in accordance with these Terms.

13. A Participation Election will not attach to the units in respect of which it has
been given but will be personal to the unitholder giving it. This means that
participating units will cease to participate upon transfer, and the transferee will
not be eligible to participate in the DRP in relation to those units, unless the
transferee has submitted a valid Participation Election or unless the transferee is
an existing unitholder who has elected full participation or partial participation
on a proportional basis under clause 15.

14. The Manager will give unitholders a reasonable opportunity to elect to
participate in the DRP.

Degree of participation
15. Participation in the DRP may be either full or partial.

Full participation
In choosing full participation, the Participant elects to include in the DRP all units
held by the Participant now or in the future.

Partial participation
In choosing partial participation, the Participant elects to include in the DRP
EITHER:

(a) the number of the Participant’s units nominated in the Participation Election;

OR

(b) the proportion of the Participant’s units from time to time (including any units
subsequently acquired (less units sold from time to time)) nominated in the
Participation Election.

16. If a Participant who has elected partial participation in respect of a nominated
number of units (rather than a nominated proportion of units):

(a) ceases to hold that nominated number of units, the Participant will be
deemed to have elected full participation while that Participant holds less
than the specified number of units; or

(b) subsequently acquires further units, those units will not participate in the DRP
unless the Participant submits an appropriate Participation Election
increasing the Participant’s degree of participation.

17. If a Participant has elected partial participation in respect of a nominated
proportion of units and the percentage does not result in a whole number of
participating units, the number of participating units will be rounded (up or
down, as applicable) to the nearest whole number, with a fraction equal to one
half or more being rounded up to the nearest whole number.

VITAL HEALTHCARE PROPERTY TRUST
Managed by NorthWest Healthcare Properties Management Limited
vhpt.co.nz

18. If a Participation Election does not indicate the degree of participation, or if it
purports to elect both full participation and partial participation at the same
time, it will be deemed to be an application for full participation provided it is
otherwise correctly completed.

Variation and termination of participation
19. A Participant may at any time:

(a) change (i.e. increase or decrease) the Participant’s degree of participation
in the DRP (subject to the requirements of the DRP) by submitting a new
Participation Election in accordance with clause 10; or

(b) terminate participation in the DRP by providing written notice to that effect
to the Registrar either online or by completing and returning a Cancellation
Form (available online or from the Registrar upon request).

20. Any such variation or termination will take effect from the first Record Date after
receipt by the Registrar of the new Participation Election or written notice of
termination (whether provided online or by way of a Cancellation Form) or, if
the new Participation Election or written notice of termination is received after a
Record Date but before 5.00pm on an Election Date, from the Record Date
immediately preceding that Election Date. This means that a Participation
Election or written notice of termination will need to be received by the
Registrar before 5.00pm on an Election Date in order for that variation or
termination to be effective in respect of the distribution payable in relation to
that Election Date.

21. If a Participant who is an individual dies, his or her participation will be
terminated upon receipt by the Registrar of a notice of death in a form
acceptable to the Manager. Receipt by the Registrar of notice of the death of
one of two or more joint unitholders will not terminate participation in the DRP
by the surviving unitholder(s).

Effect of transfer of units
22. A Participant who transfers all of their units will be deemed to have terminated
their participation in the DRP on the date the transfer of their unit holding is
registered.

23. Where a Participant who has elected full participation disposes of part of their
unit holding without giving the Registrar written notice of termination of
participation in accordance with clause 19(b), the Participant will be deemed
to have terminated their participation in the DRP in respect of those units
disposed of, on the date the relevant transfer is registered.

VITAL HEALTHCARE PROPERTY TRUST
Managed by NorthWest Healthcare Properties Management Limited
vhpt.co.nz

24. Where a Participant who has elected partial participation in respect of a
nominated number of units transfers part of their unit holding without giving the
Registrar notice of intention to vary or terminate their partial participation in the
DRP in accordance with clause 19, the units transferred will be deemed to be
units which are not participating in the DRP. If the number of units transferred is
more than the number of non-participating units held by the Participant, the
transfer will be deemed to include all such non-participating units and the
balance will be attributed to participating units.

25. Where a Participant who has elected partial participation in respect of a
nominated proportion of units transfers part of their unit holding without giving
the Registrar notice of intention to vary or terminate their partial participation in
the DRP in accordance with clause 19, the number of participating units held by
that Participant will be reduced proportionately.
26. The Manager or the Registrar will, upon registration of the transfer of any units or
the allotment of new units to a new unitholder, provide the new unitholder with
a copy of these Terms.

Calculation of entitlements
27. The number of Additional Units to be acquired by a Participant in respect of a
distribution will be calculated in accordance with the following formula:

U x D
P
where:

U = the number of units held by the Participant as at the Record Date for the
relevant distribution which are participating in the DRP.

D = the net amount of the distribution (expressed in cents and fractions of a
cent after deduction of any New Zealand withholding tax or other taxes and
excluding the amount of any imputation credits attached to that distribution) to
which the Participant is entitled in respect of each participating unit.

P = the price equal to the volume weighted average sale price in New Zealand
dollars (expressed in cents and fractions of a cent to 4 decimal places) for a unit
in the Trust calculated on all price setting trades of units which took place
through the NZX Main Board during the period of seven calendar days
commencing on the “Ex Date”, or if no sale occurs during that period, the Net
Asset Value per unit on the day immediately following the Record Date for the
relevant distribution, and in each case less such discount (if any) of up to 5% of
the volume weighted average sale price or Net Asset Value per unit (as the
case may be), as the Manager may determine from time to time.

VITAL HEALTHCARE PROPERTY TRUST
Managed by NorthWest Healthcare Properties Management Limited
vhpt.co.nz

28. Any volume weighted average sale price determined by the Manager pursuant
to clause 27 may be reasonably adjusted by the Manager to allow for any
bonus distribution or other distribution expectation. If, in the opinion of the
Manager in its sole discretion, any exceptional or unusual circumstances have
artificially affected the volume weighted average sale price so determined, the
Manager may make such adjustment to the sale price as it considers
reasonable.

29. Where the number of Additional Units calculated in accordance with clause 27
includes a fraction which is exactly one half or greater, the number will be
rounded up to the nearest whole number. Otherwise the number will be
rounded down to the nearest whole number and any residual balance of
distribution entitlement arising from such rounding will be forgone by the
Participant and will become an asset of the Trust.

Compliance with laws, Listing Rules and Trust Deed
30. The DRP will not operate in respect of a distribution to the extent that the issue or
transfer of Additional Units under the DRP would breach any applicable law, the
Listing Rules or any provision of the Trust Deed. If and to the extent that the DRP
does not operate for any such reason, the relevant distribution will be paid or
distributed to the relevant Participant(s) in the same manner as for unitholders
not participating in the DRP.

Statements to Participants
31. The Registrar will send to each Participant, as soon as practicable after each
distribution payment date, a statement detailing in respect of that Participant:

(a) the number of participating units held as at the Record Date for the relevant
distribution;

(b) the amount of the cash distribution in respect of those participating units
which has been applied towards the acquisition of Additional Units;

(c) the number and issue price of the Additional Units allotted to the Participant
in respect of the relevant distribution;

(d) the amount of cash distribution paid in respect of non-participating units (if
applicable);

(e) the amount of any taxation deductions;

(f) the amount of any imputation credits; and

(g) such other information (if any) as required by applicable laws or as the
Manager considers necessary.

VITAL HEALTHCARE PROPERTY TRUST
Managed by NorthWest Healthcare Properties Management Limited
vhpt.co.nz

Information not publicly available
32. At each time the price of the Additional Units is set in accordance with clause
27, the Manager must not and will ensure that it does not have any information
that is not publicly available and that would, or would be likely to, have a
material adverse effect on the realisable price of the units if the information was
publicly available.

Costs to Participants
33. No brokerage, commissions or other transaction costs will be payable by
Participants in respect of a distribution of Additional Units to them under the
DRP.

Overseas unitholders
34. The Manager is entitled to decline to accept, or to disregard, any Participation
Election lodged by any unitholder resident or otherwise subject to the laws of a
jurisdiction outside New Zealand if the Manager, in its sole discretion, considers
that extending the DRP to that jurisdiction would risk breaching the laws of that
jurisdiction.
35. The Manager is entitled to suspend or terminate the participation of any
Participant who ceases to be a resident of New Zealand until such time as the
Manager can assess the legal requirements of the jurisdiction to which the
Participant has moved to determine whether extending the DRP to that
jurisdiction would risk breaching the laws of that jurisdiction.

36. Any person residing outside New Zealand who participates in the DRP through a
New Zealand resident nominee will be deemed to represent and warrant to the
Manager that they can lawfully participate in the DRP through their nominee.

37. The Manager accepts no responsibility for determining whether any person is
able to participate in the DRP under laws applicable outside of New Zealand.

Manager’s discretion
38. The Manager may at any time in its sole discretion determine that:

(a) participation in the DRP will not apply to the whole or a part of any
distribution, in which event Participants may not apply any distribution or
the balance of any distribution (as the case may be) towards the
acquisition of Additional Units under the DRP;
(b) a Participation Election shall cease to be of any effect; and/or

(c) in the event of any subdivision, consolidation, or other rearrangement or
reconstruction of units, a Participation Election will be deemed to be a
Participation Election in respect of the units as subdivided, consolidated or
otherwise rearranged or reconstructed unless the Participation Election is
subsequently changed or withdrawn by the Participant in accordance
with clauses 19 and 20.

VITAL HEALTHCARE PROPERTY TRUST
Managed by NorthWest Healthcare Properties Management Limited
vhpt.co.nz

Variation of the DRP
39. The Manager may at any time vary the terms of the DRP as it thinks fit, provided
that the variation:

(a) is not made during the period commencing on the date seven days
before a Record Date of a cash distribution and ending on the date of
payment of that distribution;

(b) does not remove or vary a right to receive Additional Units under the DRP
that has already accrued by reason of the payment of the relevant
distribution; or

(c) does not impose on a Participant any obligation to pay money.

40. Notice of any variation under clause 39 will be provided to all unitholders by
way of an announcement to NZX.

41. Neither a determination by the Manager of a rate of discount for the purposes
of clause 27, nor a suspension or termination (in whole or in part) of the DRP
pursuant to clause 43, amounts to a variation of the DRP.
42. If the DRP is varied, then a Participation Election will be deemed to be a
Participation Election under the DRP as varied unless such Participation Election
is subsequently changed or withdrawn by the Participant.

Suspension and termination of the DRP
43. The Manager may at any time:

(a) suspend the operation of the DRP, either for a fixed period or until further
notice; or

(b) terminate the DRP.

44. Notice of any suspension, reinstatement or termination of the DRP will be
provided to all unitholders by way of an announcement to NZX.

45. If the DRP is suspended or terminated:

(a) each Participation Election made under the DRP will cease to have effect
and all units will be regarded as non-participating units; and

(b) all distributions declared by the Manager will be paid in cash.

If the DRP is suspended, these effects will continue to apply temporarily until the
DRP is reinstated. If the DRP is terminated, these effects will apply permanently.

VITAL HEALTHCARE PROPERTY TRUST
Managed by NorthWest Healthcare Properties Management Limited
vhpt.co.nz

46. For the avoidance of doubt, if the DRP is reinstated after having been
suspended, each Participation Election which has not been withdrawn prior to
reinstatement (including any Participation Elections submitted during the period
of suspension which have not subsequently been withdrawn) will be deemed to
be automatically reinstated, unless the Manager determines otherwise and
notifies Participants of such determination by way of an announcement to the
NZX.

Taxation
47. None of the Trustee, the Manager nor any of their respective officers,
employees or advisers:

(a) takes responsibility for the taxation liability of Participants or the tax
consequences of any election made by any unitholder; or
(b) accepts responsibility for the accuracy or correctness of any information
as to tax liability.

48. Specific taxation advice from professional advisers should be sought by
unitholders.

NZX quotation
49. The Additional Units issued under the DRP have been accepted for listing by NZX
and will be quoted upon completion of allotment procedures. However, NZX
accepts no responsibility for any statement in these Terms.

Annual report and financial statements
50. Copies of the Trust’s most recent annual report and most recent financial
statements complying with Part 7 of the Financial Markets Conduct Act 2013
(and any auditor’s report on those financial statements) can be downloaded
from the Trust’s website www.vhpt.co.nz. Alternatively, unitholders can request a
copy of these documents free of charge by contacting the Manager:

NorthWest Healthcare Properties Management Limited
Level 16, AIG Building
41 Shortland Street
Auckland 1010

PO Box 6945
Wellesley Street
Auckland 1141

Telephone: 0800 225 264
Facsimile: (09) 377 2776
Email: enquiry@vhpt.co.nz

VITAL HEALTHCARE PROPERTY TRUST
Managed by NorthWest Healthcare Properties Management Limited
vhpt.co.nz

Notices
51. Unless the DRP otherwise requires, a notice or other communication to be given
to the Manager under or for the purposes of the DRP shall be in writing and shall
be given by sending or delivering it to the Registrar at the following address:

Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna
Auckland 0622

Private Bag 92119
Victoria Street West
Auckland 1142

Telephone: (09) 488 8777
Email: enquiry@computershare.co.nz

52. Unless the DRP otherwise requires, a notice or other communication to be given
by the Manager under or for the purposes of the DRP shall be in writing and shall
be given in any manner provided in the Trust Deed for the giving of notices to
unitholders.

Governing law
53. The DRP shall be governed by and construed in accordance with the laws of
New Zealand.

Definitions
54. In these Terms, unless the context otherwise requires, the following terms have
the following meanings:

Additional Units mean the additional fully paid units to be issued or transferred
to Participants pursuant to the DRP.

Cancellation Form means a dividend reinvestment plan cancellation form
available from the Registrar which notifies the Manager that a Participant
wishes to terminate their participation in the DRP.

distribution means a cash distribution declared by the Manager in respect of a
unit in the Trust.

DRP means the Vital Healthcare Property Trust Distribution Reinvestment Plan
established by the Manager under the Trust Deed and on these Terms, as
amended from time to time.

Election Date means, in respect of each Record Date, the first business day after
that Record Date or such later date set by the Manager and notified to the NZX
Main Board.

Election Notice means the Election Notice accompanying these Terms or
available from the Registrar.

VITAL HEALTHCARE PROPERTY TRUST
Managed by NorthWest Healthcare Properties Management Limited
vhpt.co.nz

Ex Date means, in relation to a distribution, the first business day before the
relevant Record Date for that distribution, unless the NZX determines otherwise.

Listing Rules means the NZX listing rules in force from time to time, to the extent
applicable to the Trust and/or the Manager.
Manager means the manager of the Trust, NorthWest Healthcare Properties
Management Limited.

Net Asset Value in respect of any business day means the “Gross Value of the
Trust Fund” (as that term is defined in the Trust Deed) less all “Liabilities” (as that
term is defined in the Trust Deed) and any other amounts which, in the opinion
of the Manager, should be taken into account, having due regard to generally
accepted accounting practice, and the “Net Asset Value per unit” shall be
calculated by dividing the Net Asset Value on the relevant date by the number
of units then on issue.

NZX means NZX Limited.

Participant means an eligible unitholder who has validly submitted a
Participation Election which has not subsequently been withdrawn, terminated
or suspended.

Participation Election means a unitholder’s election to participate in the DRP
made in one of the ways specified in clause 10 of these Terms.

Record Date means 5.00pm on the date fixed by the Manager to determine
unitholder entitlements to a distribution.

Registrar means Computershare Investor Services Limited.

Terms mean the terms and conditions of the DRP contained in this document, as
amended from time to time.

Trust means Vital Healthcare Property Trust.

Trust Deed means the trust deed for the Trust dated 11 February 1994 as
subsequently amended, restated or replaced from time to time.

Trustee means the trustee of the Trust, Trustees Executors Limited.

unit means a unit in the Trust.

unitholder means a person registered as the holder of a unit on the Trust’s
register of unitholders.

VITAL HEALTHCARE PROPERTY TRUST
Managed by NorthWest Healthcare Properties Management Limited
vhpt.co.nz

Interpretation
55. In these Terms, headings are for convenience only and do not affect the
interpretation and, unless the context requires otherwise:

(a) a word importing the singular includes the plural and vice versa;

(b) where a word or phrase is defined, its other grammatical forms have a
corresponding meaning;

(c) “cash” includes a cheque;

(d) “person” includes an individual, a body corporate, a partnership, an
association of persons (whether corporate or not), a trust or government
agency, in each case, whether or not having separate legal personality;

(e) “written” and “in writing” include any means of representing or
reproducing words, figures or symbols in a tangible and visible form;

(f) a reference to any legislation or provision of any legislation (including
regulations and orders) includes that legislation or provision as amended,
consolidated, re-enacted or substituted and any statutory instruments,
regulations, rules and orders issued under that legislation or provision; and

(g) references to time are references to New Zealand standard time.

VITAL HEALTHCARE PROPERTY TRUST
Managed by NorthWest Healthcare Properties Management Limited
vhpt.co.nz

Vital Healthcare Property Trust
Distribution Reinvestment Plan
Questions & Answers
1. What is the Vital Healthcare
Property Trust Dividend
Reinvestment Plan (DRP)?
When in operation, the DRP
enables unitholders to reinvest all
or part of any distribution for
additional units in the Trust, instead
of receiving that distribution in
cash. This provides unitholders with
an opportunity to increase their
investment in the Trust without
incurring brokerage or commission
costs.
2. Am I eligible to participate?
You are eligible to participate in
the DRP if you are a holder of units
in the Trust and:
• you are resident in New
Zealand; or
• you are a resident of a place
outside of New Zealand and the
Manager is satisfied that the
offer and issue of units to you
under the DRP will not risk
breaching the laws of that
place.
You may also be eligible to
participate in the DRP if you hold
units indirectly through a New
Zealand resident nominee but will
be deemed to warrant to the
Manager that you can lawfully
participate through your nominee.
3. How many units do I need to own
before I can participate?
There is no minimum unitholding
requirement.


4. How do I participate in the DRP?
Participation is optional. You can
elect to participate at any time by:
• making an election online by
visiting
www.investorcentre.com/nz.
You will need your CSN/Holder
Number and FIN to complete
the investor validation process (if
not already done); or
• completing and returning an
Election Notice to the Registrar.
5. Do I have to reinvest the full
amount of my distributions?
You can choose to participate in
the DRP in respect of some or all of
your units. You can choose:
• full participation where all of
your units (including all units held
now and any units acquired in
the future, including Additional
Units acquired under the DRP)
will participate in the DRP;
• partial participation where only
the number of units nominated
by you will participate in the
DRP; or
• partial participation where only
the proportion of units
nominated by you will
participate in the DRP.
If you choose a partial
participation option, you will
continue to receive in cash any
distribution declared in respect of
your non-participating units.

VITAL HEALTHCARE PROPERTY TRUST
Managed by NorthWest Healthcare Properties Management Limited
vhpt.co.nz

6. How much does it cost to
participate?
There are no costs charged to
participate in the DRP. Units
acquired under the DRP do not
incur brokerage or commission
costs.
7. What if I change my mind?
You can choose to vary or
terminate your participation in the
DRP at any time by:
• updating your election online by
visiting
www.investorcentre.com/nz;
• completing and returning a new
Election Notice to the Registrar
(to vary your participation); or
• completing and returning a
Cancellation Form to the
Registrar (to terminate your
participation).
Election Notices and Cancellation
Forms are available online or from
the Registrar on request.
Any such variation or termination
will take effect from the first Record
Date after receipt by the Registrar
of your new Participation Election or
Cancellation Form (whether
provided online or by written
notification) or, if received after a
Record Date but before 5.00pm on
an Election Date, from the Record
Date immediately preceding that
Election Date.
8. How long does participation in the
DRP last?
Participation in the DRP will
automatically continue until you
either notify the Registrar that you
no longer wish to participate or the
DRP is suspended or terminated.
If the DRP is suspended, your
election to participate in the DRP
will also be suspended and all units
will be regarded as non-
participating units.
Upon reinstatement of the DRP, all
prior elections will be reinstated
unless a new Participation Election
or Cancellation Form has been
validly submitted or the Manager
determines otherwise and
announces this to the NZX.
If the DRP is terminated, your
election to participate in the DRP
will cease and all units will be
regarded as non-participating
units.
9. What is the price of the new units
issued under the DRP?
The price of Additional Units is
based on the volume weighted
average sale price of units sold
through the NZX over a period of
seven days starting on the “Ex
Date” or, if no units have been sold
during that time, the Net Asset
Value per unit on the day
immediately following the Record
Date.
The unit price may be subject to a
discount set by the Manager from
time to time.
10. When will I receive my DRP units?
Eligible unitholders who have
validly elected to participate in the
DRP will receive their Additional
Units within the timeframe required
under the Trust Deed and the
Listing Rules.
11. Are the DRP units the same as my
existing units?
Yes. Units acquired by Participants
under the DRP will rank equally in
all respects with each other and
with all other fully paid units on
issue as at that date, and will
participate in all distributions
declared after the date of issue.

VITAL HEALTHCARE PROPERTY TRUST
Managed by NorthWest Healthcare Properties Management Limited
vhpt.co.nz

12. How do I find out how many units I
have received?
Shortly after the allotment of
Additional Units under the DRP, the
Registrar will send all Participants
an updated holding statement,
along with distribution remittance
advice.
13. Can I sell the units?
Yes. Units acquired under the DRP
may be sold at any time.
14. Can the terms and conditions of
the DRP change?
Yes, the Manager may vary,
suspend or terminate the DRP at its
sole discretion. If that occurs,
notice will be given through the
NZX.
15. Are there any tax implications?
The taxation consequences for
each unitholder will differ
depending upon their particular
circumstances. Accordingly, it is
recommended that each
unitholder contact their
professional tax adviser for
information about their specific
circumstances.