Vital's 2026 Annual Meeting

Annual
Meeting
10 NOVEMBER 2026
Epworth Eastern Hospital, VIC

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VITAL HEALTHCARE PROPERTY TRUST
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ANNUAL MEETING 2026
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X
Meeting agenda
� Introduction
� Address by the Independent Chair
� Address by the CEO
� Annual Financial Statements
� Appointment of Vital Healthcare Properties
Management Limited
� Reappointment of Mark Menhinnitt,
Dr. Michael Stanford and Mike Brady
� General Business
� Closing Remarks
Chris Adams
CHIEF EXECUTIVE OFFICER
Graham Stuart
INDEPENDENT CHAIR
Presented by
Endoscopy Auckland, Auckland
All amounts are in NZD unless otherwise shown
All numbers shown as at 30 September 2026 are unaudited unless
stated otherwise
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Board
Experienced Board with majority independence and direct oversight of Vital's strategy
RDX, QLD
1
Attending virtually
Graham Stuart
Independent Chair and member of
the Audit and Risk Committee
Angela Bull
Independent Director and Chair of
the People and Culture Committee
Zachary Vaughan
1
Northwest Representative Director,
member of the Audit and Risk Committee
and People and Culture Committee
Mike Brady
1
Northwest Representative Director
Dr. Michael Stanford
Independent Director and Chair of
the Audit and Risk Committee
Mark Menhinnitt
Independent Director and member of
the People and Culture Committee
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Executive Team
A leadership team with deep expertise in healthcare infrastructure across New Zealand and Australia
Ormiston Hospital, Auckland
Chris Adams
Chief Executive Officer
Vanessa Flax
General Counsel
Michael Groth
Chief Financial Officer
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Avive Clinic - Mornington Peninsula, VIC
In Attendance
In person or virtually
Management Team
Chris Adams
Chief Executive Officer
Michael Groth
Chief Financial Officer
Vanessa Flax
General Counsel
Supervisor, Audit and Legal
Stuart Howard
Trustees Executors Limited (Vital's Supervisor)
Shirley Zhang
Trustees Executors Limited (Vital's Supervisor)
Andrew Boivin
Deloitte (Vital's auditor)
Hayden Davison
Deloitte (Vital's auditor)
Toby Sharpe
Bell Gully (Vital's legal advisor)
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Address by the
Independent
Chair
GRAHAM STUART
Independent Chair

Grace Hospital, Bay of Plenty
Address by the Independent Chair
� FY26 Recap
� Governance Post-Internalisation
� Risk Management Framework
� Valuations, Capital Management and
Foreign Exchange
� ASX Foreign Exempt Listing
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South Eastern Private Hospital, VIC
FY26: A Defining Year for Vital
Delivering on our commitments and strengthening
our foundations for long-term Unit Holder value
Internalisation Completed
�
Successfully internalised management on 1 January 2026
Earnings Growth Delivered
�
AFFO per unit increased 10.5% to 11.50 cpu, with annual
distribution maintained at 9.75 cpu
Resilient Portfolio Fundamentals
�
97.2% occupancy, 18.1 year WALE and 4.1% increase in
like-for-like net property income
1
Disciplined Capital Management
�
$97.9m of asset sales completed and $1.4bn of debt
facilities refinanced
Portfolio Enhancing Developments completed
�
Three developments completed for a total cost of $229.1m
1
On a constant currency basis
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Unit Holders
Audit & Risk Committee
Chair: Dr. Michael Stanford
People & Culture Committee
Chair: Angela Bull
Board of Directors
Internal Manager
VITAL HEALTHCARE PROPERTIES MANAGEMENT LTD
Executive Leadership Team
Chris Adams (CEO), Michael Groth (CFO) and Vanessa Flax (General Counsel)
Governance and Management Post-Internalisation
A direct reporting line from management to an independent Board
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Risk Management Framework
A measured appetite for growth, a low appetite for balance sheet risk
Strategic
objectives
Unit Holder outcomes that every risk measure is anchored to
Board risk
limits
Hard boundaries set inside Trust Deed and lender covenants.
No exceptions
Risk appetite
parameters
Quantitative and qualitative measures that guide decisions
and capital allocation
Management
escalation
Early triggers that prompt action well before a Board limit
is reached
1
2
3
4
Target
Measured Approach
Caution
Breach
FRAMEWORK HIERARCHY – OWNED BY THE BOARD
APPETITE ANCHORED TO THREE OBJECTIVES
REPORTED TO THE BOARD QUARTERLY – FRAMEWORK REVIEWED AT LEAST EVERY TWO YEARS
Sustainable AFFO & DPU growthProtect & grow NTASupport tenant infrastructure
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Valuations, Capital Discipline and Foreign Exchange
VALUATION
�Higher interest rates have driven modest
capitalisation rate expansion
�Healthcare infrastructure below replacement costs
�Non-discretionary healthcare demand supports
resilient property fundamentals
CAPITAL DISCIPLINE
�Reinvestment into higher-quality, purpose-built
healthcare infrastructure
�$450m+ of divestments over past 4 years
FOREIGN EXCHANGE
�Interest rate divergence has coincided with a
historically weak NZD/AUD exchange rate
�~70% of Vital’s portfolio in Australia with
AUD denominated debt providing a natural
balance sheet hedge
�
Healthscope resolution provides greater certainty for Australian private hospital landlords
�
Industry peers impacted by Healthscope have reported valuation outcomes ranging from stable to approximately 10% downside,
driven by rental concessions to a previously underperforming operator business
�
Recent healthcare sector sentiment reinforces the resilience of quality healthcare infrastructure
�
Vital portfolio operator profitability remains at benchmark
MARKET UPDATE
CAPITAL
RECYCLING
INVEST IN STRATEGIC
HEALTHCARE LOCATIONS
PARTNER WITH
PROVEN OPERATORS
ENHANCE PORTFOLIO
QUALITY AND INCOME
CAPITAL ALLOCATION
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ASX Foreign Exempt Listing
Potential to broaden Australian investor access and support long-term Unit Holder value
WHAT IS IT?
A secondary ASX listing alongside Vital's existing NZX
listing, providing Australian investors with an additional
avenue to trade Vital units
WHY ARE WE CONSIDERING IT?
Better aligns Vital's sources of capital
with its trans-Tasman portfolio and future
investment opportunities
POTENTIAL BENEFITS TO UNIT HOLDERS
Broader investor base:
Increased accessibility for Australian retail and
mandate restricted institutional investors
Greater market visibility:
Increased profile among Australian investors,
brokers and other stakeholders
Improved liquidity and capital access:
Potential for greater trading depth and a broader
pool of capital over time
Realising the benefits of
internalisation remains
Vital’s priority. A Foreign
Exempt Listing is a
complementary initiative
to strengthen our capital
markets position over time
Foreign Exempt Listing that retains Vital's
existing Trust structure without restructuring or
issuing new units
HOW WOULD IT DIFFER FROM PREVIOUS PROPOSALS?
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Ormiston Hospital, Auckland
Address by
the CEO
CHRIS ADAMS
Chief Executive Officer

Number of Income Producing Properties (IPP)
% of portfolio value (incl. strategic assets)
1
Income Producing Property (excludes strategic assets).
2
Inclusive of landlord exercisable options.
Overview of Vital as at 30 September 2026
Vital invests in essential healthcare infrastructure and is the only specialist healthcare
landlord listed on the NZX
WESTERN
AUSTRALIA
NORTHERN
TERRITORY
SOUTH
AUSTRALIA
NEW SOUTH
WALES
VICTORIA
QUEENSLAND
2
3
6
6
3
4%
13 %
21 %
23%
9%
SOUTH
ISLAND
NORTH
ISLAND
12
2
28%
2%
WALE
2
17.8 years
34
1
PROPERTIES
(AUS & NZ)
~$3.6bn
20
1
PROPERTIES (AUS)
~$2.5bn
14
1
PROPERTIES (NZ)
~$1.1bn
Vital Healthcare Property Trust (Vital):
�
Internally managed and governed by a
majority independent board
�
Essential, non-discretionary cash flows
supported by >97% occupancy and WALE
of 17.8 years
�
~80% of leases provide inflation-linked rental
growth, with over 99% of leases subject to
annual reviews
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Q1 Portfolio Highlights
Delivering as planned, with stable portfolio fundamentals
17.8 years
WALE
Completion of $29.1m
Grace Hospital west
wing expansion
2
leading precinct developments
commenced in AUS
(A$150.5m)
1
9 7.1%
occupancy
RDX: leasing discussions well
advanced and progressing
towards binding commitments
GRESB
2
Global Sector
Leader for the fourth
consecutive year
1
Excluding land costs.
2
The Global Real Estate Sustainability Benchmark (GRESB) is an international and independent standards organisation which reviews over
3,000 real estate and infrastructure entities globally, representing US$9.0 trillion in gross asset value.
Ormiston Hospital, Auckland
1
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�
4.1% growth in net property income on a like-for-like
and constant currency basis compared to the prior
corresponding period
�
Cash from operations measured by AFFO of 2.91cpu
was achieved for the quarter, driven by increased
property income and lower tax expense
�
Distributions for Q1 are 2.4375 cpu, consistent with
guidance, on a payout ratio of 83.6%
�
The distribution reinvestment plan, with a 2.0% discount,
remains active
Q1 Financial Highlights
Disciplined capital management delivery
2 . 91cpu$2.43
AFFONTA
Lingard Day Surgery, NSW
$156.1m
available liquidity
40.2% balance
sheet gearing
No debt expiring
until April 2028
74.5% debt hedged
for a weighted
average of 2.1 years
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Development Strategy
Targeted development underpinned by operator demand and
disciplined capital allocation
Invest in strategic
healthcare locations
Prioritise established and
emerging healthcare precincts
with long-term demand
Enhance portfolio quality
Develop modern, efficient facilities
that improve the portfolio's long-term
income security and reduce portfolio
building age
Optimise strategic
land holdings
Rationalise, activate or hold strategic
land in alignment with our risk
appetite framework
Future focus on
brownfield development
Prioritise growth with and support
existing partners. Develop new
facilities where there is a compelling
business case on a low risk basis
Continued asset recycling
Divest lower quality assets with
limited growth potential to reinvest
in the brownfield development
pipeline
Currumbin Clinic, QLD
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FORECAST COMPLETION
Mid-late CY27
ESTIMATED LEASE
TENURES
5-15 years
ESTIMATED
DEVELOPMENT COST
A$47.5m
1, 2
YIELD ON COST
~6.5%
3
Coomera Health Precinct
Future Coomera Public Hospital Main
Entrance off George Alexander Way
New Coomera Public Hospital
Early Learning Centre
Costco
Coomera Train Station
West field
Coomera Town Centre South
TAFE QLD
Urbana approved DA
Coomera Health Campus - Stage 1
�
Located in one Australia's fastest growing regions
�
Stage 1 will comprise a three-level ambulatory
care facility, offering primary care, allied health and
specialist consulting services
STATUS & PRECINCT UPDATE
�
~37% of leasing pre-committed, with active tenant
interest for remaining space
�
Construction remains on programme and level 2
suspended slab works are underway
�
In September, Queensland Health announced
Multiplex as contractor for the adjacent $2.25
billion, 600-bed Coomera Public Hospital
1
Includes A$7.3m of sitewide future works not
allocated to Stage 1
2
Excluding land. Includes estimated tenant
incentives, leasing and downtime costs to
achieve stabilised building occupancy

3
Fully leased initial yield on project excluding
A$7.3m of sitewide future works
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FORECAST COMPLETION
Early CY28
ESTIMATED LEASE
TENURES
5-20 years
ESTIMATED
DEVELOPMENT COST
A$103.0m
1
YIELD ON COST
~6.4%
Macarthur Health Precinct - Stage 2
�
Stage 2 will deliver a short-stay surgical hospital
operated by Ramsay Health Care and medical
outpatient building
�
Sonic Healthcare and Lumus Imaging also committed
�
Six-storey development designed to provide ~9,300
square metres of net lettable area
STATUS UPDATE
�
~35% leasing pre-committed, with active tenant interest
for the remaining space
�
Celebrated official construction commencement on 12
October
�
Attended by state member for Campbelltown, Greg
Warren, Campbelltown City Council, precinct
healthcare partners and local community members
�
Demolition and piling works complete, ground floor
slab to commence mid-Nov
1
Excluding land costs. Includes estimated tenant incentives,
leasing and downtime costs to achieve stabilised building
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ESG Highlights
Delivering commercially disciplined sustainability outcomes
Climate Related Disclosure released in October 2026
�
Voluntarily published our third Climate Related Disclosure, reaffirming our commitment to transparent
climate reporting
�
Completed 17 climate resilience assessments during FY26, bringing total portfolio coverage to 64%
�
Continued integrating climate risks and resilience measures into asset management, maintenance
and capital allocation decisions
�
The Board has committed to undertake a review of Vital's 2050 net zero emissions commitment by
30 June 2027
Vital's FY26 CRD can be found here
Vital achieves GRESB Global Sector Leader status
Recognised as a GRESB Global Sector Leader for the fourth consecutive year,
demonstrating industry leadership across two categories:
�
Standing Investments: 1st globally among Listed Healthcare entities (GRESB
score), ranking 2nd in its peer group (88/100)
�
Developments: 1st in Oceania among Listed Healthcare entities (Development
score), ranking 2nd globally in its peer group (96/100)
Vital also retained its 4 Star GRESB rating, reflecting our continued commitment
to responsible investment in sustainable healthcare infrastructure
GENESIS CARE INTEGRATED
CANCER CENTRE, NSW
PLAYFORD HEALTH HUB
STAGE 2, SA
RDX, QLD
ENDOSCOPY AUCKLAND,
AUCKLAND
Building for lasting value
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Wakefield Hospital,
Wellington
�
FY27 distribution guidance of not less than 9.75 cpu is reaffirmed
Guidance
Outlook and Guidance
�
Execute our development pipeline, including key projects at Coomera
Health Campus and Macarthur Health Precinct
�
Progress leasing activity across the portfolio to enhance occupancy
�
Continue to deliver on our portfolio optimisation strategy
�
Maintain a disciplined balance sheet and a continued focus on cost,
measured by Management Expense Ratio
�
Progressing an ASX Foreign Exempt Listing to broaden access to
capital
Our priorities for FY27 are clear
Vital owns essential healthcare infrastructure
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Ormiston Hospital, Auckland
Annual
Financial
Statements
GRAHAM STUART
Independent Chair
RDX, QLD

Ormiston Hospital, Auckland
Appointment of
Vital Healthcare
Properties
Management
Limited
MANAGER OF VITAL
HEALTHCARE PROPERTY TRUST
Playford Health Hub, SA

Ormiston Hospital, Auckland
Reappointment
of Mark
Menhinnitt
MARK MENHINNITT
Independent Director

Ormiston Hospital, Auckland
Reappointment
of Dr. Michael
Stanford
DR. MICHAEL STANFORD
Independent Director

Ormiston Hospital, Auckland
Reappointment
of Mike Brady
MIKE BRADY
Non-Independent Director
(Northwest Representative)

Voting
RESOLUTION 1RESOLUTION 2RESOLUTION 3RESOLUTION 4
that Vital Healthcare Properties
Management Limited be appointed
as the manager of Vital Healthcare
Property Trust
that Mark Menhinnitt be reappointed
as an independent director of Vital
Healthcare Properties Management
Limited, the manager of Vital
Healthcare Property Trust
that Dr. Michael Stanford be
reappointed as an independent
director of Vital Healthcare Properties
Management Limited, the manager of
Vital Healthcare Property Trust
that Mike Brady be reappointed as
a non-independent director of Vital
Healthcare Properties Management
Limited, the manager of Vital
Healthcare Property Trust
VOTE TYPE
UNITS
VOTED
% OF UNITS
VOTED
% OF TOTAL
UNITS
UNITS
VOTED
% OF UNITS
VOTED
% OF TOTAL
UNITS
UNITS
VOTED
% OF UNITS
VOTED
% OF TOTAL
UNITS
UNITS
VOTED
% OF UNITS
VOTED
% OF TOTAL
UNITS
For5 3 5 , 5 6 7, 8 1 69 6 .166 6 .1753 5, 376 , 76 39 6 .126 6 .145 11 , 311 , 5 8 495.276 3 .175 2 7, 6 2 7, 9 1 794. 736 5 .19
Against231,3260.040.035 51,9120 .10.074,346,6300.810.548,280,0681. 491.02
Discretionary21,18 0 ,1953.82.6221, 0 5 0 , 6 623.782.621, 0 5 0 , 6 623.922.621, 0 5 0 , 6 623.782.6
Abstain31,170N/A031,170N/A020,301,631N/A2. 5151,86 0N/A0 . 01
VITAL HEALTHCARE PROPERTY TRUST
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Ormiston Hospital, Auckland
General
Business
Wakefield Hospital, Wellington

Ormiston Hospital, Auckland
Closing
Remarks
Thank you for attending
today’s Annual Meeting
Endoscopy Auckland, Auckland

Disclaimer
This document has been prepared by Vital Healthcare Properties Management Limited (the Manager) as manager of the Vital Healthcare Property Trust (the Trust). This document provides
general information only and is not intended as investment, legal, tax, financial product or financial advice or recommendation to any person and must not be relied on as such. You should obtain
independent professional advice prior to making any decision relating to your investment or financial needs.
All references to $ are to New Zealand dollars unless otherwise indicated.
This document may contain forward-looking statements. Forward-looking statements can include words such as “expect”, “intend”, “plan”, “believe”, “continue” or similar words in connection with
discussions of future operating or financial performance or conditions. Any indications of, or guidance or outlook on, future earnings or financial position or performance and future distributions
are also forward-looking statements. The forward-looking statements are based on management’s and directors’ current expectations and assumptions regarding the Trust’s business, assets and
performance and other future conditions, circumstances and results. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and to any changes in
circumstances. The Trust’s actual results may vary materially from those expressed or implied in the forward-looking statements. The Manager, the Trust, and its or their directors, employees and/
or shareholders have no liability whatsoever to any person for any loss arising from this document or any information supplied in connection with it. The Manager and the Trust are under no
obligation to update this document or the information contained in it after it has been released. Past performance is no indication of future performance.
The information in this document is of general background and does not purport to be complete. It should be read in conjunction with Vital’s market announcements lodged with NZX, which are
available at www.nzx.com/companies/VHP.
10 NOVEMBER 2026

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The following are the addresses of the Independent Chair and the Chief Executive Officer for the
Vital Healthcare Property Trust Annual Meeting held as a hybrid of a physical meeting at the
Tūhono Room, Ground Floor Lobby, HSBC Tower, 188 Quay Street, Auckland CBD and a virtual
meeting through the Computershare Meeting Platform https://meetnow.global/nz on Tuesday, 10
November 2026 commencing at 12.00pm.
_______________________________
Slide 1 – Cover slide
GRAHAM:
Tena kotou, tena kotou, tena kotou katoa.
Welcome to the 2026 Annual Meeting of Vital Healthcare Property Trust.
My name is Graham Stuart, and I am the Independent Chair of Vital Healthcare Property
Trust, appointed by Vital’s Supervisor.
For those of you in the room some housekeeping matters.
Bathrooms are situated out the door around to the left on the right hand side of corridor to the
carpark.
If we have to evacuate in the event of an emergency staff will guide you to the exits.
We have a quorum present so I hereby declare this meeting open.
_______________________________
Slide 2 – Questions
During the meeting I will invite questions in relation to two formal addresses, Vital’s FY26
accounts and four resolutions. The resolutions cover the appointment of Vital Healthcare
Properties Management Limited as manager of Vital Healthcare Property Trust, the proposed
reappointment of Mark Menhinnitt and Dr. Michael Stanford as independent directors and Mike
Brady as a non-independent director. Mark, Michael and Mike will speak briefly about their
nominations and then we will open the meeting for general business.
If you are a Unit Holder or proxy holder attending in person and wish to ask a question, please
wait until the relevant time and raise your hand. Please wait until you have been provided a
microphone to ensure those attending virtually can hear your question.

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If you are a Unit Holder or proxy holder and are attending virtually you can submit a written
question during the live meeting. Please select the Q&A tab on the right half of your screen
anytime. Type your question into the field and press send. Your question will be immediately
submitted.
If you require any assistance, you can type your query into the Q&A tab and Computershare will
assist you via the chat function. Alternatively, you can call Computershare on 0800-650-034.
Whilst you can submit questions from now on, I will not address them until the relevant time in
the meeting. Your questions may be moderated or, if we receive multiple questions on one topic,
amalgamated.
If we run out of time to answer any questions, we will answer them in due course via email or
posting responses on our website.
Voting today will be conducted by way of a poll. Voting will shortly be opened online.
Computershare will collect voting forms from those attending in person and will collate
results from both voting methods.
Results of the poll will be released to the NZX later today.
_______________________________
Slide 3 – Voting
The Notice of Annual Meeting has been circulated to all Unit Holders. It sets the scope of what
we are scheduled to discuss today and includes the details of the resolutions we are due to
consider. I am pleased to confirm that there is a quorum present, and I declare the 2026 Annual
Meeting of Unit Holders of Vital Healthcare Property Trust open.
If you are eligible to vote at this meeting, you are now able to cast your vote under the vote tab.
To vote, simply select your voting direction from the options shown on screen. Your vote has
been cast when the green tick appears.
To change your vote, simply select ‘Change Your Vote’. You can change your vote until I declare
voting closed.
I will give you an indication before I move to close voting.
_______________________________
Slide 4 – Meeting Agenda
The order for the meeting is as follows:
First, the two formal presentations:
 my address as Independent Chair; and
 followed by Chris Adams Vital’s Chief Executive Officer
I will then table the Annual Financial Statements and invite questions on any matter regarding
the Trust or the presentations other than the director reappointments.

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We then move to the formal business, the proposed appointment of Vital Healthcare Properties
Management Limited and the proposed resolutions that each of Mark Menhinnitt and Dr. Michael
Stanford be reappointed as independent directors of Vital Healthcare Properties Management
Limited and Mike Brady be reappointed as a non-independent director.
After voting is complete, we have an opportunity for general business and I will invite you to ask
any other relevant questions you may have.
We will then conclude the meeting.
Copies of the minutes of last year’s Annual Meeting are available on Vital’s website vhpt.co.nz.
as well as in hard copy at this meeting.
_______________________________
Slide 5 – Board
The full Board of Vital Healthcare Properties Management is in attendance today with all of my
Board colleagues attending in person except Zachary Vaughan and Mike Brady who are attending
virtually from Canada. Zachary and Mike are not present in person because they are currently in
Toronto preparing market announcements for the Northwest REIT.
_______________________________
Slide 7 – In Attendance
I would also like to welcome:
 Vital’s executive team including CEO Chris Adams, CFO Michael Groth and General
Counsel Vanessa Flax;
 Stuart Howard and Shirley Zhang from the Supervisor of the Trust;
 Andrew Boivin and Hayden Davison from the auditors of the Trust; and
 Toby Sharpe from Bell Gully as Vital’s legal advisor.
_______________________________
Slides 8 & 9 – Address by the Independent Chair
Opening
I am pleased to report that the operating performance of the fund remains sound, despite a
property market that has been difficult across the sector for much of the past two years.
This has also been the most significant year in Vital's history from a governance standpoint: we
completed the internalisation of management, and we have continued to strengthen the
independence of this Board. I want to use my address this afternoon to set out, plainly, what kind
of business you own, why your Board believes the market is currently pricing it more cautiously
than the facts support.

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Everything that follows serves one objective: growing AFFO per unit, and what we can sustainably
distribute to you from it.
Governance and Board Renewal
Before I turn to the portfolio, a word on the Board. Dr Michael Stanford and Mike Brady retire by
rotation this year and, having made themselves available for reappointment, both stand again;
your Board supports their reappointments unanimously. Mark Menhinnitt was appointed as an
independent director effective 1 September 2026 and stands for reappointment. I will invite each
of them to say a few words later and would like to thank each of them, and the rest of the Board,
for their work through a demanding year of transition.
_______________________________
Slide 10 – FY26: A Defining Year for Vital
Turning now to a recap of our broader FY26 performance: Every property in this portfolio is
leased to an operator providing a service that people need regardless of what the economy is
doing – acute hospital care, oncology, diagnostics, day surgery. A material share of the revenue
that ultimately pays our rent comes from public health funding, private insurance schemes and
government-backed payment systems in both New Zealand and Australia.
Our weighted average lease expiry across the portfolio is 18.1 years – 19.5 years in New Zealand,
17.4 years in Australia – and the large majority of that income is linked to inflation. Long-dated,
inflation-linked income, secured against demand that does not go away in a downturn: that is
why we describe these assets as having more in common with infrastructure than with
conventional commercial property.
FY26 at a Glance
A brief summary of where the portfolio and balance sheet stood:
• AFFO per unit up 10.5% to 11.50 cents, with the annual distribution maintained at 9.75
cents per unit.
• Like-for-like net property income up 4.1%.
• Occupancy of 97.2%, we have one gap to be filled in the new RDX building on the Gold
Coast and management are prioritising leasing this space. Chris will address this in his time.
• Approximately 80% of leases linked to inflation.
• Modest expansion in the portfolio capitalisation rate as interest rates rose.
• Our property valuations rose by $60.1 million, driven by rent increases across the portfolio,
partially offset by adverse cap rate movements. Separately, the weaker New Zealand dollar
added around $122 million, or 18 cents per unit to the value of our Australian assets in
New Zealand dollar terms.
• More than $450 million of asset sales over the past four years, including $97.9 million
completed in FY26.

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• Gearing has been maintained at around 40% and $1.4 billion of debt facilities refinanced.
• Three developments completed, for a total cost of $229.1 million.
• Committed development pipeline of $247.4 million across seven projects, $187.7 million
still to be invested.
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Slide 11 – Governance Post-Internalisation
Risk Management and Financial Discipline
Internalisation was never an end in itself. A large part of the work since 1 January has been
putting in place the disciplines an internally managed trust needs, and the most important of
those is how we manage risk. Management now reports directly to this Board, with oversight
through our Audit and Risk Committee, chaired by Dr Michael Stanford, and our People and
Culture Committee, chaired by Angela Bull.
Slide 12 – Risk Management Framework
Implementing a Board-owned risk management framework has been a key part of that work. Its
stance is simple: a measured appetite for growth, and a low appetite for balance sheet risk. It
works in layers. At the top are hard limits set by the Trust Deed and our lender covenants, and
there are no exceptions to those. Inside them sit risk appetite parameters that guide our
decisions and our capital allocation. Inside those again are early triggers that require
management to escalate well before any Board limit comes into view.
Every measure is anchored to three objectives: sustainable growth in AFFO and distributions per
unit, protecting and growing net tangible assets, and supporting the healthcare infrastructure
our tenants depend on. The framework is reported to the Board quarterly and reviewed at least
every two years. It is central to how we are enhancing financial discipline and capital allocation
now that management is internal and you will see it reflected in the decisions I describe in the
rest of this address.
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Slide 13 – Valuations, Capital Discipline and Foreign Exchange
Why Our Valuations Moved
A property's value is derived from the income it produces, capitalised at a rate that moves with
the general level of long-term interest rates. This year our portfolio valuation rose by $60.1
million. That movement was driven by rent increases across the portfolio, where most of our
leases carry inflation-linked reviews. Working the other way, higher interest rates have driven a
modest expansion in capitalisation rates. That reflects the broader interest rate environment. It
is not a reflection of these buildings being less occupied, less needed, or less well run.

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Where are we in that cycle? I will give you my honest answer: I don't know, and I am wary of
anyone — inside this business or outside it — who tells you they do. Both the Reserve Bank of
New Zealand and the Reserve Bank of Australia cut rates through 2024 and into 2025, and both
have spent 2026 raising them again in response to renewed inflation. So far, the effect on our
own capitalisation rate has been modest.
What the Business Needs, Regardless of Rates
New Zealand and Australia will need more healthcare infrastructure over the next decade, not
less. Population growth and an ageing population are structural trends, not cyclical ones, and a
meaningful share of existing hospital stock in both countries is old, with public capital budgets
not keeping pace with what it needs. Construction costs have also risen sharply since 2020, and
hospital and clinical construction has not been immune, which raises the bar for anyone
considering building new competing capacity.
But this is not all upsides. Healthcare delivery is becoming more efficient, not just bigger. In
Australia, same-day treatment now accounts for roughly six in every ten hospitalisations, and in
private hospitals — where most of our tenants operate — closer to three in four. On its own, that
points toward needing less overnight bed capacity per person. It does not point toward needing
less healthcare property; it points toward needing a different mix of it — day-surgery, diagnostics
and outpatient capacity — which is where a good share of our recent development activity has
gone.
Capital Discipline in Practice
We have not simply waited for this thesis to prove itself. Over the past four years we have sold
more than $450 million of assets judged to be lower-quality or no longer core – generally older,
generally the bottom of the portfolio by location or specification – at prices broadly consistent
with book value, and reinvested that capital into newer, purpose-built facilities across Auckland,
Wellington and our Australian portfolio.
That divestment figure is only half of the story, and I don't want to leave you thinking we are
simply sellers. The other half is a steady stream of investment back into sites our existing tenants
already occupy – considerably lower risk than buying something new, because the operator, the
location and the market are all already proven. We have activated this kind of work over the past
two years at Grace Hospital in Tauranga and at Wakefield Hospital in Wellington, among others,
each one adding space and income on a site an operator was already committed to. This year we
also activated two further developments: a further stage at our Macarthur Health Precinct in
Campbelltown, New South Wales and a new Coomera Health Campus in Queensland. We are
recycling out of the bottom of the portfolio and reinvesting, much of it on ground we already
hold, into the top of it.
It is worth noting that the last time we raised capital from Unit Holders specifically to fund
portfolio growth was in May 2022.

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A Trans-Tasman Note
One further piece of context. New Zealand and Australian interest rates are currently a long way
apart, and not in the usual direction: the Official Cash Rate here sits at 2.75%, while the Reserve
Bank of Australia lifted its cash rate to 4.85% last week, its highest level since 2008. The New
Zealand dollar has fallen to around its weakest level against the Australian dollar in roughly
thirteen years. I am not going to speculate when or whether that gap closes. What I can tell you
is a structural fact about your fund is that around 70% of our portfolio by value sits in Australia,
while the majority of our Unit Holders are based here in New Zealand. We have not left that
exposure unmanaged — most of our debt is drawn in Australian dollars, against our Australian
assets, which substantially, though not entirely, hedges the currency effect at the balance sheet
level.
_______________________________
Slide 14 – ASX Foreign Exempt Listing
Broadening the Register: an ASX Foreign Exempt Listing
Alongside embedding the benefits of internalisation, your Board is progressing a Foreign Exempt
Listing of Vital's units on the ASX. I want to be precise about what that is, and honest about its
history, because some of you have seen this question come before you more than once.
This is the third time Vital has pursued ASX access. In 2019 and into 2020, the Trust proposed
restructuring into two stapled entities to achieve a dual NZX/ASX listing; that went to a Unit
Holder vote in 2020 and did not get the support it needed, with a number of our institutional
Unit Holders opposed. In 2024 and 2025, a similar restructuring was consulted on and was
subsequently shelved.
What we are progressing now is structured differently: a Foreign Exempt Listing of the Trust as it
exists today, without splitting it into separate entities.
With roughly seven in every ten dollars of our portfolio in Australia, making it easier for
Australian-domiciled investors to access our register should, over time, broaden the pool of
investors able to own these units. I want to set expectations accurately: a Foreign Exempt Listing
does not itself raise capital, and it does not guarantee improved liquidity or a re-rating. No new
units are issued and nothing about the Trust's structure changes. Realising the benefits of
internalisation remains this Board's and management's first priority for the year ahead; the ASX
listing sits behind that, as a complementary piece of work.
The Upside Case
Our current portfolio valuation and market capitalisation sit well below what it would cost to
replace today, and it is funded by demand that is structurally growing, on leases that protect our
income from inflation for a very long time.

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Summary
The Board’s focus is squarely on four things:
• sustainable growth in AFFO and distributions per unit.
• protecting and growing net tangible assets and supporting the healthcare infrastructure
our tenants depend on.
• Continued embedding of the benefits of internalised management.
• Foreign Exempt Listing to progress, alongside – not ahead of – that work.
Closing
Our priority is unchanged, growing AFFO per unit - and the distributions that we can pay you
from that.
I am confident we have the right structure, the right portfolio and the right discipline to make
those calls well. Thank you. I will now hand over to Chris, who will provide an update on our first
quarter performance and the outlook for the year ahead.
_______________________________
Slide 15 – Address by the CEO

CHRIS:
Thank you, Graham, Tena koutou and good afternoon.
My name is Chris Adams and I am the Chief Executive Officer for Vital.
Before turning to our first-quarter performance, I want to take a moment to talk about what Vital
is and why it matters.
_______________________________
Slide 16 – Overview of Vital

We create and invest in essential healthcare infrastructure, in particular hospitals seeking to
generate long-term, defensive income in a sector where demand is growing.
Today, Vital owns 34 healthcare properties worth $3.6 billion. Across those properties, there are
around 2,000 licensed beds and more than 130 operating theatres.
And, as we all know, healthcare is a need, not a want.
I’m very proud to lead Vital as an internally managed business, fully aligned with Unit Holders as
we continue building on our position as the only specialist healthcare landlord listed on the NZX.
So, with that as the backdrop, let me turn to our performance in the first quarter of FY27 and our
priorities for the year ahead.

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_______________________________
Slide 17 – Q1 Portfolio Highlights
Our operational performance for the first quarter shows stable portfolio fundamentals matching
our expectations.
• Portfolio occupancy stands at a resilient 97.1%, backed by an industry-leading Weighted
Average Lease Expiry or WALE of 17.8 years, ensuring excellent long-term duration and
stability for our cashflows.
• We are pleased to report the successful completion of the $29.1 million Grace Hospital
expansion in Tauranga.
• We have started two leading precinct developments in Australia, representing an
investment of A$150.5 million.
• RDX, our recently completed life science asset on the Gold Coast is attracting
encouraging leasing interest. Negotiation and lease documentation is well advanced for
approximately 60% of the building with calendar 2027 lease commencements and active
enquiry continues on the balance of the building.
• We also continue to achieve positive results in the area of sustainability with a focus on
the resilience of our long dated infrastructure like assets.
• Overall our portfolio remains in a robust position.
_______________________________
Slide 18 – Q1 Financial Highlights
Turning now to our financial results for the quarter, which highlight our disciplined approach to
capital management and defensive asset qualities:
• We delivered a strong 4.1% growth in net property income on a same-property and
constant-currency basis compared to the prior corresponding quarter.
o This was consistent with the level achieved during the FY26 full year
• Adjusted Funds From Operations (AFFO) were 2.91 cents per unit (cpu) driven by healthy
underlying property performance and lower tax expense.
• Q1 distributions are 2.4375 cpu, in line with our full-year guidance, representing a
payout ratio of 83.6%.
• The distribution reinvestment plan remains open and active for unit holders, carrying a
2.0% discount to assist in funding development commitments.
• Net Tangible Assets (NTA) stood at $2.43 per unit as at the end of the quarter.

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• Balance sheet gearing sits at 40.2%, towards the upper end of our target range, but is
underpinned by a well-positioned debt maturity profile:
o with no debt facilities expiring until April 2028; and
o a defensive weighted average debt maturity of 4.1 years.
• Total available liquidity is $156.1 million, with 74.5% of our gross debt actively hedged
for a weighted average duration of 2.1 years to protect against market volatility.
• Accordingly, we continue to track in line with expectations financially.
_______________________________
Slide 19 – Development Strategy & Active Precincts
Our growth remains tightly targeted and anchored to long-term structural demand to support the
business over time. Our capital allocation strategy is defined by core principles:
• We invest in established and emerging healthcare precincts where demographics dictate
long-term operator demand.
• Our primary forward focus, outside of the projects at Coomera and Macarthur, which I
will come to shortly, is brownfield development.
o expanding alongside our trusted existing partners to minimise risk and capture
embedded value.
• By constructing modern, operationally efficient facilities, we improve our long-term
income security while reducing the overall average age of our buildings.
• We are also activating or rationalising our strategic land exposures, aligned with our
Board approved risk appetite framework noted earlier by Graham.
• To enable this investment and development, we will systematically divest lower quality
properties to unlock capital and self-fund new opportunities which are embedded in our
current portfolio.
• Overall we continue to build a higher quality healthcare property portfolio.
_______________________________
Slide 20 – Coomera Health Campus – Stage 1
Let's look closer at our major committed projects, starting with the A$47.5m Coomera Health
Campus Stage 1 development in Queensland:
• The project is exceptionally located in one of Australia’s fastest-growing regions.
• Stage 1 will deliver a state-of-the-art 3-level ambulatory care facility dedicated to high-
demand primary care, allied health, and specialist consulting suites at an attractive yield
on cost of approximately 6.5%.

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• Works are tracking on programme, with a target project completion date later in the
2027 calendar year.
• The long-term value of our plans for this campus was further validated in September
when Queensland Health announced Multiplex as the main contractor for the directly
adjacent, A$2.25 billion, 600-bed Coomera Public Hospital, an increase in scale and cost
for this facility.
o Having our asset located in an emerging healthcare precinct is aligned to our
strategy and is designed to entrench long-term returns for our Unit Holders.
______________________________
Slide 21 – Macarthur Health Precinct – Stage 2
Moving to Campbelltown in New South Wales; the Macarthur Health Precinct, Stage 2 will deliver
a premium six-storey short-stay surgical hospital and medical outpatient building spanning
approximately 9,300 square metres of net lettable area.
• The short stay hospital will be operated by Ramsay Health Care, with Sonic Healthcare
and Lumus Imaging also committed to the project.
• This project represents an estimated development cost of A$103 million, with an
estimated fully leased yield on cost of 6.4%.
• We also celebrated the official commencement of construction on 12 October alongside
local community leaders and healthcare partners. The site has been cleared, and the
ground floor slab is scheduled to commence in mid-November, putting us on track for a
forecast completion in early calendar year 2028.
_______________________________
Slide 22 – ESG Highlights
We continue to deliver commercially disciplined sustainability outcomes across the portfolio. In
October, we voluntarily published our 3rd Climate Related Disclosure, following a proposed
change in the New Zealand legislation regarding disclosure obligations, which would no longer
capture Vital.
• The sustainability of our physical assets is core to us and is represented by the
achievement of green star certification across a range of assets both here in New Zealand
and across Australia.
o This showcases our perspective whereby long-dated infrastructure type assets need
to be developed with a long-term perspective given they should be in operation for
50 years and beyond.

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• This focus has also shaped recognition for our hard-working team by GRESB with Vital
named Global Sector Leader for the fourth consecutive year, ranking us 1st globally among
listed healthcare entities for Standing Investments and 1st in Oceania for Developments.
• Lastly, the Board has committed to undertake a review of our 2050 net-zero emissions
commitment by 30 June 2027.
And lets turn now to the outlook.
_______________________________
Slide 23 – Outlook and Guidance
Looking ahead, Vital's priorities for FY27 are clear and targeted:
• We will actively progress leasing activity to enhance occupancy across the portfolio.
• We will execute our development pipeline including key precinct projects at Coomera
and Macarthur.
• We will continue to drive our portfolio optimisation strategy and maintain a disciplined
balance sheet.
• Cost control remains a strong focus, based on our commitment to Unit Holders as part
of internalisation and as represented via Management Expense Ratio or MER.
• We are progressing an ASX Foreign Exempt Listing to broaden Australian investor
access and support long-term capital depth.
These commitments demonstrate our focus on earnings and growing value for Unit Holders, in the
immediate future and over the long term.
In closing, we are pleased to confirm our FY27 full-year distribution guidance of not less than 9.75
cents per unit.
Thank you, and I will now hand back to Graham for the next portion of the meeting.
_______________________________
Slide 24 - Annual Financial Statements
GRAHAM:
Thank you, Chris. The Annual Report and Financial Statements for the year ended 30 June 2026 have
been circulated to all Unit Holders and are now formally tabled at the meeting.
If there are any questions relating to the Trust or the presentations now is the opportunity to raise
them. Only Unit Holders or proxy holders are permitted to ask questions.
You may ask questions through the Computershare platform if attending virtually or raise your hand
if in the room and wait for a microphone to be given to you.

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Those wanting to ask a question online, please do so as early as possible to ensure it is received and
answered.
In consideration for other Unit Holders, we ask that any questions that relate to your personal
situation or Unit Holding be dealt with outside of the meeting with management via email or phone.
Repeated questions or questions that have already been answered may not be put to the meeting
again.
Thank you for your questions and comments.
_______________________________
Slide 25 – Appointment of Vital Healthcare Properties Management Limited
I would now like to move to the formal business of the Meeting. We have four resolutions to
consider today.
I will introduce each resolution with voting on all four resolutions to take place together at the
conclusion.
The vote will be conducted by poll comprising the proxies lodged in advance of the meeting and
votes lodged through the forms for those in the room and via the Computershare platform for
those attending virtually.
Our first resolution is the proposed appointment of Vital Healthcare Properties Management
Limited as manager of Vital Healthcare Property Trust.
Vital Healthcare Properties Management nomination has the unanimous support of the Board.
_______________________________
Slide 26 – Reappointment of Mark Menhinnitt
Next we have our director reappointments, commencing with the proposed reappointment of Mark
Menhinnitt as an independent director.
Mark’s nomination has the unanimous support of the Board.
I invite Mark to the floor to address you.
_______________________________
Slide 27 – Reappointment of Dr. Michael Stanford
Next we have the proposed reappointment of Dr. Michael Stanford as an independent director.
Michael’s nomination has the unanimous support of the Board.
I invite Michael to the floor to address you.
_______________________________
Slide 28 – Reappointment of Mike Brady

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Our final resolution is the proposed reappointment of Mike Brady as a non-independent director.
Mike’s nomination has the unanimous support of the Board.
I invite Mike to address you virtually.
_______________________________
Slide 29 – Voting
That concludes the introduction of our resolutions and we will now proceed to voting on all four
resolutions.
The details of the proxies received on these appointments are on the screen. If I am appointed as
proxy to vote and not directed on how to vote, I will vote in favour of these resolutions.
If you are attending virtually, please cast your vote by clicking “for”, “against” or “abstain” through
the Computershare platform. Your vote has been cast when the green tick appears. To change
your vote, simply select ‘Change Your Vote’. You can change your vote until I declare voting
closed, and a reminder will be given on screen 10 seconds before I close voting. Once voting has
closed, you will not be able to amend your vote.
If you are attending in person, please pass your completed form to a Computershare
representative.
As voting gets underway, we’d like to take you on a short tour of some of Vital’s healthcare
properties across New Zealand and Australia.
Voting has now closed. The results of these votes will be released to the NZX later today.
_______________________________
Slide 30 – General Business
I will now open the meeting for any general business.
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Slide 31 – Closing Remarks
With there being no further business, I declare the meeting over.
Thank you for attending the meeting today.