FUND UPDATE FUND FACTS: Healthcare Property Trust Retail Units. 30 September 2015

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1 FUND UPDATE 30 September 2015 Healthcare Property Trust The Trust opened in 1999 to capitalise on Australia s ageing population and growing demands for healthcare services. Over the last 16 years the Trust has grown to become one of the largest healthcare property funds in Australia. Currently, the Trust owns a portfolio of 29 healthcare-related properties across Australia. 12 Jarret Street, North Gosford, FUND FACTS: (as at 30 September 2015) SEPTEMBER QUARTER DISTRIBUTION 2.12 cents per unit (CPU) (2.12 CPU June 2015 quarter) UNIT PRICE $ exit price (cum distribution) ($ at 30 June 2015) GROSS ASSET VALUE $761.75m ($ million at 30 June 2015) GEARING RATIO 4.59 (5.00 at 30 June 2015) PORTFOLIO OCCUPANCY leased by area, with a weighted average lease expiry by base rental income of years This document is dated 22 October The financial information in this Fund Update is extracted from the Trust s accounting and property management records at 30 September 2015 and is based upon unaudited financial records unless stated otherwise. Past performance is not a reliable indicator of future performance.

2 Investment performance as at 30 September 2015 Distribution return 3 mths 1 yr 3 yrs p.a. 5 yrs p.a. Since inception p.a Growth return Total return Returns are calculated after fees and expenses and assume the reinvestment of distributions. Past performance is not a reliable indicator of future performance. 1 Inception date for performance calculations is 30 June Attribution summary The relative contribution of major variables on Growth returns over the last quarter and year is shown in the table below: Period to 30 September 2015 Last 3 mths Last 12 mths change change Property revaluations Interest Rate Swaps (realised and unrealised mark to market movements) Unrealised gains/losses on investments in listed/unlisted trusts 0.00 (0.15) Other Growth return Represents the increase (decrease) from the property book value immediately prior to valuation. 2 Other may include: Discounted Rights Offer dilution, application/redemption spread, estimated gains distributed, realised gains on property, distributions from prior period retained earnings, and non-material movements. Return calculations are based on actual distributions reinvested, which may vary slightly to the performance table illustrated above. How the healthcare property sector performed For investors in healthcare property, the new financial year was a familiar story of relatively steady and consistent performance. The most significant factor for unlisted healthcare property over the past quarter has been the increased property valuations from capitalisation rate compression, which is being experienced across the sector as a result of strong investment demand. The dual underlying structural forces of Australia s ageing and growing population is increasing demand for private healthcare services that continues to underpin the solid growth trajectory of the healthcare property sector. With these strong and relatively stable fundamentals it is not surprising that healthcare property continues to be viewed by onshore and offshore institutional and private investors as an attractive asset class. Further driving strong investment demand is the fact that Australian healthcare property yields compare favourably against other assets classes available in global markets. How the Trust performed The net property income from the Trust s portfolio of properties in the September 2015 quarter was consistent with the previous quarter. The quarterly September 2015 distribution was 2.12 cents per unit. The primary reasons for the movement in the Trust s growth return are shown in the attribution table. During the September quarter, a large portion of the Trust s portfolio was revalued, which resulted in an increase in the Trust s Unit Price. Property developments During the September quarter, the Trust continued to actively develop several of its properties, including: The Valley Private Hospital, Mulgrave, VIC Phase B of the $14.6 million project that includes an additional 32-bed ward and multi-deck car park is expected to achieve practical completion in December Peninsula Private Hospital, Langwarrin, VIC

3 Peninsula Private Hospital, Langwarrin, VIC The $50 million expansion including a new emergency department, an additional 71 beds, 396 additional car spaces and a hybrid operating theatre development is progressing as expected with practical completion due in mid Robina Private Hospital, Robina, QLD Work for the new $22 million 90-bed private hospital commenced in September 2015 with completion expected in the second half of The property has been leased to Healthe Care Australia Pty Ltd for a 25-year term. Beleura Private Hospital, Mornington, VIC The $10.6 million expansion including a new 30-bed rehabilitation ward, hydrotherapy pool, gymnasium and expanded car parking has now reached completion and is expected to be officially opened in early November Townsville Private Clinic, Townsville, QLD - The $7.5 million project to convert this former office building to a new mental health clinic is now materially complete and is expected to be officially opened in mid-november Brisbane Waters Private Hospital, Woy Woy, - The $6 million expansion and refurbishment works are now materially complete. Property revaluations Fourteen of the Trust s properties were independently valued during August 2015, with a net increase of $23.05 million or (7.61) on their previous book values. Material variations included: Beleura Private Hospital and Clinic, Mornington, VIC increased by $2.8 million - Factors in the increase were the pending completion of the $10.6 million capital expansion and subsequent increase in rental. As well, there was a compression of the capitalisation rate from 8.75 to Peninsula Private Hospital, Langwarrin, VIC increased by $5.0 million - Reasons for the increase include the recent completion of $3.2 million of capital expansion works and subsequent increase in rental. As well, the property s capitalisation rate compressed from 8.50 to A further $47.5 million of capital works are progressing as expected and are due for completion in mid The Valley Private Hospital, Mulgrave, VIC increased by $2.8 million - Factors behind the valuation increase include the recent completion of $1.2 million capital expansion works and an increase in rental. The property s capitalisation rate also compressed from 8.50 to Townsville Private Clinic, Townsville, QLD increased by $2.7 million - The key influences for the valuation increase include the recent completion of $6.6 million of capital works and subsequent increase in rental. The property s capitalisation rate also compressed from 9.25 to RPAH Medical Clinic, Newtown, increased by $4.2 million - The valuation uplift was principally driven by capitalisation rate compression from 9.25 to 8.50 and an increase in net property income. Brisbane Waters Private Hospital, Woy Woy, increased by $4.3 million (20.28) - Factors influencing the valuation increase include the recent completion of $4.5 million of capital works and subsequent increase in rental. The property s capitalisation rate also compressed from 9.00 to A more detailed breakdown of the September revaluations can be found at Outlook The outlook for the healthcare property sector continues to be positive. Our view is that major private sector healthcare operators are well positioned to continue steadily growing and expanding their businesses. As a result, we expect most tenants will renew leases for further terms at existing rental levels. We also expect the strength observed in the institutional and private investment market for healthcare property to continue to produce strong competition to purchase quality assets. Key portfolio statistics (as at 30 September 2015) Geographic allocation by value VIC 10 assets assets SA 5 assets QLD 4 assets 7.63 Property sector diversity by value Hospital 12 assets Medical Centre or Medical Office 9 assets Aged Care 1 asset 3.02 Development Site 7 assets 2.40 Top 5 tenants by income Ramsay Health Care Healthe Care Australia Calvary Healthcare Stryker Australia 5.54 Australian Unity Care Services 3.28 Others (excluding vacancy) 28.39

4 Trust investment portfolio as at 30 September 2015 Property Details Tenancy Details Valuation Details 1 Address Note Lettable Area (square metres) Major Tenant Number of Tenants Occupancy Rate (by area) Weighted Average Lease Expiry (years) 2 Current Valuation ($m) Valuation Date Capitalisation Rate Book Value ($m) Hospitals Berkeley Vale Private Hospital, Berkeley Vale, 4,132 Ramsay Health Nov Brunswick Private Hospital, Brunswick, VIC 8,000 Healthe Care May Calvary Rehabilitation Hospital, Walkerville, SA 3,799 Calvary Health Aug Calvary Wakefield Private Hospital & Medical Clinic, Adelaide SA 6 15,119 Calvary Health May-15 N/A Figtree Private Hospital, Figtree, 7,277 Ramsay Health Aug Hunters Hill Private Hospital, Hunters Hill, 2,678 Ramsay Health Nov North Shore Specialist Day Hospital, Greenwich, 2,190 IVF Australia Feb Sub total Hospitals Under Development Beleura Private Hospital and Clinic, Mornington, VIC 10,054 Ramsay Health Aug Brisbane Waters Private Hospital, Woy Woy, 5,845 Healthe Care Aug Peninsula Private Hospital, Langwarrin, VIC 12,387 Ramsay Health Aug Robina Private Hospital, Robina, QLD 7 N/A Healthe Care Dec-14 N/A 9.83 The Valley Private Hospital, Dandenong North, VIC 12,770 Healthe Care Aug Townsville Private Clinic, Townsville, QLD 3,780 Healthe Care Aug Sub total Medical Centres and Aged Care Facilities Fullarton Rd, Kent Town, SA 2,563 Sonic Healthcare Nov Herbert Street, St Leonards, 10,556 Stryker Australia Nov Constitution Hill Aged Care, Northmead, 8,668 Australian Unity Care Services Jun Eureka Medical Centre, Ballarat, VIC 1,459 Primary Health Feb Figtree Consulting Suites, Figtree, 427 Shelley & Sumbut Aug-15 N/A 1.15 Namcharon Gosford Private Medical Centre, North Gosford, 1,830 Sonic Healthcare Feb Ipswich Medical Centre and Day Hospital, QLD 2,815 Ipswich Day Surgery Aug Manningham Medical Centre, Templestowe MMC General 4,925 Lower, VIC Practice Aug Mackay Medical Centre and Day Hospital, Queensland 3 2,458 Mackay, QLD Fertility Group Feb RPAH Medical centre, Newtown, 7,208 S & K Car Park Aug Sub total Assets Held Pending Development 10 North East Road, Walkerville, SA Vacant 0 0 N/A 0.65 Aug-15 N/A View Road, Walkerville, SA Private Tenant < Aug-15 N/A Herbert Street, Mornington, VIC Vacant 0 0 N/A 1.00 Dec-14 N/A Herbert Street, Mornington, VIC Vacant 0 0 N/A 0.80 Aug-15 N/A Herbert Street, Mornington, VIC Private Tenant < Aug-15 N/A Herbert Street, Mornington, VIC Private Tenant < Aug-15 N/A 0.49 Sub total 4.52 Total direct property

5 Trust investment portfolio as at 30 September 2015 (continued) Property Details Tenancy Details Valuation Details 1 Address Note Lettable Area (square metres) Major Tenant Number of Tenants Occupancy Rate (by area) Weighted Average Lease Expiry (years) 2 Current Valuation ($m) Valuation Date Capitalisation Rate Book Value ($m) Listed Australian REITs Generation Healthcare REIT Arena REIT Cash and other assets Other 3.31 Cash and other assets Class A cash reserve Cash and other assets Total (T) / Weighted Average (A) (T) (A) (A) (T) (A) (T) Notes 1. Regular valuation of underlying property assets is an important aspect of managing the Trust. Valuations are conducted by qualified independent valuers in accordance with industry standards. We have a policy of generally obtaining independent valuations on Fund direct properties each year. Additionally, as part of our active management approach, we may test asset values on market. At times we may enter arrangements at arm s length with third parties which may impact the value of assets within the portfolio including, but not limited to, put and call options in respect of all or part of an asset within the portfolio. If the value of an asset is impacted in this way, the value may replace the last independent valuation obtained. 2. Weighted Average Lease Expiry by base rental income. 3. Includes a parcel of vacant land, 1-3 Discovery Lane, North Mackay valued at $0.50 million as at February Property adjoining Calvary Rehabilitation Hospital, Walkerville, SA. 5. Properties adjoining Beleura Private Hospital, Mornington, VIC. 6. Includes 285 Flinders Street, Wakefield, Adelaide, SA. which has previously been reported separately. 7. Greenfield development with pre-committed lease.

6 Learn more about your investment Visit our website Log onto australianunityinvestments.com.au for the latest information about your investment, including unit prices, announcements and regular updates on Trust activity and performance. Log on to our secure investor portal Log on to the investor portal via the website to review your account transaction history, view your statements and update your personal details. Call us For any specific questions about the Trust: investors can contact a member of our Investor Services team on financial advisers can contact their Australian Unity Business Development Manager or call a member of our Adviser Services team on Go paperless with Australian Unity Investments Help us to reduce our carbon footprint on the environment by opting to view your statements online. Tell us you want to go paperless with a simple to investments@australianunity.com.au or call our Investor Services team on Important information The Australian Unity Healthcare Property Trust - is issued by Australian Unity Funds Management Limited ABN , AFS Licence No Effective 30 June 2014, were closed to new investors. The information in this document is general information only and is not based on the financial objectives, situations or needs of any particular investor. You should consider the appropriateness of this information having regard to y our own objectives, financial, situation or needs before acting on it. Information from this product can be obtained from our website australianunityinvestments.com.au or by calling our Investor Services at Investment decisions should not be made upon the basis of its past performance or distribution rate, or any ratings given by a ratings agency, since each of these can vary. In addition, ratings need to be understood in the context of the full report issued by the ratings agency itself. The information in the document is current at the time of publication only. The Professional Planner Zenith Fund Awards are determined using proprietary methodologies. Fund Awards were issued on October 10, 2014 and ratings are solely statements of opinion and do not represent recommendations to purchase, hold, or sell any securities or make any other investment decisions. Ratings are subject to change. The Lonsec Rating (assigned to Australian Unity Healthcare Property Trust February 2015) presented in this document is published by Lonsec Research Pty Ltd ABN AFSL The Rating is a class service (as defined in the Financial Advisers Act 2008 (NZ)) or is limited to General Advice (as defined in the Corporations Act (Cth)) and based solely on consideration of the investment merits of the financial product(s). In New Zealand it must only be provided to wholesale clients (as defined in the Financial Advisers Act 2008 (NZ)). Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold Australian Unity Investments product(s), and you should seek independent financial advice before investing in this product(s). The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document(s) following publication. Lonsec receives a fee from the Fund Manager for researching the product(s) using comprehensive and objective criteria. For further information regarding Lonsec s Ratings methodology, please refer to our website at: *Outstanding Highly suitable for inclusion on APLs. The rating contained in this document is issued by SQM Research Pty Ltd. AFSL Please visit for a full definition of the ratings and access to the research reports. SQM Research is an investment research firm that undertakes due diligence on investment products exclusively for its wholesale clients, utilising a proprietary review and star rating system. The SQM Research star rating system is of a general nature and does not take into account the particular circumstances or needs of any specific person. The rating may be subject to change at any time. Only licensed financial advisers may use the SQM Research star rating system in determining whether an investment is appropriate to a person s particular circumstances or needs. You should read the product disclosure statement and consult a licensed financial adviser before making an investment decision in relation to this investment product. SQM Research receives a fee from the Fund Manager for the research and rating of the managed investment scheme. Contact us Address 114 Albert Road, South Melbourne, VIC 3205 Investor Services Adviser Services investments@australianunity.com.au