Generation Healthcare REIT : Distribution Reinvestment Plan - Issue Price

30 January 2017 The Manager

Company Announcements Office

Australian Securities Exchange Limited Level 4, Exchange Centre

20 Bridge Street

Sydney NSW 2000

Generation Healthcare REIT ("GHC") advises that, in respect of the distribution to be paid for the period ended 31 December 2016, the Distribution Reinvestment Plan ("DRP") issue price is $1.8999 per unit.

The DRP issue price has been calculated as the average of the daily volume weighted average trading price (rounded to the nearest 4 decimal places) of GHC's units traded on the Australian Securities Exchange from 4 January 2017 to 23 January 2017 inclusive. A discount of 2.0% has been applied in determining the DRP issue price.

Holders of approximately 27% of the units on issue as at the Record Date have elected to participate in the DRP. DRP units will be issued on the distribution payment date of 28 February 2017 and will rank equally with existing units from their issue date. A copy of the DRP terms and conditions is available at: http://www.generationreit.com.au/investing/distribution-reinvestment-plan/.

For further information please contact Investor Relations

T: +61 1800 996 456

Generation Healthcare REIT (ASX code: GHC), is Australia's only ASX listed healthcare real estate investment entity.

The Fund owns 17 properties including hospitals, medical centres, laboratories, residential aged care facilities and other purpose-built healthcare facilities. The Fund partners with high quality healthcare tenants with strongly diversified income streams. The Fund has total assets of approximately $529 million with investments located in Victoria, New South Wales and Queensland.

www.generationreit.com.au

APN Funds Management Limited (APNFM) is the Responsible Entity of Generation Healthcare REIT. The Board of APNFM consists of four directors, three of which, including the Chairman are Independent Directors. APNFM is a wholly owned subsidiary of APN Property Group Limited (APN) (ASX code: APD), a specialist real estate investment manager.

www.apngroup.com.au

Generation Healthcare REIT ("Generation", the "Fund")(ASX: GHC) benefits from the experience, proven track record, healthcare focus and global platform of its manager, Generation Healthcare Management Pty Ltd, a wholly-owned subsidiary of NorthWest Healthcare Properties REIT ("NWH REIT", the "REIT") (TSX: NWH.UN), a Canadian listed dedicated healthcare real estate investor. The REIT is also strategically aligned as the largest unitholder of GHC.

NWH REIT is a Canadian listed real estate investment trust focused on providing investors with access to a portfolio of high quality international healthcare real estate infrastructure comprised of interests in a diversified portfolio of 136 income-producing properties and approximately 855,000 square metres of gross leasable area located throughout major markets in Canada, Brazil, Germany, Australia and New Zealand. In Canada, the REIT is the largest non-government owner and manager of medical office buildings and healthcare facilities with 57 properties located from coast to coast, including major concentrations in Calgary, Edmonton, Toronto, Montreal, Quebec City and Halifax. In its international markets, the REIT partners with leading healthcare operators and has built leading management platforms in global gateway cities comprised of high quality healthcare real estate infrastructure assets characterised by long term indexed leases and stable occupancies.

NWH REIT is an expert in owning, managing and developing healthcare real estate with a dedicated and growing team of more than 180 professionals located in Auckland, Berlin, Melbourne, Sao Paulo and Toronto.

www.nwhreit.com