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Calan Enters Into Option Agreement

November 2, 2004

Calan Enters Into Option Agreement

Statement made by Miles Wentworth, Chief Executive Officer,
Calan Healthcare Properties Limited

Calan Healthcare Properties Trust (NZX Code: CHP) today announced that they had entered into an Option Agreement with listed healthcare investor Abano Healthcare Group Limited (NZX Code: ABA) for the purchase of Calan’s 20% equity interest in Ascot Radiology Limited.

The Option Agreement gives Abano Healthcare Group Limited (Abano) the right to acquire the Trusts interest in Ascot Radiology in April 2007 for a price determined by reference to an earnout formula. The earnout formula is linked to the practices profitability.

The sale price (depending on actual profitability achieved) could range from $500,000 to in excess of $1 million. Should the profitability not achieve a pre-agreed level either party has the right to terminate the option agreement. Based on Ascot Radiology’s current management forecast for the year to 31 March 2007, the sale price for the Trust would be $1 million.

The current book value of this investment is $100,000.

Chief Executive Miles Wentworth said “The entering into this option agreement could provide us with a premium price and a significant gain on sale for the Trust. In addition to these benefits, this is in line with our stated strategy of exiting non-revenue producing assets”.

ENDS

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