Smart Pointers: Does a 'base' part of an object get created?

#include <iostream>
#include <memory>
class Member {
public:
  Member() {
    std::cout << "Member::ctor" << std::endl;
    throw "Exception";
  }
  ~Member() {
    std::cout << "Member::dtor" << std::endl;
  }
};
class Base {
public:
  Base() {
    std::cout << "Base::ctor" << std::endl;
  }
  virtual ~Base() {
    std::cout << "Base::dtor" << std::endl;
  }
};

class Derived : public Base {
  Member* m_;
  public:
    Derived() : m_(new Member()) {
      std::cout << "Derived::ctor" << std::endl;
    }
  ~Derived() {
    if(m_) delete m_;
      std::cout << "Derived::dtor" << std::endl;
    }
};

int main(int argc, char** argv) {
try{
  std::unique_ptr<Base> b = std::make_unique<Derived>();
  std::cout << "No Exception" << std::endl;
  }
  catch(...)
  {
    std::cout << "Exception" << std::endl;
  }
}

The output to the above program is:

Base::ctor
Member::ctor
Base::dtor
Exception

Don't understand why that happens. Does a part of a derived object kill the base part of the object when the object cannot be fully constructed?

Can someone explain why ?