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ElderCare Appoints New CEO to Lead Growth Phase

Auckland – 1 February 2000 – Leading retirement care provider ElderCare New Zealand (NZSE: ELD) announced today it has expanded its management team with the appointment of Alan Clarke as Chief Executive Officer.

Mr Clarke takes over from current Chief Executive and founding shareholder, David Lowry, and will assume responsibility for both operational issues and maximising shareholder value.

Mr Lowry will remain as an Executive Director of ElderCare New Zealand and will focus on the strategic direction of the company.

Mr Clarke has held a number of senior management positions with organisations in New Zealand and Australia, most recently as Area Director for the Australia, New Zealand and Pacific Operations of Sydney based company, SGS Australasia Pty Limited.

In this role he was responsible for building and developing a group of businesses involved in the fields of pathology and radiology, growing operating revenues from A$45 million in 1993 to A$450 million in 1999 and leading the company through to a successful trade sale.

Commenting on the announcement, David Lowry said that ElderCare had experienced considerable growth over the past eighteen months and was looking to strengthen its position in the retirement care market with the appointment of a Chief Executive, to strengthen its management team, and who could lead it through its next acquisition and market development stage.

"ElderCare is a growth company in a growth industry," says Lowry. "We are delighted to have secured Alan for this pivotal role.

"He is an astute commercial operator and has proven credentials for managing the profitable growth of businesses throughout Australiasia.

"His skill set also complements the company’s growth strategy as he has had considerable experience in negotiating complex acquisitions.

"The board looks forward to working with him to position ElderCare New Zealand as the investment vehicle of choice for investors in the elderly care market."

Mr Clarke said he was looking forward to developing the company’s ‘Continuum of Care’ operating model as a basis for supporting expansion activities.

"The ‘Continuum of Care’ is what makes ElderCare unique among retirement care providers.

"This co-ordinated approach, which allows people to ‘age in place’ is the benchmark for delivering high quality care services for the residents.

"It is important that as the company moves forward it develop initiatives that secure maximum value from it for both residents and shareholders.”

Company Background
ElderCare New Zealand Limited (NZSE: ELD) is a retirement care provider.

The company owns a substantial portfolio of nursing homes and assisted living facilities throughout New Zealand at which they offer broad and varied services for the healthcare needs of elderly people.


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