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ElderCare New Zealand Appoints New Chairman

Auckland – 15 March 2000 – Leading retirement care provider ElderCare New Zealand (NZSE: ELD) today announced it has strengthened its Board of Directors with the appointment of Maurice Kidd as Chairman. He takes over from current Chairman Stuart Cairns, who will remain as a Director of the company.

The announcement follows the recent appointment of new Chief Executive Officer Alan Clarke and will see the two work closely together, leading the company through its next growth phase.

Mr Kidd is an Executive Director of Eric Watson led Cullen Investments, which holds a 66% interest in ElderCare New Zealand. He is also Chairman of Pacific Retail Group and was previously Finance Director of the Blue Star Group of Companies.

Commenting on the announcement, Eric Watson said Mr Kidd’s appointment confirms Cullen Investments substantial interest in the company and its commitment to being actively involved in its growth strategy. “ElderCare New Zealand has positioned itself as the growth leader in the provision of retirement care,” says Watson. “To build on this momentum we had been looking to broaden the existing Board’s capabilities with the appointment of a Chairman who had a proven track record in delivering greater returns and improved shareholder wealth. Maurice’s appointment will support the bench strength of ElderCare’s senior management team as well as improve their access to the strategic capabilities of Cullen Investments.”

Mr Kidd’s appointment to the Board is in line with ElderCare’s operational strategy of actively recruiting people who bring new skills to contribute to the company’s future success.

ElderCare also announced two further changes to its Board structure. Director Alex Paterson, will step down from the Board, but will remain as a consultant to the company. And, now that the company has met its initial objectives, Director Rick Johnston will also step down from the Board, in order to devote more attention to his other commitments. “We thank both Alex and Rick for the work they have done in leading Eldercare through its early phase,” says Kidd. “The new Board will be smaller and more focused on growth, with appropriate expertise to take the company forward.”

As a result of these changes the Board will consist of Mr Maurice Kidd, Mr Stuart Cairns, Mr Alan Clarke, Mr David Lowry and Mr Evan Christian, who is also Chairman of Advantage Group.

“In addition to experienced, committed people you also need a few change agents,” adds Kidd. “ElderCare has recently recruited an experienced and growth oriented CEO, Alan Clarke, who is very much in that mould. I look forward to working with him on growing the company and on performance improvement initiatives that will have a direct and positive influence on the company’s results.

“In conjunction with Alan and his senior management team, my aim is to maximise the potential of a market that is emerging as one of the fastest growing in health care in New Zealand. ElderCare is a growth company in a growth industry. Its fee based earnings structure is already delivering attractive returns and I look forward to developing initiatives that leverage this growth platform and deliver sustainable returns to 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.

ENDS

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