ElderCare’s Move Into Broader HealthCare Market

Chief Financial Officer Supports ElderCare’s Move Into Broader HealthCare Market

Auckland – February 28, 2001– Healthcare provider ElderCare New Zealand (NZSE: ELD) today announced it has appointed Brian Monk to the newly created position of Finance Director and Chief Financial Officer. He joins the company as it steps up its transition into the broader healthcare market.

Mr Monk will assume responsibility for all financial, investor and treasury functions within ElderCare, and will assist CEO Alan Clarke in delivering the company’s planned acquisitions programme, in line with the strategic direction outlined at last year’s annual meeting.

Stephen St Paul remains with the company as Group Financial Controller and a key member of the senior management.

Prior to joining ElderCare, Mr Monk spent seven years with Fletcher Challenge Energy initially as Finance Director and, more recently, as Commercial Director. He has also held senior finance positions in Air New Zealand (Finance Director: 1991- 1993), NZ Equities (Assistant Director of Finance: 1987-1990) and UEB Industries (General Manager, Investments and Finance: 1986-1987).

These senior roles within some of New Zealand’s best known companies and previous financial experience within several U.S. multinationals, both in New Zealand and the United States, have given him a very strong financial background and extensive experience in working with investment companies and public companies. He has had broad involvement in structuring and establishing joint ventures, arranging mergers and acquisitions and negotiating multi-million dollar contracts, both in New Zealand and internationally.

Commenting on the appointment, ElderCare Chief Executive Officer Alan Clarke said that Mr Monk’s experience and knowledge will be instrumental in effecting the company’s growth strategy and repositioning to take advantage of opportunities in the wider healthcare market. He and Mr Monk will work closely together to lead the company through its acquisition-driven expansion strategy.

“We are extremely lucky to have Brian join us and to secure his vast experience over a number of years with a number of very successful and large New Zealand companies. His background will prove invaluable in supporting the growing interest from institutions and investors interested in ElderCare’s activities as we grow our operations in the healthcare sector.”

Mr Monk said his role will include working with management teams in subsidiary companies as ElderCare acquires new healthcare businesses, helping maximise growth opportunities associated with its operations in the broader healthcare sector.

“ElderCare has set out to build a growth-oriented company which will, over time, deliver superior returns to shareholders. It has already demonstrated it has the vision, position, management skills and backing to reach this goal. I look forward to making my contribution to its future growth.”

“The core operating assets of ElderCare’s nursing homes, hospitals and assisted living facilities, together with Ranworth HealthCare’s clinics and living facilities provide a strong revenue base with good EBITDA yields based on high occupancy and service demand levels.

“My aim, in conjunction with Alan and his senior management team, is to maximise the operational and leverage potential of these businesses. ElderCare’s fee based earnings structure is already capable of achieving attractive earnings and I look forward to developing initiatives that leverage this growth platform and deliver sustainable returns to shareholders.”

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

Company Background
ElderCare New Zealand Limited (NZSE: ELD) is a healthcare 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. It also owns Ranworth HealthCare, which operates a national network of brain injury rehabilitation clinics and residential facilities.

ENDS

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