New Directors Mark Changes at ElderCare

Auckland, October 24, 2001 – Listed healthcare provider ElderCare New Zealand (NZSE: ELD) today announced a number of changes to the Company’s Board as it moves forward in its transformation into a provider to the wider healthcare market.

Mr Jim Syme has agreed to join the Board as an independent Director and Chairman. His appointment will take place after the Company’s Annual Meeting next week. Mr Syme is a leading figure in the New Zealand financial industry, with over 30 years experience in retail, commercial and merchant banking and extensive experience in the governance of publicly listed companies. He is Deputy Chairman of ASB Bank Limited, Director of Metro Water Limited, Director of Waste Management NZ Ltd and Chairman of Directors of Software of Excellence Ltd.

ElderCare CEO Alan Clarke, who has been responsible for the development of the Company’s strategy, will join the Board as an Executive Director after the Annual Meeting.

Phil Newland, Group Managing Director, Cullen Investments Limited, is also to be appointed to the Board.

“At last year’s Annual Meeting we advised ElderCare shareholders of our intention to restructure the Board so as to better fit with the Company’s strategy, adding independent Directors and strengthening governance,” said ElderCare Chairman Maurice Kidd. “We also thought it in the best interests of the Company to appoint an independent Director as Chairman. Mr Syme is the first of these new appointments, and I look forward to working with him. He brings with him a considerable reputation as an independent Director who assists companies to build value. His experience and judgement will be most welcome as ElderCare pursues its growth strategy and repositioning to take advantage of market opportunities.

Executive Director Mr David Lowry announced that, as ElderCare had substantially completed its move away from retirement village development, he would step down from the Board, opening the way for the appointment of another independent Director. Mr Kidd thanked Mr Lowry for his contribution to ElderCare, as a founder, former CEO and Director.

Mr Evan Christian, who is due to retire by rotation, will step down after four years service to the Board.

Mr Stuart Cairns, who was originally a Director of New Zealand Petroleum prior to its evolution into ElderCare, also retires by rotation and will not seek re-election at the Company’s Annual meeting. Mr Kidd thanked him on behalf of shareholders for his long standing support of the Company from its initial listed phase as a retirement village developer and in its subsequent transformation.

Following these changes the ElderCare board will consist of Jim Syme (Chair), Maurice Kidd, Phil Newland and Alan Clarke. The Company expects to make further appointments, including at least one other independent Director and one from the medical services sector.

Company Background
ElderCare New Zealand Limited (NZSE: ELD) is a healthcare provider. The company owns a substantial portfolio of nursing homes, assisted living and assessment and rehabilitation facilities throughout New Zealand. These offer an array of specialised services to cater for the healthcare needs of a broad range of New Zealanders. The company has embarked on a programme that will see it expand its operations into other fee income generating businesses in the wider healthcare sector.

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