Ann: OFFICE: SUM: Summerset Farewells and Welcome

• Release Date: 13/08/13 10:35
• Summary: OFFICE: SUM: Summerset Farewells and Welcomes Key Personnel
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SUM
13/08/2013 08:35
OFFICE

REL: 0835 HRS Summerset Group Holdings Limited

OFFICE: SUM: Summerset Farewells and Welcomes Key Personnel

NZX, ASX AND MEDIA RELEASE

13 August 2013

SUMMERSET FAREWELLS AND WELCOMES KEY PERSONNEL

Summerset's Managing Director and Chief Executive Norah Barlow is to retire
in the first half of 2014 after leading the company for the last 12 years.
She will remain as a director on the Summerset Board.

Rob Campbell, Summerset's Chairman, said "Norah has been, and continues to
be, an outstanding Chief Executive Officer with the full support of the
Summerset Board. She has been involved in Summerset since its inception in
1997 and has led the company since 2001. She has taken the company from a
small family business to New Zealand's third largest retirement village
operator and second largest developer, with a market capitalisation of
approximately $650 million and over $750 million in assets. Norah has
accomplished a huge amount and we look forward to her continued contribution
on the Board."

Mrs Barlow said she has been involved with the business for a long time and
that now is the right time for her to move to a governance position:
"Summerset is performing very well, is now listed on both the NZX and ASX, is
growing rapidly, and I am confident that the platform is well established for
continued success.

"I have been privileged to have had the opportunity to have led Summerset
throughout this time. We have wonderful, talented and passionate people
throughout the business who care deeply for Summerset and more importantly
for our residents. During my time as CEO I have come to know many people
well, including many long standing residents, and I value these relationships
deeply.

"When we started out, John O'Sullivan, Summerset's founder, had an idea to
create a retirement community which his grandmother would be pleased to be
part of. That idea has guided us throughout our 16 years in the business, and
I feel heartened every time I step into a village and see that it is a
reality.

"Although I will not be involved with Summerset on a day to day basis, I look
forward to a continued involvement on the Board, pursuing other governance
related roles and spending time with family."

Julian Cook, the current Chief Financial Officer, has been appointed as the
incoming Chief Executive Officer and will commence this role in the first
half of next year. Mr Cook has been Chief Financial Officer at Summerset for
three years, following 11 years at Macquarie Bank where he spent several
years working in the retirement and aged care sector. Mr Cook is a member of
Executive Committee for the Retirement Villages Association.

Mr Campbell said that Mr Cook brings to the new role a broad experience in
the retirement village and aged care industry and a deep understanding of
Summerset: "Julian has brought his strong skill set to the business during
his time as CFO and we look forward to him assuming the role of CEO next
year.  The board is confident that Summerset will continue to grow under
Julian's leadership."

Mr Cook said he was excited to be taking on this opportunity: "Norah has made
a tremendous contribution to this business and to the retirement industry in
New Zealand. I'm very honoured the Board has appointed me as her successor."

He said the company's over 2200 residents are at the forefront of his
thinking, and he looks forward to visiting residents and staff in the coming
months: "We want to create villages which our residents feel a part of and
that will always be our focus.
"Summerset's strategy is clear and our focus is on implementing that
strategy."

Mr Cook will be supported by Summerset's long-standing and experienced
executive team. He said he is pleased that Mrs Barlow will continue to be
involved in Summerset. "Norah's ongoing involvement in the business is
welcomed and I look forward to working with the Board."

Summerset is also pleased to welcome Dr Marie Bismark to the Board of
Directors. Dr Bismark is dually trained as a lawyer and doctor, and divides
her time between Australia and New Zealand.

Mr Campbell said Dr Bismark brings to the Board significant healthcare
experience and welcomes her to the organisation.

"This appointment reflects the growing importance of care and clinical issues
in our business. We expect this to continue and Dr Bismark, as a recognised
leader in clinical care issues in Australasia, will assist Summerset to be a
valuable leader in the market."

Dr Bismark said "I'm very excited to be part of a business that delivers such
high quality care and living for its residents, and look forward to being a
part of its continued growth in the future."

Dr Bismark is a qualified doctor and has worked in the health sector for many
years. Her areas of expertise include patient safety and healthcare
complaints resolution. Currently she is a senior research fellow at Melbourne
University and a consultant at legal firm Buddle Finlay in Wellington on the
health law team. Other roles include being a Co-Chair of the Medico-Legal
Expert Advisory Board of the Royal Australasian College of Physicians and a
director of GMHBA Health Insurance. She has also worked as a legal adviser to
the Health and Disability Commissioner in New Zealand.

Dr Bismark joins the Board as a non-executive independent director and will
commence on 1 September 2013.

ENDS

For more information

Julian Cook
Chief Financial Officer
Summerset Group Holdings Limited
04 894 7310 or 029 894 7310

Kimberley Rothwell
Communications Advisor
Summerset Group Holdings Limited
04 894 6993 or 027 601 2001
End CA:00239576 For:SUM    Type:OFFICE     Time:2013-08-13 08:35:29