met or metlife, the producer, page-3

re: met or metlifecare, annual meeting MET
29/04/2004
ADDRESS

REL: 1500 HRS Metlifecare Limited

ADDRESS: MET: CHAIRMAN'S AND CHIEF EXECUTIVE'S ADDRESSES TO ANNUAL MEETING

NZX ANNOUNCEMENT
29 April 2004
Metlifecare Limited
Annual Meeting

Chairman's Address

Your Directors are pleased with the 2003 full year result as set out in the Annual Report.

Those results have been built on the foundations laid down over recent years to transform Metlifecare's performance.

The net surplus of $14.2 million represents a 37% improvement on the 2002 Year.

A 13.98% growth in sales and resales of new and existing villas and apartments was achieved.

Revenue from Amenities Contributions increased by 20%.

Occupancy levels for care facilities increased slightly averaging 94.5%.

The company completed construction of 100 new villas and apartments, ending the year with a portfolio of 1,663 villas and apartments.

Operating cash flow for the year improved by $8.2 million to $35.8 million.

At year-end, total assets stood at $201.5 million against $184.6 million in 2002.

Robust financial performance has placed the company in a strong financial position. This position provides the capacity to both continue to fund growth plans and recommence paying a dividend.

Directors declared a final dividend of 5 cents per share, without imputation credits, being the total dividend paid for the 2003 Year.

Our success rests with a team of people who are employed by Metlifecare.
Under the leadership of the Chief Executive, we have a management team that is motivated and focused on business performance. The Directors would like to
thank the entire Metlifecare staff for their efforts and dedication to the Company during 2003.

Directors believe that the outlook for Metlifecare is very positive. On a current year basis, results for the half year are on budget.
______________________________

Chief Executive Officer's Address
Slide 1
Today I would like to take this opportunity to broadly outline the growth and potential of Metlifecare.
Slide 2
During 2003 Metlifecare continued to be the leading provider of lifestyle retirement villages for New Zealanders. At the end of 2003 Metlifecare owned and operated 13 villages around the country, with a concentration of sites in Auckland & Bay of Plenty.

Metlifecare also owns & operates 9 care facilities which provide a mix of nursing home & hospital beds. These facilities are co-located within our villages.
Slide 3
The 2003 financial result clearly indicates the achievements of Metlifecare as an operator.
Operating and managing retirement villages is the core business activity of Metlifecare and generated 81% of total earnings in 2003 - with the two key
value drivers of Resale margin and Amenities Contributions representing 86% of this total.

This demonstrates the solid earnings base provided through effective operational management of the Company's assets. Also during the year Metlifecare has again demonstrated its ability to enhance both current and future earnings by growing the scale of its
operations through development activities.

Development refers to the margin generated from the sale of newly built villas and apartments. This generated 19% of total earnings for 2003.

Slide 4
This chart most clearly demonstrates the financial progress the Company has made in recent years.
The net surplus of $14.2M was a record for Metlifecare and was delivered from the sustainable operational activities of the business.

The improved profitability has been achieved through Metlifecare's increasing scale and its focus on the development of quality assets, management systems
and processes and our people.

Slide 5
The international trend of a sharply ageing population is well recognised. As highlighted in this chart the NZ population of over 65s is expected to double in 30 years, to nearly 1 million.

Additionally the industry participation rate in NZ for over 65's at around 4% is less than that of the more mature Australian or US markets.
We believe these are compelling long term trends that make the retirement sector an attractive growth proposition for quality operators.

Slide 6
To capture this market opportunity and to deliver Metlifecare's full potential the medium term strategy is straightforward through maintaining the focus on its operational execution and business growth.

We continue to improve cost efficiencies from within the existing business. However, due to the largely fixed nature of the Company's cost structure, increasing the scale of the business will allow considerable cost
efficiencies to be realised.

Over the next four years the Company will bring an additional 400 units approximately to market from it's land bank. This will increase the scale of the Company's operations by 26%, releasing cash and improving operating performance.

This growth will continue to be demand driven so as to manage the risk inherent with development. The announced site at Takapuna is one such opportunity and we continue to progress the Resource Consent for this site.

The financial strength of the Company also presents us with the opportunity to consider further growth and we continue to evaluate opportunities that fit the Company's strategic criteria.

Slide 7
The ageing population demographics coupled with the strong demand for Metlifecare's products and services give support to the Company's growth aspirations. The Company has, through its land bank, embedded capacity to meet this demand, and continue to grow, for at least the next four years.

We have strong management systems and focus which support our positioning as an operator and we have demonstrated a credible and strong track record in
this area.
The Company has high quality assets which results in the resales volume and pricing outcomes being achieved.

The strength of the Company's management, governance and balance sheet, positions the Company well for future growth and improved shareholder value.

I believe that Metlifecare will continue to deliver improved performance in the coming periods and I look forward to leading a committed and talented
team in achieving this objective.
End CA:00099609 For:MET Type:ADDRESS Time:2004-04-29:15:00:10