1Q18 Metrics – Sales of Occupation Rights

NZX & ASX RELEASE 6 APRIL 2018 1Q18 METRICS - SALES OF OCCUPATION RIGHTS Summerset Group achieved 143 sales for the quarter ending 31 March 2018, comprising 68 new sales and 75 resales. Summerset CEO Julian Cook said that new sale settlements achieved for the first quarter of 2018 were predominantly from selling homes completed and delivered at the end of 2017. "Serviced apartments (whose occupancy is more needs-based) made up a large proportion of the retirement units held at year end, and these typically have a slightly longer sell-down period than our villas and apartments." "Retirement unit deliveries for 2018 are weighted towards the second half of the year with new sales volumes throughout the remaining quarters of 2018 expected to progressively increase as we deliver new homes for which we will sell occupation rights. We are on track to deliver 450 new homes over 2018." "We are seeing good volumes of resales across our villages, and have seen settlements track at normal levels for the first quarter" said Mr Cook. YTD18 SALES OF OCCUPATION RIGHTS See attached table FY17 SALES OF OCCUPATION RIGHTS See attached table NOTES: o Quarterly metrics on occupation right sales are provided by the 10th of the month following the end of each quarter. o Occupation right sales volumes represent the number of occupation rights settled in the period, and differ from retirement unit deliveries which represents the number of new homes for which construction was completed in the period. o The quarterly sales metrics provided may not necessarily reflect NZ IFRS financial performance for the corresponding period. In particular, key items in the income statement, such as the fair value movement of investment property, are dependent on several variables, of which one is occupation right sales. NZ IFRS financial performance is calculated for the periods ending 30 June and 31 December each year. ENDS For investor relations enquiries: Scott Scoullar Chief Financial Officer scott.scoullar@summerset.co.nz 04 894 7320 or 029 894 7317 For media enquiries: Michelle Brooker Senior Communications Advisor michelle.brooker@summerset.co.nz 04 830 1106 or 021 225 9624 End CA:00316459 For:SUM Type:MKTUPDTE Time:2018-04-06 09:20:47