Summerset Launches Fixed Rate Retail Bond Offer

NZX & ASX RELEASE 10 SEPTEMBER 2018 SUMMERSET LAUNCHES FIXED RATE RETAIL BOND OFFER Summerset Group Holdings Limited (Summerset) announced today that it is offering up to $75 million (with the ability to accept up to $25 million of oversubscriptions at Summerset's discretion) of seven year fixed rate bonds maturing on 24 September 2025 to New Zealand institutional and retail investors. The interest rate will be the sum of the margin plus the seven year base rate, but in any case will be no less than the minimum interest rate of 4.15% per annum. The indicative margin range for the bonds is 1.65% to 1.75% per annum. The margin and interest rate will be set following a book-build process on 14 September 2018 and will be announced by Summerset via NZX shortly thereafter. The offer will close on 14 September 2018 following the book-build process, with the Bonds expected to be issued on 24 September 2018. Full details of the Bond offer are contained in the Indicative Terms Sheet, available through www.summerset.co.nz/bondoffer or by contacting the Joint Lead Managers or an NZX Participant, and must be obtained by investors before they decide to acquire any Bonds. Summerset has applied for the bonds to be quoted on the NZX Debt Market. There is no public pool for the Bonds, which will be reserved for the Joint Lead Managers, institutional investors and other primary market participants invited to participate in the book-build. Joint Lead Managers: ANZ 0800 269 476 FNZC 0800 005 678 Forsyth Barr 0800 367 227 Hobson Wealth Partners 0800 742 737 ENDS For investor relations enquiries: Scott Scoullar Deputy CEO and CFO scott.scoullar@summerset.co.nz 04 894 7320 or 029 894 7317 For media enquiries: Jenny Bridgen Senior Communications Advisor jenny.bridgen@summerset.co.nz 04 830 1106 or 021 408 215 End CA:00323617 For:SUM Type:OFFER Time:2018-09-10 09:02:02