Notice of Allotment of Options

NZX RELEASE 10 December 2018 NOTIFICATION OF ALLOTMENT OF OPTIONS For the purposes of Listing Rule 7.12.1 of the NZX Main Board Listing Rules, Summerset Group Holdings Limited (NZX: SUM) (Summerset) advises the issue of options (Options) under the Summerset Share Option Plan (the Plan): Each grant of Options is split into two tranches. Subject to their continued employment by Summerset and the achievement of certain performance hurdles, option holders will be able to exercise the Options in the first tranche in the period beginning on 31 December 2020 and ending on 30 June 2022. For the second tranche the exercise period begins on 31 December 2021 and ends on 30 June 2023. The exercise price for the Options is $6.34 per Option (Exercise Price), being the volume weighted average price of Summerset's shares on the NZX Main Board in the ten day trading period which commenced on 26 November 2018. Upon exercise, Summerset will facilitate a net settled exercise by issuing to the option holder such number of shares as is equal to the difference between the market value per share of Summerset's ordinary shares and the Exercise Price, multiplied by the number of Options being exercised, divided by the market value per share of Summerset's ordinary shares. Class of securities issued Options issued under the Plan ISIN N/A. The Options will not be quoted. Number of securities issued 1,153,757 Options Nominal value and issue price Nil Principal terms As noted above. Payment in cash? N/A Any amount paid up (if not in full) N/A Percentage of total class issued (excluding treasury stock) 100% Reasons for the issue The board of Summerset has resolved to offer the Options to selected employees in order to: (a) reward and retain key employees; (b) drive longer-term performance and alignment of incentives of participants with the interests of Summerset's shareholders; and (c) encourage longer term decision-making by Participants. Specific authority for the issue Directors' resolution dated 10 December 2018 Terms or details of the issue As noted above. Total number of securities of the class in existence after the issue 1,153,757 Options Treasury Stock N/A Date of issue 10 December 2018 For enquiries: Leanne Walker Company Secretary leanne.walker@summerset.co.nz 04 894 7361 or 029 770 8189 End CA:00328097 For:SUM Type:SECISSUE Time:2018-12-10 08:51:17