Amendments to Master Trust Deed

NZX & ASX RELEASE 14 December 2018 AMENDMENTS TO MASTER TRUST DEED Summerset Group Holdings Limited (Summerset) amended the master trust deed dated 30 May 2017 (Master Trust Deed) under which Summerset may issue debt securities from time to time. Summerset currently has two series of fixed rate bonds issued under the Master Trust Deed (and a supplemental trust deed dated 30 May 2017 and a supplemental trust deed dated 10 September 2018 (as amended by deed dated 14 September 2018)), quoted on the NZX Debt Market with NZX ticker codes SUM010 and SUM020. The amendments to the Master Trust Deed have been made to contemplate Australian subsidiaries of Summerset joining the Guaranteeing Group (as defined in the Master Trust Deed (as amended)). A copy of the Master Trust Deed (as amended) is attached to this announcement and can be found, free of charge, on Summerset's website at https://www.summerset.co.nz/investor-centre/bonds/. ENDS Leanne Walker Company Secretary leanne.walker@summerset.co.nz 04 894 7361 or 029 770 8189 End CA:00328425 For:SUM Type:GENERAL Time:2018-12-14 16:26:25