A WORD FROM RICHARD

Kia ora and welcome to our latest edition of the Ryman Times.

I wanted to start with a vote of thanks — to all our shareholders for your support for our capital raise. I am pleased to report that the pro rata entitlement offer received strong support from both our institutional and retail investors.

The purpose of the raise was to reset our capital structure to ensure there are sufficient funds to execute on the company’s growth strategy and strengthen Ryman’s balance sheet through the repayment of debt. It means we are in a good position to take advantage of the enormous opportunities ahead of us. It is also a strong vote of support for our purpose; –delivering care that is Good Enough for Mum or Dad. I have a strong sense that this is of particular importance for everyone who works at Ryman.

So thanks are in order! Thank You.

Our amazing team also rose the challenge once again in February — to maintain our high standards of care during the recent storms and floods. The turbulent weather we experienced in the North Island, including Cyclone Gabrielle provided a severe test of our team, our systems and our processes.

The investments we have made over the years in emergency planning paid off. Our investment in back-up generators and other emergency equipment meant that the teams on the ground were well placed to deal with every problem they faced. They were supported by a large cast of specialist advisors and helpers from around the country.

Gabrielle was particularly hard on our Princess Alexandra, James Wattie and Kiri Te Kanawa villages. They came through with flying colours and our residents loved the support they received and admired the commitment and initiative of the village teams.

We did not have to evacuate our 700 residents at the three villages in the cyclone’s path, but many of our own team were badly impacted. There is no doubt that it is a long road ahead for the regions affected – and recovery will take some time. We remain committed to supporting the teams in the villages as they work to return to normal operations.

Thank you once again for your support — there is a lot to talk about in this edition and I hope you enjoy it.

Kind regards,

Richard Umbers Group Chief Executive