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Shareholder Update

The following update letter was despatched to shareholders this afternoon.

Dear Shareholder

We wish to take this opportunity to update you on our growth plans for 2009.

Firstly, we wish to reassure you that we are continuing to trade well, in what has been a challenging climate for many businesses. In November, when we reported our first half result, we projected that our realised profits would be as good, if not slightly better, in the second half. We are trading in line with this guidance.

I am pleased to report that demand for our villages remains strong and construction of our new villages is continuing apace. Our first townhouse residents have moved in at the Jean Sandel Retirement Village in New Plymouth, with the main complex (serviced apartments, village centre and the resthome/hospital) opening shortly.

In Whangarei the Jane Mander Retirement Village is well advanced with our first townhouse residents settling in April, and the main complex on track for completion by the end of September. The Evelyn Page Retirement Village in Orewa is now under construction with the first townhouses scheduled for completion in June this year, and the main complex to open later this year.

Planning is underway for our new villages in Dunedin and Gisborne, and as always we are on the lookout for sites for new villages!

Our annual result will be announced to the NZX on 21 May, and you should expect to receive your personal copy of the annual report by 30 June.

You are welcome to contact us on 0800 588 222 at any time if you have any questions regarding your investment or the company's activities. You should also feel free to contact us if you know someone who may be interested in living in a Ryman retirement village.

Dr David Kerr
Chairman

Simon Challies
Chief Executive