Improved forecast to 31 May 2003

ElderCare New Zealand Limited, the country’s leading listed healthcare and medical services company, announced today that it is expecting improved year end performance against the consolidated forecast issued in November 2002.

Revenues for the full year to 31 May 2003 will be slightly ahead of forecast (previously $56.0 million). Core operating EBITDA, in spite of recent strong trading, will be down in the second half.