Sustainability Review & Climate-Related Disclosures FY23

Summerset Group Holdings Limited
Level 27 Majestic Centre, 100 Willis St, Wellington
PO Box 5187, Wellington 6140
Phone: 04 894 7320 | Fax: 04 894 7319
Website: www.summerset.co.nz
NZX & ASX RELEASE
26 February 2024
SUMMERSET RELEASES FIRST CLIMATE-RELATED DISCLOSURES
DOCUMENT
Retirement village operator Summerset Group Holdings Limited today released its Sustainability
Review and Climate-Related Disclosures FY23 document alongside their FY23 Annual Report.
Summerset Chief Executive Scott Scoullar said reporting on sustainability i s not new for the
company, but this i s the first time the company has reported its climate-related disclosures which
document the challenges and opportunities posed by a changing climate.
“Summerset has been measuring, managing and reporting on our carbon footprint since 2017.
We take our commitment to sustainability very seriously and we’ve worked hard to embed
sustainable practices right across our business. As a large New Zealand business, we recognise
that we have a duty to integrate sustainability into everything we do and to always challenge
oursel ves to do better,” said Mr Scoullar.
“Early in 2023 we released our first Sustainability Review, which documented the first five years
of our sustainability work and the significant progress we’ve mad e to date. It was our first step
into ESG (environmental, social and governance) reporting and shows how we are contributing
and working to have an impact beyond just the environmental aspects of our operations.”
Mr Scoullar said the New Zealand Climate Standards mandated by the government in 2023 was
a positive step in transparent reporting for investors and the wider public.
“The new disclosure requirements will give the market, shareholders and other interested parties
a consistent view of how large New Zealand companies are responding to, and preparing for,
clim ate change.”
Mr Scoullar said Summerset has spent a great deal of time and effort on reducing its carbon
emissions and the company had short, medium and long-term targets it worked to.
“We smashed our first five-year target, from 2018-2022 we reduced our carbon emissions per
$m revenue by 16%. Our new science-aligned target is t o reduce our emissions intensity per
square metre by 34% by 2027. Also, all our lending is now sustainability linked which further
incentivises us to meet our goals.”
In addition to reporting on carbon emissions Summerset’s new report also outlines the social
and governance strategies the company has in place to provide for a more sustainable
environment.

“Summerset has a huge impact on many communities around New Zealand (and soon in
Australia too) we provide much needed aged care, jobs for more than 2,700 staff and our
residents continue to play a large part in their communities.”
Mr Scoullar said the company was very pleased to be recognised externally for the work that
they do in sustainability, including acknowledgement from investment services firm, Forsyth
Barr.
“We were proud to be again recognised by Forsyth Barr in their second Carbon and ESG
Ratings for NZX listed companies. We were again 11th of all NZX listed companies and the top-
rated listed retirement village operator. External acknowledgement of our work is very pleasing
and helps validate our approach to date,” said Mr Scoullar.
“We know we have lots more work to do but we feel we’re on the right track and we have
processes and goals in place to remain on track. We will continue to juggle our challenge as a
growing business to reduce our carbon footprint while opening new villages in New Zealand and
Australia.
“One area of focus in the coming years for us will be how we embed the sustainability lessons
and practices we’ve developed in New Zealand into our Australian villages, the first of which
(Cranbourne North, Victoria) had its first homes delivered at the end of 2023.”
ENDS
For investor relations enquiries: For media enquiries:
Will Wright Louise McDonald
Chief Financial Officer Senior Communications & Media Advisor
will.wright@summerset.co.nz louise.mcdonald@summerset.co.nz
+64 21 246 3793
ABOUT SUMMERSET
•Summerset is one of the leading operators and developers of retirement villages in New
Zealand, with 38 villages completed or in development nationwide
•In addition, Summerset has six proposed sites at Half Moon Bay (Auckland), Rotorua
(Bay of Plenty), Palmerston North (Manawatu), Masterton (Wairarapa), Rolleston
(Christchurch), and Mosgiel (Dunedin)
•Summerset also has two villages in development (Cranbourne North and Chirnside Park)
and five other properties in Victoria, Australia (Craigieburn, Drysdale, Mernda, Oakleigh
South and Torquay)
•Summerset provides a range of living options and care services to more than 8,000
residents

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Sustainability Review
AND CLIMATE-RELATED DISCLOSURES FY23

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SUSTAINABILITY REVIEW 2024
About this report
Summerset’s Sustainability Review and Climate-Related Disclosures FY23 provides
our stakeholders with view of our sustainability performance and activities.
This year’s report builds on the sustainability commitments we made
in our initial five-year plan, launched in 2018, and details progress
against our emissions targets for 2027, 2032 and 2050.
This report is not only a reporting tool, but also a record of our work towards
reducing our impact on the environment, society and the economy, guided
by our Sustainability Framework and our ten-year Strategic Plan.
This Review is available on our website. Questions about the report
can be directed to investor.relations@summerset.co.nz
Climate-related Disclosures
Summerset is a climate-reporting entity (CRE) under
the Financial Markets Conduct Act 2013.
Summerset’s climate related disclosures on pages 16 to 38 comply with
New Zealand Climate Standards issued by the External Reporting Board.
In preparing our climate-related disclosures, Summerset has elected
to use Adoption provision 2: anticipated financial impacts.
This adoption provision exempts Summerset from disclosing anticipated
financial impacts of climate-related risks and opportunities reasonably
expected by Summerset for its first reporting period.
Period covered by the Review
This report covers our sustainability performance and activities for the 12
months from 1 January 2023 to 31 December 2023 unless otherwise stated.
Scope of the Review
This report focuses on the sustainability performance and activities of
Summerset Group Holdings and associated developments.
Key information
Company name:
Summerset Group Holdings Limited
Head-office address: Level 27, Majestic Centre,
100 Willis St, Wellington,
New Zealand
Front cover: Solar panels at Summerset in the Sun (Nelson). Inside cover: Artist impression of Summerset Chirnside Park

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SUSTAINABILITY REVIEW 2024
04
CEO AND CHAIR
INTRODUCTION
15
CLIMATE-RELATED
DISCLOSURES
16 Governance
19 Strategy
24 Climate-related
Risks and
Opportunities
32 Risk Management
33 Metrics & Targets
3
06
2023 SUSTAINABILITY
HIGHLIGHTS
08 Environment
12 Social
Above: Summerset Richmond Ranges Main Building solar panels

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SUSTAINABILITY REVIEW 2024
INTRODUCTION
2023 REVIEWGOVERNANCESTRATEGYRISK MANAGEMENT

METRICS & TARGETS
Since 2017 Summerset has
been measuring, managing and
reporting on our carbon footprint.
We take our commitment to
sustainability very seriously and
we’ve worked hard to embed
sustainable practices right across
our business.
As a large New Zealand business, we recognise that we
have a duty to integrate sustainability into everything
we do and to always challenge ourselves to do better.
Early in 2023 we released our first Sustainability Review,
which documented the first five years of our sustainability
work and the significant progress we’ve made to date.
It was our first step into ESG (environmental, social
and governance) reporting and shows how we are
contributing and working to have an impact beyond
just the environmental aspects of our operations.
Our FY23 Sustainability Review builds on that
information, but also contains our climate-related
disclosures which are mandated by the New Zealand
government for all Climate Reporting Entities to
provide to the market. We believe these new disclosure
requirements are a positive step in transparent reporting.
We have recently shared our ten-year strategic plan
with our staff, which contains environmental, social,
governance, and sustainability focused initiatives right
across the business. One of our strategic goals is to be
a good corporate citizen. It’s important to us that we
play our part in creating a sustainable future and that
this is a core part of our strategy for the next ten years.
We are proud of our industry-leading approach to
sustainability, and have made significant improvements
in this space over the last five years. After completing
our first five-year sustainability action plan and
CEO and Chair introduction
exceeding our emissions reduction targets, we are
embarking on our second five-year journey with new
goals and targets. We will continue to focus on finding
new opportunities to better ourselves, utilise sustainable
lending and meet our growing disclosure obligations.
We were very pleased to be again recognised by Forsyth
Barr in their second Carbon and ESG Ratings for NZX-
listed companies. We were again 11th of all NZX-listed
companies and the top-rated listed retirement village
operator. External acknowledgement of our work is very
pleasing and helps validate our approach to date.
Environment
We are a growth company, and we will continue to
develop, build and manage retirement villages throughout
both New Zealand and Australia. With an ambitious
construction process, we consider the environment,
nature and biodiversity as part of the build programme to
ensure our environmental impact is minimal or reduced.
Over the last six years our construction sites have worked
hard to look closely at all our practices to reduce our
effect on the communities we’re building in. Construction
waste reduction has been an enormous focus, with 4,372
tonnes of waste diverted from landfill in 2023 alone.
In addition to this we have increased the native
planting around our villages and we’re investigating
water conservation methods and the opportunity to
remove and replace gas boilers in our villages.
Changes to the design of our buildings have been
undertaken over this time too as we look to reduce our
embodied carbon by using less concrete where we can
and instead use other more sustainable materials.
Once our villages are built, we work hard to minimise
the impact of the village on the environment
and work with staff, residents and contractors to
create efficient villages. Across our portfolio we
are focused on operational efficiency and are
working to decarbonise our existing villages.
To make our existing villages more efficient and reduce
their carbon footprint we have rolled out an LED light

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SUSTAINABILITY REVIEW 2024
INTRODUCTION
2023 REVIEWGOVERNANCESTRATEGYRISK MANAGEMENT

METRICS & TARGETS
replacement programme, installed Electric Vehicle
(EV) charging points at many villages, brought in EV
pool vehicles for residents and staff to use investigated
how we will transition away from gas, and worked
with residents to reduce and recycle their waste.
We're also investing in solar panels. Our Karaka
(Auckland), Nelson and Manukau villages all have solar
panels powering parts of their villages, and our Richmond
village is the first to have solar panels installed on the
main building, with our Rototuna village next in line.
Over the last year we've also installed water meters
to better understand our water usage at each village
and how we might be able to do better in this area.
Our work so far has been recognised, with our
construction waste avoidance initiative Building out
Waste by Thinking Green winning a Construction
Sector Accord Beacon Award. Our Think Green
programme was also recognised in the Retirement
Village Association’s Sustainability Awards where we
won the APL Operator-led Sustainability Award. This
recognised how we have embedded sustainability
across the organisation and our work over the last
five years to reduce our carbon emissions.
Social
Our people are vital to our success. We are a
people-oriented business and without great people
we can’t deliver on our purpose of bringing the
best of life to our residents. We are committed
to providing meaningful career pathways and
opportunities for our people and allowing them to
be at their best both inside and outside work.
Over the last year we have invested in diversity &
inclusion training, mental health awareness training
for our managers and in providing our people with
wellbeing information to help them be at their
best and care for themselves and their families.
For our residents, a large part of our social
responsibility sits with the care we provide. We
are committed to providing our continuum of care
offering which is so important to our residents
and provides them with peace of mind that they
have options should their health needs change.
In 2023 we opened three new care centres in
Bell Block (New Plymouth), Te Awa (Napier) and
Kenepuru (Porirua) and started the refurbishment of
three of our older care centres around the country
to bring them up to a more modern standard.
We have also advocated for our sector and smaller
aged care providers who are struggling to keep
the lights on. While we can, and will, continue to
offer care, the wider aged care industry is suffering
from severe underfunding and the implications for
thousands of aged New Zealanders are very serious.
Underfunding from successive governments has left
many aged care providers in a precarious position,
particularly small not-for-profit providers who
provide more than 50% of New Zealand’s aged care
beds. Beds are closing around the country as aged
care facilities struggle to operate and this will have
flow-on effects across our health care system.
We will continue to advocate with health
officials for a more equitable outcome.
Governance
We have a very strong governance structure from our
Board down to ensure that we monitor our risks and
that we have the appropriate skills and experience
to help us to respond to the risks and opportunities
that climate change will present in the future.
Summerset’s Board and management have focused
on working on and preparing for the climate-related
disclosures work that is found later in this report.
This is a new area for Climate Reporting Entities
to understand and will evolve as the framework
matures, the complexity of climate change is better
understood, and positive action is undertaken.
We expect our disclosures to change to meet
the demands of government, our stakeholders
and other interested parties. This is very valuable
and important work and a critical step in transparent
reporting and tackling the issue of climate change.
Summerset’s work to date has positioned us well
to embrace this challenge, and proactively and
positively contribute to New Zealand’s climate
response and building a sustainable future.
Measuring performance
We are committed to decarbonising our business
however, there are real challenges as we continue to
grow through the construction of new villages. For this
reason, we report and measure our progress using carbon
emissions intensity of emissions per square metre.
To meet these targets, we need to adapt and innovate across
our entire operation. All of our lending is sustainability-
linked and includes deliverables across wellbeing, emissions
intensity, and a reduction in construction waste. By linking
our funding to sustainability, Summerset is incentivised
to proactively transition to a low-impact business.
Ongoing work
We are very proud of the work we’ve undertaken so far but
we know there is much more to do. Our first target was to
reduce our carbon emissions by 5% per million dollars of
revenue and we exceeded that – achieving a 16% reduction.
We now have a new five-year science-aligned target to
keep us on track and ensure we are on the trajectory
needed to be within the 1.5 degrees of global warming.
We would like to thank the Summerset team for their
dedication to building excellent villages and creating
caring communities. Thank you also to our residents,
suppliers, stakeholders and investors for coming along
on this journey with us so far and pushing us to excel.
Mark Verbiest
Chair
Scott Scoullar
Chief Executive Officer

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06
Sustainability Highlights
2023

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SUSTAINABILITY REVIEW 2024
INTRODUCTION 2023 REVIEW
GOVERNANCESTRATEGYRISK MANAGEMENT

METRICS & TARGETS
Sustainability framework
OUR PURPOSE: BRINGING THE BEST OF LIFE
OUR VISION: TO DEVELOP OUR VILLAGES RESPONSIBLY AND CREATE A SUSTAINABLE FUTURE FOR ALL
STRATEGIC
GOALS
Reduce our impact on the planet through
efficiency
and innovation
Contribute to the economic
prosperity of Aotearoa New Zealand
Create caring communities for our
residents and employees
OUR FOCUS
AREAS
• Reduce carbon footprint
• Reduce landfill waste
• Energy efficiency
• Measure water take
• Sustainable design and construction
practices
• Embrace technology including solar
• Adapt to economic conditions
• Fulfil sustainability-linked lending criteria
• Provide a secure and sustainable business
for shareholders
• Fulfil governance and compliance obligations
• Act ethically and responsibly
• Support local communities
• Provide a safe workplace
• Staff wellbeing
• Diversity and inclusion
• Grow stakeholder understanding of sustainability
OUR
TARGETS
5 year – Short-term carbon target:
Reduce emissions intensity by 34% by 2027
10+ year – Long-term targets:
Reduce emissions intensity per sqm by 62%
by 2032
15+ year – Carbon net zero by 2050
Sustainability linked loans:
1. Ongoing dementia certification and
increase dementia beds
2. 5% year-on-year reduction in carbon
intensity per sqm scopes 1, 2, 3*
3. Diversion of construction waste from landfill
*selected scopes
Scope 3 target:
Engage and encourage 67% of our supply chain
to measure and report their emissions by 2027
(based on scope 3 emissions)
SUSTAINABLE
DEVELOPMENT
GOALS
UNDERPINNED BY OUR VALUES: STRONG ENOUGH TO CARE | ONE TEAM | STRIVE TO BE THE BEST

Our affiliates

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2023 REVIEW
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SUSTAINABILITY REPORT 2024
OUR ENVIRONMENTAL IMPACT
Over the past five years, Summerset has taken
significant steps to minimise and mitigate our
environmental impact to the point that we have passed
from our “going green” phase to “thinking green”.
By thinking green, we are now applying a sustainability
lens over everything we do: from building new
retirement villages, to minimising waste and fossil
fuel use, to asking our suppliers to reduce the plastic
packaging around the products they send us.
Our Think Green programme has been put in place to
ensure our people can do the right thing and have an
impact too. To make our more significant emissions
reduction targets understandable and achievable, we’ve
introduced selected intensity metrics for a number
of our emissions sources. For example, our travel
emissions per staff member metric makes the emissions
targets more “real” for head office staff, encouraging
them to adopt sustainable travel alternatives. See
Think Green intensity metrics table on page 9.
For a retirement village operator of the
scale of Summerset, the focus on reducing
environmental impact centres on four areas:
• Carbon emissions from construction
• Energy use within existing operations
• Waste minimisation across the business
• Biodiversity and water conservation.
Decarbonising Summerset
We are committed to reducing our emissions
as much as possible and we have taken a
number of steps to towards that goal.
We believe this is the right thing to do as a good
corporate citizen, but it is also an expectation of our
staff, residents, shareholders and other stakeholders.
We also have financial incentives in the obligations
under our Sustainability Linked Loan (SLL). We
were the first retirement village operator to
get an SLL, extend the loan term and all of our
bank funding is now sustainability-linked.
We’re also Toitū Envirocare net carbonzero certified,
and in 2022 we committed to a new five-year
science-aligned target (baseline year of 2022).
Emissions targets and progress
2017–2022
Original short-term five-year
target
2023–2027*
New short-term five-year
target
2017–2032*
Long-term target
Target

5%
reduction in emissions
intensity per $1m of revenue
by 2022 (2017 base year)

34%
reduction in emissions
intensity per square metre by
2027 (2022 base year)

62%
reduction in emissions
intensity per square metre by
2032 (2017 base year)
Progress**

16%

15%

18%
* Emissions reduction targets are science-aligned and cover scopes 1 and 2 only ** Progress is pre purchase of renewable energy certificates purchased for the first time in FY23
Emissions breakdown by scope and year
100
80
60
40
20
8
6
4
2
0
10
FY17FY21
FY22FY23
Scope 1Scope 2Scope 3Scope 3 Additional
SCOPE
tCO2e (000’s)
100
80
60
40
20
8
6
4
2
0
10
FY17FY21FY22FY23
Scope 1Scope 2Scope 3Scope 3 Additional
SCOPE
tCO2e (000’s)

INTRODUCTION
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SUSTAINABILITY REPORT 2024
significant scope 3 emissions come from capital
goods and purchased goods and services. Together
these account for over three-quarters of our total
emissions. Within Scope 3, these two categories
represent 94% of our Scope 3 emissions (and 92%
of our full value chain emissions) (See table over).
Since 2019 we have offset our residual operational
emissions using carbon credits to obtain Toitū net
carbonzero certification. To offset our emissions
for the FY23 period, we purchased carbon credits
from Hinewai, an ecological restoration project on
the Banks Peninsula in New Zealand as well as a
number of high-quality international carbon credits.
Tackling embodied emissions and waste
We have advanced our embodied (construction) carbon
work to explore how best to minimise embodied
carbon for new villages. We have developed a baseline
for embodied carbon for two of our built typologies
and we’re now looking at those materials that are
EMISSIONS SOURCE *INTENSITY METRICFY17
(BASE YEAR)
FY21FY22FY23
Gas (Scope 1)Emissions from gas used per main
building m2 (tCO2e/m2)
0.0130.0120.0120.011
Fuels (Scope 1)Emissions used from fuels used per
operational village (tCO2e/village)
9.7711.2212.3213.34
Electricity (Scope 2) **Emissions from electricity used per
main building m2 (tCO2e/m2)
0.1700.0190.0180.001
Travel (Scope 3)Emissions from travel per head
office staff member (tCO2e /head
office staff)
2.960.011.902.46
Waste (Scope 3) ***Emissions from waste per total
residents
& staff (tCO2e/residents + staff)
0.1160.0970.0960.043
Resident electricity (Scope 3) ***Emissions from resident electricity
per resident (tCO2e/resident)
0.3360.2740.3040.155
Paper (Scope 3)Emissions from paper per staff
member (tCO2e/staff)
0.0200.0110.0090.007
*These are our original emissions sources and key focus areas that drive performance and support our Think Green emissions reduction programme
**For years prior to 2023 electricity has been calculated using the location-based method. In FY23 market based method is used
*** Reduction in waste to landfill and resident electricity has been achieved through a combination of emissions reduction initiatives and changing emissions factors
Note: Historical adjustment of emissions factors has been incorporated
Think Green intensity metrics
After overachieving on our previous five-year target
of a 5% reduction in carbon emissions intensity
across Scopes 1, 2 and selected 3 per $m of revenue
by 2022 (we reduced emissions by 16%), our new
five-year target of a 34% reduction in emissions
intensity per square metre by 2027, on baseline year
2022, is more ambitious and meets the Science
Based Target Initiative target setting criteria.
Reductions have been realised through the transition
to electricity from fossil fuels for building heating
and transport. We have continued to explore
opportunities to replace gas with electricity and to
install solar panels on our facilities. We began our
first large solar panel installation on a main building
at our Richmond village in 2023 and we continued
to roll out electric vehicles into our village fleet.
We’ve furthered the steps to improve Scope 3 supply
chain emissions by building accountable practices into
our contracts, being proactive with our thinking around
design, material use and waste incorporated into each
stage of project work, as well as education sessions
onsite with our construction staff and subcontractors.
Our Scope 1, 2 and 3 2023 emissions
In 2023 we produced 102,926 tonnes of CO2e
(scopes 1, 2 and 3). Our significant sources of scope
1 and 2 emissions sources are electricity and gas.
A large portion of our demand for electricity is
unavoidable due to operating care facilities that
have energy requirements in order to deliver a high
level of care. Similarly, gas is utilised for heating
hot water, cooking and providing laundry services
all core services when caring for the elderly. Where
infrastructure is available, we are exploring options
to transition from gas heating to electricity.
In 2023 we disclosed our full value chain scope 3
emissions for the first time, including category 1,
purchased goods and services, 2, capital goods,
and employee commuting category 7. Our most

INTRODUCTION
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SUSTAINABILITY REPORT 2024
are encouraged to use labelled waste and recycling bins
and take food waste to food waste collection stations.
At our Avonhead village this approach improved waste
diversion from 15% to 68% over a two-month period.
Biodiversity and water
This year we have furthered our commitment to
biodiversity and the practical steps we can take
to protect biodiversity and minimise the impact
of our construction projects. One of the ways we
have been doing this is to factor the creation of
green spaces into the development process.
At existing villages, we have taken steps to reduce
the use of synthetic fertilisers and wherever we can
we do native planting in our gardens and surrounding
wetlands, where they exist, to encourage more
indigenous biodiversity such as native birdlife.
To connect our village residents with nature, new
initiatives include the planting of an orchard at
Whangārei that will be tended by residents and
provide the village and care centre with fresh
fruit. At our Waikanae village we replanted a
mahoe forest adjacent to the village and have
seen significant growth over the past year.
Our efforts to measure our water consumption have
taken shape this year with additional water metering
to provide us with a better level of understanding
of our usage at village level in the areas of care,
grounds and independent living residents.
Recognition
Summerset won the Construction Sector Accord
Beacons Award for our construction waste avoidance
initiative, Building out Waste by Thinking Green,
winning in the Client Leadership sub-category.
Summerset also won the ‘APL operator-led sustainability
programme’ in the Retirement Village Association of
New Zealand’s Sustainability Awards. Our entry centred
on our Think Green programme and our work over
the last five years to reduce our carbon emissions.
CASE STUDY
HELPING TO REDUCE FOOD WASTE
At retirement villages, enjoyable meals are important
social occasions and help maintain the health
and wellbeing of residents. However, food that is
overproduced, or served but then discarded, costs
money, impacts the environment, and falls short of
meeting the dining experience we want for our residents.
While Summerset has introduced food waste
collection bins within our villages wherever possible,
we wanted to explore how we could further reduce
food waste and overproduction before meals were
made. We were very pleased when the University of
Otago’s Food Waste Innovation team approached
us to pilot test the technology planned for use
in a wider food waste reduction project.
Summerset Bishopcourt (Dunedin) volunteered to
take part in the pilot and were involved in testing the
use of new technology Method InSight smart scales
that automatically weigh, analyse and provide bin
data in a real live kitchen situation. This data gives
kitchens information on what is and isn’t being eaten
and how much is being overproduced so adjustments
can be made to quantities and varieties of food.
Thanks to the feedback provided by the team
at Bishopcourt the project team have refined
their programme and will be rolling this out in
2024 to any retirement village in the country
that wants to take part. The Dunedin team have
made themselves available to further fine tune the
programme as it rolls out around the country.
Summerset will continue to support this
initiative and has committed to rolling out the
programme at a further two villages in 2024.
Above: Matilda's hive at Summerset Bishopcourt, Dunedin
significant contributors to emissions and how we can
utilise more sustainable alternatives where we can.
Waste reduction and avoidance has been an important
part of our sustainability work to date. During
2023 Summerset worked across 17 construction
sites, all of which practiced waste avoidance, a
programme which began on 1 October 2021.
Working with our partner, Waste Management, and other
local suppliers, the project aims to minimise the amount
of waste that we are sending to landfill. We monitor
what goes in labelled bins, allowing us to measure
waste streams and identify diversion opportunities.
Our construction team has embedded site source
separation onsite and worked with contractors
and subcontractors to get them on board. The
initiative has been a real game changer, not just in
waste avoidance but prompting the review of the
entire building life cycle from design, procurement,
pre-construction through to waste disposal.
This might mean designing out unnecessary materials
or activities, or removing or phasing out assets that
create emissions, prioritising the use of energy efficient
equipment or renewable energy sources, or choosing
materials that have a longer life cycle, or can be reused
or recycled at end of life.
We work with residents on solutions where we are
identifying barriers or issues with waste reduction. Waste
reduction in our villages often involves our residents, who

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SUSTAINABILITY REPORT 2024
CASE STUDY
ST JOHNS –
CONSTRUCTION WASTE AVOIDANCE
Summerset is one of the largest residential
builders in New Zealand and during 2023 we
worked across 17 construction sites, with plans to
do similar in the years to come. With a ten-year
plan for growth across Australasia, Summerset is
committed to building and designing retirement
villages with minimal impact on the environment.
Summerset St Johns, due to open late 2024, is our
largest retirement village to date, and will be unique as
it will deliver hundreds of homes, the main building and
care centre within months, as opposed to the slower
delivery of homes typical of our broadacre sites.
The luxury village, which will be home to
approximately 400 residents, in the heart of
Auckland, offers spectacular views across the city.
Summerset’s construction waste programme has
been in operation at St Johns since construction
commenced and to date 2,847 tonnes of waste
have been diverted from the landfill, exceeding
the site's diversion target in FY23 by 18%.
This has been achieved through specific site
waste management plans that cater for multiple
construction phases and ensuring the team onsite
are trained in resource recovery techniques. This
training includes effective onsite sorting methods to
minimise waste while also informing opportunities
to design and build out waste back to our internal
design, procurement and innovation teams.
Integrating waste avoidance at St Johns has required
active management and a collaborative culture that
includes the site team, contractors and suppliers.
Above: Artist impression of Summerset St Johns
FY23 Emissions breakdown by scope
Note: This is Summerset's first year reporting Scope 3 full value chain emissions using the best data available.
Sums to 100.85 due to rounding
SCOPE 2
Indirect emissions from Summerset’s electricity
consumption at:
• Villages
• Construction sites
• Sales offices
• Head offices





We have reported on Scopes 1 & 2 emissions
since our 2017 base year.
Historical emissions are available here:
Our most material
Scope 3 emissions
Smaller categories
of emissions included
in our targets
SCOPE 1
Direct emissions owned or controlled
by Summerset and used in our village
facilities, including;
• Gas
• Refrigerants
• Fuels
2%
SCOPE 3 – UPSTREAM
CATEGORY 2
Capital goods materials used to
deliver:
• Emissions related to the construction
of our villages, homes, groundworks
78%
SCOPE 3 – UPSTREAM
CATEGORY 1
Purchased goods and services
• Emissions related to our operations
and the goods and services
purchased and acquired
15%
0.2%
1 & 2
3
3
SCOPE
SCOPE
SCOPE
SCOPE 3 – DOWNSTREAM
CATEGORY 11
Use of sold products
• Electricity used by
our residents
1%
SCOPE 3 – UPSTREAM
CATEGORY 5
Waste generated
in operations
0.45%
SCOPE 3 – UPSTREAM
CATEGORY 6
Business travel
• Air, taxis, mileage
claims
1%
SCOPE 3 – UPSTREAM
CATEGORY 3
Fuel & energy
related activities
0.2%
SCOPE 3 – UPSTREAM
CATEGORY 7
Staff commuting
3%

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SOCIAL IMPACT
As a retirement village operator, it is our
impact on our residents, employees and
communities that most defines us.
This is why one of our three sustainability goals is
focused on creating caring communities for our
residents and employees. It is also why we support
more than 190 community groups across New
Zealand, including golf clubs, bridge clubs, Lions and
Rotary and we have national sponsorship agreements
which include Netball NZ, Bowls NZ, Dementia NZ
and the New Zealand Symphony Orchestra.
Our strategic goal of creating caring communities for
residents and employees is brought to life through
a range of activities, policies and developments.
For example, the design of memory care facilities
continues to evolve to accommodate continuous
improvement and new thinking, including biophilic
design principles, regarding dementia and memory
care. Large colourful wall murals help with wayfinding
and rooms are orientated towards courtyards and
gardens to support mental health and provide
greater connection to the natural environment.
Sustainable principles underpinning village operations
are also being taken up by residents in various
activities such as communal gardens, supporting
Plastic Free July and Recycling Week campaigns, and
outreach such as utilising the village EV to volunteer
with Meals on Wheels in their local community.
Part of the community
Summerset’s villages also have a significant
impact on the communities where our villages
and construction sites are located.
As one of the largest residential construction
companies in the country, Summerset delivers
600+ high-quality, affordable homes for elderly
New Zealanders each year, which in turn frees
up housing stock in the wider community as our
residents often sell their homes (typically large 3+
bedroom family houses) to move into our villages.
Summerset employs a large number of people
in communities around the country too. The vast
majority of Summerset’s residents remain active
members of the community, volunteering, working
and much more, and Summerset’s residents, villages
and staff support and buy from local businesses.
Caring for residents and elderly New Zealanders
At Summerset we believe in, and are committed to,
our continuum of care offering and the peace of
mind it gives our residents. We are committed to
continuing to provide care facilities for our residents,
and we are continuing to invest in care centres in
our new builds. We are also refurbishing three of our
older care centres to modernise the facilities and
meet the needs of our current and future residents.
CASE STUDY
RESIDENTS IN THE COMMUNITY
The vast majority of our 8,000+ residents are heavily
involved in their local communities and many work to
make the world a better place through volunteering
and other charitable efforts. Some of the examples
of how Summerset’s residents have a positive
impact on their community are described below.
At our Karaka village, 20 residents took part in
the annual Movember fundraiser. After years
spent sponsoring their children, grandchildren
and even great grandchildren for sports events
and school activities, they decided it was
finally their turn to be the fundraisers.
With a goal to beat a previous fundraising total of
$1,750, they set to work approaching local businesses
and the village residents’ committee for a donation,
hosting raffles, and asking fellow residents and staff
for support as well their own friends and families.
After a mammoth fundraising effort, the group
managed to raise a whopping $16,482!
At our Casebrook (Christchurch) village residents
wanted to reduce the use of take away cups and
replace them with reusable cups, so they organised
a pottery course during recycling week to make
their own reusable coffee cups. The first class was
so popular multiple courses were held to allow
more residents to create their sustainable mugs.
And at Rototuna, residents Mark and Jan Jessen
regularly use the village EV to deliver meals on wheels
to their community. Every Wednesday for the past six
months the couple have driven 50km delivering hot
healthy meals to people who can’t cook for themselves.
Above: Making reuseable takeaway coffee cups

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SUSTAINABILITY REPORT 2024
A reduction in the number of care beds will have a
flow on effect to the rest of New Zealand. If aged Kiwis
can’t go into an aged care facility they will end up in
hospitals, which means New Zealanders of all ages will
have more difficulty getting much needed treatment.
We will continue to advocate for fair and
reasonable care funding, not just for our
residents, but for all elderly New Zealanders.
Investing in our people and their wellbeing
Every person in the company has a part to play in our
strategy and in delivering on our sustainable objectives.
From building villages, helping our residents have
the best possible retirement, finding locations for
new villages and supporting the work of our village
and construction teams, all have a part to play.
We regularly measure staff engagement in our
quarterly surveys. Our November survey had over
1,500 responses and a significant 0.3 increase in
engagement year-on-year. To better understand our
full carbon footprint, we also asked detailed questions
about how our staff travel to work in one of our
surveys. The responses will help with future planning
and whether we need to add more infrastructure to
support new mobility options such as e-bikes and EVs.
Recent village and care awards demonstrate our
commitment. We were named Group Provider
Nationwide in Aged Advisor’s 2023 people’s choice
annual awards. Voted by residents and their families,
the award recognised the work of our team to bring the
best of life to our residents. In addition to the nationwide
award, five villages were also recognised as finalists in
their categories. They were Summerset in the River City
(Whanganui), Summerset in the Orchard (Hastings),
and three in Canterbury: Summerset at Wigram,
Summerset on Cavendish and Summerset Prebbleton.
While we can, and will, continue to invest in care,
small providers are closing due to a lack of funding.
Successive governments have underfunded aged
care and while retirement village operators of
the scale of Summerset, can afford to continue
to provide care despite the lack of funding it is
putting enormous strain on smaller providers,
many of whom are closing beds or facilities.
However, the lack of funding and rising costs has made
Summerset, and other large care providers, reconsider
our approach to care. We are rationalising our care
centres to create smaller facilities that focus primarily
on the needs of our village residents. This will mean
we will take fewer referrals from the public sector.
CASE STUDY
ATTRACTING, RETAINING AND
RECOGNISING OUR PEOPLE
Summerset is a people-focused business and
without great staff we cannot build or operate
world-class retirement villages for our residents.
Over the last year we have undertaken a number of
initiatives to attract, retain and recognise our people
including our Surprise and Delight programme and our
investment into our Employee Value Proposition (EVP).
Surprise and Delight was an additional recognition
programme above and beyond our annual Applause
Awards, which gives our people the opportunity to
nominate their colleagues for great work. Nominees
went into a monthly prize draw where the winners
would receive a $500 voucher. Each month, winners
were chosen from every village, construction
site and head office (including Australia).
The programme was hugely popular and a great
way to recognise our people each month.
Capturing what is great about working at Summerset
was the purpose of our EVP work. With the help of an
external consultant we interviewed people from across
Summerset to understand what they loved about
working at Summerset and what brought them to us.
This work will be used in 2024 to articulate our point
of difference to our people and in our recruitment
advertising to continue to help us attract new great
people and to retain the ones we already have.
Above: The Summerset team greet residents and visitors at our
village main buildings

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SUSTAINABILITY REPORT 2024
We are investing in our people as well with a
focus on filling our skills gaps by recruiting and
encouraging our staff to further their professional
qualifications. Like many New Zealand employers,
we are relying on immigration of skilled workers
to support the growth of our facilities, from
construction workers to nurses and care assistants.
Our people’s health, safety and wellbeing is of the
utmost importance to us. This year we invested in
a new health & safety management tool, DoneSafe,
to get even better at monitoring, recording and
responding to any health and safety risks we identify.
Support for diversity and wellbeing is also important.
We encourage our people to be themselves in
our workplaces, with cultural celebrations and
staff representative groups such as our Women
in Construction forum and the establishment of
our Pride Network. During 2023 all people leaders
undertook mental health, and diversity and inclusion
training, and we provide employees with information
on physical, financial and mental wellbeing.
Governance strengthening
To move sustainability action forward at Summerset, a
Sustainability Forum comprising executives and senior
managers is responsible for leadership, coordination
and advice on our sustainability initiatives. The team
is actively overseen by the Board of Directors.
In 2023, Summerset established a Climate Working
Group to oversee the preparation of our climate-
related disclosures, which can be found in this
report. The disclosures cover governance, strategy,
risks management, and metrics and targets.
We are one of the first companies in New Zealand
required to release our climate-related disclosures and
we think it’s a positive step in transparent reporting.

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SUSTAINABILITY REVIEW 2024
15
Climate-related disclosures
REPORTING PERIOD FY23

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INTRODUCTION 2023 REVIEW
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METRICS & TARGETS
Summerset’s Board of Directors
Summerset’s Board of Directors (Board) is responsible
for the management of risks and opportunities,
including those related to climate change.
The Audit and Risk Committee (ARC) assists the Board by
overseeing the climate-related disclosures programme.
This includes identifying, assessing, monitoring and
managing climate-related risks and opportunities.
Governance process and frequency
Key risks (including any material climate-related
risks) are monitored by the ARC, which generally
meets seven times per year. The Company’s climate
disclosures, including risks, opportunities and
scenario analysis, are also overseen by the ARC and
recommended to the Board for approval. All ARC
proceedings are reported back to the Board.
The Board has responsibility for all other climate-
related matters, including approving the Company’s
sustainability strategy, and setting and monitoring
progress towards metrics and targets. They
receive a sustainability update bi-annually which
includes progress on targets and initiatives. The
Board generally meets six times per year.
Climate risks are also considered by the Board
out-of-cycle in relation to each material land
acquisition, as part of the Board sign-off
process on due diligence and feasibility.
Board skillset
The Board ensures appropriate skills and capability
are available to provide oversight of climate-related
risks and opportunities through the maintenance
of a director skills matrix, which includes
competencies around sustainability (including
climate-related skills). Please refer to the FY23
Annual Report for the current Board skills matrix.
To support the Board, and ensure that the right
skillsets and experience are available, development
sessions facilitated by external consultants and
advisors are held as required to upskill the Board.
Governance
Above: Summerset Board of Directors. See summerset.co.nz/investor-centre/board-of-directors

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EXECUTIVE LEADERSHIP TEAM (ELT)
The ELT:
• Ensures that the business is identifying, assessing, monitoring and managing climate-related risks and opportunities in accordance with
Summerset’s Risks Management Policy and Sustainability Policy
• On a monthly basis reviewing the risk register
• Has overall accountability for embedding sustainability and climate change awareness into the business (specifically risk management,
strategy, planning and budgeting processes)
• Reviews performance and updates against our sustainability goals
CLIMATE WORKING
GROUP
• Facilitates for the preparation
and disclosure of the climate-
related disclosures
SUSTAINABILITY
FORUM
• Shapes, monitors, and
coordinates our sustainability
programme across the
business
RISK AND ASSURANCE
MANAGER
• Responsible for our risk
management framework
(including policy) and the
businesses compliance with it
INDIVIDUAL BUSINESS
UNITS
• Responsible for day-to-day
risk management practices
and integrating sustainability
initiatives
Governance continued
The Board accesses climate-related
expertise from within Summerset and from
external specialists when required.
Integration of climate change into strategy
In 2023 Summerset launched its new ten-
year strategy. The new strategy incorporates
sustainability into everything we do. However, it
has been expanded to centre around six strategic
goals, one of which is Summerset continuing
our journey to be a good corporate citizen.
This focuses on continuing the excellent progress
Summerset has achieved over the last five years
(summarised in our Sustainability Review 2018–22
publication, found at summerset.co.nz/investor-centre/
esg-reporting), and maximising future opportunities
to better ourselves. This goes hand in hand with
our already established science-aligned targets
and the initiative programmes to achieve them.
Incentivisation and remuneration
Historically, Summerset’s short-term Incentive
(STI) and long-term Incentive (LTI) schemes
have not contained specific sustainability or
climate-related targets. However, from FY24 the
Board have introduced sustainability-focused
targets as part of relevant executives’ STIs.
For more information regarding Summerset’s STI
scheme please refer to the FY23 Annual Report.
Monitoring progress against targets
The Board monitors progress against, and oversees
achievement of, sustainability and climate-related
metrics and targets through regular reporting
from management. The reporting frequency
varies depending on the specific target or
initiative. Progress against our science-aligned
targets is reported to the Board annually.
SUMMERSET BOARD
Specific responsibilities include but are not limited to:
• Establishing clear sustainability goals, and strategies to achieve them
• Monitoring performance of Summerset and the Executive Leadership Team against strategic objectives
• Overseeing the management of risks and ensuring Summerset has appropriate risk management and regulatory compliance policies
AUDIT AND RISK COMMITTEE (ARC)
Assists the Board in the oversight and control responsibilities for:
• Summerset’s risk management framework (including the Risk Management Policy)
• Summerset’s compliance with legal and regulatory requirements as they relate to financial reporting (including climate-related disclosures)

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Climate Working Group
The Climate Working Group was established in 2023
to ensure that Summerset was prepared and able to
complete our first-year disclosures against the New
Zealand Climate Standards. The group comprises key
individuals that bring subject matter expertise from
across the business. Collectively it has captured key
information and insights that have helped form the basis
of our disclosures. Additionally, the group functions as a
means of helping embed climate change awareness and
climate-related risk and opportunity management back
into the business.
Sustainability Forum
The Sustainability Forum, which meets quarterly,
comprises key ELT members, the Head of Sustainability,
and key business unit managers. Collectively they
are responsible for the creation, monitoring and
performance of our sustainability framework which
includes our science-aligned targets and initiatives. Both
the science-aligned targets and initiatives are central to
transitioning the business towards a more resilient, low-
carbon future.
Risk and Assurance Manager
Summerset’s Risk and Assurance Manager is responsible
for our risk management framework and its associated
compliance. This includes providing expertise,
and supporting the identification, analysis, and
management of climate-related risks and opportunities,
and integrating these risks into our Enterprise Risk
Framework. Climate-related risks are reported through
the standard risk management processes.
Individual business units
Across Summerset, individual business units are
responsible for their day-to-day risk management
practices and embedding sustainability initiatives.
For more information on Summerset’s risk management
framework and processes, please refer to the risk
management section of this report.
Management
Management’s role
Summerset's Executive Leadership Team (ELT) is
responsible for the day-to-day management of the
company. This includes Summerset’s risk management
processes, from identification through to mitigation
and management of controls as part of the Enterprise
Risk Framework. The Board assigns climate-related
responsibilities to management through policy, through
setting the ELT’s key performance indicators (KPIs), and
through setting climate-related metrics and targets.
Management regularly engages with the Board and relevant
Board committees on climate-related matters, including:
• Reporting to the Board at least annually on progress
against climate and sustainability targets;
• Tabling the outcome of due diligence (including
climate-related risks) on material land acquisitions for
Board approval
• Reporting the ELT’s performance against KPIs (including
sustainability related KPIs) as part of the annual ELT
performance review process
• Reporting to the ARC on climate-related risks and
opportunities at least annually
The ELT is informed about, makes decisions on, and
monitors climate-related risks and opportunities through:
• Annual consideration of climate-related risks and
opportunities identified by the Climate Working Group;
• Monthly review of Company performance against
strategy and targets, including any relevant climate-
related objectives
• Monthly review of the Enterprise Risk Register, which
includes recording any new material risks that affect the
business (including any relevant climate-related risks).
• Assigning ownership of risks identified in the Enterprise
Risk Register (including any climate-related risks) to
relevant ELT members, who are required to develop
appropriate controls, processes, and practices to
manage and monitor these risks within the established
risk appetite
Other key roles including;
• Head of Procurement
• Head of Property &
Asset Management
• Head of Design
Concepts
• National Development
Manager
• Head of Finance
• Head of Sustainability
• Head of Strategy
• Risk & Assurance
Managemer
EXECUTIVE TEAM
Meets monthly
SUMMERSET BOARD
FY23 = 6 meetings
at minimum once a quarter
AUDIT & RISK
COMMITTEE
FY23 = 7 meetings
CEO
Executive Team

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Summerset as a business
Summerset builds, owns and operates integrated retirement
villages, creating vibrant, happy communities for residents that
deliver on our purpose – bringing the best of life.
Our business spans the development, design and construction
of villages through to the operation and management of
retirement villages and care centres. Our continuum of care
model is an integral part of our business. Having independent
living options through to serviced apartments, care facilities
and, in many villages, dementia-level care all while remaining in
the same village allows our residents peace of mind that their
needs can be met if their care requirements change.
Summerset has 42 villages completed or under development,
and sites earmarked for potential future development across
New Zealand and Australia.
Summerset’s strategy & sustainability framework
Bringing the best of life to more than 8,000 residents is the core
purpose for everything we do at Summerset. Summerset has
six strategic goals that are underpinned by our desire to bring
increased wellbeing to our residents and staff by harnessing the
power of innovation and embedding sustainability into our work.
In 2023 Summerset launched its new ten-year strategy. The new
strategy incorporates sustainability into everything we do. One
of Summerset’s goals is continuing our journey to be a good
corporate citizen.
Summerset’s six strategic goals are supported by short- and
long-term initiatives covering the next ten years. This helps
us to prioritise our work to ensure we deliver on our purpose:
bringing the best of life.
Sustainability has been a part of the overall vision at
Summerset for the last five years and we have been embedding
sustainability practices across the business to deliver the vision
to ‘develop our villages responsibly and create a sustainable
future for all’.
Our sustainability framework outlines how we will achieve our
goals with key focus areas and initiatives. It forms our roadmap
that together we are all working towards.
Our Strategy
SUMMERSET BUILDS, OWNS AND OPERATES INTERGRATED RETIREMENT VILLAGES,
CREATING VIBRANT, HAPPY COMMUNITIES FOR RESIDENTS AND STAFF THAT
DELIVERS ON OUR PURPOSE – BRINGING THE BEST OF LIFE

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Summerset acknowledges that climate change is already
having an impact on New Zealand and Australia. In the
reporting period, the following key impacts have been
realised. This is not an exhaustive list and excludes
impacts that Summerset considers to be immaterial,
such as the Auckland flooding event in January during
which Summerset experienced minimal to no damage or
disruption across our villages.
Cyclone Gabrielle
Cyclone Gabrielle was an extreme weather event
that occurred in early February 2023 and resulted in
widespread damage and destruction across areas of the
North Island (including Northland, Auckland, Waikato,
Tairāwhiti Gisborne, and Hawke’s Bay). The affected areas
experienced heavy rain, strong winds, river flooding, and
landslides. The impact from the cyclone was sufficient to
declare a national state of emergency in the Hawke's Bay.
Summerset operates several villages across the areas
affected by Cyclone Gabrielle, all of which suffered
varying degrees of impact. The most significant impact
was felt at our Te Awa (Napier) village. The village
experienced major operational disruption through the
loss of power, communication and a precautionary
evacuation of the village. Physical damage at Te Awa
and across all Summerset villages was minimal.
Although the business has comprehensive insurance
for events of this nature, it still resulted in minor
unexpected operational costs of $145,611.01 as
Summerset responded to and took additional measures
to ensure the safety and wellbeing of our residents and
staff. This was primarily spent on emergency supplies,
equipment, and staff (including relocation of staff from
around the country to help the affected villages).
Throughout the cyclone, and its aftermath, Summerset
worked hard to support and care for residents and staff
as much as possible. Our four Hawke’s Bay villages were
important hubs that provided community, support and
connection during an uncertain time. The power at our
Summerset Palms (Te Awa) and Summerset in the Bay
(Napier) villages was out for an extended period, so we
brought in extra generators, staff from around the country
to support and relieve their Hawke’s Bay colleagues, and
supplies by both helicopter and truck where necessary.
Our kitchen staff provided hot meals every day for
two weeks to residents at each of these villages,
and we set up Wi-Fi hotspots to enable residents
to stay connected to their family and friends.
For all staff who were impacted by Cyclone Gabrielle
we set up a $250,000 disaster relief fund to make
contributions to staff who needed help getting
back on their feet, managing the impact on their
lives, and replacing items damaged by the storm.
We also had EAP on the ground in our Hawke’s
Bay villages for weeks after the cyclone to provide
confidential assistance to staff and their families.
Following the cyclone recovery, Summerset conducted
a thorough incident review and has implemented a
number of changes to ensure we are better prepared
Scenario | Current climate-related impacts
Above: Hawkes Bay residents enjoy a meal together after Cyclone Gabrielle
for similar events in the future. Recommendations
included rolling out Starlink satellite broadband across
all villages to increase our communication resilience
and purchasing additional emergency generators.
Transitional or mitigation activities
Summerset has proactively undertaken work in
improving our sustainability practices and reducing
our carbon emissions since 2018. This programme of
work has already resulted in the establishment of short-
term and long-term goals based on science-aligned
targets. From these sustainability goals Summerset is
well underway implementing a transitional programme,
with our efforts and spending growing each year.
In FY23 Summerset spent over $1m on a variety of
initiatives such as the installation of solar panels,
investment in electric vehicles and charging stations, LED
replacement programmes, and commenced programmes
to measure water and investigate the opportunity
to transition away from gas at existing villages.

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Scenario analysis
Scenario analysis undertaken
Summerset was a participant in the Climate Scenarios for the
Construction and Property Sector working group led by the
New Zealand Green Building Council, with facilitation and
climate change and resilience expertise provided by BECA.
1

There were 45 organisations, including at least four retirement
village and aged care operators, involved in developing
the final scenarios through a series of workshops over nine
months. Summerset believes this reflects that, of the sector
climate scenario analyses underway at that time, that the
construction and property sector work was most relevant.
The finalised report details three climate scenarios, an
‘orderly’ 1.5°C scenario, a ‘hot house world’ > 3°C scenario,
and an in-between ‘disorderly’ scenario where global warming
is limited to less than 2°C. More information around the
Construction and Property Sector scenario creation process
can be found in the published report.
2
The finalised scenarios
were presented to Summerset’s internal working group.
Why these scenarios
The ‘Orderly’(1.5ºC) and ‘Hot-house World’ (>3ºC) scenarios
are in line with the requirements of the XRB’s New Zealand
Climate Standards (NZCS). They present a transition risk
weighted scenario (Orderly) and an extreme physical
risk weighted scenario (Hot-house). The Disorderly (2ºC)
scenario fulfils the requirement for a third climate-related
scenario and presents a middle ground where transition
and physical risk are both serious challenges. All three
scenarios present plausible futures for New Zealand, but
each scenario demonstrates a different series of challenges
and issues that Summerset would have to navigate.
Time Horizons
Due to the nature of Summerset’s business, strategy, and
decision-making, Summerset has elected to utilise two
different time horizons, one for our scenarios and analysis,
and a different set of time horizons for the identified climate-
related risks and opportunities. The table below describes
our horizons for the climate scenarios and analysis.
Scenario Analysis Process
The scenarios created through the Construction and
Property Sector process were developed in accordance
with the draft XRB guidance on developing sector
scenarios that was available at the time. It followed
the recognised structure of six key steps:
• Steps 1 and 2: Engage sector stakeholders and set
focal questions, scope, and timeframe for the scenario
development process.
• Step 3: Identify and prioritise driving forces of relevance
to the sector. Driving forces (also known as ‘drivers’ are
typically broad scale factors which influence the direction
of future change.)
• Step 4: Select outcomes and pathways. Combinations for
narrative development which are of greatest relevance and
provide the greatest challenge (e.g. using the four NGFS
narrative quadrants).
• Step 5: Draft narratives and quantify variables which follow
a clear internal logic. Synthesise any relevant data from
SCENARIO TIME HORIZONS
Short
Present (2023)–2030
Medium
2031–2050
Long
2051–2100
1. New Zealand Green Building Council (2023). Climate Scenarios for the Construction and
Property Sector. Climate Scenario Report
2. As above
existing scenarios and projections. Generate new data
if doing so is feasible and adds value.
• Step 6: Review and finalise the scenarios. Check the
scenarios are internally consistent and fit for purpose.
Document methodology in a comprehensive report.
The design, development and construction of new villages
is not Summerset’s sole business function, rather the
operation, care and bringing the best of life to our residents
is our primary purpose.
As such it is important for this to be reflected in how we
think about climate change and the associated risks, and
therefore vital that any scenarios we used also considered
this and were not exclusively focused on construction
and property.
With the Health Sector Scenarios not being published until
early 2024, Summerset conducted a series of internal
workshops that included members of the ELT and
subject matter experts.
During these workshops the scenarios were reviewed and
discussed, including their relevance and key assumptions
at an entity level. This allowed Summerset to ensure that our
clinical and operational perspectives were included, primarily
through including an assumption around how changes in
physical climate would manifest new and increased health
risks for residents and staff in the different scenarios.
These workshops helped produce a long list of climate-
related risks and opportunities. The finalised scenarios and
shortlist of climate-related risks were then presented to the
internal working group and Board.

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METRICS & TARGETS
Overview of our three scenarios
ORDERLY 1.5
DESCRIPTION
DISORDERLY 2.0
DESCRIPTION
HOT HOUSE WORLD 3.0
DESCRIPTION
POLICY AMBITION
1.50C20C>30C
PAT H WAYS
RCP 2.6
SSP 1-1.9
NGFS ‘NET ZERO 2050'
IEA ‘NET ZERO
EMISSIONS’
CCC ‘TAILWINDS’
RCP 2.6
SSP 1-2.6
NGFS ‘DELAYED
TRANSITION’
IEA ‘SUSTAINABLE
DEVELOPMENT’
CCC ‘HEADWINDS’
RCP 8.5
SSP 3-7.0
NGFS ‘CURRENT POLICIES’
IEA ‘STATED POLICIES’
CCC ‘CURRENT POLICIES’
POLICY REACTION
Immediate and smoothDelayedNone – Current Policies
TECHNOLOGY
CHANGE
Fast changeSlow – fast changeSlow change
BEHAVIOUR CHANGE
Fast changeSlow – fast changeSlow change
PHYSICAL RISK
SEVERITY
ModerateModerateExtreme
TRANSITION RISK
SEVERITY
Low – ModerateHighLow
SOCIO-POLITICAL
INSTABILITY
Low – ModerateModerateHigh
HEALTH IMPACTS
OF PHYSICAL RISK
Low – ModerateLow – ModerateHigh
Planned future scenario development
Summerset will continue running a stand-alone
process in 2024. This will primarily focus on
developing enhanced entity-specific scenarios
that will incorporate the Health Sector Scenarios,
Construction and Property Sector Scenarios and the
updated National Climate Projections for Aotearoa
data, expected to be published by NIWA mid-2024.
From 2025 onwards Summerset will conduct an
annual review process (including updating scenarios
if required) to manage our scenario analysis.
SUMMERSET CLIMATE SCENARIO
DEVELOPMENT ROADMAP

2024
Publication of Health Sector Scenarios
(expected end of Q1)
Publication of updated National Climate
Projections for Aotearoa by NIWA
(expected Q3/Q4)
Development of entity-specific climate scenarios
and scenario analysis incorporating Construction
and Property Scenarios, Health Sector Scenarios
and updated NIWA data
(Q3/Q4)

2025
Publication of Summerset’s second
Climate-Related Disclosures
(Q1)
Annual review of Summerset’s entity-specific
climate scenarios and scenario analysis
(Q2/Q3)

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‘ORDERLY’(1.5ºC)
The world succeeds in the Paris Agreement’s goal of
limiting global warming to 1.5ºC above pre-industrial
levels by the end of the century. To get there, ambitious
climate policies, and well-signalled and supported
regulatory changes are enacted. With the new policies
and regulatory changes, all sectors are required to play
their part and help reduce GHG emissions. This leads
to a prioritisation of electrification and sustainable
practices. Embodied carbon becomes a main metric
for the construction and property sector to measure
and demonstrate the sector’s changing behaviour and
contributions. Additionally, regulations are put in
place to protect vulnerable populations from the impact
of climate change.
New Zealand still experiences extreme weather events
affected by climate change (acute impacts), particularly
in the short and medium term, which strongly influence
public support and infrastructure development. Weather
pattern shifts occur, with increases across areas such
as rainfall, sea level rise and the number of hot days.
Societal and market behaviour moves rapidly to support
and prioritise change. Focus and favouritism is
given towards sustainable and renewable solutions
over fossil fuels and non-sustainable practices.
‘DISORDERLY’(2ºC)
Although we succeed in limiting global warming to
less than 2.0ºC above pre-industrial levels by the end
of the century, new decarbonisation policies are not
introduced until 2030 (globally, within New Zealand,
and within the sector). Consequentially, it is a rapid,
stringent, and costly effort to decarbonise.
From 2030 there is a spike in demand for low carbon
materials and energy efficient technology as change is now
heavily prioritised. Early adopters and fast movers get the
opportunity to utilise materials, expertise and knowledge,
while late movers face increased cost and competition.
During this time critical infrastructure, particularly the
national grid, faces intense pressure to keep up with
the sudden surge of electrification and transition.
New Zealand still faces extreme weather events and
shifting weather patterns with increases across areas
such as rainfall, sea level rise and the number of hot
days. A lack of action through the 2020s results in a
heightened vulnerability to assets through the medium
term (2030–2050). This significantly increases the
impact of weather-related events and changing weather
patterns as adaptation has not been well implemented
or prioritised. Following this realisation prioritisation of
protecting vulnerable populations becomes a priority.
‘HOT HOUSE WORLD’(>3ºC)
Globally there is a shifting focus towards nationalism
and security (food and energy), resulting in failures to
implement new decarbonisation policies and control
the effects of climate change. Consumer and market
behaviour remains interested in climate change but
does not drive significant mitigation, rather the focus
turns to adaptation and response to climate-related
events. Emissions continue to grow unabated, and
this leads to significant shifts in climate patterns
and climate-related extreme weather events.
Average temperature increases exceed 2ºC by 2050
and 3ºC above pre-industrial levels by the end of
the century, resulting in severe physical impacts of
climate changes. There are significant changes in sea
level rise, rainfall intensity and number of hot days all
of which drive heat-related issues such as illnesses
and diseases, and food production challenges.
This places immense strain and burden upon
communities (particularly the elderly and
vulnerable), the associated services (health,
emergency response, local councils) and critical
infrastructure. Net migration to New Zealand and
climate refugees further exacerbate the issues.
Summerset's climate scenarios
We have outlined the scenarios that we have based our work on

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CLIMATE-RELATED RISKS
AND OPPORTUNITIES
The table on the following page sets out the key climate-
related risks and opportunities that Summerset identified
against our three selected scenarios. To determine potential
impact, these risks and opportunities were assessed
against an internal materiality matrix for each scenario
and time horizon (defined in the table on the right).
Other risks and opportunities that did not meet the
materiality threshold have not been disclosed. However,
Summerset will continue to monitor the materiality of
those risks and opportunities and adjust our disclosures
in future as required to reflect changes in materiality.
As stated under Scenario Analysis undertaken, Summerset
has elected to use a different set of time horizons for
the identified climate-related risks and opportunities.
This is to better align with our business operations,
strategic direction, and decision-making practices.
CLIMATE-RELATED RISKS AND OPPORTUNITIES TIME HORIZONS
Short
(0–5 years)
Aligns with the immediate priorities of our ten-year strategic focus. Additionally, it matches our
approximate construction timeframes for new villages, our short-term sustainability targets (2027),
and our financial strategy (primarily bond maturity horizons).
Medium
(5–10 years)
Aligns with the medium-long-term priorities of our ten-year strategic focus. Additionally, it matches
with our long-term sustainability targets (2032), financial modelling horizons, and the approximate
timeframe for design and consenting processes for new villages.
Long
(10–30 years)
Currently thinking long-term out to a 30-year horizon aligns with international emission reduction
targets (Paris Agreement, 2050). Additionally, it coincides with long-term forecasts for
New Zealand population growth demographics which formulate input for our village and
business model feasibility.
Solar panels at Summerset Karaka

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KEY
High 0-5 years
Medium 5-10 years
Low
10-30 years
Climate-related risks & opportunities
PHYSICAL RISKS
RISKPOTENTIAL FUTURE IMPACTSMITIGATIONS & MANAGEMENT ACTIONS
PR – 01: The risk of increasing frequency and/or severity of extreme weather events
SPECIFIC RISKS:‘ORDERLY’
1.5ºC
‘DISORDERLY’
1.5ºC
‘HOT HOUSE’
>3ºC
Extreme weather events could potentially lead to:
• Damage to Summerset portfolio of physical assets
resulting in increasing capital costs and/or insurance
premiums
• An increase in operating expenditure due to rising
costs associated with mitigation, resilience, and/or
adaptation (including third party costs)
Summerset has engaged civil engineering consultants to
provide preliminary assessments on the forecast effects of
climate change (specifically stormwater and sea inundation)
on our existing New Zealand portfolio.
The preliminary assessment indicated that Summerset’s
portfolio of villages is well placed in the event of significant
storms and flooding. Summerset was recommended that
further detailed modelling and detailed investigations
(where information gaps have been identified) would be
beneficial to further understand how our portfolio will
perform in the more frequent and or serve storm events.
We are now developing a programme to systematically
undertake further investigations and detailed modelling.
This is expected to occur in stages over the next five years.
Supplementary to the consultants’ assessments, Summerset
has in 2023 implemented a requirement for all new sites
acquired, and new village designs, to have considered
and incorporated RCP 8.5 climate change scenario
requirements. This helps further mitigate climate change
affected weather event concerns for any new villages
and ensures that our design process considers long-term
climate resilience over short-term financial incentive.
Summerset has cultivated and maintains a strong
relationship with our insurance provider to help ensure that
our insurance is tailored to meet our needs.
To help mitigate the increased risk of bushfires or wildfires
our villages face in Australia, Summerset has ensured our due
diligence considers this when identifying sites. Additionally,
Summerset engages recognised bushfire experts to
undertake a review, which will often suggest design
strategies that Summerset can implement. For example,
our Mernda village design incorporates a firebreak, and
defendable space which helps mitigate bushfires. Lastly, we
can alter our construction materials to assist with mitigation
by substituting timber for metal where appropriate.
Storms, wind,
and flooding
Wildfires
PHYSICAL
Summerset has elected to utilise Adoption Provision 2: Anticipated financial impacts (NZ CS 2)

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RISKPOTENTIAL FUTURE IMPACTSMITIGATIONS & MANAGEMENT ACTIONS
PR – 02: The risk of longer-term shifts in climate patterns
SPECIFIC RISKS:‘ORDERLY’
1.5ºC
‘DISORDERLY’
1.5ºC
‘HOT HOUSE’
>3ºC
Changes to climate patterns could potentially lead to:
• Damage to Summerset portfolio of physical assets
resulting in increasing capital costs and/or insurance
premiums
• Potential managed retreat, including policy mandated
retreat (either direct or indirect affecting Summerset’s
portfolio) which presents risks of reduced valuation of
assets, loss of support services (both operational and
infrastructure)
• Increased care requirements which present the risk
of increasing costs
• Increased risk of illness to our residents
• Disruption to supply chains (including downstream
suppliers)
The preliminary assessments from our civil engineering
consultants confirmed that Summerset’s portfolio of villages
is well placed in the event of sea level rise. The programme for
further investigation and detailed modelling will also consider
the long-term shifts in climate patterns.
Summerset has integrated these climate-related risks into
our enterprise risk management system, which will result
in regular monitoring, assessment and management of the
risks. This in turn should allow us to track the risks and take
appropriate action should the risks to Summerset change.
As new data and information relating to longer-term shifts
in climate patterns is made available (such as the expected
publication of NIWA’s new data set in 2024) Summerset will
ensure our scenarios and risks are reviewed and updated.
Working in conjunction with our investigative and modelling
programme, regular reviews of our asset management plan
help ensure that our maintenance programme for our portfolio
considers the long-term impacts of climate change and is
fit for purpose and current to legislation and regulation
building resilience.
Summerset is an active member of the technical working
group contributing to the Health Sector Scenario creation
which started in late 2023. The report is expected to be
published in the first quarter of 2024. Consequentially, for
our FY24 climate-related disclosures Summerset will be
able to incorporate the sector wide health scenarios and
considerations. This is expected to help validate and guide
Summerset’s thinking.
Sustained higher
temperatures
Sea level rise
Changing precipitation
patterns
Changes to seasonal
illness and/or diseases
New Zealand experiences
PHYSICAL
Climate-related risks & opportunities
KEY
High 0-5 years
Medium 5-10 years
Low
10-30 years

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RISKPOTENTIAL FUTURE IMPACTSMITIGATIONS & MANAGEMENT ACTIONS
TR – 01: The risk of policy and or regulatory change in response to climate change (e.g., embodied carbon requirements, maximum heat thresholds for aged care, energy or fuel profiles)
‘ORDERLY’
1.5ºC
‘DISORDERLY’
1.5ºC
‘HOT HOUSE’
>3ºC
Policy or regulatory change could lead to:
• Summerset having to alter existing infrastructure
(e.g., the removal of gas boilers for a lower emission
alternative), or change design standards (e.g.,
specific energy efficient technology, clinical care
requirements) which presents risk of increased
capital costs
• Increased pressure on critical infrastructure during
energy transitional phases of the national grid and
electricity generation (as Summerset grows)
Summerset monitors international (with specific focus on
New Zealand and Australian) regulatory and legislative
trends and developments. This helps us to understand
potential regulatory change, and to pre-emptively consider
the related risks, opportunities and impacts.
In conjunction with monitoring regulatory and legislative
changes, Summerset takes a proactive engagement
approach with a variety of key stakeholders (e.g.
governmental agencies, regulators, industry bodies and
associations).
TR – 02: The risk of changing market behaviour driven by climate change
SPECIFIC RISKS:‘ORDERLY’
1.5ºC
‘DISORDERLY’
1.5ºC
‘HOT HOUSE’
>3ºC
Changing market behaviour could lead to:
• Changes in Summerset’s attractiveness to customers,
stakeholders and or investors
• Increased capital or operational costs in order to
meet sustainability initiatives
• Shortage of required materials/resources requiring
Summerset to consider alternative products or
resulting in increased costs
Summerset maintains regular engagement with our
stakeholders and investors. This engagement allows us
to understand their perspective. Working in conjunction
with this is our continued engagement with the market to
understand Summerset’s positioning.
From a procurement perspective our centralised
procurement function ensures advanced forecasting
of required materials, resources, and equipment. This
forecasting-combined with long-term supply arrangements,
and an in depth understanding of our supply chain helps to
mitigate the risk of supply shortages.
Changing consumer
behaviour
(e.g., greater consideration
given to sustainability)
Shortage of supply and
increased demand for
materials and resources
Perceptions of
Summerset's reputation
and brand (including lack
of adaptation)
Consideration of
sustainability-linked finances
TRANSITIONAL
Climate-related risks & opportunities
KEY
High 0-5 years
Medium 5-10 years
Low
10-30 years

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KEY
Important opportunity0-5 years
Encouraged opportunity5-10 years
Possible opportunity10-30 years
OPPORTUNITIESPOTENTIAL FUTURE IMPACTSMITIGATIONS & MANAGEMENT ACTIONS
OP – 01: The opportunity to change Summerset’s energy profile
SPECIFIC RISKS:‘ORDERLY’
1.5ºC
‘DISORDERLY’
1.5ºC
‘HOT HOUSE’
>3ºC
Changing market behaviour could lead to:
• A reduction in GHG emissions profile/intensity, and
a reduction in operational costs
• Achievement of sustainability performance targets
and emissions reductions, which help contribute to
sustainability-linked finance
• Increased customer, stakeholder, and or investor
perception resulting in an increase in demand or
attractiveness
Summerset started prioritising sustainability in 2017 when
initial steps to measure our carbon footprint were taken.
Since then, we have embarked upon a journey that has seen
the establishment of science-aligned targets in conjunction
with sustainability-linked lending, the piloting of solar
panels, purchasing of electric vehicles, and creation of a
decarbonisation plan.
This journey must continue and will see the continued roll
out of further solar panels, the transformation of our fleet
vehicles from combustion to electrics and hybrids, a shift
away from fossil fuel, and the increased use of lower
carbon materials and products.
Supporting this is Summerset’s ongoing investment and
work relating to design, research and development. This
helps ensure that Summerset explores and considers a wide
range of opportunities and value-adding improvements
across our existing and planned portfolio.
Introduce renewable
energy generation through
installation of solar panels
Installation of energy
efficient technology
Electrification of
transportation (EV’s) and
provision of charging
technology
Transition away from fossil
fuels (e.g., gas boilers)
OP – 02: The opportunity to prioritise sustainable design decisions
‘ORDERLY’
1.5ºC
‘DISORDERLY’
1.5ºC
‘HOT HOUSE’
>3ºC
Changing market behaviour could lead to:
• A reduction of carbon emissions (e.g., embodied
carbon, construction waste, improved operational
effectiveness)
• A potential increase in capital costs for
implementation projects or alternative product
selection
• Increased customer, stakeholder, and or investor
perception resulting in an increase in demand or
attractiveness
Summerset undertakes periodic reviews of our village and
building designs. During these periodic reviews Summerset
ensures that sustainability, emissions reduction and climate
change resilience are duly considered and incorporated,
resulting in improvement across our new sites.
To increase our understanding and prepare for possible
future legislative changes, Summerset is continuing
a programme of work to investigate and analyse our
embodied carbon calculations.
Our Design R&D team have a key role to play in
both our design reviews and our future embodied
carbon investigations.
OPPORTUNITY
Climate-related risks & opportunities

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OPPORTUNITIESPOTENTIAL FUTURE IMPACTSMITIGATIONS & MANAGEMENT ACTIONS
OP – 03: The opportunity to maximise stakeholder investment through sustainability leadership and ESG performance
‘ORDERLY’
1.5ºC
‘DISORDERLY’
1.5ºC
‘HOT HOUSE’
>3ºC
Strong sustainability focus and ESG leadership could
lead to:
• Increased customer, stakeholder and/or investor
perception resulting in an increase of demand or
attractiveness
• Greater return for existing shareholders
• Easier access to capital and sustainability-linked
funding
Summerset has integrated sustainability into our company’s
strategy. This has allowed us to prioritise our focus and
take steps towards being a leader within the retirement
village and aged care sector. With our initial science-aligned
targets, sustainability-linked lending, and programme to
decarbonise we are well on our journey.
Our success to date includes the implementation of a
construction waste avoidance programme diverting over
6,000 tonnes of waste from landfill, which has been
recognised externally. This, combined with our decision to
incorporate sustainability into everything we do could help
increase the positive perception of Summerset within the
market as a sustainable, climate conscious organisation
that is making a difference.
OP – 04: The opportunity for Summerset to build a smart land portfolio focused on resiliency (specifically climate, but also encompassing water, nature and biodiversity)
‘ORDERLY’
1.5ºC
‘DISORDERLY’
1.5ºC
‘HOT HOUSE’
>3ºC
Careful selection of land parcels could allow
Summerset to:
• Prevent unnecessary climate mitigation costs
through robust due diligence and selection criteria
• Ensure greater resiliency and security for our
residents
• Easier access to insurance or lower insurance cost
due to minimising risk
Since 2020, Summerset has had a specific requirement
to consider the effects of climate change when assessing
new village sites. In 2023 this requirement was enhanced
for all new sites and village designs to consider the RCP 8.5
climate change scenario requirements.
This helps further mitigate climate change affected weather
event concerns for any new villages and ensures that our
design process considers long-term climate resilience over
short-term financial incentive.
Climate-related risks & opportunities
OPPORTUNITY
KEY
Important opportunity0-5 years
Encouraged opportunity5-10 years
Possible opportunity10-30 years

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SUSTAINABILITY REPORT 2024
Our Plan
With the goal of embedding sustainability into
everything that Summerset does, we are well
positioned to transition alongside, and support New
Zealand as collectively we shift towards a low-emission
climate-resilient future.
Combatting climate change and reducing our carbon
footprint is dynamic and challenging, which is why
Summerset has committed to achieving emission
reduction targets (both short- and long-term targets)
which are science-aligned. By having an emissions
intensity driven target, Summerset is forced to adapt
and innovate across our entire business model. As
we continue to grow, we are forced to adopt new
initiatives and practices.
Our climate action plan (on the following page)
summarises how we are tackling the challenge of
decarbonisation and transition. It highlights our
priorities and initiatives and when combined with
our targets it will help to drive meaningful action.
Alignment with Capital Deployment and
Funding Processes
Summerset undertakes financial planning annually,
and financial modelling over a 50-year horizon. This
coincides with Summerset's build programme and
allows for a more climate-related risks and opportunities
to be assessed on a project-by-project basis.
This project-by-project feasibility is where Summerset
can best incorporate climate-related risks and
opportunities into our decision-making and capital
deployment. For example, the land acquisitions
process for potential new villages examines a variety
of climate-related risks, both physical (sea level rise,
flooding) and transition (managed retreat, insurance)
as part of our due diligence. Additionally, during the
design of new villages or the refurbishment of existing
villages, Summerset has the ability to maximise our
climate-related opportunities through sustainable
design and incorporation of energy efficient
technology (e.g. solar panels, water measurement
equipment, and smart building management software).
This is an example of how Summerset is mitigating
climate change risk by incorporating it into our decision-
making processes and allocating capital towards these
risks and opportunities.
Supporting this approach is an overarching
sustainability-linked lending programme, which links our
Summerset’s ability to transition
Above: Artist’s impression - Summerset Mount Denby and the mass timber “lightweight” main building
financial performance to sustainability targets. To help
Summerset achieve these targets, and achieve a more
sustainable business, there is an annual sustainability
initiatives budget and decarbonisation fund. Between
these annual budgets and the project decision making
process Summerset believes we are well positioned to
mitigate our climate-related risks while capitalising on
the opportunities.

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Our Climate Action Plan
OUR
PRIORITIES
DESIGN &
CONSTRUCTION
Design and construction
• We’re taking a holistic, sustainable
design approach where designing
for operational needs is considered
up-front, and where we actively look
to utilise low carbon construction
processes, materials and products
Smart water management
• Adopting smart water management
practices across our villages' entire
lifecycle
Solar generation
• Installation of solar panels on new
and existing villages reduces our
emissions and reliance on the
national grid
DECARBONISATION
OF VILLAGES
Gas transition
• Staged transition of existing
villages away from gas to more
sustainable alternatives
Embodied carbon
• We are calculating the embodied
carbon of standard typologies within
our built environment to assist in
identifying opportunities and ways
where we can reduce our impact
Electrification of fleet
• Transitioning our fleet vehicles away
from fossil fuels to electric vehicles
and hybrid alternatives
MANAGING OPERATIONAL
EFFICIENCIES
Minimising waste
• Continued focus on waste
minimisation through recovery and
diversion and advancing a circular
economy mindset
Energy efficiency
• Optimisation and fine tuning of
our building management systems
coupled with energy efficient
technology to reduce our overall
energy use
OUR
INITIATIVES
Our Climate Action Plan summarises how we are tackling the challenge of decarbonisation and transition, it
highlights our priorities and initiatives and when combined with our targets helps to drive meaningful change.

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Integrated risk management process
Summerset acknowledges that the world’s understanding
of climate change and how it is impacting our environments
(natural and built) is an ever-changing area. New sources
of data and scientific information, as well as new regulation
and technology, are constantly shifting the dynamic. This
means that businesses need to be conscious that their
management of climate-related risks is constantly evolving.
To address this, Summerset chose to integrate our climate-
related risks into our existing Enterprise Risk Framework.
This helps keep climate change risks top of mind and builds
engagement across the business.
Our risk management framework and process
Summerset’s Enterprise Risk Framework and Risk
Management Policy adopts the principles detailed in
AS/NZS ISO 31000:2018, this helps to ensure that risk
management is well structured and effective throughout
the business.
Risk identification is undertaken by all staff at Summerset.
We use a variety of tools and methods to help with the risk
identification. Detailed below are the specific tools and
methods used in the process of identifying our climate-
related risks:
Stakeholder engagement
• The Climate Working Group, and key individuals including the
Risk and Assurance Manager and Governance and External
Reporting Manager, worked with the business to assist in
understanding, identifying, and assessing climate-related risks
across our entire business.
Village specific analysis
• Summerset engaged external consultants to help determine
the specific exposure of identified physical risks across our
portfolio. This was at a high level and has resulted in a more
detailed investigation programme being created to improve
our understanding of Summerset’s exposure across multiple
scenarios and time horizons.
Risk management
Scenario analysis
• The scenario creation and analysis processes (detailed in the
Strategy section of this report) helped to identify and assess
potential impacts of climate change which in turn shaped our
climate-related risks.
External scanning
• Key individuals throughout the business, including the ELT,
engage with key market participants, external resources, and
consultancies to understand potential changes to existing risks
or new and emerging risks. This helps Summerset with our risk
management through proactive engagement and action.
Risks identified are assessed using Summerset's Enterprise
Risk Matrix based on the consequence of impact and
the likelihood of occurrence. Residual risk ratings are
determined after taking into consideration the effectiveness
of the control environment.
Summerset appreciates that the impacts of chronic, long-
term physical climate-related risks are not likely to occur
over time frames that fit into a traditional risk matrix.
Therefore, for these specific risks there was greater
emphasis and consideration given to the severity of the
consequence. However, we still chose to integrate these
risks so that we can track key data and indicators over time
that will help grow our understanding and enable us to
monitor these chronic risks.
All of Summerset’s risks, including climate-related risks,
are managed in line with Summerset’s risk appetite. Risks
that are deemed to be very high (red) or high (orange) are
prioritised for action and are regularly reported on.
Frequency of risk assessment
The key operational risks for Summerset are reviewed
and reported to the ELT monthly, while key strategic
risks are reported to the Board on an annual basis and
form part of our annual risk management plan that is
approved by the Board.
In conjunction with our regular reporting of key operational
and strategic risks, the Climate Working Group will conduct
an annual review and update of climate-related risks which
will run concurrently with our annual scenario analysis process.
This is not an exhaustive source of climate change risks
identification or assessment, as and when business processes
(strategy planning, site identification and due diligence),
stakeholder engagement (regulation and legislation monitoring,
climate scenario sector groups) or external scanning identify
new or changing risks, Summerset will conduct or update our
risk assessments through the Climate Working Group and Risk
& Assurance Manager. Any material change to our climate
change risks outside of regular processes would be reported
through the Climate Working Group and Risk & Assurance
Manager. Any material change to our climate change risks
outside of regular processes would be reported through to the
ELT and ARC.
Time horizons
As previously disclosed in the strategy section of this report,
the time horizons used for our climate-related risks and
opportunities differ from that used for scenario analysis.
Detail can be found here.
Value chain exclusions
No significant parts of the value chain have been excluded
from the analysis. However, when considering our supply
chain, many suppliers are early in their maturity journey.
Consequently Summerset's understanding of climate-
related risks across the whole value chain, particularly the
supply chain, is limited by availability and quality of data and
information at this stage.

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SUSTAINABILITY REPORT 2024
INTRODUCTION 2023 REVIEWGOVERNANCESTRATEGYRISK MANAGEMENT

METRICS & TARGETS
Metrics & targets
Our GHG emissions
Summerset has been measuring carbon emissions since
2018 and we are proud to be a Toitū net carbonzero
certified organisation in line with ISO14064-1. In 2023
our total emissions were 102,926 tCO2e, which is an
increase on our 2017 base year of 5,381 tCO2e. This
significant increase for operational emissions compared
to FY22 can be attributed to the inclusion of new scope
3 emissions sources as part of our full value chain
reporting. FY23 is the first year this has been calculated
and included.
Electricity and gas are the significant sources of our
scope 1 and 2 emissions. To deliver a high level of care,
Summerset has a significant amount of unavoidable
electricity demand. Additionally, gas is used for heating
hot water, cooking, and providing laundry services – all
core services when caring for the elderly.
As Summerset continues to grow, with more and more
residents living in our villages, our absolute emissions are
also likely to grow. Our aim is to implement improvements
in design, technology, facilities management, and
behaviour change whereby the increase in absolute
emissions is less than the increase in business growth.
For the first time, Summerset purchased Renewable
Energy Certificates (RECs) in FY23, which has enabled
us to report a 99% reduction on prior year scope 2
emissions. Remaining emissions we have not reduced
are offset, with the offsets verified by Toitū and
supporting nature and social based activities. In 2023
Summerset offset 3,953 tCO2e.
How Summerset calculates GHG emissions
Summerset measures and manages our Greenhouse Gas
(GHG) emissions in accordance with the requirements of
International Standard ISO 14064-1 Greenhouse gases
– Part 1: Specification with guidance at the organisation
level for quantification and reporting of greenhouse gas
emissions and removals (‘ISO 14064-1:2018’).
Summerset utilises Toitū’s Emanage software to calculate
our emissions, with emissions factors and associated
Global Warming Potential (GWP) rates provided within
the software. In FY23 emanage utilised a combination
of 2023 and prior year emissions factors and GWP
rates including those as follows:
• Ministry for the Environment’s 2023 ‘Measuring
Emissions: A guide for organisations’
• Department for Business, Energy & Industrial
Strategy (BEIS)
• Unique Emissions Factors approved by the
Environmental Protection Authority
• Ledgard and Falconer, ‘Carbon footprint of fertilisers
used in New Zealand’
Toitū Envirocare (Toitū) provides assurance over our GHG
emissions inventory annually in accordance with the
requirements of the stated Toitū Envirocare Toitū carbon
programme. For FY23 a reasonable level of assurance was
achieved for all mandatory categories of the programme
and category 5 additional emissions and limited assurance
for category 3 and category 4 additional emissions. For
more information, please click here.
* Summerset offsets unavoidable emissions by purchasing gold standard credits from Toitū Enviro-care
** Renewable energy certificates (RECs) were purchased for the first time in FY23
*** Total emissions are calculated using the market-based methodology for Scope 2 emissions in FY23
**** Scope 1 & 2 Emissions per m2 (kCO2) are calculated using the market-based methodology
Note: A retrospective change in the electricity emissions factor has resulted in changes to emissions for prior years
SCOPEF Y2 3 TOTA L
EMISSIONS
tCO2e
OFFSETS*F Y22
tCO2e
F Y21
tCO2e
FY17
tCO2e

(BASE YEAR)
FY23
REMAINING
tCO2e
Scope 12,212(2,212)2,0651,9331,295
-
Scope 2 (location based)
1,417 -
2,5112,4441,426
-
Scope 2 (market based) **16.66(16.66)
- - - -
Subtotal (S1 & 2 (market based))2,229(2,229)4,5764,3772,722
-
Scope 3100,697(1,724)4,2303,6162,658 98,972
Total Group value chain emissions
(S1, 2 & 3 (market based)) ***
102,926(3,953)8,8067,9 9 35,381 98,972
Additional intensity indicators
Scope 1 & 2
Emissions per m2 (kCO2) ****
3.03 -6.947.417.15 -
FY23 GHG emissions

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SUSTAINABILITY REPORT 2024
INTRODUCTION 2023 REVIEWGOVERNANCESTRATEGYRISK MANAGEMENT

METRICS & TARGETS
Our boundary
Summerset applies the operational control
and consolidation approach to its emissions.
Organisational boundaries were set with reference
to the methodology described in the GHG Protocol
and ISO 14064-1:2018 standards. This consolidation
approach allows us to focus on emissions we
can control and for which we can implement
management actions, consistent with Summerset’s
corporate responsibility goals and objectives.
The scope of our emissions inventory includes
all activities within the operational boundaries of
Summerset Group Holdings Limited, including head
offices, retirement villages and construction sites.
All villages under construction, villages developing
and open while construction continues, and operating
villages are included, while all land bank sites are
excluded as there is no activity and no emissions
to report.
Emissions sources identified and excluded
There are a number of GHG emissions that have
been excluded from the scope of our inventory
due to being de minimis. These de minimis sources
form less than one percent of the total scope or
category, total emissions and removals do not exceed
five percent of our total inventory (classified as de
minimis) and they are not considered significant to
our inventory, intended use or users.
Emissions sources identified and excluded:
• General operations/Postage
• General operations/Freight
• General operations/Relocation costs
• General operations/T & D Losses Natural Gas
Assurance of GHG emissions
Summerset’s GHG inventory is subject to
independent reasonable assurance by Toitū Enviro-
mark Solutions Limited 2020 in accordance with
International Standard on Assurance Engagements
(New Zealand) 3410: Assurance Engagements on
Greenhouse Gas Statements (‘ISAE (NZ) 3410’),
issued by the New Zealand Auditing and Assurance
Standards Board.
Scope 3 emissions from our supply chain are
calculated in accordance with the GHG Protocol
and where specific data on quantities of supply
chain goods and services was not available, we have
estimated emissions using spend based factors,
from the internationally recognised Department for
Environmental Food and Rural Affairs (DEFRA ) factor
set, corrected for exchange rates and inflation.
Given most of our GHG emissions are now in our
value chain, accessing climate-related data from our
suppliers will be a focus for us in 2024.
Organisational structure of our emissions inventory
* Summerset Villages including in development and fully completed
SUMMERSET GROUP
HOLDINGS
SUMMERSET
HOLDINGS (AUSTRALIA)
SUMMERSET
LANDBANK
5 sites
SUMMERSET
VILLAGES
1 sites
SUMMERSET
HOLDINGS
SUMMERSET
OFFICES
5 Offices
SUMMERSET
VILLAGES
40 sites
SUMMERSET
LANDBANK
5 sites

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SUSTAINABILITY REPORT 2024
INTRODUCTION 2023 REVIEWGOVERNANCESTRATEGYRISK MANAGEMENT

METRICS & TARGETS
This section sets out the percentage of Summerset’s
business that is exposed to physical and transition risks,
and aligned with climate-related opportunities, as required
by the New Zealand Climate Standards. To avoid misleading
or inaccurate disclosures, Summerset has approached the
question of exposure qualitatively. As such, Summerset
has chosen to disclose that 100% of our business could be
exposed to the physical and transition risks identified in this
report, though the severity of the risks may vary.
Although the exposure is 100%, these risks are being
proactively managed and monitored. This ensures that
should these risks eventuate then we expect the impact to
the business to be well mitigated.
As we continue on our climate change maturity journey,
our understanding of how these climate change risks
could materially impact the business will develop. This will
allow us to further enhance our controls and mitigations,
and allow more exact reporting on the level of exposure
Summerset faces in future disclosures.
Physical risks
Summerset acknowledges that both our residents and our
portfolio of villages are potentially exposed to the physical
risks associated with climate change. The level of exposure
varies based on multiple factors, including the type of village,
location and time horizon over which the risks are considered.
This exposure can never be fully mitigated due to the uncertain
nature of climate change and elements outside of our control.
An example demonstrated by Cyclone Gabrielle is where
damage to roading infrastructure and transmission impacted
access to villages, causing staffing and supply difficulties
(though the financial impact was not material).
However, Summerset is proactively investigating our portfolio
and operations to help mitigate consequences and further
reduce potential exposure.
A more detailed analysis of Summerset’s physical risk exposure
can be found in the strategy section of this report under the
climate-related risks and opportunities table (PR-01, PR-02).
Potential exposure to Risks & opportunities
Transition risks
Summerset is likely to be affected by our two key transition
risks: regulatory and policy change, and changing markets
(including customer, supply chain, reputation and financial).
Collectively the exposure across these two risks should be
considered to affect the entirety of Summerset’s business.
Given the nature of market perception and regulatory
oversight, trying to quantify Summerset’s exposure to
result in a meaningful and material outcome is not currently
possible.
A more detailed description of Summerset’s transition risks
and how we are mitigating or addressing these risks can be
found in the climate-related risks and opportunities table
(TR-01, TR-02).
Climate-related opportunities
Summerset has sustainability as an underlying strategic
pillar, and our new ten-year strategy prioritises Summerset
acting as a good corporate citizen. This combined with our
Climate Action Plan, and our science-aligned emissions
reduction targets will ensure that Summerset plays its part
in supporting New Zealand to decarbonise and transition to
a low-emissions future.
With key areas of the business having sustainability
initiatives, our banking facility linked to sustainability, and a
decarbonisation focus centred around the Climate Action
Plan, our business is focused on contributing to a more
sustainable future.
One of our key focuses is on our scope 3 emissions and
the embodied emissions of materials, which represent a
significant portion of our scope 3 emissions. This offers us
one of the biggest levers for change, through the selection
of lower-carbon materials. We will continue to work with our
build partners and our supply chain in investigating lower-
carbon materials and identifying product substitutions.
Our design standards and tender documents already
include environmental performance considerations,
and we will continue to evolve these to specify lower
carbon materials, construction techniques and reporting
obligations to advance this opportunity. This opportunity
is not without its challenges in maintaining economic
sustainability however, we continue to collaborate and work
with our supply chain.
We commenced our first product substitution switching
from steel to timber frames in our light weight cross
laminated timber structures and will continue to
work through the viability of this substitution across
future typologies.
A key contributor to our understanding on materials
use has been our construction waste avoidance
programme which was established with the principles
of the circular economy at its core. Implemented in
2021 this programme has identified areas of waste and
opportunities for improvement, including materials
selection, supplier take-back schemes, product
stewardship and design improvements.

36
SUSTAINABILITY REPORT 2024
INTRODUCTION 2023 REVIEWGOVERNANCESTRATEGYRISK MANAGEMENT

METRICS & TARGETS
ITEMF Y23
SPEND
METHOD/ASSUMPTIONS
Renewable energy development
(solar) (supports climate-related
risks/opportunities) OP – 01
350,000 The amount reflects the spend on solar solution initiatives. These initiatives
include rooftop solar being installed on our stand-alone common area
buildings and regional main buildings. These initiatives to date form part
of a wider roll-out plan requiring additional spend allocations to the end
of FY27 in line with our decarbonisation pathway and to meet our 2027
science-aligned target
Investment in energy solutions
projects (supports climate-related
risks/opportunities) OP – 01
450,000 The amount reflects spend on various energy solution initiatives undertaken
throughout 2023. These initiatives range from installing EV charging stations,
transitioning existing villages off gas, upgrading villages to LED lighting, and
installing additional water metering
Embodied carbon measurement
solution (supports climate-related
risks/opportunities) OP – 02
6,000 Investment in a solution to measure and report on the embodied carbon
of our built environment. Work to date has focussed on producing
measurement of two standard typologies
Construction waste avoidance 400,000In 2023 our costruction waste avoidance initiative diverted 4,372 tonnes
of waste away from landfill. This initiative will continue to investigate
opportunities to reduce construction wate through increased reuse and
recyling, working with suppliers to reduce waste and designing out waste
FY23 capital expenditure and investment towards climate-related risks and opportunities (current operations)
Remuneration
Historically, Summerset’s short-term and long-term
incentive schemes have not contained specific
sustainability or climate-related targets. However from
FY24 relevant members of the ELT have a specific KPI in
their STI which is weighted towards sustainability and
climate change.
Each KPI element represents a 10% weighting making
it a material component. These KPIs are designed to
drive greater focus and integration of sustainability
while managing climate change awareness and risk
in the business.
Capital investment
Summerset’s commitment to meeting our emissions
reduction targets and implementing climate-related
initiatives is primarily (but not exhaustively) funded
through capital expenditure captured in either:
• Sustainability Initiatives Budget (part of our property
and asset management programme)
• Decarbonisation Fund (part of our sustainability
programme)
• Village Refurbishment Project Budget (part of our
design and development programme)
Other sources of emissions reductions and climate
resilience expenditure occur through operational
expenditure in our asset maintenance programme.
Linking to our climate action plan
Above: Communal vegetable garden
* Rounded to nearest 000

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SUSTAINABILITY REPORT 2024
INTRODUCTION 2023 REVIEWGOVERNANCESTRATEGYRISK MANAGEMENT

METRICS & TARGETS
GHG emissions reduction and energy management plan
We are committed to achieving our short- and medium-
term science-aligned targets and have identified the
focal areas that are central to us achieving them. In 2022
we began developing our scope 1 and 2 decarbonisation
pathway which allowed us to identify our focus areas for
action. We refined this further in 2023 and commenced
actioning a number of the initiatives identified. This
included the investment in retrofitting solar panels
on village centre buildings to generate renewable
energy-reducing our scope 2 emissions, as well as the
replacement of old lights with new high-efficiency LED
lights at many of our older villages.
In parallel, we have built energy reducing initiatives and
operational improvement programmes into our 2024
property and asset management cycles to support
decarbonisation and the optimisation of operational
plant, and all new villages released as part of our build
programme will contribute toward meeting our reduction
targets as they are all electric developments and feature
energy saving features which make them more energy
efficient per square metre than our existing assets.
Impact of decarbonisation initiatives
We have taken steps to review the expected
performance and impact of our decarbonisation
initiatives on our emissions intensity, and our ability to
achieve our short-term 2027 science-aligned target.
There are real challenges with decarbonisation, with a
number of technical, social and commercial (including
operating in Australia) barriers to address.
Cost of carbon
Summerset applies a cost of carbon based on the
New Zealand emissions unit (NZU) pricing and policy
assumptions at the time. This cost of carbon is used to
calculate the profitability of projects with a sustainability
focus, including the decarbonisation initiatives.
As Summerset’s emission reduction plan continues to be
implemented, this carbon price will be used increasingly
across different units as a determinant of business to
assess feasibility. Summerset uses a carbon abatement
cost as one measure in the assessment of a given energy
initiative project to provide an indication of viability.
An example of this in practice is in assessing the carbon
abatement potential of switching gas water heating
systems to electric hot water heat pump technology.
The project carbon abatement cost was at $370 per
tonne against a shadow carbon price of $151, indicating
that the project was not economically viable from a
standalone financial perspective.
Summerset has committed to a decarbonisation
pathway and takes a modified approach when
determining emission savings initiatives. This includes
each opportunity being considered and progressed on
the merits of the project, which include carbon, climate
impacts, financial and operational implications.
We are also working on incorporating embodied
carbon assessments into capital projects. This involves
measuring the carbon footprint of a project so that we
understand the unavoidable emissions of the project,
and can weigh up the impact different options have,
so we can make more informed decisions about what
materials we purchase.
FY17FY23FY24 ForecastFY27 Ta rg etFY32 Ta rg et
Pre initiatives emissions per m27.15 5.965.55
Post initiatives emissions per m27.15 5.89 5.22
Post initiatives & RECs emissions per m27.15 3.03 2.814.582.72
Forecast impact of initiatives on emissions intensity per m2 (tCO2e)
Note:
Forecast emission savings are calculated based on assumptions from our decarbonisation pathway and preliminary results from initiatives underway
The net impact of initiatives have been reported e.g. accounts for increase in electricity consumption due to gas transition
The denominator (square meters) refers to the gross floor area of all structures that are operational and/or available for occupancy
Forecast for square meterage is based on our forecast delivery schedule as at FY23
Prior to 2023 figures are calculated using the location based method. Market based method is used for subsequent years
Historical emissions factor changes have been taken into account
Based on carbon inventory as audited by 3rd party FY23
* Impact of initiatives are calculated using data from monitoring systems and energy saving assumptions

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SUSTAINABILITY REPORT 2024
INTRODUCTION 2023 REVIEWGOVERNANCESTRATEGYRISK MANAGEMENT

METRICS & TARGETS
TA RG E TBASELINE AND HISTORYPERFORMANCEMETHOD/ASSUMPTIONS
1. SHORT (5 YEAR)
34%
Reduction in emissions
intensity per sqm by 2027
based on 2022 baseline
2. MED-LONG (10+ YEARS)
62%
Reduction in emissions
intensity per sqm by 2032
based on 2017 baseline
FY22 (BASELINE):
GHG EMISSIONS INTENSITY
OF 6.94* kCO2/m2

FY17 (BASELINE):
GHG EMISSIONS INTENSITY
O F 7.1 5* kCO2/m2
* Adjusted for historical emissions factor changes
FY23:
1. GHG emissions Intensity of 3.03 kCO2/m2 has
been achieved
In 2023 the below initiatives and outcomes drove our
performance.
• A national solar panel supplier has been confirmed allowing
creation of a roll-out plan for retrofitting existing villages,
care centre refurbishments and new villages. Solar has
been installed at Nelson, Karaka, Manukau and Richmond
so far
• Completion of LED upgrades
• Gas transition replacement programme for existing villages
planned and our first two transition projects are currently
under feasability study
• Purchase agreement for Renewable Energy Certificates
(RECs)
SOURCES OF UNCERTAINTY TO NOTE INCLUDE:
• Data provided as part of project analysis including weather
pattern variances and behavioural estimates/averages
• Future operating conditions can dictate performance
• Ability to retrofit into existing infrastructure
METHOD OF CALCULATION:
Summerset's emissions are measured in accordance with ISO
14064-1:2018, and meeting the requirements of International
Standard ISO 14064-1 Greenhouse gases – Part 1: Specification
with guidance at the organisation level for quantification and
reporting of greenhouse gas emissions and removals (‘ISO
14064-1:2018’)
Target Supports:
PR-01, PR-02, TR-01, TR-02, OP-01, OP-02, OP-03
67%
Engage and encourage
our supply chain to
measure and report their
emissions by 2027 (based
on scope 3 emissions)
FY23 OUR SCOPE 3:
VALUE CHAIN EMISSIONS WERE
100,697 tCO2e. THIS IS OUR
FIRST YEAR OF FULL SCOPE 3
VALUE CHAIN REPORTING

FY23:
We measured our full value chain. Throughout the year
we commenced working with our highest materials and
products emitters so we can get better accuracy in our
measurement, and identified current suppliers who measure
and report on their own emissions. This included the use of
EPD's from a number of major suppliers
SOURCE OF UNCERTAINTY TO NOTE INCLUDE:
• Method of calculation (predominantly spend based)
• Supplier awareness and willingness to engage
METHOD OF CALCULATION:
Used Toitū supplied carbon value chain calculator as part of our
annual inventory verification
Target Supports:
TR-01, TR-02, OP-02, OP-03
Key metrics with associated targets
GHG EMISSIONS PROFILE
INCREASE IN SUPPLIER ENGAGEMENT
Summerset’s key metrics and associated targets, along with our performance in FY23 are detailed in the table below. Both of our GHG emissions reduction targets are aligned with
limiting global warming to 1.5�C above pre-industrial levels to support New Zealand’s commitment under the Paris Agreement, and they meet the target setting criteria of the Science
Based Target Initiative (SBTi). Additionally, our targets have been verified as science-aligned as part of our Toitu Envirocare net carbon zero certification and our Climate Leaders
Coalition membership.

AAA
ESG RATING (2024)
ESG RATING (2022)
4.9
ESG RATING (2023)
A-
SUPPLIER ENGAGEMENT (2022)
A-
DISCLOSURE INSIGHT ACTION
CLIMATE CHANGE (2023)
B
DISCLOSURE INSIGHT ACTION
Summerset Prebbleton
2022
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SUSTAINABILITY REVIEW 2024
Contact us
For further information about our sustainability approach and efforts,
please contact us at investor.relations@summerset.co.nz
Summerset Group Holdings Limited
PO Box 5187, Wellington 6140
Level 27, Majestic Centre
100 Willis St, Wellington
www.summerset.co.nz