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ASX & MEDIA ANNOUNCEMENT 4 APRIL 2007 AEVUM COMPLETES OVERSUBSCRIBED $40 MILLION PLACEMENT TO FUND FURTHER GROWTH Retirement living company, Aevum Limited (ASX: AVE), has closed a $40 million institutional share placement which was significantly oversubscribed. The placement funds will allow Aevum to continue its acquisition growth strategy, as well as providing funding for the development of the Cardinal Freeman village (located in Ashfield, Sydney) while maintaining its gearing within its stated range of 30-35 per cent. Aevum confirmed it is in exclusive negotiations on the acquisition of four retirement villages from different vendors which if all were to proceed would cost approximately $40 million. The acquisitions would be funded through an existing debt facility and from proceeds of the placement. Aevum’s Chief Executive Mr. Simon Owen said the placement provided Aevum with further capital for growth while maintaining conservative levels of gearing. “In December 2006 Aevum received development approval to expand the Cardinal Freeman village to meet the continuing strong demand for our units and in addition we are now in exclusive negotiations on the complementary acquisitions which will allow us to expand further our portfolio,” Mr Owen said. “The placement provides capital which will allow Aevum to continue its growth strategy of expanding to more than 2,000 retirement units through organic growth initiatives and acquisitions while maintaining appropriate gearing levels,” Mr Owen added. The placement of 14.5 million shares was completed at a final price of $2.76 per share being a 5 per cent discount to the last closing price of $2.90. The placement was significantly oversubscribed and was strongly supported by existing institutional shareholders and more than 20 new institutional investors. ABN AMRO Morgans Corporate Limited was Lead Manager and Sole Bookrunner to the placement. Ord Minnett and SHAW Stockbroking acted as Co Lead Managers.