Chartwell Seniors Housing REIT

Chartwell Seniors Housing REIT

June 23, 2008 15:37 ET

Chartwell Provides Further Information on Hamilton Police Media Release Relating to Margaret Coulter

MISSISSAUGA, ONTARIO--(Marketwire - June 23, 2008) - Chartwell Seniors Housing REIT (TSX:CSH.UN) -

The Hamilton Regional Police issued a press release on Friday, June 20, 2008 having charged a former General Manager of Chartwell's Atrium Villa with 30 counts of theft over $5,000 involving $1,030,000.

The fraudulent behaviour would appear to pre-date Chartwell's ownership which began in November 2003. We believe this to be an isolated case and there are no other residences under investigation. The theft will have no impact on Chartwell's prior financial statements. We responded immediately upon being made aware of the issue. An internal investigation was launched as well as a full forensic audit to assess the impact to residents and the company. We have reviewed and strengthened our internal controls and are implementing findings from the forensic audit.

We are greatly saddened and disappointed by the conduct of this person, who no longer works for us. This incident is an enormous disservice to our employees who are dedicated to caring for and serving our residents.

We remain focused on meeting the needs of the residents and our financial targets for 2008 and have a zero tolerance policy with respect to misconduct of any kind.

About Chartwell

Chartwell Seniors Housing REIT is Canada's leading provider of the best and broadest range of high quality seniors housing offering a full spectrum of care from supportive independent living to retirement homes to fully serviced long-term care. Chartwell is committed to providing Canadian seniors with a safe and rewarding lifestyle. For more information about Chartwell facilities, visit or call 1-888-584-2386.

Chartwell is an investment trust owning and managing a complete spectrum of seniors housing properties.

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