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Sunrise Provides Status Report on Special Independent Committee Investigation; Provides Updates on Management's Internal Control Review Efforts and on Legal Proceedings
Date:9/28/2007

tten transaction documents and the accounting analyses for these preferences were documented in writing and reviewed by the company's external auditors in a timely manner. Based on the totality of the evidence available to the Special Independent Committee, the Special Independent Committee concluded that these errors did not result from an intention to reach an inappropriate accounting result and that the erroneous accounting analyses were not known to be incorrect at the time they were prepared.

Review of Insider Trading by Certain Directors and Executive Officers. The Special Independent Committee investigated whether certain directors and executive officers had material, non-public knowledge of the two real estate accounting errors discussed above when they sold Sunrise stock in the months prior to May 2006 when Sunrise announced its accounting review. The Special Independent Committee concluded that Sunrise's executive officers and members of its Board of Directors had no such knowledge at the time that any of those trades were made.

Sarbanes-Oxley Section 404 Internal Control Review Efforts of Management

As previously disclosed by the Company, the occurrence of a restatement of previously issued financial statements is a strong indicator that material weaknesses in internal controls exist. In connection with the Company's pending restatement of its historical financial statements, the Company's management is evaluating management's report on internal controls included in the Company's previously filed Annual Report on Form 10-K for the year ended December 31, 2005 to assess the effectiveness of its internal control over financial reporting as of December 31, 2005. To date, the Company's management has preliminarily identified the following three control deficiencies:

-- Lack of personnel with sufficient technical accounting expertise to

determine and document the appropriate application of accounting

principles. This
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SOURCE Sunrise Senior Living, Inc.
Copyright©2007 PR Newswire.
All rights reserved

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