Further Update on Progress with Scheme Implementation

MEDIA RELEASE 20 March 2020 FURTHER UPDATE ON PROGRESS WITH METLIFECARE SCHEME IMPLEMENTATION Scheme Process Metlifecare Limited (NZX: MET, ASX: MEQ) has continued to make good progress advancing its scheme implementation agreement (SIA) with Asia Pacific Village Group Limited (APVG), an entity owned by EQT Infrastructure IV Fund and managed by EQT Fund Management S.a.r.l. Metlifecare has formally applied to the Takeovers Panel for a "no objection" statement and is on track to lodge an application around 25 March 2020 for Initial Orders from the High Court to sanction orders convening the scheme meeting scheduled to be held on 29 April 2020. Metlifecare continues to understand that APVG's application for approval under the Overseas Investment Act remains on track to be determined prior to the shareholders' meeting. COVID-19 As with other industry participants, Metlifecare has put in place a range of actions we believe will help us protect our communities from the COVID-19 pandemic being experienced globally. We are following the Ministry of Health guidelines for preparedness should a COVID-19 case arise in our facilities and have supplies of personal protection equipment for staff and the ability to isolate residents and, if necessary, lock down care homes. Metlifecare has not observed any material impact on its retirement village unit sales or admissions to residential aged care homes to date and does not expect the pandemic to have a disproportionate effect on Metlifecare. This announcement is authorised for release to the market by the Board of Metlifecare Limited. Ends For more information please contact: Kim Ellis, Chair Mobile: +64 21 938 276 About Metlifecare Metlifecare is a leading New Zealand owner and operator of retirement villages, providing rewarding lifestyles and outstanding care to more than 5,600 New Zealanders. Established in 1984, it currently owns and operates a portfolio of 25 villages in areas with strong local economies, supportive demographics and high median house prices, located predominantly in New Zealand's upper North Island. End CA:00350378 For:MET Type:TRANSACT Time:2020-03-20 17:23:43