Transaction Timetable Update

NZX Release 25 June 2020 Transaction Timetable Update The acquisition of aged care facilities from the Brankin Family Trust and related transactions (Proposed Transaction) remain conditional at this time on raising new equity of at least $6 million and securing new bank debt facilities. Shareholders recently approved these transactions and satisfied the shareholder approval condition. PIL is continuing to progress these two conditions but has had a delay due to some updated independent valuation information being requested from its proposed debt financier. That information is currently being prepared for submission and should be completed shortly. PIL is now working towards having the Proposed Transaction unconditional on 30 June 2020. Completion would then follow in July on a date that is yet to be determined. PIL has agreed with NZX that the suspension of trading in PIL ordinary shares remains in place until completion of the Proposed Transaction. The adjusted timetable for the Proposed Transaction is now as follows: Anticipated unconditional date - 30 June 2020 Completion of the Proposed Transaction (including the issue of all New Shares)- July 2020 Suspension lifted and PIL ordinary shares resume trading on NZX Market - Immediately following completion ENDS For further information please contact Mr Stephen Underwood, Chairman on 027 499 3387 or Mr Rene de Wit on 021 571 000. End CA:00355245 For:PIL Type:GENERAL Time:2020-06-25 16:47:39