Transaction Update

NZX Release 29 July 2020 Transaction Update Promisia Integrative Limited (NZX: PIL) wishes to update the market regarding the acquisition of aged care facilities from the Brankin Family Trust and related transactions (the Proposed Transaction). PIL advises that unfortunately the New Zealand registered bank that PIL has been working with for some months to secure debt finance has withdrawn from providing funding. All conditions in the non-binding term sheet issued by the bank had been satisfied. The Board believes that this is a consequence of the COVID-19 environment and a reflection of what is a very restrictive credit market to new lending. The Board believes that the Proposed Transaction remains a good proposal with strong growth prospects. Currently PIL is not able to draw down on debt facilities to complete the Proposed Transaction and completion will therefore not occur on or before 31 July 2020. PIL and the Brankin Family Trust remain committed to the Proposed Transaction and are taking the following actions: o Re-entering discussions with other New Zealand registered banks who were approached early this year. This is with the benefit of the further assurance work done on the Proposed Transaction. o Discussing with the wholesale equity investors their appetite for extending the time to completing the Proposed Transaction. o The Brankin Family Trust has advised that it will enter into a formal extension agreement with PIL. PIL will update the market with further developments in due course. 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:00357026 For:PIL Type:TRANSACT Time:2020-07-29 09:13:26