Metlifecare Bond Offer

Retail Bonds

Secured, unsubordinated, 6 year fixed rate sustainability bonds.

Metlifecare Limited (Metlifecare) is making an offer of up to $100 million (with the ability to accept oversubscriptions of up to an additional $50 million at Metlifecare's discretion) of 6 year, secured, unsubordinated, fixed rate sustainability bonds (Bonds) maturing on 30 September 2032 to retail investors resident in New Zealand and institutional investors (the Offer).

The Offer is currently open and is expected to close at 11.30am on 24 September 2026. Further Offer details are contained in the Indicative Terms Sheet dated 21 September 2026 (Indicative Terms Sheet). Investors may apply for Bonds in the manner described in, and on the terms and conditions set out in, the Indicative Terms Sheet. There is no public pool for the offer, with all of the Bonds being reserved for clients of the Joint Lead Managers, Primary Market Participants and other approved financial intermediaries invited to participate in the bookbuild conducted by the Joint Lead Managers.

The Offer of Bonds by Metlifecare is being made in reliance upon the exclusion in clause 19 of schedule 1 of the Financial Markets Conduct Act 2013 (FMCA). Except for the interest rate and maturity date, the Bonds will have identical rights, privileges, limitations and conditions as Metlifecare's $100,000,000 3.00% secured, unsubordinated, fixed rate sustainability bonds maturing on 30 September 2026 which are quoted on the NZX Debt Market under the ticker code MET010 (MET010 Bonds). Accordingly, the Bonds are of the same class as the MET010 Bonds for the purposes of the FMCA and the Financial Markets Conduct Regulations 2014.

Metlifecare is subject to a disclosure obligation that requires it to notify certain material information to NZX Limited (NZX) for the purpose of that information being made available to participants in the market and that information can be found by visiting nzx.com.

The MET010 Bonds are the only debt securities of Metlifecare that are currently quoted and in the same class as the Bonds. Investors should look to the market price of the MET010 Bonds to find out how the market assesses the returns and risk premium for those bonds. When comparing the yield of two debt securities, it is important to consider all relevant factors (including the credit rating (if any), maturity and the other terms of the relevant debt securities).

The Bonds are expected to be quoted on the NZX Debt Market on 1 October 2026 under ticker code MET020.

You should read the Indicative Terms Sheet, the Trust Documents, the Investor Presentation and Metlifecare's market releases via NZX (including those made on 21 September 2026 in relation to the Offer and on 28 August 2026 in relation to Metlifecare's Annual Report for the year ended 30 June 2026) in their entirety and seek financial, investment or other professional advice from a qualified professional adviser when considering the Offer.

Any capitalised terms used on this webpage but not defined have the meanings given to those terms in the Indicative Terms Sheet.

* The dates set out above are indicative only and subject to change. Metlifecare may, in its absolute discretion and without notice¸ vary the timetable (including by opening or closing the Offer early, accepting late applications and extending the Closing Date).

If the Closing Date is extended, the Rate Set Date, the Issue Date, the expected date of initial quotation and trading of the Bonds on the NZX Debt Market, the Interest Payment Dates and the Maturity Date may also be extended. Any such changes will not affect the validity of any applications received.

Metlifecare reserves the right to cancel the Offer and the issue of the Bonds, in which case any application monies received will be refunded (without interest) as soon as practicable and in any event within 5 Business Days of the cancellation

Further information

Further information about Metlifecare and the Offer can be found by visiting www.nzx.com/companies/MET and by downloading and reading the following:

• Indicative Terms Sheet
• Investor presentation
• Offer announcement
• Cleansing Notice
• Master Trust Deed
• Supplemental Deed

Contact

If you have any questions about the Offer, you should contact one of the Joint Lead Managers:

Joint Lead Managers

Important Notice and Disclaimer

Metlifecare does not intend that the Bonds be offered for sale, and has not taken and will not take any action which would permit a public offering of Bonds, or possession or distribution of any offering material in respect of the Bonds, in any country or jurisdiction where action for that purpose is required (other than New Zealand). The contents of this webpage are not permitted to be made available to persons in any country other than New Zealand. Persons who are accessing this website from outside New Zealand should exit this webpage immediately.

This webpage and its contents (including the Investor Presentation and the Indicative Terms Sheet) do not constitute an offer, advertisement or invitation in any place in which, or to any person to whom, it would not be lawful to make such an offer, advertisement or invitation. If you come into possession of those documents, you should observe any applicable offering restrictions (including those set out in the Indicative Terms Sheet). Any failure by a person to comply with such restrictions may contravene applicable securities law. Metlifecare disclaims all liability in respect of any such contravention by any other person.

Metlifecare is subject to a disclosure obligation that requires it to notify certain material information to NZX Limited (NZX). You can find market announcements released by Metlifecare at www.nzx.com/companies/MET/announcements?code=MET&year=2026. Metlifecare may, during the period of the Offer, release additional market announcements to the NZX. Investors should monitor Metlifecare's market announcements during the Offer. To the maximum extent permitted by law, no market announcement by Metlifecare to the NZX will permit an applicant to withdraw any previously submitted application for Bonds under the Offer without Metlifecare's prior consent.

An investment in securities in Metlifecare is subject to investment and other known and unknown risks, some of which are beyond the control of Metlifecare. Before deciding whether to invest in Bonds, you must make your own assessment of the risks associated with an investment in Metlifecare, and carefully consider whether such an investment is suitable for you having regard to publicly available information (including the information made available or referred to on this webpage), your personal circumstances and following consultation with a financial or other professional adviser. You should seek your own tax advice in relation to the Bonds.

You must read the Indicative Terms Sheet, the Investor Presentation, the Trust Documents (which set out in the full terms and conditions of the Bonds) and the other documents available or referred to on this webpage, in conjunction with Metlifecare's market announcements, carefully and in full when considering the Offer.

Metlifecare will take any necessary steps to ensure the Bonds are, immediately after issue, quoted on the NZX Debt Market. Application has been made to NZX for permission to quote the Bonds on the NZX Debt Market and all the requirements of NZX relating thereto that can be complied with on or before the date of this webpage have been duly complied with. However, the Bonds have not yet been approved for trading and NZX accepts no responsibility for any statement in this website. NZX is a licensed market operator and the NZX Debt Market is a licensed market, each regulated under the Financial Markets Conduct Act 2013.

None of Metlifecare, the Arranger, the Joint Lead Managers (in each case as defined in the Indicative Terms Sheet) or their related companies and affiliates including, in each case, their respective shareholders, directors, officers, employees, affiliates, agents or advisers, as the case may be: (i) make any representation, warranty or undertaking, express or implied, as to the fairness, accuracy, reliability or completeness of, the contents of this webpage; (ii) to the maximum extent permitted by law, hereby disclaim and shall have no liability for any loss arising from the contents or use of this webpage or from the accessing or downloading of any document on it; and (iii) guarantee any particular rate of return in respect of the Bonds or the performance of Metlifecare.