Orion Health Share Buyback Offer

Auckland, Monday 3 December 2018 - Orion Health (NZX:OHE/ASX:OHE) today announced the share buyback offer (Offer) to Orion Health shareholders on the terms set out in the Share Buyback Information Booklet to be distributed to shareholders. The record date for the Offer is 7.00pm on 30 November 2018. The Offer is now open, following the completion of the Hg Transaction. At the Annual Shareholders' Meeting, the Board indicated the Offer would take place, at an estimated price range of NZ$1.16 to NZ$1.26 per Share which was subsequently updated to NZ$1.20 to NZ$1.25 per Share on 5 November 2018, with the final Offer price to be determined by the Board closer to the time. The Board have now determined an Offer price of NZ$1.224 per Share (with the aggregate purchase price rounded to the nearest cent). In determining this Offer price, the Board has considered Orion Health's available cash immediately following completion of the Hg Transaction, taking into account transaction costs and working capital adjustments in relation to the Rhapsody Sale, and the ongoing requirements of Orion Health's Hospitals business. Shareholders may accept the Offer in respect of 20%, 50% or 100% of their shares held as at the record date. This gives shareholders the option to choose to remain invested in Orion Health in respect of some, or all, of their shares. Orion Health's largest Shareholder, McCrae Limited (which is associated with CEO Ian McCrae), has given confirmation of its intention to participate in the Offer in respect of 20% of its shares. As the Offer progresses, Orion Health will notify shareholders through NZX announcements of the level of acceptances received. The Offer closes at 7PM (NZ time) on 4 January 2019 (unless extended). Shareholders will be sent an Orion Health Share Buyback Information Booklet and a Share Buyback Acceptance Form which can also be downloaded and completed at www.orionhealthshareoffer.co.nz. Contact Alex Mercer Orion Health P +6421 502 112 E alexme@orionhealth.com End CA:00327721 For:OHE Type:OFFER Time:2018-12-03 09:03:42