MEMPHASYS LIMITED. — Capital/Financing Update 2015

Nov 23, 2015

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Sydney, Tuesday 24 November 2015

PRIME BIOLOGICS PTE LTD UPDATE

NuSep Holdings Limited ( ASX: NSP ) or ( NuSep or the Company ) advises that PrIME Biologics Pte Ltd (“ PrIME ”) has converted a bridging loan of S$8.8 million (the Bridging Loan ) provided to it by its class A shareholders, Xeraya and JP Capital, into Preference A shares. PrIME has now received all remaining funding tranches under the Investment Agreement for a total investment of S$19,999,710 from Xeraya and JP Capital.

As a result of this conversion a further 32,572 Preference A shares have been issued. The issue has the effect of bringing NuSep’s share in PrIME to 55.1% of the 174,073 shares now on issue. The Company’s stake in PrIME may decrease further at a later date subject to the conversion of interest on the Bridging Loan. The interest payment associated with the Bridging Loan is in dispute between NuSep and PrIME.

The funds loaned to PrIME by Xeraya and JP Capital were provided for additional work required to be done by PrIME and in particular for preparation for the next attempt at cGMP registration. PrIME has engaged external consultants to help address the shortcomings highlighted in the previous cGMP attempt. PrIME has announced that it will update shareholders post the the cGMP audit by the Singaporean regulator, the HSA but it has not yet provided a date of the audit.

For further information please contact:

Alison Coutts Executive Chairman +61 2 8415 7300 alison.coutts@nusep.com

Email info@nusep.com Web www.nusep.com ABN 33 120 047 556

NuSep Holdings Ltd 30 Richmond Rd Homebush NSW 2140

Postal Address P.O. Box 2202 Homebush West NSW 2140

Contact Details Telephone +61 2 8415 7300 Facsimile +61 2 8415 7399