ASPEN / MACMED - JOINT CAUTIONARY ANNOUNCEMENT

ASPEN HEALTHCARE HOLDINGS LIMITED
(FORMERLY MEDHOLD LIMITED)
(REGISTRATION NUMBER 85/02395/06)
("ASPEN")
MACMED HEALTHCARE LIMITED
(REGISTRATION NUMBER 73/06511/06)
("MACMED")
JOINT CAUTIONARY ANNOUNCEMENT

1. FURTHER TO THE CAUTIONARY ANNOUNCEMENTS PUBLISHED BY ASPEN AND MACMED ON 11
FEBRUARY 1999 AND 5 FEBRUARY 1999 RESPECTIVELY AND THE JOINT CAUTIONARY
ANNOUNCEMENT PUBLISHED BY ASPEN AND MACMED ON 16 FEBRUARY 1999, IT IS ANNOUNCED
THAT, HAVING REGARD TO THE DISCUSSIONS REFERRED TO IN PARAGRAPH 2, ASPEN AND
MACMED ALLOWED THEIR DISCUSSIONS WITH SOUTH AFRICAN DRUGGISTS LIMITED ("SAD")
TO LAPSE WITH THE AGREEMENT OF SAD.

2. ASPEN HAS BEEN INVOLVED IN DISCUSSIONS WITH FEDSURE HOLDINGS LIMITED
("FEDSURE") WHICH OWNS APPROXIMATELY 34,9% OF SAD WITH A VIEW TO ASPEN
ACQUIRING SAD'S PHARMACEUTICAL OPERATIONS AS WELL AS ANY OTHER OPERATIONS OF
SAD WHICH ARE COMPLEMENTARY TO OR NECESSARY FOR THE EFFICIENT CONDUCT OF SAD'S
PHARMACEUTICAL OPERATIONS. IF THOSE NEGOTIATIONS SUCCEED ASPEN WILL ON-SELL TO
MACMED CERTAIN DIVISIONS OF SAD'S PHARMACEUTICAL OPERATIONS.

3. ASPEN AND MACMED HAVE ESTABLISHED BANK GUARANTEES FOR THEIR RESPECTIVE
PARTICIPATIONS IN THE ACQUISITION OF SAD'S PHARMACEUTICAL OPERATIONS IF THE
NEGOTIATIONS SUCCEED.

4. THE SHAREHOLDERS OF ASPEN AND MACMED WILL BE KEPT INFORMED OF DEVELOPMENTS
AND ARE ADVISED TO CONTINUE TO EXERCISE CAUTION IN THEIR DEALINGS IN ASPEN AND
MACMED SHARES RESPECTIVELY AS THE OUTCOME OF THE NEGOTIATIONS COULD HAVE AN
EFFECT ON THE MARKET PRICES OF THOSE SHARES ON THE JOHANNESBURG STOCK EXCHANGE.
11 MARCH 1999

ADVISORS TO ASPEN                      ADVISORS TO MACMED
ATTORNEYS                              ATTORNEYS

WERKSMANS ATTORNEYS                    BERNADT VUKIC POTASH & GETZ ATTORNEYS
AUDITORS                               AUDITORS

PRICEWATERHOUSECOOPERS INC             FISHER HOFFMAN SITHOLE

(REGISTRATION NUMBER 98/12055/21)      CHARTERED ACCOUNTANTS (SA)

CHARTERED ACCOUNTANTS (SA)             REGISTERED ACCOUNTANTS & AUDITORS
REGISTERED ACCOUNTANTS & AUDITORS

FINANCIAL ADVISORS                     FINANCIAL ADVISORS
INVESTEC MERCHANT BANKING              SCMB

INVESTEC BANK LIMITED                  STANDARD CORPORATE AND MERCHANT
(REG NO 69/04763/06)                   BANK (A DIVISION OF THE STANDARD BANK
                                       OF SOUTH AFRICA LIMITED)

                                       (REGISTRATION NUMBER 62/00738/06)
SPONSORING BROKER                      SPONSORING BROKER

INVESTEC SECURITIES                    STANDARD EQUITIES

INVESTEC SECURITIES LIMITED            STANDARD EQUITIES (PTY) LIMITED
MEMBER OF THE JOHANNESBURG STOCK       (REGISTRATION NUMBER 72/08305/07)
EXCHANGE                               MEMBER OF THE JOHANNESBURG STOCK
(REGISTRATION NUMBER 72/08905/06)      EXCHANGE