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

FURTHER TO THE CAUTIONARY ANNOUNCEMENTS PUBLISHED BY ASPEN AND MACMED ON 11
FEBRUARY 1999 AND 5 FEBRUARY 1999 RESPECTIVELY, ASPEN AND MACMED SHAREHOLDERS
ARE ADVISED THAT ASPEN AND MACMED HAVE FORMED A NEW JOINT VENTURE COMPANY,
WHICH COMPANY YESTERDAY SUBMITTED AN OFFER TO THE BOARD OF DIRECTORS OF SOUTH
AFRICAN DRUGGISTS LIMITED ("SAD") TO ACQUIRE ALL THE PHARMACEUTICAL BUSINESSES
OF SAD, INCLUDING SAD'S OFFSHORE OPERATIONS ("THE OFFER"). THE OFFER IS SUBJECT
TO VARIOUS CONDITIONS PRECEDENT.

ASPEN AND MACMED SHAREHOLDERS 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 OFFER COULD HAVE A MATERIAL EFFECT
ON THE SHARE PRICES OF BOTH COMPANIES.
JOHANNESBURG
16 FEBRUARY 1999
ATTORNEYS
WERKSMANS ATTORNEYS
ATTORNEYS
BERNADT VUDIC POTASH & GETZ ATTORNEYS
ADVISERS TO ASPEN
FINANCIAL ADVISERS
PEREGRINE HOLDINGS LIMITED
(REGISTRATION NUMBER 97/12992/07)
ADVISERS TO MACMED
FINANCIAL ADVISERS
STANDARD CORPORATE AND MERCHANT BANK

(A DIVISION OF THE STANDARD BANK OF SOUTH AFRICA LIMITED)
(REGISTRATION NUMBER 62/00738/06)
SPONSORING BROKER
MERRILL LYNCH
SMITH BORKUM HARE
MERRILL LYNCH SOUTH AFRICA (PTY) LTD
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE
REGISTRATION NUMBER 95/01805/07
SPONSORING BROKER
STANDARD EQUITIES
STANDARD EQUITIES (PTY) LIMITED
(REGISTRATION NUMBER 92/08305/07)
(MEMBER OF THE JOHANNESBURG STOCK EXCHANGE)