Netcare - Network Healthcare Holdings Limited announces pricing of the

     Netcare - Network Healthcare Holdings Limited announces pricing of the     
                senior guaranteed convertible bond offering due 2011            
     Network Healthcare Holdings Limited                                        
(Incorporated in the Republic of South Africa)                             
     (Registration number 1996/008242/06)                                       
     JSE share code: NTC ISIN: ZAE000011953                                     
     ("Netcare" or the "Company")                                               
STOCK EXCHANGE RELEASE                  29 September 2006                  
     Network Healthcare Holdings Limited announces pricing of the senior        
     guaranteed convertible bond offering due 2011                              
     Netcare announces the successful placement of its ZAR 1.5 billion senior   
guaranteed convertible bonds due 2011 (the "Bonds") via an accelerated     
     bookbuild (the "Offering").                                                
     The Bonds will be issued and redeemed at 100% of their principal amount and
     will pay a coupon of 6% per annum, paid semi-annually in arrear. The       
conversion price has been set at ZAR 15.30, which represents a premium of  
     25.4% above the reference price of Netcare"s ordinary shares of ZAR 12.20  
     per ordinary share. The Bonds are expected to be settled on or around 12   
     October 2006 (the "Settlement Date").  The maturity date will be 30        
September 2011 unless the Bonds are previously redeemed, converted, or     
     purchased and cancelled.                                                   
     Netcare has granted Barclays Capital and Dresdner Kleinwort (together the  
     "Bookrunners") an option to subscribe for up to ZAR 200 million of         
additional Bonds to cover over-allotments, if any, which may be exercised  
     at any time up to and including 30 days after the Settlement Date.         
     The ordinary shares to be issued upon conversion of the Bonds will         
     represent 6.2% of the number of Netcare"s current issued share capital     
(assuming the option to increase the issue size is fully exercised).       
     In connection with the issue of the Bonds, the Bookrunners have, on behalf 
     of investors in the Bonds, placed 44.011 million ordinary shares with a    
     single investor at the reference price of ZAR 12.20 per ordinary share.    
Deloitte & Touche has been appointed by the board of Netcare as the        
     independent expert in respect of the Offering. Deloitte & Touche has       
     reviewed and considered the Offering and subject to the provisions         
     contained in its opinion letter, is of the opinion that the terms and      
conditions of the Offering are fair and reasonable to the Netcare"s        
     ordinary shareholders. This fair and reasonable opinion will be lodged with
     the JSE Limited ("JSE") and available for inspection at the registered     
     office of the Netcare for a period of 10 business days from the date of the
Settlement Date.                                                           
     Application has been made for the Bonds to be listed on the Singapore Stock
     Exchange. Trading in the Bonds on the Singapore Stock Exchange is expected 
     to commence on or about 12 October 2006 subject to the receipt of all      
regulatory approvals.                                                      
     Barclays Capital and Dresdner Kleinwort are acting as Joint Lead Managers  
     and Bookrunners of the Offering.  In connection with the Offering, Dresdner
     Kleinwort may stabilise the offering in accordance with the stabilisation  
rules of the Financial Services Authority.                                 
     Johannesburg, 29 September 2006                                            
     Network Healthcare Holdings Limited                                        
     BOARD OF DIRECTORS                                                         
For further information, please contact:                                   
     Network Healthcare Holdings Limited     Investor Relations                 
     Tel: +27 11 301 0211                                                       
     Barclays Capital: Doug Decker           Tel: +44 20 7773 8302              
Dresdner Kleinwort: Ken Robins          Tel: +44 20 7475 2361              
     Sponsor to the Company in South Africa                                     
     Merrill Lynch South Africa (Pty) Ltd                                       
     Distribution:                                                              
JSE Limited                                                                
     Main news media                                                            
     www.netcare.co.za                                                          
     THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES FOR SALE INTO THE UNITED   
STATES. THE SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES TO, 
     OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS (AS SUCH TERM IS DEFINED IN  
     REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933) UNLESS THEY ARE        
     REGISTERED OR EXEMPT FROM REGISTRATION. THERE WILL BE NO PUBLIC OFFER OF   
SECURITIES IN THE UNITED STATES.                                           
     IN THE UNITED KINGDOM THIS ANNOUNCEMENT IS DIRECTED EXCLUSIVELY AT PERSONS 
     WHO FALL WITHIN ARTICLE 19 OR 49 OF THE FINANCIAL SERVICES AND MARKETS ACT 
     2000 (FINANCIAL PROMOTION) ORDER 2005 OR TO WHOM THIS ANNOUNCEMENT MAY     
OTHERWISE BE DIRECTED WITHOUT CONTRAVENTION OF SECTION 21 OF THE FINANCIAL 
     SERVICES AND MARKETS ACT 2000. THE BONDS REFERRED TO IN THIS ANNOUNCEMENT  
     SHALL BE ISSUED ONLY TO SUCH PERSONS. STABILISATION/FSA                    
     THIS ANNOUNCEMENT IS NOT AN OFFER FOR SALE OF OR SUBSCRIPTION FOR SHARES TO
THE PUBLIC IN SOUTH AFRICA IN TERMS OF THE SOUTH AFRICAN COMPANIES ACT 1973
     (AS AMENDED) OR TO SOUTH AFRICAN RESIDENTS IN TERMS OF THE SOUTH AFRICAN   
     EXCHANGE CONTROL REGULATIONS IN SO FAR AS THOSE SOUTH AFRICAN RESIDENTS DO 
     NOT HAVE THE APPROPRIATE APPROVALS FROM THE SOUTH AFRICAN RESERVE BANK TO  
SUBSCRIBE FOR THE BONDS REFERRED TO IN THIS ANNOUNCEMENT.                  
Date: 29/09/2006 09:11:16 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department