Trading Statement Aspen Pharmacare Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 1985/002935/06) Share code: APN & ISIN: ZAE000066692 ("Aspen") Trading Statement Aspen shareholders are hereby advised that the reported results for the six month trading period to 31 December 2015 are influenced by the factors set out below which significantly affect comparability with the results of the prior period: 1. The completion on 31 August 2015 of the divestment of the Generics business conducted in Australia as well as certain branded products distributed in Australia to Strides group companies, the related termination of license arrangements in Australia and the completion on 1 October 2015 of the divestment of a portfolio of products distributed in South Africa to Litha Pharma (collectively “the Divestments”). The contribution to the Aspen results by the Divestments is consequently substantially reduced in the current period. In the period from 1 July 2015 until effective date of divestment, revenue from the Divestments was R202 million whereas revenue from the Divestments for the six months ended 31 December 2014 was R1 148 million. 2. The economic situation in Venezuela has deteriorated over the 6 months to 31 December 2015 and the Venezuelan authorities have increasingly limited authorisations to pay for pharmaceutical imports using the official CENCOEX rate during this period of Venezuelan Bolivars (“VEF”) 6.30 per USD. As a consequence of the limited payment approvals and the uncertain economic and political situation in Venezuela, Aspen has concluded that it would be more appropriate to apply the SIMADI exchange rate of VEF 200 per USD to report the Venezuelan business financial position, results of its operations and cash flows for the 6 months ended 31 December 2015. This has resulted in a once-off currency devaluation loss on foreign denominated liabilities of R841 million. The currency devaluation loss is excluded from normalised headline earnings per share (“NHEPS”). In order to provide Aspen shareholders with clear comparability of the financial performance of the ongoing underlying business, a measure described as comparable NHEPS has been determined by excluding the contribution from the Divestments. Comparable NHEPS for the 6 months ended 31 December 2015 is expected to be between 623.6 cents and 650.1 cents, an increase of between 18% and 23% over the comparative period (528.5 cents). NHEPS, headline earnings per share and earnings per share for the 6 months ended 31 December 2015 are expected to vary from those reported in the comparative period, ended 31 December 2014, within the following ranges: Measure Range Cents per share Cents per share in Notes the comparative period - 31 December 2014 NHEPS 11% to 16% 635.7 to 664.3 572.7 1,2 Headline earnings -26% to -21% 400.9 to 428.0 541.7 3 per share Earnings per share 32% to 37% 711.6 to 738.6 539.1 4 Notes: 1. NHEPS comprises headline earnings per share adjusted for specific non-trading items. NHEPS is the primary measure used by Aspen to assess its underlying financial performance. NHEPS excludes, inter alia, the effects arising from the devaluation of Aspen’s Venezuelan business. 2. NHEPS for the comparative period 31 December 2014 has been restated from the previously reported value of 569.1 cents to 572.7 cents, in terms of a change in accounting policy, to exclude net monetary adjustments and currency devaluations relating to hyperinflationary economies. 3. The decline in headline earnings per share is due to the once-off effect arising from the devaluation of Aspen’s Venezuelan business. 4. The growth in earnings per share is higher than the growth in NHEPS and the negative growth in headline earnings per share due to the effect of significant capital profits realised on the Divestments during the 6 months ended 31 December 2015. The financial results on which this trading announcement is based have not been reviewed or reported on by Aspen`s external auditors. Aspen`s interim results for the 6 months ended 31 December 2015 are scheduled to be published on SENS on 3 March 2016. Durban 23 February 2016 Sponsor: Investec Bank Limited Date: 23/02/2016 11:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.