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 and reminded that the reported results for the 12 month trading period to 30 June 2016 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 R211 million whereas revenue from the Divestments for the 12 months ended 30 June 2015 was R1 836 million. 2. The economic situation in Venezuela has deteriorated over the 12 months to 30 June 2016 and the Venezuelan authorities have increasingly limited authorisations to pay for pharmaceutical imports using the official DIPRO rate (previously the CENCOEX rate) ranging during this period from Venezuelan Bolivars (“VEF”) 6.30 to 10.0 per USD. As a consequence of the limited payment approvals and the uncertain economic and political situation in Venezuela, the Group concluded that it would be more appropriate to apply the DICOM rate of VEF 628 per USD (which replaced the SIMADI exchange rate of VEF 200 per USD in March 2016) to report the Venezuelan business financial position, results of its operations and cash flows for the 12 months ended 30 June 2016. This has resulted in a once-off currency devaluation loss on foreign denominated liabilities of R870 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 and includes the results of Aspen’s Venezuelan business translated at the DICOM rate of VEF 628 per USD for the prior reporting period. Comparable NHEPS for the 12 months ended 30 June 2016 is expected to be between 1184.0 cents and 1237.4 cents, an increase of between 11% and 16% over the comparative period (1066.7 cents). Comparable NHEPS, NHEPS, headline earnings per share and earnings per share for the 12 months ended 30 June 2016 are expected to vary from those reported in the comparative period, ended 30 June 2015, within the following ranges: Cents per share in the Measure Range Cents per share comparative Notes period - 30 June 2015 Comparable NHEPS 11% to 16% 1184.0 to 1237.4 1066.7 NHEPS 7% to 12% 1 226.1 to 1 283.3 1 145.8 1,2 Headline earnings per share -26% to -21% 851.0 to 908.4 1 149.9 3 Earnings per share -20% to -15% 911.8 to 968.8 1 139.8 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 30 June 2015 has been restated from the previously reported value of 1219.1 cents to 1145.8 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 mainly as a result of the negative effect arising from the devaluation of Aspen’s Venezuelan business. 4. The decline in earnings per share is mainly as a result of the negative effect arising from the devaluation of Aspen’s Venezuelan business and intangible asset impairments reduced by the positive effect of the capital profits realised on the Divestments during the 12 months ended 30 June 2016. The financial results on which this trading announcement is based have not been reviewed or reported on by Aspen`s external auditors. Aspen`s results for the 12 months ended 30 June 2016 are scheduled to be published on SENS on 14 September 2016. Durban 7 September 2016 Sponsor: Investec Bank Limited Date: 07/09/2016 05:05:00 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.