Clarification note on trading statement ASCENDIS HEALTH LIMITED (Incorporated in the Republic of South Africa) (Registration number 2008/005856/06) Share code: ASC ISIN: ZAE000185005 (“Ascendis” or “the Company”) CLARIFICATION NOTE ON TRADING STATEMENT Further to the trading statement released on SENS on 31 January 2018 (“Trading Statement”) and in response to investor requests for clarification, Ascendis has decided to clarify the methodology used to calculate Normalised headline earnings and Normalised headline earnings per share (“NHEPS”) since an adjustment has been made to the methodology as reported on in previous financial reporting periods (“Previous Methodology”). Normalised headline earnings and NHEPS have been restated to no longer add back notional interest on deferred vendor liabilities. Even though the interest will not result in any cash flow to the vendors, management has elected to adopt a more conservative approach going forward. The Company confirms that this change in methodology has no impact on Basic earnings and Headline earnings as the notional interest continues to be expensed in terms of International Financial Reporting Standards. The following table outlines the earnings ranges for Normalised headline earnings and NHEPS anticipated relative to the comparative period for both the Previous Methodology (for comparative purposes) as well as the updated more conservative methodology as reported on in the Trading Statement (“New Methodology”): Continuing Operations 6 months ended 6 months ended % increase/ 31 December 31 December (decrease) 2017 2016 New Methodology Normalised headline earnings R329m – R365m R294m 12% – 24% Normalised headline earnings per share 74 – 78 cents 71 cents 4% - 10% (“NHEPS”) Previous Methodology Normalised headline earnings R349m – R388m R313m 12% - 24% Normalised headline earnings per share 79 – 83 cents 76 cents 4% - 9% (“NHEPS”) Total Operations 6 months ended 6 months ended % increase/ 31 December 31 December (decrease) 2017 2016 New Methodology Normalised headline earnings R300m – R335m R291m 3% - 15% Normalised headline earnings per share 67 – 72 cents 70 cents (5%) – 3% (“NHEPS”) Previous Methodology Normalised headline earnings R320m – R357m R310m 3% - 15% Normalised headline earnings per share 71 – 77 cents 75 cents (5%) – 3% (“NHEPS”) 1 February 2018 Johannesburg Sponsor Questco Corporate Advisory (Pty) Ltd Date: 01/02/2018 12:55:00 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.