Voluntary Announcement: Provision of Supplementary Information in respect of The 2018 Financial Year Results ASPEN PHARMACARE HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (“Aspen Holdings”) Registration number: 1985/0002935/06 Share code: APN ISIN: ZAE000066692 and its subsidiaries (collectively “Aspen” or “the Group”) VOLUNTARY ANNOUNCEMENT: PROVISION OF SUPPLEMENTARY INFORMATION IN RESPECT OF THE 2018 FINANCIAL YEAR RESULTS On 13 September 2018, Aspen released its results for the 2018 financial year which reported that Aspen had improved revenue by 3% to R42.6 billion and had grown normalised headline earnings per share (“NHEPS”) by 10% to 1 605 cents in the year ended 30 June 2018. Following the release of these results, trading volumes in Aspen shares increased with the share price declining significantly. We have received a number of enquiries in respect of certain aspects of our business and for the benefit of our shareholders the following supplementary information is provided. Guarantees to financial institutions relative to net debt levels Aspen has no off-balance sheet funding and all guarantees to financial institutions apply only to wholly owned Aspen subsidiaries. In the announcement of 13 September 2018, Aspen reported guarantees to financial institutions of R73,5 billion and in the accompanying commentary, reported borrowings, net of cash, of R46,8 billion. The explanation for the difference between these two values is as follows: - The guarantees are for the maximum value of all available facilities and credit lines, and not only for the drawn down portion thereof; - Cash balances are offset against borrowings while the guarantees are on the full available debt facilities, drawn and undrawn; and - The guarantees also cover the gross value of the South Africa cash pooling system, and certain lines which are linked to non-vanilla debt facilities, i.e. derivative lines, guarantee lines and other lines of credit. Revenue growth prospects in Commercial Pharmaceuticals Aspen is targeting organic revenue growth of between 1% and 4% in its Commercial Pharmaceuticals business for the 2019 financial year. Sale of Nutritionals business As also announced on 13 September 2018, Aspen has concluded an agreement to divest of its global nutritionals business (“Nutritionals business”) to the Lactalis Group, a leading multinational dairy corporation, for a fully funded cash consideration of EUR 739,8 million which includes approximately EUR 62 million to be paid to Aspen’s joint venture partners in Asia Pacific. The net proceeds to Aspen from completion of the divestment of the Nutritionals business, after transaction costs and related taxes, is expected to be approximately EUR 644 million (R11,2 billion at EUR 17,44/ZAR). These net proceeds will be utilised to reduce Aspen’s gearing, creating greater headroom and capacity. Influence of relative exchange rates Relative exchange rate movements can have a significant impact on Aspen’s Rand-reported results. Approximately 20% of the Group’s revenue and less than 20% of the Group’s profit after tax was earned in Rand in the year ended 30 June 2018, with the balance of revenue and profits earned in a wide spread of global currencies, the most material of which being the EUR, AUD, USD, CNY and JPN. Should present exchange rates persist for the remainder of the 2019 financial year this would have a positive impact on Rand-reported earnings. Any reference to future financial or forecast information included in this announcement has not been reviewed or reported on by the auditors. Durban 19 September 2018 Sponsor: Investec Bank Limited Date: 19/09/2018 09:15:00 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.