Trading statement NETCARE LIMITED (Registration number 1996/008242/06) JSE ordinary share code: NTC ISIN: ZAE000011953 JSE preference share code: NTCP ISIN: ZAE000081121 ("Netcare") TRADING STATEMENT In terms of paragraph 3.4 (b) of the JSE Listings Requirements, a listed company is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported upon next will differ by at least 20% from those of the previous corresponding period. Netcare will be releasing its unaudited interim Group results for the six months ended 31 March 2019 (“H1 2019”) on Monday, 13 May 2019. The results for the comparative six months ended 31 March 2018 (“H1 2018”) include sizeable transactions which are all related to Netcare’s former United Kingdom (“UK”) subsidiary, BMI Healthcare, up to the date of its deconsolidation on 28 March 2018. The impact of the UK-related transactions was reported in Netcare’s published unaudited interim Group results for the six months ended 31 March 2018 in which the results of the UK operations are classified as a discontinued operation. These UK-related transactions affect Earnings per Share (“EPS”) and Headline Earnings per Share (“HEPS”) for H1 2018. In addition to the mandatory EPS and HEPS metrics, Netcare also publishes an “adjusted HEPS” figure, which is the primary measure used by management to assess Netcare’s underlying financial performance. Adjusted HEPS from continuing operations for H1 2019 is anticipated to be between 82.3 cents and 86.8 cents, representing a decrease of between 1% and 6% from the 87.7 cents per share reported for H1 2018. However, equalising the base to exclude the prior period’s interest income recognised on the contractual economic interest in BMI Healthcare’s debt, adjusted HEPS from continuing operations for H1 2019 is expected to increase by 0% to 5% from the 82.3 cents per share reported for H1 2018. As a result of the prior year UK-related transactions, EPS and HEPS will be impacted as follows: • EPS for H1 2019 is anticipated to be between 69.9 cents and 97.8 cents, representing a decrease of between 65% and 75% from the 279.5 cents per share reported for H1 2018. • HEPS for H1 2019 is anticipated to be between 79.3 cents and 82.4 cents, compared to the loss of 30.5 cents per share reported for H1 2018. The information provided in this trading statement has not been reviewed or reported on by Netcare’s external auditors. Johannesburg 9 May 2019 Sponsor Nedbank Corporate and Investment Banking Date: 09/05/2019 05:30:00 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.