Press Releases

Johannesburg – JSE Ltd listed Aspen Pharmacare Holdings Limited (Apn), Africa’s largest pharmaceutical manufacturer, has announced pleasing results for the interim period ended 31 December 2011, once again proving Aspen’s resilience across its global businesses. Group Performance Revenue from continuing operations rose by 31 percent to R7.5 billion (R5.7 billion). Operating profit before amortisation from continuing operations adjusted for specific non-trading items (“EBITA”), improved by 32 percent to R2.2 billion (R1.6 billion) Diluted normalised headline earnings per share (DNHEPS) from continuing operations increased by 22 percent to 308.1 cents (253.3 cents). Growth in earnings was affected by higher funding costs on the debt raised to acquire the pharmaceutical division of Sigma Pharmaceuticals Limited in Australia (“the Sigma business”) in January 2011. Stephen Saad, Aspen Group Chief Executive said, “The Group’s strong showing for the period was the result of excellent performances across the offshore territories with Asia Pacific leading the way. The Asia Pacific region increased its contribution to Group EBITA from 8% to 34% in the current period.” South African Business Revenue in the South African business was 11% down at R2908 million with the Pharmaceutical division declining 9% and the Consumer division declining 19%. Despite the headline results, the underlying performance of the Pharmaceutical division was good. Annualised revenue growth measured by IMS at 31 December 2011 indicated Aspen’s generic products increased by 16.2% The contributing factors to the performance reversal were largely one-offs in nature and, where appropriate, mitigating actions have been taken which will benefit the business going forward. These factors have been well communicated and are as follows: The Pharmaceutical division’s two biggest products, Seretide and Truvada, both came under pressure from generic substitutes for the first time in the second half of the 2011 financial year; Offtakes under the antiretroviral (“ARV”) tender were significantly lower than expected during 2011 as the South African government used donor sponsored products rather than accessing the tender awarded; Aspen retained its leading stake in the recently awarded public health ARV tender which commenced in January 2011. Aspen has both the lower volume share of this tender and reduced pricing on the prior tender. Given the supply of donor funded stock to date, these sales decreases have not been mitigated by the anticipated increases from expanded coverage; The license with Pfizer for a range of infant milk products which had contributed revenue of approximately R250 million per annum to the Consumer division expired; and Production for most of July was lost due to a union led strike. EBITA was 17% lower at R841 million. Profit margins came under pressure due to reduced production volumes as a result of the poor ARV tender offtake, the cost of production lost through the strike, inflationary increases in wages and energy, as well as the weaker Rand. The revenue lost on the genericisation of Seretide has been recovered by Aspen’s own generic, Foxair. The December 2011 launch of Tribuss, the first generic triple combination ARV to market, provides the opportunity to regain lost revenue incurred on Truvada’s genericisation. The Consumer division performance was disappointing. It was hoped that securing the major portion of the public healthcare tender for infant milk formula would help offset the loss of the Pfizer license. However, volumes ordered by the state since the tender was awarded have been erratic, and sustainable demand has yet to be established. Investment in capital projects at the production facilities is ongoing. Major projects underway include adding tableting capacity in Port Elizabeth, moving liquids manufacture to East London and introducing new technologies in Cape Town. Asia Pacific Business As anticipated, the Asia Pacific business was the leading growth driver for the Group. Revenue of R2859 million is more than three times greater than the comparative period whilst EBITA has grown from R133 million to R736 million. The EBITA achieved in the past six months is 15% greater than that achieved in the full 2011 financial year. The acquisition of the Sigma business has clearly played a material role in the exponential growth recorded by the region. The successful merger of the Sigma business with the pre-existing Aspen business in Australia has been fundamental to this achievement. The merged business is operating as a single unified structure allowing the realisation of synergies and efficiencies. Together with the delivery of the first procurement savings, this has translated into a steady improvement in operating profit margins. The strong market position of the Australian business has assisted it in concluding a co-marketing agreement with Lilly for its market leading psychotic disorder product, Zyprexa, and the generic of the molecule, Olanzapine. The consolidation and rationalisation of the Australian facilities has continued. The Tennyson site has been sold. The Croydon and Noble Park sites are in the process of phased closure. Production is now centred at the Dandenong facility and supported by the Baulkham Hills facility. Expansion of Aspen’s presence in South East Asia is receiving attention from the regional management team. The newly established business in the Philippines is in full operation with close to 100 sales representatives deployed. International Business The International business increased revenue by 5% to R1 443 million and raised EBITA by 17% to R455 million. Latin America was a leading contributor to the growth with sales to customers in that region rising 23% while revenue in the Rest of the World territories remained unchanged on the prior year. The widening of profit margins can be attributed to a favourable position in the cycle of transitioning global brands to Aspen distribution as well as the realisation of the first savings in the global brands cost of goods reduction programme. Sub-Saharan Africa Gross revenue improved by 25% to R835 million and EBITA added 23% to R136 million in Sub-Saharan Africa. The primary driver in these positive results was the GSK Aspen Healthcare for Africa collaboration, which performed strongly in Nigeria and French West Africa. Prospects Although the South African business will continue to face the influence of unfavourable events in the second half of

Johannesburg – JSE Ltd listed Aspen Pharmacare Holdings Limited, the leading pharmaceutical manufacturer in the southern hemisphere, has produced excellent results for the year ended 30 June 2011. GROUP PERFORMANCE: Revenue from continuing operations increased by 29% to R12.4 billion (R9,6 billion). Operating profit from continuing operations improved by 25% to R3.1 billion (R2.5 billion). Normalised headline earnings from continuing operations rose 29% to R2.4 billion (R1.8 billion). Diluted normalised headline earnings per share (NHEPS) from continuing operations grew by 20% to 523.3 cents (437.7 cents). A capital distribution of 105 cents (70 cents) per ordinary share by way of a capital reduction has been declared. Stephen Saad, Aspen Group Chief Executive said, “The Aspen results are a reflection of the Group’s efforts across all of our key geographies. We had stellar performances in Asia Pacific, Sub-Saharan Africa, Latin America and South Africa. The South African performance was particularly pleasing given the headwinds in the market, namely a 0% increase in selling prices, but cost increases in salaries, wages and electricity. This vindicates our strategic investment in manufacturing infrastructure. The acquisition of the Sigma pharmaceutical business has performed ahead of plan and has contributed to the improved performance in the second half of the year. Next year this impact will be for the entire period.” SOUTH AFRICA: Revenue from the South African business increased by 13% to R6.3 billion and operating profit grew 17% to R1.9 billion. The Pharmaceutical division led growth, increasing revenue by 15% to R5.2 billion. This was achieved despite its two biggest brands, Seretide and Truvada, coming under generic competition for the first time, as well as reduced pricing and lower than expected off takes in the new anti-retroviral (ARV) tender which commenced in January 2011. ARV tender volumes have been well below expected levels as Government has used substitute donor funded product. Aspen’s successful strategy to defend the Seretide molecule by launching its own generic, Foxair, has more than compensated for volume declines in Seretide. The Pharmaceutical division is fundamentally in good shape with a strong underlying growth rate. In particular, the Generic division continues to perform, fuelled by the industry’s strongest organic pipeline. This is further validated by Aspen retaining its 2011 Campbell Belman Confidence Predictor Results ranking as the leading pharmaceutical company in South Africa. Revenue from the Consumer division increased 3% to R1.1 billion in a slow retail market. The division responded to the fourth quarter loss of the Pfizer infant milk formula license, which generated annual sales of approximately R250 million. In response, Aspen launched Infacare Gold as a substitute product range as well as Melegi acidified, a specialist infant formula brand. Aspen participated in the Government tender for infant nutritionals for the first time and was awarded the vast majority of the volume of the products for which it competed. This three-year tender covers eight of South Africa’s nine provinces and will assist in closing the gap left by the Pfizer brands. The Group has continued to invest in its manufacturing capabilities in South Africa in order to increase capacity, enhance technical standards and improve efficiency. Projects are underway at the Port Elizabeth, East London and Cape Town production sites. Aspen’s production competitiveness continues to be validated by the successes achieved in recent tender awards by the Government for ARVs, tuberculosis, anti-biotics and infant nutritionals where the Group competed with manufacturers from across the world. SUB-SAHARAN AFRICA: The Group’s gross revenue in Sub-Saharan Africa advanced by 43% to R1.3 billion and operating profits almost tripled from R66 million to R182 million. A full year’s contribution (prior year 7 months) from the GSK Aspen Healthcare for Africa collaboration assisted in this substantial step-up in results. Wider margins have contributed toward improved performance of East African-based Shelys. INTERNATIONAL: The International business increased revenue by 56% to R5.6 billion. Operating profit before amortisation, adjusted for one-off non-trading items, grew 35% to R1.4 billion. The acquisition of the Australian-based Sigma business was completed with effect from 31 January 2011 for a purchase consideration of AUD 863 million. The addition of the Sigma business was the primary driver in the Asia Pacific region increasing revenue by 122% to R3.1 billion. The original Aspen Australia business also performed strongly, raising revenue by 33% to R1.7 billion. Synergies between the Sigma business and the Aspen Australia business are expected to yield cost of goods reductions from improved procurement and lower manufacturing costs achieved through the Aspen global network. Aspen’s Latin American businesses generated a 19% increase in revenue to R0.9 billion. Revenue from the Group’s businesses in the rest of the world was up 12% to R1.6 billion. The disposal of Onco Laboratories was completed in February 2011, realising a profit on disposal of R368 million. This was the largest contributor to profits from discontinued operations. FUNDING: Borrowings net of cash were R6.3 billion despite the R5.9 billion investment in the Sigma business, with gearing at 34%. PROSPECTS: During the forthcoming year, revenue and profit contributions from the Group’s International businesses are expected to exceed that of the South African business for the first time. It is anticipated that the Sigma business will lead growth in the Asia Pacific region. The Group’s pipeline for Australia has been further augmented by the conclusion of an agreement with Cipla, the leading Indian generic company, to work together for Aspen to launch Cipla developed products in Australia. Aspen’s representation in the region has taken a further step forward with the commencement of the process to incorporate a subsidiary in the Philippines. Demographics in South Africa continue to support growth in the utilisation of medicines that could be further accelerated by the introduction of the Government’s National Health Insurance programme. The South African Department of Health (“DoH”) is presently considering the promulgation of new regulations to implement a process of international benchmarking of originator pharmaceutical products and to cap the logistics fees paid in the distribution of pharmaceuticals. Aspen has been an active participant in the formulation of industry submissions

Aspen increases revenue by 33 percent. Johannesburg – JSE Ltd listed Aspen Pharmacare Holdings Limited (Apn), Africa’s largest pharmaceutical manufacturer, has announced pleasing results for the interim period ended 31 December 2010. Group Performance: Headline earnings from continuing operations increased by 35 percent to R1.147 billion. Revenue from continuing operations rose by 33 percent to R5.990 billion (R4.519 billion). Operating profit from continuing operations improved by 28 percent to R1.614 billion (R1.260 billion). Headline earnings per share (HEPS) from continuing operations increased by 15 percent to 265.3 cents (230.8 cents). The rise in headline earnings per share was diluted by an increase in the weighted average number of shares in issue as a consequence of the issue of shares on 1 December 2009 in settlement of the transaction with GlaxoSmithKline (“GSK”) concluded on that date. Stephen Saad, Aspen Group Chief Executive said, “The South African pharmaceutical division’s consistently good performance ensured that Aspen retained it position as the leader in the South African pharmaceutical market. The successful integration of the GSK business has further contributed and Aspen is now also ranked first in the branded product segment. Aspen’s international and sub-Saharan Africa businesses also performed well, delivering increased revenue and operating profit across the Group”. South African Business The South African business increased revenue by 29% to R3.300 billion and improved operating profit by 23% to R0.996 billion. The pharmaceutical division led the growth in revenue raising sales by 36% to R2.682 billion. Consumer division sales were up 8% to R0.618 billion. Profit margins benefited from production efficiencies, procurement savings and the strength of the Rand. The higher insurance compensation received in the prior period inflated the comparative profit margin for that period. The pharmaceutical business grew ahead of the market in the private sector, increasing Aspen’s share as measured by IMS to 16.7%. Sales of the GSK products for the six months to 31 December 2010 were R463 million against R53 million from one month of sales in the prior period. In the recently adjudicated anti-retroviral (“ARV”) tender, Aspen was awarded 41% by value of the anticipated ARV requirements of the South African government over a two-year period. This validates the cost competitiveness of the Group’s production capabilities. There has been ongoing investment in the manufacturing capabilities of the Group in South Africa. Most capital projects are well advanced. The focus of these projects has been adding capacity, enhancing technical standards and improving efficiency. Sub-Saharan Africa Business Revenue in the sub-Saharan Africa business more than doubled from R279 million to R666 million due to the full period contribution from the GSK Aspen Healthcare for Africa collaboration. Operating profit followed a similar trend, growing from R41 million to R119 million. Performance at Shelys, Aspen’s 60% owned subsidiary in East Africa, improved on the unsatisfactory showing in the second half of the 2010 financial year. International Business The international business increased revenue by 39% to R2.423 billion. Revenue benefited by R600 million (2009: R108 million) from the inclusion of the brands and the German-based Bad Oldesloe production facility acquired from GSK in December 2009 for the full period. Asia Pacific revenue was up 28% to R957 million, Latin America revenue increased 20% to R599 million and revenue in the Rest of the World region rose 76% to R867 million. Operating profit before amortisation and once-off items was up 27% to R551 million. The AUD 900 million (approximately R6.3 billion) acquisition of the pharmaceutical business of Sigma, Australia’s largest listed pharmaceutical company, completed on 31 January 2011. Integration of this business with Aspen Australia is well underway and is progressing to plan. Prospects The South African pharmaceutical business has strengthened its position as the market leader over the past period. Performance in the second half of the year will however be affected by the reduced value of the recent ARV tender award. The Minister of Health has announced that no consideration will be given to an increase in the Single Exit Price before the end of 2011. The South African consumer business will be adversely affected by the ending in April 2011 of the Pfizer infant milk license agreement, which generated annual sales of approximately R250 million. Pfizer has taken the decision to enter the South African market itself following the acquisition of the infant milk franchise as part of its take-over of Wyeth. Aspen has expanded its own infant milk offering with the introduction of the Infacare Gold range in order to replace the Pfizer brands. The sub-Saharan Africa business is on a firm footing and the positive performance of the first half of the year should be maintained in the second half. The Asia Pacific region of the International business is set for strong growth as the Sigma pharmaceutical business is integrated into Aspen Australia. The earnings per share impact for this financial year is likely to be close to neutral due to the expensing of transaction fees, stamp duties and restructuring costs expected to exceed R100 million. In years thereafter the transaction is anticipated to be earnings accretive as synergistic benefits are realised. The International business will continue to transition products acquired from GSK to the Aspen global distribution network. Once complete, the Group will be well positioned to realise procurement and marketing opportunities with these brands. The Group remains well placed for growth into the medium term. The launch of new products from the extensive product pipeline will provide organic growth across all major markets. The expanded business in the Asia Pacific region is expected to provide further growth momentum. Latin America remains a core focus area for the Group as a region with great potential. Opportunities to add to the portfolio of global brands will be actively pursued. ends Issued by: Shauneen Beukes, SBC Tel: +27 (012) 661-8467 : Cell: +27 82 389 8900 On Behalf Of: Stephen Saad, Aspen Group Chief Executive Tel: +27 (031) 580-8603 Gus Attridge, Aspen Deputy Group Chief Executive Tel: +27 (031) 580-8605 Roshni Gajjar, Aspen Investor Relations Tel: +27 (031)