ASPEN PHARMACARE HOLDINGS LIMITED - Completion of the divestment of Aspen APAC

Completion of the divestment of Aspen APAC

ASPEN PHARMACARE HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number: 1985/002935/06
Share code: APN
ISIN: ZAE000066692
LEI: 635400ZYSN1IRD5QWQ94
("Aspen" or "the Company" or "APHL" and,
together with its affiliates, the "Group")

COMPLETION OF THE DIVESTMENT OF ASPEN APAC

Capitalised terms not defined in this announcement have the meaning given to such terms in the detailed
terms announcement published by the Company on the Stock Exchange News Service ("SENS") on Monday, 29
December 2025 and in the Circular distributed to Shareholders on Thursday, 19 March 2026 (the ''Circular'').

Shareholders are referred to the announcements released on SENS on Monday, 29 December 2025, Thursday,
19 March 2026 and Tuesday, 21 April 2026 and the Circular relating to the Group's proposed APAC divestment
Transaction.

Aspen is pleased to advise that all Conditions Precedent to the Transaction have been fulfilled, and the
Transaction has successfully completed on 29 May 2026 in accordance with the terms set out in the Circular.
The Group confirms that the net cash proceeds from the Transaction have been received.

TRANSACTION OVERVIEW AND PROCEEDS

    •   The Transaction Consideration remained unchanged at AUD 2,370 million with no adjustments at the
        Completion Date.
    •   Transaction and other related costs incurred amounted to less than 5% of the Transaction
        Consideration, consistent with guidance provided in the Circular.
    •   The Group fully hedged the foreign currency exposure relating to the Transaction Consideration at
        rates more favourable than those assumed in the proforma information under annexure 5 (a) of the
        Circular. Aggregate net proceeds are estimated to be approximately R27 billion, (compared to the c.R25
        billion estimate included in the Circular).
    •   Net proceeds have been applied primarily toward the reduction of Group debt, consistent with the
        strategy outlined in the Circular.
    •   The Group's balance sheet has been materially strengthened, underpinned by enhanced flexibility,
        positioning it to pursue potential capital allocation opportunities.

The Transaction Consideration received for the APAC divestment represents a compelling value and provides a
tangible demonstration of the value created within the Group over time. Consistent with the Group's strategy
to further unlock the underlying sum-of-the-parts value, the Board is of the view that the current share price
does not fully reflect the intrinsic value of Aspen's underlying businesses and growth prospects, particularly in
light of both the improved balance sheet position and future earnings profile of the continuing operations. The
enhanced balance sheet flexibility also provides greater scope to consider share buybacks as a means of
delivering returns to Shareholders.

Shareholders are advised that a live webcast relating to the contents of this announcement will be held at
12h30 SAST on Friday, 29 May 2026, which can be accessed using the following
https://www.corpcam.com/Aspen01062026

Durban
29 May 2026

Financial Adviser, Transaction Sponsor and Corporate Broker
Rand Merchant Bank, a division of FirstRand Bank Limited

Date: 29-05-2026 08:40:00
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