ASPEN PHARMACARE HOLDINGS LIMITED - Proposed Succession and Board Composition Update

Proposed Succession and Board Composition Update

ASPEN PHARMACARE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1985/002935/06
Share code: APN
ISIN: ZAE000066692
("Aspen" or "Company" or "the Group")

PROPOSED SUCCESSION AND BOARD COMPOSITION UPDATE

In compliance with paragraph 6.71 of the Listings Requirements of the JSE Limited, shareholders are advised
of the following changes to the composition of the Board and its committees:

Board Chair succession

Mr Kuseni Dlamini has advised the Board that he will not make himself available for re-election as a director
at the Company's annual general meeting to be held in December 2026 ("AGM"). Accordingly, he will step
down as Chair of the Board and cease to serve as an independent non-executive director of the Company at
the conclusion of the AGM.

Mr Dlamini has served on the Company's Board since 2012 and was appointed as Chair in 2015. During his
tenure, he has also served as a member of the Remuneration and Nomination Committee and the Social and
Ethics Committee. The Board extends its sincere appreciation to Mr Dlamini for his exemplary leadership,
steadfast commitment and significant contribution to Aspen over the years. The Board thanks Mr Dlamini for
his valued service and wishes him every success in his future endeavours.

The Board has resolved to appoint Mr Ben Kruger as successor Chair of the Board when Mr Dlamini stands
down as Chair at the conclusion of the AGM.

Mr Kruger was appointed to the Board in 2019 and has served as Lead Independent Director, Chair and
subsequently member of the Audit and Risk Committee, and member of the Social and Ethics Committee.
He will step down from the Audit and Risk Committee when he takes over as Chair in December.

Mr Kruger has been appointed as a member of the Remuneration and Nomination Committee.

The Company will make a further announcement in due course regarding the appointment of a Lead
Independent Director.

Retirement of Mr Chris Mortimer

Mr Chris Mortimer, a non-executive director, has informed the Board that he will not make himself available
for re-election as a director at the AGM and will accordingly retire from the Board at the conclusion of that
meeting.

Mr Mortimer has served on the Company's Board since 1999 and, over the course of his 27-year tenure, has
served on a number of Board committees. The Board wishes to express its sincere appreciation for Mr
Mortimer's outstanding contribution to Aspen, and in particular for the trusted legal counsel, wisdom and
guidance he has provided to the Group from its inception. The Board and executive management thank Mr
Mortimer for his exceptional service.

Continuation of service of Dr Yvonne Muthien

Dr Yvonne Muthien will attain the age of 70 in September 2026 and, in terms of the Company's Board Charter
and Board Policy on Tenure, is deemed to retire at that age. The Board has, however, determined that it is in
the best interests of the Company for Dr Muthien to continue serving as an independent non-executive
director for a further year following the AGM, to maintain Board continuity.

Social and Ethics Committee changes

To enhance continuity and experience on the Committee, Mr Themba Mkhwanazi, an independent non-
executive director, has been appointed as a member of the Social and Ethics Committee with immediate
effect.

The Board believes that Mr Mkhwanazi's experience and expertise, including his extensive experience in
stakeholder engagement and sustainability, will contribute meaningfully to the continued discharge of the
Committee's statutory and governance responsibilities.

Durban
9 July 2026

Sponsor:
Investec Bank Limited

Date: 09-07-2026 12:00:00
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