Aspen Investor Presentation — July 2019

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2019 ANNUAL RESULTS PRESENTATION

For the year ended 30 June 2019DISCLAIMER

We may make statements that are not historical facts and relate to analyses and other information based on forecasts of future r esults and

estimates of amounts not yet determinable. These are forward looking statements as defined in the U.S. Private Securities Lit igation Reform Act

of 1995. Words such as “prospects”, “believe”, “anticipate”, “expect”, “intend”, “seek”, “will”, “plan”, “indicate”, “could”, “may ”, “ endeavour ” and

“project” and similar expressions are intended to identify such forward looking statements, but are not the exclusive means o f identifying such

statements. By their very nature, forward -looking statements involve inherent risks and uncertainties, both general and specific , and there are

risks that predictions, forecasts, projections and other forward -looking statements will not be achieved. If one or more of thes e risks materialise ,

or should underlying assumptions prove incorrect, actual results may be very different from those anticipated. The factors th at could cause our

actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forw ard-looking

statements are discussed in each year’s annual report.

Forward looking statements apply only as of the date on which they are made, and we do not undertake other than in terms of t he Listings

Requirements of the JSE Limited, any obligation to update or revise any of them, whether as a result of new information, futu re events or

otherwise. Any profit forecasts published in this report are unaudited and have not been reviewed or reported on by Aspen's e xternal auditors.

2CAUTIONARY REGARDING FORWARD -LOOKING STATEMENTSDISCLOSURE NOTE

•Results separately disclose discontinued operations arising from the completed disposals of the Nutritionals business and non-core

pharmaceutical portfolio in the Asia Pacific region

•Adoption of new IFRS 9 (Financial instruments) and 15 (Revenue from contracts with customers)

IFRS 9 deals with expected loss provisioning

IFRS 15 addresses revenue recognition of customer contracts

Requires that revenue and the related costs are only recognised when performance obligation has been satisfied

Has resulted in restatement of FY 2018 in accordance with the new standards

•Segmental reporting structure at the overview level refined

In line with business strategy and focus

Sterile Focus Brands: Anaesthetics and Thrombosis

Regional Brands: Now includes High Potency & Cytotoxic Brands which have been de -prioritised for regional focus