INDEPENDENT Auditors’ Report

TO THE MEMBERS OF

In our opinion, the financial statements present fairly, in all material

ASPEN PHARMACARE HOLDINGS LIMITED

respects, the financial position of the Company and of the Group at 30 June 2006, and the results of their operations and cash flows

We have audited the annual financial statements and Group annual

for the year then ended in accordance with International Financial

financial statements of Aspen Pharmacare Holdings Limited set out

Reporting Standards and in the manner required by the Companies

on pages 60 to 131 for the year ended 30 June 2006. These financial

Act of South Africa.

statements are the responsibility of the Company’s directors. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we plan and perform the

PricewaterhouseCoopers Inc.

audit to obtain reasonable assurance about whether the financial

Director: ER MacKeown

statements are free of material misstatement. An audit includes

Registered Auditor

examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates

Johannesburg

made by management, as well as evaluating the overall financial

28 September 2006

statement presentation. We believe that our audit provides a reasonable basis for our opinion.

CERTIFICATE of the Company Secretary In my capacity as the Company Secretary, I hereby confirm, in terms of the Companies Act, 1973, that for the year ended 30 June 2006, the Company has lodged with the Registrar of Companies all such returns as are required of a public company in terms of this Act, and that all such returns are, to the best of my knowledge and belief true, correct and up to date.

HA Shapiro Company Secretary Johannesburg 28 September 2006

59

Aspen Annual Report 2006