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Adjustment to Bond Conversion Price

Netcare Limited
Adjustment to Bond Conversion Price
Registration number: 1996/008242/06
(Incorporated in the Republic of South Africa)
JSE share code: NTC
ISIN code: ZAE000011953
(“Netcare”, “the Company” or “the Group”)

Adjustment to Bond Conversion Price – ZAR1,700,000,000 6.0% Convertible Bonds due in 2011 (the “Bonds”)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS IN THAT JURISDICTION

In accordance with the terms and conditions of the Bonds (the “Conditions”) as set out in the Offering Circular dated 11 October 2006 relating to the Bonds, notice is hereby given to Bondholders that pursuant to Condition 6 in connection with the final dividend (capital reduction) for the year ended 30 September 2009 announced by Netcare on 23 November 2009, the Conversion Price of the Bonds has been adjusted to R14.88 per Ordinary Share with effect from 26 January 2010.

Word and expressions defined in the Conditions shall have the same meaning when used in this announcement.

01 December 2009

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