Background Ascendis Health is a health and wellness company founded in 2008 and listed in the healthcare sector of the JSE in November 2013. In 2015, the Group embarked on an international growth strategy and acquired four businesses in Europe: Farmalider in Spain (2015), Remedica in Cyprus (2016), Scitec in Hungary (2016) and Sunwave Pharma in Romania (2017). Today Ascendis Health has a global reach with well-known brands and products sold to more than 120 countries across all continents. Strategic focus Against a backdrop of too much debt and limited operational flexibility we have set out a three-pillar strategy with the following focus areas: Pillar1: Stabilise (‘Fix the balance sheet’) • Set the medium-term portfolio strategy – which companies we should keep and which we should sell • Restructure existing debt to match the long-term portfolio strategy • Introduce sufficient new money to restore operational flexibility and ability to execute ‘Optimise’ Pillar Pillar 2: Optimise (‘Right-size and create platform businesses’) • Set the operating model to align with portfolio strategy and reduce complexity • Implement Project Office discipline to drive efficiencies, capital allocation optimization, and margin management strategies in each Business Unit • Create Business Unit specific incentivization programs and develop owner-manager mindsets Pillar 3: Grow (‘Maximise value and grow the platforms’) • Deleveraging strategy to take onto account the interim cash conversion profiles of the underlying business • Remain flexible to access attractive market windows • Deploy capital to underpin steady state portfolio