ADCORP HOLDINGS LIMITED - Directors dealing in Adcorp securities

Director’s dealing in Adcorp securities

        Adcorp Holdings Limited
        (Incorporated in the Republic of South Africa)
        (Registration number 1974/001804/06)
        ("Adcorp”)
        Share code: ADR ISIN: ZAE000000139

        Director’s dealing in Adcorp securities

        In compliance with paragraphs 3.63 to 3.66 of the JSE Limited Listing
        Requirements, the following information is disclosed in respect of an off-
        market exercise of Share Appreciation Rights (SARS) and subsequent cash
        settlement thereof:

        Name of director:                     R L Pike
        Date of transaction:                  8 August 2013
        Nature of transaction:                Exercise of SARS
        Number of securities*:                nil
        Type and class of securities issued*: nil
        Allocated Price:                      per table
        Exercise price:                       per table
        Total value:                          R486 500.00
        (Exercise price less allocated price multiplied by quantity)
        Period of vesting:                    per table
        Vesting date:                         per table
        Strike price:                         per table
        Nature of interest:                   Direct Beneficial
        Clearance received:                   Yes


Instrument      Quantity   Allocated    Conversion   Period    Vesting   Strike      Exercise
                           Price         into and    of        date      Price       Price
                                         issue of    vesting
                                         ordinary
                                          shares*
SARS            350 000    32.31            nil      2 years   1 April   32.31       33.70
                                                               2009
Total                                       nil

             *No Adcorp ordinary share were issued. Participant was cash settled.



        Name of director:                     PC Swart
        Date of transaction:                  8 August 2013
        Nature of transaction:                Exercise of SARS
        Number of securities*:                nil
        Type and class of securities issued*: nil
        Allocated Price:                      per table
        Exercise price:                       per table
        Total value:                          R417 000.00
        (Exercise price less allocated price multiplied by quantity)
        Period of vesting:                    per table
        Vesting date:                         per table
        Strike price:                         per table
        Nature of interest:                   Direct Beneficial
        Clearance received:                   Yes
Instrument      Quantity   Allocated    Conversion     Period    Vesting   Strike    Exercise
                           Price         into and      of        date      Price     Price
                                         issue of      vesting
                                         ordinary
                                          shares*
SARS            300 000    32.31            nil        2 years   1 April   32.31     33.70
                                                                 2009
Total                                       nil

              *No Adcorp ordinary share were issued. Participant was cash settled.



        Name of director:                     C Bomela
        Date of transaction:                  8 August 2013
        Nature of transaction:                Exercise of SARS
        Number of securities*:                nil
        Type and class of securities issued*: nil
        Allocated Price:                      per table
        Exercise price:                       per table
        Total value:                          R208 500.00
        (Exercise price less allocated price multiplied by quantity)
        Period of vesting:                    per table
        Vesting date:                         per table
        Strike price:                         per table
        Nature of interest:                   Direct Beneficial
        Clearance received:                   Yes



Instrument      Quantity   Allocated    Conversion     Period    Vesting   Strike    Exercise
                           Price         into and      of        date      Price     price
                                         issue of      vesting
                                         ordinary
                                          shares*
SARS            150 000    32.31            nil        2 years   1 April   32.31     33.70
                                                                 2009
Total                                       nil

              *No Adcorp ordinary share were issued. Participant was cash settled.


        13 August 2013

        Bryanston
        Sponsor
        Deloitte & Touche Sponsor Services (Pty) Ltd

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