ADCORP HOLDINGS LIMITED - Directors dealing in securities

Directors dealing in 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 Listings
        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:                  22 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:                          R9 289 000.00
        (Aggregate of 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    31.02            nil      2 years   1 March    31.02      36.90
                                                               2010
SARS            350 000    26.39            nil      2 years   26         26.39      36.90
                                                               February
                                                               2012
SARS            350 000    26.75            nil      2 years   31         26.75      36.90
                                                               January
                                                               2013
Total                                       nil

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

        Name of director:                     PC Swart
        Date of transaction:                  22 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:                          R7 962 000.00
        (Aggregate of 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     31.02            nil      2 years   1 March    31.02     36.90
                                                               2010
SARS           300 000     26.39            nil      2 years   26         26.39     36.90
                                                               February
                                                               2012
SARS           300 000     26.75            nil      2 years   31         26.75     36.90
                                                               January
                                                               2013
Total                                       nil

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



        Name of director:                     C Bomela
        Date of transaction:                  22 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:                          R4 301 500.00
        (Aggregate of 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     31.02            nil      2 years   1 March    31.02     36.90
                                                               2010
SARS           250 000     26.75            nil      2 years   31         26.75     36.90
                                                               January
                                                               2013
Total                                       nil

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



        Name of director:                     AM Sher
        Date of transaction:                  22 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:                          R5 147 000.00
        (Aggregate of 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            200 000       26.39           nil      2 years     26         26.39    36.90
                                                                   February
                                                                   2012
SARS            300 000       26.75          nil       2 years     31         26.75    36.90
                                                                   January
                                                                   2013
Total                                        nil

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


        26 August 2013

        Bryanston
        Sponsor
        Deloitte & Touche Sponsor Services (Pty) Ltd

Date: 26/08/2013 11:12:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.