ADCORP HOLDINGS LIMITED - Directors dealing in Adcorp securities

Directors 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 Listings
        Requirements, the following information is disclosed in respect of an off-
        market exercise of Performance Shares (PFs) and subsequent purchase of
        Adcorp ordinary shares:

        Name of director:                      RL Pike
        Date of transaction:                   6 November 2014
        Nature of transaction:                 Exercise of PFs and subsequent
                                               purchase of Adcorp ordinary shares
        Number of securities:                  270 000
        Type and class of securities issued:   Ordinary shares
        Allocated Price:                       per table
        Total value:                           R15 291 000.00
        Period of vesting:                     per table
        Vesting date:                          per table
        Purchase price:                        per table
        Nature of interest:                    Direct Beneficial
        Clearance received:                    Yes


Instrument      Quantity   Allocated   Conversion      Period    Vesting   Purchase
                           Price       into            of        date      Price
                                       ordinary        vesting
                                       shares
PFs              450 000   28.53          270 000      2 years   17        33.98
                                                                 October
                                                                 2014
Total                                     270 000



        Name of director:                      PC Swart
        Date of transaction:                   6 November 2014
        Nature of transaction:                 Exercise of PFs and subsequent cash
                                               settlement
        Number of securities:                  Nil
        Type and class of securities issued:   Ordinary shares
        Allocated Price:                       per table
        Total value:                           R14 441 500.00
        Period of vesting:                     per table
        Vesting date:                          per table
        Purchase price:                        per table
        Nature of interest:                    Direct Beneficial
        Clearance received:                    Yes
Instrument      Quantity   Allocated   Conversion      Period    Vesting    Exercise
                           Price       into            of        date       Price
                                       ordinary        vesting
                                       shares*
PFs              425 000   28.53            Nil        2 years   17         33.98
                                                                 October
                                                                 2014
Total                                          Nil

              *No Adcorp shares were issued. Participant was cash settled


        Name of director:                       AM Sher
        Date of transaction:                    6 November 2014
        Nature of transaction:                  Exercise of PFs and part subsequent
                                                purchase of Adcorp ordinary shares
                                                and part cash settlement
        Number of securities:                   10 000
        Type and class of securities issued:    Ordinary shares
        Allocated Price:                        per table
        Total value:                            R2 038 800.00
        Period of vesting:                      per table
        Vesting date:                           per table
        Purchase price:                         per table
        Nature of interest:                     Direct Beneficial
        Clearance received:                     Yes


Instrument      Quantity   Allocated   Conversion      Period    Vesting    Exercise/
                           Price       into            of        date       Purchase
                                       ordinary        vesting              Price
                                       shares
PFs              60 000    28.53          10 000       2 years   17         33.98
                                                                 October
                                                                 2014
Total                                     10 000

              *In respect of 35 000 PFs, no Adcorp shares were issued. Participant
              was cash settled

        7 November 2014

        Bryanston
        Sponsor
        Deloitte & Touche Sponsor Services (Pty) Ltd

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