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 Listing
        Requirements, the following information is disclosed in respect of an off-
        market exercise of Share Appreciation Rights (SARS) and Performance Shares
        (PFs):

        Name of director:                      R L Pike
        Date of transaction:                   27 November 2012
        Nature of transaction:                 Exercise of SARS and PFs
        Number of securities:                  177 945
        Type and class of securities issued:   Ordinary shares
        Allocated Price:                       per table
        Total value:                           R12 375 300.00
        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
                           Price       into           of        date       Price
                                       ordinary       vesting
                                       shares
PFs              120 000   26.39          120 000     2 years   26         26.39
                                                                February
                                                                2012
SARS            350 000    26.31          57 945      2 years   31 May     26.31
                                                                2008
Total                                     177 945




        Name of director:                      PC Swart
        Date of transaction:                   27 November 2012
        Nature of transaction:                 Exercise of SARS and PFs
        Number of securities:                  397 127
        Type and class of securities issued:   Ordinary shares
        Allocated Price:                       per table
        Total value:                           R16 361 000.00
        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
                           Price       into            of        date       Price
                                       ordinary        vesting
                                       shares
SARS            30 000     18.15           12 731      2 years   31 May     18.15
                                                                 2007
SARS            250 000    26.31           41 389      2 years   31 May     26.31
                                                                 2008
SARS            300 000    16.50          143 007      2 years   28         16.50
                                                                 February
                                                                 2011
PFs              100 000   16.50          100 000      2 years   28         16.50
                                                                 February
                                                                 2011
PFs              100 000   26.39          100 000      2 years   26         26.39
                                                                 February
                                                                 2012
Total                                     397 127



        Name of director:                      C Bomela
        Date of transaction:                   27 November 2012
        Nature of transaction:                 Exercise of Share Appreciation
                                               Rights and Performance shares
        Number of securities:                  97 604
        Type and class of securities issued:   Ordinary shares
        Allocated Price:                       per table
        Total value:                           R6 993 350.00
        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
                           Price       into            of        date       Price
                                       ordinary        vesting
                                       shares
Share           200 000    26.39          32 604       2 years   26         26.39
Appreciation                                                     February
Rights                                                           2012
Performance     65 000     26.39          65 000       2 years   26         26.39
shares                                                           February
                                                                 2012
Total                                     97 604


        29 November 2012

        Bryanston
        Sponsor
        Deloitte & Touche Sponsor Services (Pty) Ltd

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