ADR - Adcorp Holdings Limited - Voluntary Trading Statement for the year ended

ADR - Adcorp Holdings Limited - Voluntary Trading Statement for the year ended  
28 February 2011                                                                
Adcorp Holdings Limited                                                         
(Incorporated in the Republic of South Africa)                                  
(Registration number 1974/001804/06)                                            
("Adcorp" or "the company")                                                     
Share code: ADR & ISIN: ZAE000000139                                            
VOLUNTARY TRADING STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2011                 
In terms of the Listings Requirements of the JSE Limited, companies are required
to publish a trading statement as soon as they become aware that the financial  
results for the period to be reported upon next will differ by at least 20% from
the financial results for the previous corresponding period.                    
Although within the parameter above, Adcorp shareholders are advised that for   
the year ended 28 February 2011 earnings per share and headline earnings per    
share are expected to decrease by between 0.1% and 1%. Earnings per share is    
therefore expected to be between 191.5 cents and 193.5 cents and headline       
earnings per share is therefore expected to be between 193.9 cents and 195.9    
cents                                                                           
The results have been impacted by the non cash flow amortization of intangibles 
arising on acquisitions made during 2008 and 2009.  On a normalised trading     
position, where non-cash flow IFRS adjustments are eliminated, normalised       
earnings per share is expected to be between 7% and 9% lower than those for the 
12 months ended 28 February 2010.  As a result, normalised earnings per share is
expected to be between 286.9 cents and 293.2 cents.                             
The financial results on which this trading statement has been based have not   
been reviewed or reported on by the company`s auditors. The financial results of
the company will be published on or about 25 May 2011.                          
10 May 2011                                                                     
Bryanston                                                                       
Sponsor                                                                         
Deloitte & Touche Sponsor Services (Pty) Limited                                
Date: 10/05/2011 12:49:01 Supplied by www.sharenet.co.za                     
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