Allocation and acceptance of performance shares Adcorp Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 1974/001804/06) (“Adcorp” or “the Company”) Share code: ADR ISIN: ZAE000000139 ALLOCATION AND ACCEPTANCE OF PERFORMANCE SHARES In compliance with paragraphs 3.63 to 3.74 of the Listing Requirements of the JSE Limited, shareholders are advised that performance shares in Adcorp have been offered to eligible Group employees. These Performance Shares were offered on 17 October 2012 at a strike price of 2853 cents per share. This allocation was approved by the Nominations and Remunerations Committee. The acceptance date in respect of the off-market awards of Performance Shares by the beneficiaries listed below is 30 October 2012. Approval to grant and accept these performance shares was obtained from the Chairman of the Nominations and Remunerations Committee. Name of director: R L Pike Date of transaction: 30 October 2012 Nature of transaction: Acceptance of Performance Shares Number of shares: 450 000 Allocated Price: 2853 cents per share Total value: R12 838 500 Vesting date: 17 October 2014 Nature of interest: Direct Beneficial Name of director: P C Swart Date of transaction: 30 October 2012 Nature of transaction: Acceptance of Performance Shares Number of shares: 425 000 Allocated Price: 2853 cents per share Total value: R12 125 250 Vesting date: 17 October 2014 Nature of interest: Direct Beneficial Name of director: C Bomela Date of transaction: 30 October 2012 Nature of transaction: Acceptance of Performance Shares Number of shares: 50 000 Allocated Price: 2853 cents per share Total value: R1 426 500 Vesting date: 17 October 2014 Nature of interest: Direct Beneficial Name of director: A M Sher Date of transaction: 30 October 2012 Nature of transaction: Acceptance of Performance Shares Number of shares: 60 000 Allocated Price: 2853 cents per share Total value: R1 711 800 Vesting date: 17 October 2014 Nature of interest: Direct Beneficial Shareholders are advised that the awards to Messrs R Pike and P C Swart form part of an executive employment contracts signed with the Company whereby they have committed their services to the Company for a further five year term. 31 October 2012 Bryanston Sponsor Deloitte & Touche Sponsor Services (Pty) Ltd Date: 31/10/2012 03:20:00 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.