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 Date: 29/11/2012 03:25:00 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.