Change to the board ADCORP HOLDINGS LIMITED (Registration number 1974/001804/06) (Incorporated in the Republic of South Africa) JSE Code: ADR ISIN: ZAE000000139 ("Adcorp" or the "Company") CHANGE TO THE BOARD In terms of paragraph 3.59 of the JSE Limited Listings Requirements, the board is pleased to announce the appointment of Mr Michael Spicer as an independent non-executive director of the company with effect from 21 August 2013. Michael brings a wealth of business experience to the board. He is currently a Vice President, Corporates and Africa at Business Leadership South Africa. He is on the Board of Anglo American South Africa as non-executive chairman and a board member of Rothschild South Africa, Accelerate Cape Town. Michael was appointed in 2006 as an inaugural member of the Presidential International Advisory Board of Mozambique and now chairs that body. He joined the Board of Governors of Rhodes University in 2009 and was appointed chairman in May 2012. He is a trustee of the Birdlife National Trust. Michael is an experienced media/TV spokesman. Two decades of experience in soft issues – Corporate Social Responsibility, Sustainable Development, all aspects of business, government and labour interface. Michael holds a BA and MA degree in history (Rhodes University) with distinction. Bryanston 21 August 2013 Sponsor: Deloitte & Touche Sponsor Services Proprietary Limited Date: 21/08/2013 02:50:00 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.