Voluntary trading update and the disclosure of forecast financial information ADCOCK INGRAM HOLDINGS LIMITED (Incorporated in the Republic of South Africa) Registration number 2007/016236/06 ISIN: ZAE000123436 Share code: AIP ("Adcock Ingram" or "the Company") Voluntary trading update and the disclosure of forecast financial information 1. Voluntary trading update The Company is due to release its results for the financial year ended 30 September 2013 on Wednesday, 27 November 2013. 2013 has been a particularly challenging year for the Company. Trading margins came under pressure as a result of competitive market conditions and the impact of the weaker Rand on active ingredient costs. Notwithstanding these challenging market and cost conditions, Turnover for the financial year ended 30 September 2013 is expected to be between 18% and 19% higher compared to 2012, translating into an Earnings Before Interest, Tax, Depreciation and Amortisation (“EBITDA”) increase of between 10% and 11% compared to 2012. Headline earnings per share (“HEPS”) and earnings per share (“EPS”) for the financial year ended 30 September 2013 are expected to be between 17% and 18% lower compared to 2012. In 2013 the average cash position turned into a net overdraft position following the acquisition of certain assets from the Cosme Group in India and the effective tax rate normalised following the expiry of the Strategic Industrial Project Allowance in 2012. The financial information on which this voluntary trading statement is based has not been reviewed and reported on by Adcock Ingram's external auditors. 2. Disclosure of forecast financial information As part of the process conducted by the independent board of Adcock Ingram, potential offerors who signed comprehensive confidentiality undertakings were given access to certain confidential information of the Company. This included certain estimates in respect of the 2013 financial year and forecasts for the financial years ended 2014 and 2015 on a strictly confidential basis. This information has now been disclosed in the combined circular to Adcock Ingram shareholders, which was posted on 18 November 2013 (“the Circular”) and has also been made available on the Adcock Ingram website. The financial forecasts, which are reproduced below, appear on pages 189 – 191 of the Circular, together with the Company’s Reporting Accountants Review report thereon. Adcock Ingram –estimate (2013) and forecasts (2014 - 2015) for the financial years ended 30 September 2013 2014 2015 ZAR million ZAR million ZAR million Turnover 5,446 6,385 7,506 OPEX (1,346) (1,664) (1,789) EBIT 891 1,026 1,392 CAPEX 344 214 80 Midrand 19 November 2013 Sponsor Deutsche Securities (SA) Proprietary Limited Date: 19/11/2013 07:15:00 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.