Trading Statement 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”) Trading Statement In terms of paragraph 3.4(b) of the JSE Limited (“JSE”) Listings Requirements, an issuer is required to publish a trading statement as soon as the issuer and its directors are satisfied that there is a reasonable degree of certainty that the financial results for the next reporting period will differ by at least 20% from those of the previous corresponding period. As at 31 December 2013, the end of the first quarter of trading for the 2014 financial year, group revenue was 4% ahead of the previous corresponding period, including the Cosme and Datlabs businesses which were not in the comparative period. Revenue in the Southern African business is 4% behind the corresponding period, including a sharp slow-down in the OTC and Prescription Generics portfolios. The gross profit as a percentage of sales is under extreme pressure as a result of the unfavourable revenue mix, Rand depreciation which has negatively affected the cost of imported active ingredients and other materials, and cost input inflation. Operating expenditure has been impacted by increased marketing and distribution costs, salary and wage increases across the business, and costs related to the current corporate activity. Accordingly, shareholders are advised that Adcock Ingram`s basic earnings per share ("EPS") for the six- month period ending 31 March 2014 from continuing operations are expected to be lower than the previous corresponding period`s figure of 188.0 cents. Headline earnings per share ("HEPS") for the six- month period ending 31 March 2014 from continuing operations are expected to be lower than the previous corresponding period`s figure of 188.1 cents. The board is unable to provide a range as contemplated in paragraph 3.4(b) of the JSE Limited Listings Requirements at this stage of the financial period in question but has reasonable certainty that the EPS and HEPS will be lower than the previous corresponding figures by a minimum of 20%. The financial information on which this trading statement is based has not been reviewed and reported on by Adcock Ingram’s auditors. The Company’s financial results for the six months period ending 31 March 2014 will be released on the Stock Exchange News Service of the JSE on or about 27 May 2014. Midrand 31 January 2014 Sponsor Deutsche Securities (SA) Proprietary Limited Date: 31/01/2014 01:00:00 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.