Voluntary announcement of vendor placement Adcorp Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 1974/001804/06) ("Adcorp" or "the company") Share code: ADR & ISIN: ZAE000000139 VOLUNTARY ANNOUNCEMENT OF VENDOR PLACEMENT As announced on the Stock Exchange News Service ("SENS") on Thursday, 3 April 2014, Adcorp acquired approximately 30% of the issued ordinary shares of Kelly Group Limited (“Kelly”), excluding the Kelly ordinary shares held by subsidiaries of Kelly (“Kelly Shares”) (“Initial Acquisition”). Adcorp held a general meeting of shareholders (“Shareholders”) on 18 June 2014 to obtain Shareholder approval to place 8 750 000 authorised but unissued Adcorp ordinary shares (“Adcorp Shares”) under the control of directors. The purpose of this authority is to fund the Initial Acquisition and potentially any further acquisition of Kelly Shares, if necessary, by means of a vendor placement of Adcorp Shares in terms of the Listings Requirements of the JSE Limited. Adcorp is pleased to advise Shareholders that in respect of a book-build for 2 250 000 new Adcorp Shares, Adcorp received indications of interest to participate, resulting in a 3.3 times over- subscription. The details of the book-build are as follows: · Quantity: 2 250 000 Adcorp Shares; · Price: R32.75 per Adcorp Share, being a 5% discount to the 30 VWAP ended 18 June 2014; and · Purpose of capital raised: To fund the Initial Acquisition which was originally funded by way of a bridge-loan. The Adcorp Shares have been successfully placed with institutional investors and traded as a vendor placement of new issued Adcorp Shares in terms of the authority granted to directors. 26 June 2014 Bryanston Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd Date: 26/06/2014 04:50:00 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.