Scrip distribution ratio announcement Adcorp Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 1974/001804/06) Share code: ADR ISIN: ZAE000000139 ("Adcorp" or "the Company") SCRIP DISTRIBUTION RATIO ANNOUNCEMENT Shareholders are referred to the announcement released on SENS on Monday, 30 June 2014 regarding the posting of circular relating to the proposed payment of a scrip distribution to ordinary shareholders recorded in the register of the Company at the close of business on Friday, 29 August 2014, determined by the ratio that 80 cents multiplied by 1,10 bears to the volume-weighted average price of the Company’s ordinary shares on the JSE Limited (“JSE”) during the five-day trading period ended Thursday, 31 July 2014 or an election to receive a final cash dividend of 80 cents per ordinary share in lieu of the scrip distribution. Shareholders are advised that the volume weighted average price of ordinary shares on the JSE during the 5-day trading period ended on Thursday, 31 July 2014 was 3362 cents (R33.62) per share. Accordingly, the number of shares to which shareholders will be entitled will be determined as follows: * in the ratio that 80 cents per share multiplied by 1,10 bears to R33.62 per share, being the 5 day volume weighted average price at the close of business on Thursday, 31 July 2014. This equates to 3 new Adcorp ordinary shares for every 100 shares held. Shareholders wishing to participate in the cash dividend of 80 cents per share in respect of all or part of their shareholding must elect to do so. Shareholders not electing to receive the cash dividend of 80 cents per share will receive scrip distribution shares. A further announcement will be published on SENS on or about Monday, 1 September 2014 detailing the results of the scrip distribution. Bryanston 1 August 2014 Sponsor: Deloitte & Touche Sponsor Services (Pty) Limited Date: 01/08/2014 11:44:00 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.