Results of the scrip distribution Adcorp Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 1974/001804/06) Share code: ADR ISIN: ZAE000000139 ("Adcorp" or "the Company") RESULTS OF THE SCRIP DISTRIBUTION Shareholders are referred to the previous announcements 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. Subsequently, as released on SENS on Friday, 1 August 2014 and published in the press on Monday, 4 August 2014, shareholders were furthermore notified of the scrip distribution ratio of 2.61748 new Adcorp ordinary shares for every 100 shares held, which was determined 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. Shareholders are advised that Adcorp shareholders holding 24 575 578 ordinary shares elected to receive the cash dividend, which will result in a total cash dividend of R19 660 462.40 being paid out of profits. In respect of the remaining 78 009 198 ordinary shares currently in issue, 2 041 902 fully paid ordinary shares of 2.5 cents each will be issued to shareholders in terms of the scrip distribution, which will result in a capitalisation out of the share premium account of R51 047.55. Shares certificates or dividend cheques, where applicable, will be posted by registered post to certificated shareholders at their risk on Monday, 1 September 2014. In respect of dematerialised shareholders, accounts with the CSDP or broker will also be updated with the entitlement in respect of the new ordinary shares and/or payments will be credited to their CSDP or broker accounts on Monday, 1 September 2014. Bryanston 1 September 2014 Sponsor: Deloitte & Touche Sponsor Services (Pty) Limited Date: 01/09/2014 10:27:00 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.