Directors dealing in Adcorp securities Adcorp Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 1974/001804/06) ("Adcorp”) Share code: ADR ISIN: ZAE000000139 Director’s dealing in Adcorp securities In compliance with paragraphs 3.63 to 3.66 of the JSE Limited Listings Requirements, the following information is disclosed in respect of an off- market exercise of Performance Shares (PFs) and subsequent purchase of Adcorp ordinary shares: Name of director: RL Pike Date of transaction: 6 November 2014 Nature of transaction: Exercise of PFs and subsequent purchase of Adcorp ordinary shares Number of securities: 270 000 Type and class of securities issued: Ordinary shares Allocated Price: per table Total value: R15 291 000.00 Period of vesting: per table Vesting date: per table Purchase price: per table Nature of interest: Direct Beneficial Clearance received: Yes Instrument Quantity Allocated Conversion Period Vesting Purchase Price into of date Price ordinary vesting shares PFs 450 000 28.53 270 000 2 years 17 33.98 October 2014 Total 270 000 Name of director: PC Swart Date of transaction: 6 November 2014 Nature of transaction: Exercise of PFs and subsequent cash settlement Number of securities: Nil Type and class of securities issued: Ordinary shares Allocated Price: per table Total value: R14 441 500.00 Period of vesting: per table Vesting date: per table Purchase price: per table Nature of interest: Direct Beneficial Clearance received: Yes Instrument Quantity Allocated Conversion Period Vesting Exercise Price into of date Price ordinary vesting shares* PFs 425 000 28.53 Nil 2 years 17 33.98 October 2014 Total Nil *No Adcorp shares were issued. Participant was cash settled Name of director: AM Sher Date of transaction: 6 November 2014 Nature of transaction: Exercise of PFs and part subsequent purchase of Adcorp ordinary shares and part cash settlement Number of securities: 10 000 Type and class of securities issued: Ordinary shares Allocated Price: per table Total value: R2 038 800.00 Period of vesting: per table Vesting date: per table Purchase price: per table Nature of interest: Direct Beneficial Clearance received: Yes Instrument Quantity Allocated Conversion Period Vesting Exercise/ Price into of date Purchase ordinary vesting Price shares PFs 60 000 28.53 10 000 2 years 17 33.98 October 2014 Total 10 000 *In respect of 35 000 PFs, no Adcorp shares were issued. Participant was cash settled 7 November 2014 Bryanston Sponsor Deloitte & Touche Sponsor Services (Pty) Ltd Date: 07/11/2014 12:46:00 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.