Further trading statement for the year ended 28 February 2015 Adcorp Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 1974/001804/06) Share code: ADR & ISIN: ZAE000000139 ("Adcorp" or "the company") FURTHER TRADING STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2015 In terms of the Listings Requirements of the JSE Limited, companies are required to publish a trading statement as soon as they are reasonably certain that the financial results for the period to be reported upon next will differ by at least 20% from the financial results for the previous corresponding period. Further to the announcement released on SENS on 6 February 2015, Adcorp shareholders are advised that for the year ended 28 February 2015 earnings per share (“EPS”) are expected to increase by 33% to 35% and headline earnings per share (“HEPS”) are expected to increase by 57% to 59%, compared to the corresponding period. EPS and HEPS are therefore expected to be between 235 cents and 239 cents per share and between 296 cents and 300 cents per share, respectively, compared to EPS of 176.9 cents and HEPS of 188.6 cents in the corresponding period. The increase in earnings and headline earnings is due to the first full period inclusion of the contribution from Labour Solutions Australia Proprietary Limited (LSA), which was acquired with effect 3 December 2013, as well as the non-repetition of the International Financial Reporting Standards (“IFRS”) accounting whereby R87 million was charged to the prior period profit and loss in respect of the IFRS 2 share based payment expense relating to the 2013 Broad Based Black Economic Empowerment transaction that was finalised, implemented and reported on with effect 27 August 2013. On a normalised trading position, where non-cash flow IFRS adjustments are eliminated, normalised earnings per share for the year ended 28 February 2015 are expected to be between 13% and 15% higher than those for the corresponding period. As a result, normalised earnings per share are expected to be between 434 cents and 442 cents, compared to 384.3 cents in the corresponding period. The financial results on which this trading statement has been based have not been reviewed or reported on by the company`s auditors. The financial results of the company will be published on or about 26 May 2015. For further information please contact: Anthony Sher Chief Financial Officer Tel: (011) 244-5316 Email: cfo@adcorp.co.za 20 May 2015 Bryanston Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd Date: 20/05/2015 04:20:00 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.