Directors' dealings in Adcorp securities Adcorp Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 1974/001804/06) Share code: ADR ISIN: ZAE000000139 (“Adcorp”) Directors’ dealings 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 and/or subsequent cash settlement: Name of director: RL Pike Date of transaction: 15 June 2015 Nature of transaction: Exercise of PFs and subsequent purchase of Adcorp ordinary shares Number of securities: 265 500 Type and class of securities issued: Ordinary shares Allocated Price: per table Total value: R14 850 000.00 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 31.18 265 500 2 years 28 33.00 February 2015 Total 265 500 Name of director: PC Swart Date of transaction: 15 June 2015 Nature of transaction: Exercise of PFs and subsequent purchase of Adcorp ordinary shares Number of securities: 243 375 Type and class of securities issued: Ordinary shares Allocated Price: per table Total value: R13 612 500.00 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 412 500 31.18 243 375 2 years 28 33.00 February 2015 Total 243 375 Name of director: AM Sher Date of transaction: 15 June 2015 Nature of transaction: Exercise of PFs and part subsequent purchase of Adcorp ordinary shares and part cash settlement Number of securities: 75 000 Type and class of securities issued: Ordinary shares Allocated Price: per table Total value: R4 785 000.00 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 Exercise/ Price into of date Purchase ordinary vesting Price shares* PFs 145 000 31.18 75 000 2 years 28 33.00 February 2015 Total 75 000 *In respect of 17 881 PFs, no Adcorp shares were issued. Participant was cash settled. Name of director of major subsidiary: MA Jurgens Date of transaction: 15 June 2015 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: R3 465 000.00 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 105 000 31.18 nil 2 years 28 33.00 February 2015 Total nil *no Adcorp ordinary shares were issued. Employee was cash settled. Name of director of major subsidiary: C Bomela Date of transaction: 15 June 2015 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: R3 795 000.00 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 115 000 31.18 nil 2 years 28 33.00 February 2015 Total nil *no Adcorp ordinary shares were issued. Employee was cash settled. 17 June 2015 Bryanston Sponsor : Deloitte & Touche Sponsor Services (Pty) Ltd Date: 17/06/2015 02:29:00 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.