Acquisition of securities Adcorp Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 1974/001804/06) Share code: ADR & ISIN: ZAE000000139 ("Adcorp" or "the Company") Acquisition of securities In accordance with section 122(3)(b) of the Companies Act, No. 71 of 2008 (“the Act”) and section 3.83(b) of the JSE Limited Listings Requirements, shareholders are hereby advised that Adcorp has received formal notification in the prescribed form that clients of Allan Gray (“Allan Gray”), have acquired an interest in the securities of the Company, such that the total interest in the securities of the Company now exceeds 20% of the total issued share capital of the Company. Allan Gray’s percentage interest in the securities of the Company as at 14 January 2016 was 23.1%. In addition, in accordance with section 122(3)(b) of the Companies Act, No. 71 of 2008 (“the Act”) and section 3.83(b) of the JSE Limited Listings Requirements, shareholders are hereby advised that Adcorp has received formal notification in the prescribed form that Sanlam Investment Management (Pty) Ltd acting as agent on behalf of its clients (“Sanlam”), has acquired an interest in the securities of the Company, such that the total interest in the securities of the Company held by Sanlam has increased to 10.15% of the total issued share capital of the Company. As required in terms of section 122(3)(a) of the Act, the Company has filed the required notices with the Takeover Regulation Panel. Bryanston 20 January 2016 Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd Date: 20/01/2016 04:31:00 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.