Voluntary Trading Statement for the year ended 29 February 2016 Adcorp Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 1974/001804/06) ("Adcorp" or "the company") Share code: ADR & ISIN: ZAE000000139 VOLUNTARY TRADING STATEMENT FOR THE YEAR ENDED 29 FEBRUARY 2016 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. Although within the above parameter, Adcorp shareholders are advised that for the year ended 29 February 2016 headline earnings per share (“HEPS”) are expected to increase by 0% to 2% compared to the corresponding year. HEPS are therefore expected to be between 298 cents and 304 cents per share compared to 298.5 cents in the corresponding year. Earnings per share (“EPS”) are expected to decrease by 17% to 19% compared to the corresponding year. EPS are therefore expected to be between 191 cents and 196 cents per share compared to 236.5 cents in the corresponding year. The decrease in EPS is primarily due to the recognition of impairments of goodwill, loss on sale of business and an impairment of an investment held for sale. Normalised earnings per share (“NEPS”) for the year ended 29 February 2016 are expected to increase by 4% to 6% compared to the corresponding year. NEPS is therefore expected to be between 365 cents and 372 cents per share compared to 350.7 cents in the corresponding year. The basis of calculating NEPS have been modified compared to the basis of calculation applied in the prior year whereby normalised earnings have been adjusted to include net share based payment expenses and business establishment costs. Had the same basis been applied in calculating NEPS as was applied in the prior financial year, NEPS are expected to decrease by 16% to 18% compared to the corresponding year. As a result, NEPS are expected to be between 358 cents and 367 cents, compared to 436.8 cents in the corresponding year if applied on the same basis as the prior year. 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 24 May 2016. For further information please contact: Anthony Sher Chief Financial Officer Tel: (011) 244-5316 Email: cfo@adcorp.co.za 18 May 2016 Bryanston Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd Date: 18/05/2016 10:33:00 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.