Results of scrip distribution 

Shareholders are referred to the results announcement released on SENS on Tuesday, 4 May 2010 and in the press on Wednesday, 5 May 2010, relating to the payment of scrip distribution to shareholders, recorded in the register of the Company at the close of business on Friday, 13 August 2010, with a cash dividend election.

Subsequently, as released on SENS on 29 July 2010 and published in the press on 30 July 2010, shareholders were furthermore notified of the scrip distribution ratio of 4,64732 new ordinary shares per every 100 ordinary shares held, which was determined in the ratio that 115 cents multiplied by a factor of 1,10 bears to R27,22, being the 5 day volume weighted average price (“VWAP”) at the close of business on Tuesday, 27 July 2010.

Shareholders are advised that Adcorp shareholders holding 7 933 278 ordinary shares elected to receive the cash dividend, which will result in a total cash dividend of R9 123 269,70 being paid out of profits. In respect of the remaining 51 520 006 ordinary shares currently in issue, 2 394 271 fully paid ordinary shares of 2,5 cents each will be issued to shareholders in terms of the scrip distribution, which will result in a capitalisation out of the share premium account of R65 172 056,62.

Share certificates or dividend cheques, where applicable, will be posted by registered post to certificated shareholders at their risk on Monday, 16 August 2010. In respect of dematerialised shareholders, accounts with the CSDP or broker will also be updated with the entitlement in respect of the new ordinary shares and/or payments will be credited to their CSDP or broker accounts on Monday, 16 August 2010.

Bryanston 16 August 2010