THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION

The definitions and interpretations commencing on page 4 of this Circular apply throughout this Circular, including this front cover.

Action required

• ThisCircularisimportantandshouldbereadinitsentirety,withparticularattentiontothesectionentitled“ActionrequiredbyShareholders”,whichcommencesonpage2.

• Ifyouareinanydoubtastowhatactionyoushouldtake,pleaseconsultyourBroker,banker,attorney,CSDPorotherprofessionaladviserimmediately.

• IfyouhavedisposedofallyourAdcorpShares,thisCircularshouldbehandedtothepurchaserofsuchAdcorpSharesortotheBroker,CSDP,bankerorotheragentthroughwhomthedisposalwaseffected.

Adcorp does not accept responsibility, and will not be held liable, for any action of, or omission by, any CSDP or Broker including, without limitation, any failure on the part of the CSDP or Broker of any beneficial owner of Adcorp Shares to notify such beneficial owner of the details set out in this Circular.

Adcorp Holdings Limited(IncorporatedinSouthAfrica)

(Registrationnumber:1974/001804/06)Sharecode:ADRISIN:ZAE000000139

CIRCULAR TO SHAREHOLDERS

regarding:

• theplacingof15111777authorisedbutunissuedAdcorpSharesunderthecontroloftheDirectors

andincorporating:

• anoticeconveningtheGeneralMeeting;and

• a formof proxy (blue) in respect of theGeneralMeeting (for use only byCertificatedShareholders andDematerialised Shareholders with Own-name Registration).

Dateofissue:31October2013

Copies of this Circular, in English only, may be obtained at the Company’s registered office or at the offices of the Transfer Secretary, during normal business hours on Business Days from 31 October 2013 until 28 November 2013. The addresses of the Company and the Transfer Secretary are set out in the “Corporate Information and Advisers” section.

Investment Bank and Transaction Sponsor to Adcorp

Sponsor

TABLE OF CONTENTS

Page

Corporate information and advisers 1

Action required by shareholders 2

Salient dates and times 3

Definitions and interpretations 4

Circular to shareholders

1. IntroductionandpurposeofthisCircular 6

2. PlacingoftheauthorisedbutunissuedAdcorpSharesunderthecontroloftheDirectors 7

3. Irrevocableundertakings 7

4. Opinionsandrecommendations 7

5. GeneralMeetingofShareholders 7

6. Expertconsents 7

7. Directors’responsibilitystatement 7

8. Documentsavailableforinspection 7

AnnexureI – Transaction announcement 8

Notice of general meeting 12

Formofproxy–generalmeeting(blue) 15

1

PROOF 6 – 30 Oct 2013

CORPORATE INFORMATION AND ADVISERS

ACTINGCOMPANYSECRETARYANDREGISTEREDOFFICE

AnthonyMarkSher(BCom,BAcc,CA(SA),CFA)AdcorpHoldingsLimited(Registrationnumber1974/001804/06)AdcorpHeadOffice,NicolwayBryanstonCnrWilliamNicolandWedgewoodLinkBryanston,2021(POBox70635,Bryanston,2021)(Placeofincorporation:SouthAfrica)

INVESTMENT BANK AND TRANSACTION SPONSOR

InvestecCorporateFinance(AdivisionofInvestecBankLimited)(Registrationnumber1969/004763/06)2ndFloor,100GraystonDriveSandton,2196(POBox785700,Sandton,2146)

SPONSOR

Deloitte&ToucheSponsorServicesProprietaryLimited(Registrationnumber1996/000034/07)Building620WoodlandsDriveWoodmead,2196(PrivateBagX6,GalloManor,2052)

TRANSFER SECRETARIES

LinkMarketServicesSouthAfricaProprietaryLimited(Registrationnumber2000/007239/07)13thFloorRennieHouse19AmeshoffStreetBraamfonteinJohannesburg,2001(POBox4844,Johannesburg,2000)

2

ACTION REQUIRED BY SHAREHOLDERS

Please take careful note of the following provisions regarding the action to be taken by Shareholders:

– IfyouareinanydoubtastowhatactionyoushouldtakearisingfromthisCircular,pleaseconsultyourCSDP,Broker,banker,attorney,accountantorotherprofessionaladviserimmediately.

– IfyouhavedisposedofallofyourAdcorpShares,pleaseforwardthisCirculartothepurchaserofsuchsharesortheCSDP,Broker,banker,attorneyorotheragentthroughwhomthedisposalwaseffected.

– The General Meeting convened in terms of the notice to Shareholders incorporated in this Circular will be held at AdcorpHead Office, Nicolway Bryanston, Cnr William Nicol and Wedgewood Link, Bryanston, 2021, Johannesburg on Thursday,28November2013at10h00.AnoticeconveningtheGeneralMeetingisattachedtoandformspartofthisCircular.

If you have dematerialised your Adcorp Shares and have elected:

1. OWN-NAMEREGISTRATION:

1.1 Youareentitledtoattendinperson,orberepresentedbyproxy,attheGeneralMeeting.

1.2 If you are unable to attend theGeneralMeeting but wish to be represented thereat, youmust complete and returntheattachedformofproxy (blue) inaccordancewiththe instructionscontainedtherein, tobereceivedbytheTransferSecretaries, LinkMarketServicesSouthAfricaProprietary Limited, at 13th Floor,RennieHouse, 19Ameshoff Street,Braamfontein, Johannesburg, 2001, South Africa (POBox 4844, Johannesburg 2000, South Africa) by no later than10h00onTuesday,26November2013 foradministrativepurposesor thereafterbyno later than10h00onThursday,28November2013.

2. REGISTRATIONOTHERTHANOWN-NAMEREGISTRATION:

2.1 IfyouwishtoattendorberepresentedattheGeneralMeeting,youmustadviseyourCSDPorBrokertimeouslythatyouwishtoattendorberepresentedattheGeneralMeeting,inthemannerstipulatedinthecustodyagreementgoverningtherelationshipbetweenyouandyourCSDPorBroker.TheseinstructionsmustbeprovidedtoyourCSDPorBrokerbythecut-offdateandtimeadvisedbyyourCSDPorBrokerforinstructionsofthisnature.YourCSDPorBrokerwillberequiredtoissuethenecessaryletterofrepresentationtoyoutoenableyoutoattendortoberepresentedattheGeneralMeeting.

2.2 IfyoudonotwishtoattendorberepresentedattheGeneralMeetingbutwishtovote,andyourCSDPorBrokerhasnotcontactedyou,youareadvisedtocontactyourCSDPorBrokerandprovidethemwithyourvotinginstructions, inthemannerstipulated in thecustodyagreementgoverningtherelationshipbetweenyouandyourCSDPorBroker.TheseinstructionsmustbeprovidedtoyourCSDPorBrokerbythecut-offdateandtimeadvisedbyyourCSDPorBrokerforinstructionsofthisnature.IfyourCSDPorBrokerdoesnotobtaininstructionsfromyou,theywillbeobligedtoactintermsofyourmandatefurnishedtothem.

2.3 Youmustnotcompletetheattachedformofproxy(blue).

If you hold certificated Adcorp Shares:

3. CERTIFICATEDSHAREHOLDERS:

3.1 Youareentitledtoattendinperson,orberepresentedbyproxy,attheGeneralMeeting.

3.2 IfyouareunabletoattendtheGeneralMeetingbutwishtoberepresentedthereat,youmustcompleteandreturntheattached form of proxy (blue), in accordance with the instructions contained therein, to be received by the TransferSecretaries, LinkMarketServicesSouthAfricaProprietary Limited, at 13th Floor,RennieHouse, 19Ameshoff Street,Braamfontein, Johannesburg, 2001, South Africa (POBox 4844, Johannesburg 2000, South Africa) by no later than10h00onTuesday,26November2013 foradministrativepurposesor thereafterbyno later than10h00onThursday,28November2013.

General:

1. DEMATERIALISATION

IfyouwishtodematerialiseyourAdcorpShares,pleasecontactyourBroker.

2. ELECTRONICPARTICIPATION

Shareholdersortheirproxiesmayparticipatein(butnotvoteat)theGeneralMeetingbywayofateleconferencecall.Ifyouwishtodoso,youmustcontactAdcorp’sActingCompanySecretaryandidentifyyourselftothesatisfactionoftheActingCompanySecretary toobtainthedialingcodeandpinnumber.Shareholdersparticipating in thismannerwillstillhavetoappointaproxytovoteontheirbehalfattheGeneralMeeting.AccessbymeansofelectroniccommunicationwillbeattheexpenseoftheShareholder.

3

PROOF 6 – 30 Oct 2013

SALIENT DATES AND TIMES

RecorddatetobeentitledtoreceivetheCircularincorporatingthenoticeconveningtheGeneralMeetingon Friday,25October2013

TransactionannouncementreleasedonSENSon Thursday,31October2013

CircularandnoticeofGeneralMeetingpostedtoShareholderson Thursday,31October2013

LastdaytotradeinAdcorpSharesinordertoberecordedinAdcorp’ssecuritiesregistertovoteattheGeneralMeetingon Friday,15November2013

Recorddatetobeentitledtoattend,participateinandvoteattheGeneralMeetingbycloseoftradingon Friday,22November2013

ProxyformsfortheGeneralMeetingtobereceived,foradministrativepurposes,by10h00on(orthereafterbynolaterthan10h00onThursday,28November2013) Tuesday,26November2013

GeneralMeetingheldat10h00on Thursday,28November2013

ResultsoftheGeneralMeetingreleasedonSENSon Thursday,28November2013

ExpecteddateoflistingontheJSEofthenewAdcorpSharesissuedtofundtheinitialcashpaymentstotheVendorson Monday,2December2013

Notes: (a) All dates and times may be changed by Adcorp. Any change will be published on SENS and in the South African press.(b) Shareholders should note that as transactions in Adcorp Shares are settled in the electronic settlement system used by Strate, settlement of trades

takes place five Business Days after such trade. Therefore, Shareholders who acquire shares after Friday, 15 November 2013 will not be eligible to vote at the General Meeting.

(c) All times given in this Circular are local times in South Africa.(d) If the General Meeting is adjourned or postponed, forms of proxy submitted for the initial General Meeting will remain valid in respect of any

adjournment or postponement of the General Meeting.

4

DEFINITIONS AND INTERPRETATIONS

InthisCircularanditsannexures,unlessotherwisestatedorthecontextindicatesotherwise,thewordsandexpressionsinthefirstcolumnshallhavethemeaningsstatedoppositetheminthesecondcolumn,andwordsandexpressionsinthesingularshallincludethepluralandvice versa,wordsimportingnaturalpersonsshallincludejuristicpersonsandunincorporatedassociationsofpersonsandvice versa,andanyreferencetoonegendershallincludetheothergender.

“Acquisition” the acquisition of 100% of the issued share capital of Labour Solutions AustraliaProprietaryLimited(ACN008137782),aprivatecompanyincorporatedinAustralia,byAdcorpforamaximumpurchaseconsiderationofAUD51509000;

“Adcorp”orthe“Company” Adcorp Holdings Limited (registration number 1974/001804/06), a public companyincorporatedinSouthAfrica,theSharesofwhicharelistedontheJSE;

“AdcorpBShares” AdcorpBordinarysharesofnoparvalue;

“AdcorpShares”or“Shares” Adcorpordinaryshareswithaparvalueof2,5centseach;

“AUD” AustralianDollar,theofficialcurrencyofAustralia;

“Board”or“Directors” theboardofdirectorsofAdcorp,assetoutonpage6ofthisCircular;

“Broker” anypersonregisteredasabrokingmember(equities)intermsoftherulesoftheJSEmadeinaccordancewiththeprovisionsoftheFinancialMarketsAct;

“BusinessDay” anydayotherthanaSaturday,SundayorofficialpublicholidayinSouthAfrica;

“CertificatedShareholders” allregisteredholdersofCertificatedShares;

“CertificatedShares” AdcorpSharesandAdcorpBSharesrepresentedbysharecertificatesorotherwritteninstruments, which have not been surrendered for dematerialisation in terms of therequirementsofStrate;

“Circular” this bound document, dated Thursday, 31 October 2013, including the annexureshereto,thenoticeoftheGeneralMeetingandtheformofproxy(blue)inrespectoftheGeneralMeeting;

“CompaniesAct” theCompaniesAct,2008(Act71of2008),asamended;

“CSDP” apersonthatholdsincustodyandadministerssecuritiesoraninterestinsecuritiesandthathasbeenacceptedbyacentralsecuritiesdepositoryasaparticipantintermsofsection31oftheFinancialMarketsAct;

“DematerialisedShareholders” allregisteredholdersofDematerialisedShares;

“DematerialisedShares” Adcorp Shares that have been dematerialised through a CSDP or Broker and arerecorded in an uncertificated securities register forming part of Adcorp's securitiesregister;

“FinancialMarketsAct” theFinancialMarketsAct,2012(Act19of2012),asamended;

“GeneralMeeting” themeetingofShareholderstobeheldattheofficesofAdcorp,NicolwayBryanston,CnrWilliamNicolandWedgewoodLink,Bryanston,2021,Johannesburgat10h00onThursday,28November2013;

“JSE” JSE Limited (registration number 2005/022939/06), a public company incorporatedinaccordancewith the lawsofSouthAfricaand licensedasanexchangeunder theFinancialMarketsAct;

“ListingsRequirements” theListingsRequirementsoftheJSE;

“MOI” theMemorandumofIncorporationofAdcorp;

5

PROOF 6 – 30 Oct 2013

“Own-nameRegistration” Dematerialised Shareholders who have instructed their CSDP to hold their AdcorpSharesintheirownnameontheuncertificatedsecuritiesregistersofAdcorp;

“R”or“Rand” SouthAfricanRand,theofficialcurrencyofSouthAfrica;

“SENS” theSecuritiesExchangeNewsService,thenewsserviceoperatedbytheJSE;

“Shareholders” allCertificatedShareholdersandDematerialisedShareholders;

“SouthAfrica” theRepublicofSouthAfrica;

“Strate” StrateLimited(registrationnumber1998/022242/06),apubliccompanyincorporatedinSouthAfrica,whichisaregisteredcentralsecuritiesdepositoryandwhichisresponsiblefortheelectronicsettlementsystemusedbytheJSE;

“TransferSecretaries” Link Market Services South Africa Proprietary Limited (registration number2000/007239/07),aprivatecompanyincorporatedinSouthAfrica;and

“Vendors” the current shareholders of Labour Solutions Australia Proprietary Limited being:ExternalPtyLtdATFWarrinerFamilyTrustNo.2;LabourHireInvestmentsPtyLtdATFNorthcottFamilyTrustNo.2;LSARecruitmentHoldingsPtyLtdATFLSARecruitmentHoldings Trust; Labour Solutions Australia Holdings Pty Ltd ATF Labour SolutionsAustraliaHoldingsTrust;MarionjohannaPty Ltd andBeegPty Ltd. TheVendors areentities associated with Andrew Northcott, Ken Warriner, John Moloney and BrianGoldfinch, who are directors or executives of Labour Solutions Australia ProprietayLimited,ortheirrespectivefamilies.

6

CIRCULAR TO SHAREHOLDERS

DIRECTORS:

ExecutiveRichardLindenPike(Chief Executive Officer)AnthonyMarkSher(Chief Financial Officer)CampbellBomelaPetrusCorneliusSwart

Non-executiveMfundisoJohnsonNtabankuluNjeke(Chairman)*GugulethuPatriciaDingaanSindisiweNombenhleMabaso-Koyana*MncaneEsauMthunzi*NontobekoSanelisiweNdhlaziMuthanyiRobinsonRamaiteTimothyDacreAirdRoss*MichaelSpicer*CecilMaswanganyi**LouisaMadiakoMojela**

* Independent

** Alternate non-executive Directors

Adcorp Holdings Limited(IncorporatedinSouthAfrica)

(Registrationnumber:1974/001804/06)Sharecode:ADRISIN:ZAE000000139

1. INTRODUCTIONANDPURPOSEOFTHISCIRCULAR

Adcorphasentered intoa saleandpurchaseagreement toacquire100%of the issuedsharecapital of LabourSolutionsAustraliaProprietaryLimitedasannouncedonSENSonThursday,31October2013 forabasepurchaseconsiderationofAUD44790000withanagreedminimumandmaximumpurchaseconsiderationofAUD26874000andAUD51509000respectively.ThedetailedtransactionannouncementinrespectoftheAcquisitionisincludedasannexureAtothisCircular.

AdcorpwillacquireallofthesharesinLabourSolutionsAustraliaProprietaryLimitedforatotalpurchaseconsiderationwhichwillbedeterminedandsettledasfollows:

• AUD 26 874 000 will be paid to the Vendors in cash five Business Days following the fulfilment of the last of theconditionsprecedentoutlined inparagraph5.3ofthetransactionannouncement.ThisamountwillbefundedbymeansofavendorplacementintermsoftheListingsRequirementswhereby8100000AdcorpshareswillbeissuedtoAdcorpshareholdersatapriceof3,161centspershare.TheVendorPlacementpricerepresentsa5%discount to the60dayVWAPtoThursday,17October2013of3,328centsperAdcorpshare;and

• thebalance,which issubject toamaximumofAUD24635000,willbepaid to theVendors inAdcorpSharesbasedona totalpurchaseconsiderationcalculatedbasedona5xEV/EBITDAmultipleapplied toLabourSolutionsAustralia’sauditedresultsfortheyearto30June2014.TheamounttobesettledwillbecalculatedinRandsbasedontheaverageZAR:AUDexchangerateforthe30daysuptoandincluding29October2013of9,37.ThisamountwillbesettledbyissuingnewAdcorpSharestotheVendorsatthe30dayvolumeweightedaveragepriceuptoandincluding29October2013of3,291cents.TheseAdcorpShareswillbeissuedfiveBusinessDaysfollowingthefinalisationandagreementoftheauditedcompletionaccountsfortheyearto30June2014.Amaximumnumberof7011777Adcorpshareswillbeissuedtosettlethebalanceofthepurchaseconsideration.

Adcorp is required to convene a General Meeting of its Shareholders in order to obtain Shareholder approval to place15111777authorisedbutunissuedAdcorpSharesunderthecontroloftheDirectorsinordertoimplementtheAcquisition.

7

PROOF 6 – 30 Oct 2013

ThepurposeofthisCircularistoprovideShareholderswithrelevantinformationtoenablethemtomakeaninformeddecisionastowhetherornottheyshouldvoteinfavouroftheresolutionssetoutinthenoticeofGeneralMeetingwhichformsapartofthisCircular.

2. PLACINGOFTHEAUTHORISEDBUTUNISSUEDADCORPSHARESUNDERTHECONTROLOFTHE DIRECTORS

IntermsoftheMOIandtheListingsRequirements,andforthepurposeoffundingthemaximumpurchaseconsiderationfortheAcquisitionofAUD51509000,AdcorprequiresapprovalfromShareholderstoplace15111777authorisedbutunissuedAdcorpSharesunderthecontroloftheDirectors.ThisauthoritywillremainvaliduntilthelaterofAdcorp’snextannualgeneralmeetingandtheagreeddateof issueoftheAdcorpsharestotheVendors intermsofthesaleandpurchaseagreement inrespectoftheAcquisition.

3. IRREVOCABLEUNDERTAKINGS

AdcorphasreceivedirrevocableundertakingsfromcertainShareholderscurrentlyholdingbetweenthem60762491AdcorpSharesorAdcorpBShares, representing inaggregate55,8%of thetotalvotingrights inAdcorp, tovote in favourofalloftheAdcorpShareholderresolutionsrequiredtoimplementtheAcquisition,andtoplace15111777authorisedbutunissuedAdcorpSharesunderthecontroloftheDirectors.

In addition, Adcorp has received irrevocable undertakings from certain Shareholders to subscribe for 8 100 000 AdcorpSharesintermsofthevendorplacementtofundthepaymentoftheinitialAUD26874000ofthepurchaseconsideration.

4. OPINIONS AND RECOMMENDATIONS

TheBoardrecommendsthatShareholdersvoteinfavourofalltheresolutionstabledinthenoticeofGeneralMeetingwhichformsapartofthisCircularandadvisethat,inrespectoftheirownshareholdinginAdcorp,theyintendtovoteinfavourofalltheresolutionscontainedinsuchnotice.

5. GENERALMEETINGOFSHAREHOLDERS

AGeneralMeetingofShareholderswillbeheldat10h00attheregisteredofficesofAdcorp,NicolwayBryanston,CnrWilliamNicolandWedgewoodLink,Bryanston,2021,JohannesburgonThursday,28November2013.

6. EXPERT CONSENTS

Theinvestmentbankandtransactionsponsor,thesponsorandthetransfersecretarieshaveconsentedinwritingtoactinthecapacitiesstatedandtotheirnamesbeingstatedintheCircularandhavenotwithdrawntheirconsentpriortoitspublication.

7. DIRECTORS’RESPONSIBILITYSTATEMENT

The Directors, whose names are given on page 6 of this Circular, collectively and individually accept full responsibility forthe accuracy of the information given in thisCircular and certify that, to the best of their knowledge and belief, there arenoother facts, theomissionofwhichwouldmakeanystatement in thisCircular falseormisleading, that theyhavemadeall reasonable enquiries to ascertain such facts and that this Circular contains all information required by law and theListingsRequirements,asapplicable.

8. DOCUMENTS AVAILABLE FOR INSPECTION

Copiesofthefollowingdocumentswillbeavailablefor inspectionatanytimeduringnormalbusinesshoursfromThursday,31October2013,untilthecloseoftheGeneralMeetingoftheCompanytobeheldat10h00onThursday,28November2013:

• theMOI;

• theauditedannualfinancialstatementsoftheCompanyforthelastthreeyearsendedFebruary2011,2012and2013andtheinterimfinancialresultsforthesixmonthsended31August2013;

• thisCircularsignedonbehalfoftheBoard;and

• expertlettersofconsent.

For and on behalf of

ADCORPHOLDINGSLIMITED

31October2013Johannesburg

8

ANNEXURE1–TRANSACTIONANNOUNCEMENT

1. INTRODUCTION

Adcorp ispleasedtoannouncethat ithasconcludedanagreement (“Transaction Agreement”)on30October2013withthecurrentshareholdersofLabourSolutionsAustraliaProprietaryLimited(“Labour Solutions Australia”)toacquire100%ofLabourSolutionsAustralia forabasepurchaseconsiderationofAUD4479000(ZAR421,0million) (“the Acquisition”)withanagreedminimumandmaximumpurchaseconsiderationofAUD26874000(ZAR252,6million)andAUD51509000(ZAR484,2million)respectively(“Purchase Consideration”).

2. LABOURSOLUTIONSAUSTRALIA–NATUREOFTHEBUSINESSES

LabourSolutionsAustralia isaworkforcemanagementfirmprovidingstaffingsolutionsacrossblueandwhitecollarrolestothe agriculture, construction,mining, resources and transport sectors. LabourSolutionsAustraliawas founded in 2004byAndrewNorthcott,whoisthecurrentmanagingdirector,andoperatesinover36locationsthroughoutAustralia.

LabourSolutionsAustralia’skeyserviceofferingsinclude:

• sourcingandcreatinglabourpoolsfromlocal,domesticandinternationalsources;

• workforceplanning,rosteringandtraining;

• candidatecompetencyandskillsfittesting;

• uniqueandeffectiveindustrialrelationsplatformandpayrollservices;and

• onlineinductionservices.

3. RATIONALEFORTHEACQUISITION

LabourSolutionsAustralia is an attractive, highly cash generative businesswith strongmarginswhichwill provideAdcorpwithexposuretoattractivegrowingindustriesintheAustralianeconomy.LabourSolutionsAustraliahasadynamic,experiencedandmotivatedmanagement team distinguished by in-depth industrial relations knowledge and awell-established nationalplatformwithastrongsupportnetwork.

AdcorpbelievesthattheacquisitionofLabourSolutionsAustraliawillprovideanumberoffinancialandoperationalbenefitsandopportunitiesincluding:

• acquiringabusinessatanearlystageofitsgrowthcyclewithpotentialforsignificantfuturegrowth;

• agreaterabilitytoservicetheGroup’smultinationalbluecollarclientbaseacrossextendedgeographies,particularlyintheareaofminingandresources;

• attractiveopportunityforAdcorptofurtherstrengthenastrategicfootholdintheAsiaPacificworkforceindustry;

• addsfurtherscaletoAdcorp’sexistingAustralianoperations;

• creationofacentralAustraliantreasuryfunction;

• knowledgesharingtoachievebestofbreedapproach;

• diversityofrisktoearningsgiventhegreatergeographical,clientandservicelinespread;and

• abolsteredmarketcapitalisationwhichisexpectedtoleadto,inter alia,improvedliquidity,abroaderinstitutionalshareholderbaseandgreateranalystcoverage.

Followingimplementationoftheacquisition,AdcorpintendstomanagethebusinessofLabourSolutionsAustraliaessentiallyinthesamemannerthat itwasmanagedpriortotheimplementationoftheacquisition.AdcorpintendstocontinueofferingemploymenttoallofthoseemployeescurrentlyworkingforLabourSolutionsAustralia.AdcorpwillestablishanAdcorpAustraliaboardofdirectorswhichwilloverseeAdcorp’sbusinessesintheAustralianandAsiaPacificmarkets.

ADCORPHOLDINGSLIMITED(IncorporatedintheRepublicofSouthAfrica)

(Registrationnumber1974/001804/06)ShareCode:ADRISIN:ZAE000000139

(“Adcorp”or“theCompany”)

ACQUISITION OF LABOUR SOLUTIONS AUSTRALIA

9

PROOF 6 – 30 Oct 2013

4. VENDORS

The current shareholders of Labour Solutions Australia are External Pty Ltd ATFWarriner Family TrustNo. 2; LabourHireInvestmentsPtyLtdATFNorthcottFamilyTrustNo.2;LSARecruitmentHoldingsPtyLtdATFLSARecruitmentHoldingsTrust;LabourSolutionsAustraliaHoldingsPtyLtdATFLabourSolutionsAustraliaHoldingsTrust;MarionjohannaPtyLtdandBeegPtyLtd(collectively“the Vendors”).TheVendorsareentitiesassociatedwithAndrewNorthcott,KenWarriner,JohnMoloneyandBrianGoldfinch,whoaredirectorsorexecutivesofLabourSolutionsAustralia,ortheirrespectivefamilies.TheVendorswereadvisedbyCatapultPartnersPtyLimited.

5. DETAILSOFTHEACQUISITION

5.1. PurchaseConsideration

Adcorp will acquire all of the shares in Labour Solutions Australia for the Purchase Consideration which will bedeterminedandsettledasfollows:

• AUD26874000 (ZAR252,6million)will bepaid to theVendors incash (“Cash Consideration”) fivebusinessdaysfollowingthefulfilmentofthelastoftheconditionsprecedentoutlinedinparagraph5.3;and

• thebalance,whichissubjecttoamaximumofAUD24635000(ZAR231,6million),willbepaidtotheVendorsin Adcorp shares (“Share Consideration”) based on a total Purchase Consideration calculated based on a5xEV/EBITDAmultipleapplied toLabourSolutionsAustralia’sauditedresults for theyear to30June2014.TheShareConsiderationwillbesettledbyissuingnewAdcorpsharestotheVendorsfivebusinessdaysfollowingthefinalisationandagreementofLabourSolutionsAustralia’sauditedcompletionaccountsfortheyearto30June2014.

5.2. FundingofthePurchaseConsideration

The Cash Consideration will be funded by means of a vendor placement (“Vendor Placement”) in terms of theListingsRequirementsoftheJSELimited(“Listings Requirements”)whereby8100000AdcorpshareswillbeissuedtoAdcorpshareholdersatapriceof3,161centspershare.TheVendorPlacementpricerepresentsa5%discounttothe60dayVWAPtoThursday,17October2013of3,328centsperAdcorpshare.

Adcorphasreceivedirrevocableundertakingstosubscribefor8100000newAdcorpsharestobeissuedintermsoftheVendorPlacement.ThelistingofthenewAdcorpsharesintermsoftheVendorplacementisexpectedtotakeplaceon2December2013.

TheShareConsiderationwillbesettledbyissuingtherelevantnumberofAdcorpsharestotheVendorsbasedonthe30dayvolumeweightedaverageprice(“VWAP”)uptoandincluding29October2013of3,291cents.Amaximumnumberof7011777AdcorpshareswillbeissuedtosettletheShareConsideration.

5.3. ConditionsPrecedent

TheTransactionAgreementissubjecttothefollowingconditionsprecedent:

• therequisitemajorityofAdcorpshareholdersprovidingthenecessaryapprovalstoimplementtheAcquisition;

• therequisiteapprovalhavingbeenreceivedfromtheSouthAfricanReserveBank;

• CommonwealthBankprovidingitsconsentandthereleaseofpersonalguaranteesfromAndrewNorthcott;

• employmentcontractsbeingconcludedwithkeyemployees;

• signatureofamendedshareholderagreementsinnon-whollyownedentities;

• AndrewNorthcott and JohnMoloney and the relevant financier and LabourSolutionsAustralia group companysigningdeedsofnovationtonovatecertainvehicleleaseswhichhavebeenexcludedfromtheAcquisition;and

• AdcorpsuccessfullyraisingthenecessarycapitaltofundtheCashConsideration.

5.4. Effectivedate

Theeffectivedateofthetransactionisexpectedtobe1December2013(“Effective Date”).

6. SHAREHOLDERUNDERTAKINGS

Adcorphasreceived irrevocableundertakingsfromcertainAdcorpshareholdersholdingbetweenthem60762491Adcorpordinary sharesorB shares, representing in aggregate55,8%of the total voting rights inAdcorp, to vote in favourof theresolutions required to implement theAcquisition.Theaforesaidundertakings,however,onlyapply toAdcorpshareswhichtheseshareholdersholdonthedateoftherelevantAdcorpshareholdermeetingandthenumberofAdcorpshareswhichtheywillvotemaythereforeincreaseordecreasepriortosuchmeeting.

AdcorphasalsoreceivedirrevocableundertakingsfromcertainAdcorpshareholderstosubscribefor8100000newAdcorpsharesatapriceof3,161centspershareintermsoftheVendorPlacement.

10

7. FINANCIALEFFECTSONADCORPSHAREHOLDERS

Thepro formafinancialeffectsoftheAcquisitiononAdcorpshareholders,forwhichtheAdcorpboard isresponsible,areprovidedforillustrativepurposesonlytoprovideinformationabouthowtheAcquisitionwillaffecttheAdcorpshareholdersby illustrating the effect thereof on the earnings per share (“EPS”), normalised earnings per share (“NEPS”), headlineearnings per share (“HEPS”), diluted EPS and diluted HEPS of Adcorp as if the Acquisition had become operativeon 1March 2013 and, for the purpose of net asset value per share (“NAVPS”) and net tangible asset value per share(“NTAVPS”)ofAdcorp,as if theAcquisitionhadbecomeoperativeon31August2013.Becauseof theirnature thepro forma financial effectsmay not give a fair presentation of Adcorp’s financial position and results of operations after theAcquisition. The pro forma financial effects have been compiled using accounting policies that comply with IFRS andthatareconsistentwiththoseappliedintheauditedconsolidatedfinancialstatementsofAdcorpforthe6monthsended31August2013.

Before the Acquisition

(Note1)

After the Acquisition

(Note2) % Change

EPS(cents) 22,3 19,7 (11,7)

NEPS(cents) 176,5 171,8 (2,7)

HEPS(cents) 22,4 19,8 (11,7)

DilutedEPS(cents) 21,3 18,8 (11,6)

DilutedHEPS(cents) 21,4 18,9 (11,5)

NAVPS(cents) 2130,1 2215,0 4,0

NTAVPS(cents) 348,3 309,6 (11,1)

Weightedaveragenumberofsharesinissue(‘000) 91279 99379 8,9

Dilutedweightedaveragenumberofsharesinissue(‘000) 95659 103759 8,5

Numberofsharesinissue(‘000) 91992 100092 8,8

Notes: 1) The financial information in the “Before the Acquisition” column has been extracted from Adcorp’s unaudited interim financial results for the

six months ended 31 August 2013. 2) The financial information in the “After the Acquisition” column has been prepared based on Labour Solutions Australia’s’ six month after tax

earnings to September (the calculation of which has been based on actual three month after tax earnings to September 2013 extracted from Labour Solutions Australia’s management accounts of AUD 0,525 million multiplied by 2). These amounts have been converted into Rands using a ZAR:AUD exchange rate of 9,15, being the average exchange rate for the period 1 July 2013 to 30 September 2013. In addition the following assumptions have been made:

a) The Purchase Consideration will be limited to the minimum purchase consideration of AUD 26,874 million based on the annualisation of the EBITDA earned by Labour Solutions Australia for the three months to September 2013 of AUD 0,812 million. The Purchase Consideration has been translated at a spot ZAR:AUD exchange rate of 9,40.

b) In terms of the requirements of IFRS 3 and based on Adcorp management’s best estimate, the excess of ZAR 237,1 million of the Purchase Consideration paid to Labour Solutions Australia over the net asset value at 30 September 2013 has been allocated as follows:

i. ZAR 94,9 million to intangible assets which have been amortised based on an expected useful life of five years; ii. ZAR 142,3 million to goodwill; iii. The final allocation will require a detailed identification and valuation exercise which will be completed only once the Acquisition

is implemented. These amounts were derived using a ZAR:AUD exchange rate of 9,34 being the exchange rate as at 30 September 2013.

c) The Purchase Consideration is funded by the issue of approximately 8,1 million new Adcorp Shares in terms of the Vendor Placement issued at 3,161 cents per Adcorp share, being a discount of 5% to Adcorp’s 60 day VWAP to 17 October 2013.

d) Once-off transaction costs of R3,6 million have been taken into account in calculating the effect on Adcorp’s EPS, HEPS, diluted EPS and diluted HEPS.

3) It is expected that the Acquisition will have a positive effect on Adcorp’s earnings in future. 4) There are no post-balance sheet events requiring adjustment to the pro-formas.

8. CATEGORISATION,DOCUMENTATIONANDNOTICEOFGENERALMEETING

TheAcquisitionconstitutesacategorytwotransactionintermsofthecategorisationrulescontainedintheListingsRequirements.

In terms of Adcorp’s memorandum of incorporation and the Listings Requirements it is necessary for Adcorpshareholders to place the unissued shares under the control of the Adcorp directors in order to issue the new Adcorpshares in terms of the Vendor Placement and, to the extent required, issue shares to the Vendors in terms of the ShareConsideration. Accordingly, a circular will be sent to Adcorp shareholders containing, inter alia, a notice of the generalmeeting of Adcorp Shareholders and a form of proxy. The Adcorp circular will be posted to Adcorp shareholders on31October2013.

ThegeneralmeetingwillbeheldintheBoardroomattheregisteredofficeofAdcorpatNicolwayBryanston,CnrWilliamNicolandWedgewoodLink,Bryanston,2021,JohannesburgonThursday,28November2013at10h00,toconsiderand,ifdeemedfit,pass,withorwithoutmodification,theordinaryresolutionsrequiredtoimplementtheAcquisition.

11

PROOF 6 – 30 Oct 2013

9. SALIENT DATES AND TIMESRecorddatetobeentitledtoreceivetheCircularincorporatingthenoticeconveningthegeneralmeeting Friday,25October2013

Circularandnoticeofgeneralmeetingpostedtoshareholderson Thursday,31October2013LastdaytotradeinAdcorpsharesinordertoberecordedinAdcorp’ssecuritiesregistertovoteatthegeneralmeetingon Friday,15November2013Recorddatetobeentitledtoattend,participateinandvoteatthegeneralmeetingbycloseoftradingon Friday,22November2013Proxyformsforthegeneralmeetingtobereceivedforadministrativepurposesby10h00on(oralternativelyby10h00on28November2013) Tuesday,26November2013Generalmeetingheldat10h00on Thursday,28November2013ResultsofthegeneralmeetingreleasedonSENSon Thursday,28November2013Expecteddateof listingon theJSEof thenewAdcorpshares issued in termsof theVendorPlacement Monday,2December2013

Notes: a) All dates and times may be changed by Adcorp. Any change will be published on SENS and in the South African press. b) Shareholders should note that as transactions in Adcorp Shares are settled in the electronic settlement system used by Strate,

settlement of trades takes place five business days after such trade. Therefore, Shareholders who acquire shares after Friday, 15 November 2013 will not be eligible to vote at the general meeting.

c) All times given in this announcement are local times in South Africa. d) If the general meeting is adjourned or postponed, forms of proxy submitted for the initial general meeting will remain valid in respect of any

adjournment or postponement of the general meeting.

Bryanston

31October2013

Investment Bank and Transaction Sponsor to Adcorp

Sponsor

12

Adcorp Holdings Limited(IncorporatedinSouthAfrica)

(Registrationnumber:1974/001804/06)Sharecode:ADRISIN:ZAE000000139

NOTICEOFGENERALMEETING

AlltermsdefinedintheCirculartowhichthisnoticeofGeneralMeetingisattachedshallbearthesamemeaningswhenusedinthisnoticeofGeneralMeeting.

Notice isherebygiventhataGeneralMeetingof theShareholderswillbeheldatAdcorp’sregisteredoffice:AdcorpHeadOffice,NicolwayBryanston,CnrWilliamNicolandWedgewoodLink,Bryanston,2021,JohannesburgonThursday,28November2013at10h00.TherecorddatefordeterminingwhichShareholdersareentitledtoreceivetheCircularisFriday,25October2013.

TherecorddateonwhichShareholdersmustberecordedassuchinthesecuritiesregistermaintainedbytheTransferSecretariesofAdcorpforthepurposesofbeingentitledtoattendandvoteattheGeneralMeetingisFriday,22November2013.Accordingly,thelastdaytotradetobeeligibletoattendandvoteattheGeneralMeetingisFriday,15November2013.

In termsofsection63(1)of theCompaniesAct,anypersonattendingorparticipating inameetingofshareholdersmustpresentreasonably satisfactory identification and the person presiding at themeetingmust be reasonably satisfied that the right of anypersontoparticipateinandvote(whetherasShareholderorasproxyforaShareholder)hasbeenreasonablyverified.Accordingly,allShareholderswillberequiredtoprovideidentificationreasonablysatisfactorytothechairmanoftheGeneralMeetinginordertoparticipateinandvoteattheGeneralMeeting.

ThepurposeoftheGeneralMeetingistotransactthebusinesssetoutbelow,andtoconsiderand,ifdeemedfit,topass,withorwithoutmodification,theresolutionssetoutbelow:

ORDINARYRESOLUTIONNUMBER1

“RESOLVED THAT an additional 15 111 777 authorised but unissued Adcorp Shares, be and are hereby placed underthe control of the Directors for the purpose of settling the purchase consideration of the Acquisition until the later ofthenextannualgeneralmeetingandtheagreeddateofissueoftheAdcorpSharestotheVendorsintermsofthesaleandpurchaseagreementinrespectoftheAcquisition,andthattheybeandareherebyauthorisedtoissueanysuchAdcorpSharesastheDirectorsmaydeemfit, subject to theCompaniesActof2008 (Act71of2008),asamended, theMOIand theprovisionsof theListingsRequirements.”

ORDINARYRESOLUTIONNUMBER2

“RESOLVEDTHATanyDirectorortheActingCompanySecretaryofAdcorpbeandisherebyauthorisedtodoallsuchthingsandsignallsuchdocumentsasarenecessarytogiveeffecttotheordinaryresolutionsproposedattheGeneralMeetingatwhichthisordinaryresolutionisproposed.”

Inordertobeadopted,eachoftheabovementionedordinaryresolutionsmustbesupportedbymorethan50%ofthevotingrightsexercisedonsuchresolutions.

13

PROOF 6 – 30 Oct 2013

VOTING

Onashowofhands,everyShareholderwhoispresentinperson,byproxyorrepresentedattheGeneralMeetingshallhaveonevote(irrespectiveofthenumberofAdcorpSharesorAdcorpBSharesheld)andonapoll,everyShareholdershallhaveonevoteforeachandeveryAdcorpShareorAdcorpBShareheldbyhim.

ELECTRONIC PARTICIPATION

Shareholders or their proxies may participate in (but not vote at) the General Meeting by way of a teleconference call.If they wish to do so, they must contact Adcorp’s Acting Company Secretary and identify themselves to the satisfactionof the ActingCompany Secretary to obtain the dialing code and pin number. Shareholders participating in thismannerwill stillhavetoappointaproxytovoteontheirbehalfattheGeneralMeeting.AccessbymeansofelectroniccommunicationwillbeattheexpenseoftheShareholder.

PROXIES

AShareholderentitledtoattendandvoteattheGeneralMeetingmayappointoneormorepersonsasitsproxytoattend,speakandvoteinitsstead.AproxyneednotbeaShareholder.Shareholdersarereferredtotheattachedformofproxy(blue)inthisregard.

If youareaCertificatedShareholderor aDematerialisedShareholderwithOwn-nameRegistrationandareunable toattend theGeneralMeetingandwishtoberepresentedthereat,youmustcompleteandreturntheattachedformofproxy(blue)inaccordancewith the instructions contained therein tobe receivedby theTransferSecretaries, LinkMarketServicesSouthAfricaProprietaryLimited, at 13th Floor, Rennie House, 19 Ameshoff Street, Braamfontein, Johannesburg 2001 (PO Box 4844, Johannesburg,2000),bynotlaterthan10h00onTuesday,26November2013foradministrativepurposesorthereafterbynolaterthan10h00onThursday,28November2013.IfyouhavedematerialisedyourAdcorpShareswithaCSDPorBroker,otherthanwithOwn-nameRegistration,youmustarrangewiththemtoprovideyouwiththenecessaryletterofrepresentationtoattendtheGeneralMeetingoryoumust instruct themas tohowyouwish tovote in this regard.Thismustbedone in termsof theagreemententered intobetweenyouandtheCSDPorBroker,inthemannerandcut-offtimestipulatedtherein.

AdditionalproxyformsareobtainablefromAdcorp’sActingCompanySecretary.

By order of the board

AM SherActing Company Secretary

31October2013

14

NOTES

PROOF 6 – 30 Oct 2013

15

Adcorp Holdings Limited(IncorporatedinSouthAfrica)

(Registrationnumber1974/001804/06)Sharecode:ADRISIN:ZAE000000139

FORMOFPROXY–GENERALMEETING

ForusebyCertificatedShareholdersorDematerialisedShareholderswithOwn-nameRegistrationattheGeneralMeetingtobeheldat10h00onThursday,28November2013attheregisteredofficeofAdcorpatNicolwayBryanston,CnrWilliamNicolandWedgewoodLink,Bryanston,2021,Johannesburg.

Thedefinitionsand interpretationscommencingonpage4of theCircular towhich this formofproxy isattachedalsoapply to thisformofproxy.

IfShareholdershavedematerialisedtheirShareswithaCSDPorBroker,otherthanwithOwn-nameRegistration,theymustarrangewiththeCSDPorBrokertoprovidethemwiththenecessaryletterofrepresentationtoattendtheGeneralMeetingortheShareholdermust instruct themas tohowtheywish tovote in this regard.Thismustbedone in termsof theagreemententered intobetweentheShareholderandtheCSDPorBroker,inthemannerandcut-offtimestipulatedtherein.

Please read the notes on the reverse hereof carefully, which, amongst other things, set out the rights of Shareholders in terms ofsection58oftheCompaniesActwithregardtotheappointmentofproxies.

FortheGeneralMeeting

I/We(Name/sinblockletters)

of(addressinblockletters)

beingaShareholderofAdcorpandholdingshares,andentitledtovote,doherebyappoint(refertonote1attheendofthisproxyform):

or,failinghim/her,

RichardPikeofAdcorpatNicolwayBryanston,CnrWilliamNicolandWedgewoodLink,Bryanston,2021,Johannesburg,or failinghim,theChairmanoftheGeneralMeetingasmy/ourproxy(ies)tovoteonapollonmy/ourbehalfattheGeneralMeetingtobeheldat10h00onThursday,28November2013andatanypostponementoradjournmentthereof.

Please indicatewithan “X” in thespacesbelowhowyouwishyourproxy tovote in respectof the resolutions tobeproposed,ascontainedinthenoticeoftheabovementionedGeneralMeeting.

*I/Wedesiremy/ourproxytovoteontheresolutionstobeproposed,asfollows:

For Against Abstain

Ordinary resolution1 (15111777authorisedbutunissuedAdcorpSharesareplacedunder thecontroloftheDirectors)

Ordinaryresolution2(anyDirectorortheActingCompanySecretaryofAdcorpisauthorisedtodoallsuchthingsandsignallsuchdocumentsnecessarytogiveeffecttotheordinaryresolutionsproposedattheGeneralMeetingatwhichthisordinaryresolutionisproposed)

Signedbyme/usthisdayof2013

Signature

Assistedbyme(whereapplicable)(seenote12onreverseofthisproxyform)

Fullname/sofsignatoryifsigninginarepresentativecapacity(seenote11onreverseofthisproxyform)

* If this form of proxy is returned without any indication of how the proxy should vote, the proxy will exercise his/her discretion both as to how he/she votes and as to whether or not he/she abstains from voting.

15

Notes1. AShareholderentitledtoattendandvoteattheabovementionedmeetingisentitledtoappointoneormoreproxiestoattend,speakand,onapoll,votein

his/hersteadorabstainfromvoting.TheproxyneednotbeamemberofAdcorp.AShareholdermayappointtwoormorepersonsconcurrentlyasproxies,andmayappointmorethanoneproxytoexercisevotingrightsattachedtodifferentAdcorpSharesorAdcorpBSharesheldbytheShareholder.

2. Aproxymaydelegatetheproxy’sauthoritytoactonbehalfoftheShareholdertoanotherperson.3. ThecompletionandlodgingofthisformofproxywillnotprecludetherelevantShareholderfromattendingtheGeneralMeetingandspeakingandvoting

inpersonthereattotheexclusionofanyproxyappointedintermshereof,shouldsuchShareholderwishtodoso.Accordingly,theappointmentofaproxyin termshereof is suspendedat any timeand to theextent that theShareholder chooses toactdirectly and inperson in theexerciseof any rightsasaShareholder.

4. Aproxyisentitledtoexercise,orabstainfromexercising,anyvotingrightoftheShareholderwithoutdirection,excepttotheextentthatthevotinginstructionsaresetoutintherelevantsectionoftheproxyform.

5. Theappointmentofaproxyshall remainvaliduntil theendof themeetingcontemplated in thisappointment (including in respectofanyadjournmentorpostponementoftheGeneralMeeting),unlessrevokedinthemannercontemplatedinnote6below.

6. AShareholdermayrevoketheproxyappointmentby(i)cancellingitinwriting,ormakingalaterinconsistentappointmentofaproxy,and(ii)deliveringacopyoftherevocationinstrumenttotheproxyandtoAdcorp.Therevocationofaproxyappointmentconstitutesacompleteandfinalcancellationoftheproxy’sauthoritytoactonbehalfoftheShareholderasofthelaterof(i)thedatestatedintherevocationinstrument,ifany,or(ii)thedateonwhichtherevocationinstrumentwasdeliveredtoAdcorp.

7. PleaseinsertthenumberofAdcorpSharesand/orAdcorpBShares,asthecasemaybe,intherelevantspacesaccordingtohowyouwishyourvotestobecast.IfyouwishtocastyourvotesinrespectofalessernumberofAdcorpSharesand/orAdcorpBShares,asthecasemaybe,exercisablebyyou,insertthenumberofAdcorpSharesand/orAdcorpBShares,asthecasemaybe,heldinrespectofwhichyouwishtovote.Failuretocomplywiththeabovewillbedeemedtoauthoriseandcompelthechairman,ifthechairmanisanauthorisedproxy,tovoteinfavouroftheresolutions,ortoauthoriseanyotherproxytovotefororagainsttheresolutionsorabstainfromvotingashe/shedeemsfit,inrespectofalltheShareholder’svotesexercisablethereat.AShareholderorits/his/herproxyisnotobligedtouseallthevotesexercisablebytheShareholderorits/his/herproxy,butthetotalofthevotescastandinrespectwhereofabstentionisrecordedmaynotexceedthetotalofthevotesexercisablebytheShareholderorits/his/herproxy.

8. Tobevalid, this formofproxymustbecompletedand returned toAdcorp’sTransferSecretaries,LinkMarketServicesSouthAfricaProprietaryLimited,at13thFloorRennieHouse,19AmeshoffStreet,Braamfontein(POBox4844,Johannesburg,2000),tobereceivedbynotlaterthan10h00onTuesday,26November2013foradministrativepurposesorthereafterbynolaterthan10h00onThursday,28November2013.

9. Anyalterationorcorrectionmadetothisformofproxymustbeinitialledbythesignatory(ies).10. Inthecaseofajointholding,thefirst-namedonlyisrequiredtosign.11. Theauthorityofapersonsigningaproxyinarepresentativecapacitymustbeattachedtotheformofproxyunlessthatauthorityhasalreadybeenrecorded

byAdcorp.12. Aminororanyotherpersonunderlegalincapacitymustbeassistedbyhis/herparentorguardianasapplicable,unlesstherelevantdocumentsestablishing

capacityareproducedorhavebeenregisteredwiththeTransferSecretaries.13. IftheinstrumentappointingaproxyorproxieshasbeendeliveredtoAdcorp,aslongasthatappointmentremainsineffect,anynoticethatisrequiredbythe

CompaniesActorAdcorp’sMemorandumofIncorporationtobedeliveredbyAdcorptotheShareholdermustbedeliveredbyAdcorpto(i)theShareholderor(ii)theproxyorproxies,iftheShareholderhasdirectedAdcorpinwritingtodosoandpaidanyreasonablefeechargedbyAdcorpfordoingso.

SUMMARYOFTHERIGHTSESTABLISHEDINTERMSOFSECTION58OFTHECOMPANIESACT:

Forpurposesofthissummary,theterm“shareholder”shallhavethemeaningascribedtheretoinsection57(1)oftheCompaniesAct.

1. Atanytime,ashareholderofacompanyisentitledtoappointanindividual,includinganindividualwhoisnotashareholderofthatCompany,asaproxy,toparticipatein,andspeakandvoteat,ashareholders’meetingonbehalfoftheshareholder.

2. Aproxyappointmentmustbeinwriting,datedandsignedbytherelevantshareholder,andsuchproxyappointmentremainsvalidforoneyearafterthedateuponwhichtheproxywassigned,oranylongerorshorterperiodexpresslysetoutintheappointment,unlessit isrevokedinamannercontemplatedinsection58(4)(c)oftheCompaniesActorexpiresearlierascontemplatedinsection58(8)(d)oftheCompaniesAct.

3. ExcepttotheextentthattheMemorandumofIncorporationofacompanyprovidesotherwise: 3.1 ashareholderoftherelevantCompanymayappointtwoormorepersonsconcurrentlyasproxies,andmayappointmorethanoneproxytoexercise

votingrightsattachedtodifferentsecuritiesheldbysuchshareholder; 3.2 aproxymaydelegatehisauthoritytoactonbehalfofashareholdertoanotherperson,subjecttoanyrestrictionsetoutintheinstrumentappointing

theproxy;and 3.3 acopyoftheinstrumentappointingaproxymustbedeliveredtotherelevantCompany,ortoanyotherpersononbehalfoftherelevantCompany,before

theproxyexercisesanyrightsoftheshareholderatashareholders’meeting.4. Irrespectiveoftheformofinstrumentusedtoappointaproxy,theappointmentoftheproxyissuspendedatanytimeandtotheextentthattheshareholder

whoappointedthatproxychoosestoactdirectlyandinpersonintheexerciseofanyrightsasashareholderoftherelevantcompany.5. Unlesstheproxyappointmentexpresslystatesotherwise,theappointmentofaproxyisrevocable.Iftheappointmentofaproxyisrevocable,ashareholder

mayrevoketheproxyappointmentbycancellingitinwriting,ormakingalaterinconsistentappointmentofaproxy,anddeliveringacopyoftherevocationinstrumenttotheproxyandtheCompany.

6. Therevocationofaproxyappointmentconstitutesacompleteandfinalcancellationoftheproxy’sauthoritytoactonbehalfoftherelevantshareholderasofthe laterofthedate: (a)stated intherevocation instrument, ifany;or (b)uponwhichtherevocation instrument isdeliveredtotheproxyandtherelevantCompanyasrequiredinsection58(4)(c)(ii)oftheCompaniesAct.

7. Iftheinstrumentappointingaproxyorproxieshasbeendeliveredtotherelevantcompany,aslongasthatappointmentremainsineffect,anynoticethatisrequiredbytheCompaniesActortherelevantcompany’sMemorandumofIncorporationtobedeliveredbysuchCompanytotheshareholder,mustbedeliveredbysuchcompanytotheshareholder,ortotheproxyorproxies,iftheshareholderhasdirectedtherelevantcompanytodosoinwritingandpaidanyreasonablefeechargedbytheCompanyfordoingso.

8. A proxy is entitled to exercise, or abstain from exercising, any voting right of the relevant shareholder without direction, except to the extent that theMemorandumofIncorporation,ortheinstrumentappointingtheproxyprovideotherwise.

9. Ifacompany issuesan invitationtoshareholderstoappointoneormorepersonsnamedbysuchcompanyasaproxy,orsuppliesaformof instrumentforappointingaproxy:

9.1 suchinvitationmustbesenttoeveryshareholderwhoisentitledtonoticeofthemeetingatwhichtheproxyisintendedtobeexercised; 9.2 theinvitation,orformofinstrumentsuppliedbytherelevantCompany,must:(a)bearareasonablyprominentsummaryoftherightsestablishedinsection

58oftheCompaniesAct;(b)containadequateblankspace,immediatelyprecedingthenameornamesofanypersonorpersonsnamedinit,toenableashareholdertowriteinthenameand,ifsodesired,analternativenameofaproxychosenbysuchshareholder;and(c)provideadequatespacefortheshareholdertoindicatewhethertheappointedproxyistovoteinfavouroragainsttheapplicableresolution/stobeputattherelevantmeeting,oristoabstainfromvoting;

9.3 theCompanymustnotrequirethattheproxyappointmentbemadeirrevocable;and 9.4 theproxyappointmentremainsvalidonlyuntiltheendoftherelevantmeetingatwhichitwasintendedtobeused,unlessrevokedascontemplatedin

section58(5)oftheCompaniesAct.

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