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Wed 26 May 2004, 11:37 TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT
ADCORP HOLDINGS LIMITED - TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT         
Adcorp Holdings Limited                                                         
(Incorporated in the Republic of South Africa)                                  
(Registration number 1974/001804/06)                                            
(`Adcorp` or `the Company`)                                                     
JSE Share code: ADR                                                             
ISIN: ZAE000000139                                                              
TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT                                   
Shareholders of Adcorp are advised that earnings and headline earnings for the  
period ending 30 June 2004 are expected to be substantially different           
(`substantially` being an increase equal to or greater than 30%, as defined in  
the JSE Securities Exchange South Africa Listings Requirements) than those of   
the prior comparative period.                                                   
Further details will be provided when Adcorp publishes the financial results for
the period ending 30 June 2004, which is expected to be during August 2004.     
As a result of the above and due to the fact that the earnings estimate has not 
been reviewed and reported on by Adcorp`s auditors, shareholders are advised to 
exercise caution when dealing in the company`s shares until the aforementioned  
results are published.                                                          
Melville                                                                        
26 May 2004                                                                     
Sponsor                                                                         
Deloitte & Touche Sponsor Services (Pty) Ltd                                    
(Registration number 1996/000034/07)                                            
Date: 26/05/2004 11:32:55 AM                   
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