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Abridged Preliminary Audited Group Results for the year ended 30 September 2012

ADCOCK INGRAM HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number 2007/016236/06
Income tax number 9528/919/15/3
Share code: AIP ISIN: ZAE000123436
("Adcock Ingram" or "the Company" or "the Group")

ABRIDGED PRELIMINARY AUDITED GROUP RESULTS
for the year ended 30 September 2012

Adcock Ingram is a leading South African pharmaceutical manufacturer, marketer and
distributor. The Company occupies a 10% share of the private pharmaceutical market
in South Africa with a strong presence in over-the-counter brands. The Company
is South Africa's largest supplier of hospital and critical care products. Its footprint
extends to India and other territories in sub-Saharan Africa.

The extensive product portfolio includes branded and generic prescription medicines
and over-the-counter/fast moving consumer goods (FMCG) brands, intravenous
solutions, blood collection products and renal dialysis systems.

Vision
To be recognised as a leading world-class branded healthcare company.

Foreword
Adcock Ingram is now the number 1 in the Vitamins, Minerals & Supplements category
in FMCG and number 2 in Pharmacy.

                                                                CEO, Jonathan Louw

FINANCIAL FEATURES
- Turnover increased 3% to R4,599 million
- EBITDA decreased 16% to R986 million
- HEPS decreased 9% to 422,4 cents
- Final distribution per share increased 8% to 115 cents

SALIENT FEATURES
- Improved to Level 3 BBBEE status
- Number 1 position in the OTC and hospital markets in South Africa
- New collaborative agreements with multi-nationals
- Completion of South African factory and distribution centre upgrades to
  world-class standards
- Acquisition of Cosme Farma Laboratories in India
- Public sector tender awards

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


                                                                               Year ended 30 September
                                                                             2012                         2011
                                                                          Audited         Change       Audited
                                                                 Note       R'000              %         R'000
Continuing operations
REVENUE                       2   4 644 406            2,4      4 534 235
TURNOVER                                                            2   4 599 249            3,3      4 453 567
Cost of sales                                                          (2 505 167)                   (2 284 606)
Gross profit                                                            2 094 082           (3,5)     2 168961
Selling and distribution expenses                                        (571 500)                     (530 005)
Marketing expenses                                                       (208 625)                     (206 981)
Research and development expenses                                         (81 601)                      (70 723)
Fixed and administrative expenses                (363 535)                     (292 614)
Operating profit                                                          868 821          (18,7)     1 068 638
Finance income                                                      2      18 285                        63 778
Finance costs                                                             (26 637)                      (30 225)
Dividend income                                                     2      26 872                        16 890
Profit from continuing operations before taxation                         887 341          (20,7)     1 119 081
Taxation                                                                 (168 265)                     (326 129)
Profit for the year from continuing operations    719 076           (9,3)       792 952
Loss after taxation for the year from a discontinued operation                                         (28 152)
Profit for the year                                                       719 076           (6,0)       764 800
Other comprehensive income                                                (37 896)                       17 591
 Exchange differenceson translation of foreign operations                (26 181)                        4 709
 Movement in cash flow hedge accounting reserve, net of tax               (11 715)                       12 882
Total comprehensive income for the year, net of tax                       681 180                       782 391
Net profit attributable to:
Owners of the parent                705 641                       754 205
Non-controlling interests                                                  13 435                        10 595
                                                                          719 076                       764 800
Total comprehensive income attributable to:
Owners of the parent                                                      670434                       770 658
Non-controlling interests                                                  10 746                        11 733
                                                                          681 180                       782 391
Continuing operations:
Basic earnings per ordinary share (cents)                                   417,8           (8,9)         458,5
Diluted basic earnings per ordinary share (cents)                           417,2           (8,8)         457,5
Headline earnings per ordinary share (cents)                                422,4           (9,2)         465,1
Diluted headline earnings per ordinary share (cents)                        421,8           (9,1)         464,2

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY


                      Attributable to holders of the parent
                                                                                          Total
                                                                                      attribut-
                                                                              Non-      able to
                                   Issued                       distri-     ordinary       Non-
                                    share         Share      Retained      butable       share- controlling
                                  capital       premium        income     reserves      holders   interests        Total
                                    R'000         R'000         R'000        R'000        R'000       R'000        R'000
As at
 1 October 2010                    17 365     1 190 290     1 357 939      349 061    2 914 655     158 685    3 073 340
Share issue                            25         3 368                                   3 393                    3 393
Movement in treasury shares          (502)     (291 427)                               (291 929)                (291 929)
Share-based payment expense
 continuing operations                                                      6 685        6 685                    6 685
 discontinued operation                                                      (831)        (831)                    (831)
Disposal of business                                                                                (12 644)     (12 644)
Acquisition through business
 combination                                                                                         14 072       14 072
Acquisition of non-controlling
 interests
 Addclin Research (Pty) Limited                                1 345                     1 345      (1 345)           
 Ayrton Drug Manufacturing
    Limited                                                    (4 120)                   (4 120)     (5 225)       (9 345)
Total comprehensive income                                    754 205       16 453      770 658      11 733       782 391
 Profit for the year                                          754 205                   754 205      10 595       764 800
 Other comprehensive income                                                 16 453       16 453       1 138        17 591
Dividends                                                    (177 157)                 (177 157)    (27 652)     (204 809)
Distribution out of
 share premium                                 (136 943)                               (136 943)                 (136 943)
Balance at
 30 September 2011 (audited)       16 888       765 288     1 932 212      371 368    3 085 756     137 624     3 223 380
Share issue                            57         7 011                                   7 068                     7 068
Movement in treasury shares           (73)      (45 610)                                (45 683)                  (45 683)
Share-based payment expense                                                 20 068       20 068                    20 068
Disposal of non-controlling
 interests in National Renal
 Care (Pty) Limited                                            11 279                    11 279       9 108        20 387
Acquisition of non-controlling
 interests in Ayrton Drug
 Manufacturing Limited                                         (2 148)                   (2 148)     (8 912)      (11 060)
Total comprehensive income                                    705 641      (35 207)     670 434      10 746       681 180
 Profit for the year                                          705 641                   705 641      13 435       719 076
 Other comprehensive income                                                (35 207)     (35 207)     (2 689)      (37 896)
Dividends                                                    (144 474)                 (144 474)    (10 882)     (155 356)
Distribution out of
 share premium                                 (179 289)                               (179 289)                 (179 289)
Balance at
 30 September 2012 (audited)       16 872       547 400     2 502 510      356 229    3 423 011     137 684     3 560 695

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION


                                              30 Sep      30 Sep
                                              2012        2011
                                             Audited     Audited
                                    Note       R'000       R'000
ASSETS
Property, plant and equipment              1 560 177   1 161 558
Deferred tax                                   5 097       3 775
Other financial assets                       139 751     140 210
Loans receivable                              27 060           
Intangible assets                            710 960     728 474
Non-current assets                         2 443 045   2 034 017
Inventories                                  956 164     864 465
Trade and other receivables                1 320 191   1 202 858
Cash and cash equivalents                    492 716   1 103 977
Taxation receivable                           70 170      30 143
Current assets                             2 839 241   3 201 443
Total assets                               5 282 286   5 235 460

EQUITY AND LIABILITIES
Capital and reserves
Issued share capital                   7      16 872      16 888
Share premium                                547 400     765 288
Non-distributable reserves                   356 229     371 368
Retained income                            2 502 510   1 932 212
Total shareholders' funds                  3 423 011   3 085 756
Non-controlling interests                    137 684     137 624
Total equity                               3 560 695   3 223 380
Long-term borrowings                         104 625     346 811
Post-retirement medical liability             15 341  13 987
Deferred tax                                 101 910      93 884
Non-current liabilities                      221 876     454 682
Trade and other payables                     983 589     954 076
Short-term borrowings                        431 368     496 032
Cash-settled options                          39 983      64 036
Provisions                                    44 775      42 859
Bank overdraft                                              395
Current liabilities                        1 499 715   1 557 398
Total equity and liabilities               5 282 286   5 235 460

CONSOLIDATED ABRIDGED STATEMENTS OF CASH FLOWS


                                                                                Year ended   30 September
                                   2012           2011
                                                                                   Audited        Audited
                                                                                     R'000          R'000
Cash flows from operating activities
Operating profit before working capital changes                                  1 077 5811 185 976
Working capital changes                                                           (292 138)      (157 419)
Cash generated from operations                                                     785 443      1 028 557
Finance income, excluding receivable                                                19 369         59 116
Finance costs, excluding accrual            (22 672)       (29 624)
Dividend income, excluding receivable                                               27 035         14 298
Dividends paid                                                                    (155 356)      (204 809)
Taxation paid                                                                     (196 158)      (341 156)
Net cash inflow from operating activities                                       457 661        526 382
Cash flows from investing activities
Decrease/(Increase) in other financial assets                                          457             (6)
Acquisition of businesses, net of cash                                                          (328 775)
Proceeds on disposal of business          84 989
Purchase of property, plant and equipment  Expansion                             (276 401)      (172 451)
                                           Replacement                           (235 392)      (260 528)
Purchase of intangible assets                                                      (13 109)             
Proceeds on disposal of property, plant and equipment                   1 732          4 220
Increase in loans receivable                                                       (11 221)             
Net cash outflow from investing activities                                        (533 934)      (672 551)
Cash flows from financing activities
Acquisition of non-controlling interests in Ayrton Drug Manufacturing Limited      (11 060)        (9 345)
Proceeds from issue of share capital                                                 7 068          3 393
Purchase of treasury shares                                                        (45 683)      (291 929)
Distribution out of share premium                                                 (179 289)      (136 943)
Increase in borrowings16 503        371 536
Repayment of borrowings                                                           (321 777)      (117 329)
Net cash outflow from financing activities                                        (534 238)      (180 617)
Net decrease in cash and cash equivalents                                         (610 511)      (326 786)
Net foreign exchange difference on cash and cash equivalents                          (355)          (549)
Cash and cash equivalents at beginning of year                                   1 103 582      1 430 917
Cash and cash equivalents at end of year                                           492 716      1 103 582

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 

1 BASIS OF PREPARATION

1.1 Introduction
The condensed annual financial statements havebeen prepared in accordance with International Financial Reporting Standards 
("IFRS"), IAS 34 Interim Financial Reporting, the South African Companies Act, the Listings Requirements of the JSE Limited as well 
as the AC500 standards as issued by the Accounting Practices Board or its successor. The condensed financial information has been 
audited by Ernst & Young Inc. The individual auditor assigned to perform the audit is Mr Warren Kinnear. The auditors' unqualified 
opinion is available for inspection at the Company's registered office.

Mr Andrew Hall, Deputy Chief Executive and Financial Director, is responsible for this set of financial results and has supervised the 
preparation thereof in conjunction with Group Finance Executive, Ms Dorette Neethling.

1.2 Changes in accounting policies
The accounting policies adopted are consistent with those of the previous financial year, except where the Group has adopted the 
following new and amended IFRS and IFRIC interpretations during the year. When the adoption of the standard or interpretation is 
deemed to have an impact on the financial statements or performance of the Group, its impact is described below:

IAS 24 Related Party Disclosures (Amendment)
The amended standard was effective for the Group from 1 October 2011. It clarifies the definition of a related party to simplify the 
identification of such relationships and to eliminate inconsistencies in its application, but did not have an impact on the Group's 
financial position or performance

IFRIC 14 Prepayments of a Minimum Funding Requirement (Amendment)
The amendment to IFRIC 14 was effective for the Group from 1 October 2011 with retrospective application. The amendment 
provides guidance on assessing the recoverable amount of a net pension asset. The amendment permits an entity to treat the 
prepayment of a minimum funding requirement as an asset. The amendment had no impact on the financial statements of 
the Group.

Improvements to IFRS (issued in May 2010)
The IASB issued improvements to IFRS, an omnibus of amendments to its IFRS standards. The amendments have been effective 
for the Group since 1 October 2011. These improvements did not have a significant impact on the Group, other than additional 
disclosures and deal with:
- IFRS 7 Financial Instruments: Disclosures
- IAS 1 Presentation of Financial Statements
- IAS 34 Interim FinancialReporting

                        30 Sep      30 Sep
                         2012         2011
                       Audited     Audited
                         R'000       R'000
2   REVENUE
    Turnover          4 599 249   4 453 567
    Finance income       18 285      63 778
    Dividend income      26 872      16 890
                      4 644 406   4 534 235

3  SEGMENT REPORTING
   Following a restructuring towards the end of the previous financial year after the integration of the Hospital operations with the
   Pharmaceutical operations, decision-making changed, with a corresponding change in segmental reporting to align the reporting
   in accordance with IFRS 8. The segmental report below has been produced in the way the business is currently managed.

                                                                                    30 Sep           30 Sep
                                                                                                           2012              2011
                                                                                                         Audited          Audited
                                                                           R'000            R'000
     Turnover
     Southern Africa                                                                                   4 435 938         4 296 829
      OTC                                                                                              1 791 875         1 608 046
      Prescription                                                                             1 520 219         1 632 071
      Hospital                                                                                         1 123 844         1 056 712
     Rest of Africa and India                                                                            295 545           257 476
                                                                      4 731 483         4 554 305
     Less: Intercompany sales                                                                           (132 234)         (100 738)
                                                                                                       4 599 249         4 453 567
     Contribution after marketing expenses (CAM)
     Southern Africa                                                                                   1 245 746         1 369 231
      OTC                                                                                                660 492           680 703
      Prescription                                                                                       371 801           485 182
      Hospital                                                                                           213 453           203 346
     Rest of Africa and India                                                                             75 703            62 744
     Less: Intercompany                                                                                   (7 492)                
                                                                                                  1 313 957         1 431 975
     Less: Other operating expenses (1)                                                                 (445 136)         (363 337)
      Research and development                                                                           (81 601)          (70 723)
      Fixed and administrative                                                                          (363 535)         (292 614)

     Operating profit                                                                                    868 821         1 068 638
     (1) Other operating expenses are managed on a central basis and are not allocated
         to operating segments.

4    INVENTORY
     The amount of inventories written down recognised as an expense in profit or loss                    42 336            20 907

5    CAPITAL COMMITMENTS
     Capital commitments
      contracted                                                                                         64 632           292 983
      approved     143 403           120 845
                                                                                                         208 035           413 828

                                                                                                          30 Sep            30 Sep
  2012              2011
                                                                                                         Audited           Audited
                                                                                                           R'000             R'000
6    HEADLINE EARNINGS
     Earnings per share is derived by dividing earnings attributable from continuing
operations to owners of Adcock Ingram for the year, by the weighted
     average number of shares in issue.
     Headline earnings is determined as follows:
     Earnings attributable to owners of Adcock Ingram from total operations                              705 641           754 205
     Adjusted for:
     Loss from discontinued operation                              28 397
     Earnings attributable to owners of Adcock Ingram from continuing operations                         705 641           782 602
     Adjusted for:
     Impairment of leasehold improvements and intangible assets                                            1 887                 
     Impairment of investment                                        12 200
     Tax indemnity on discontinued operation                                                               2 355                 
     Loss/(profit) on disposal of property, plant and equipment, net of tax                                3 526              (857)
     Headline earnings from continuing operations              713 409           793 945

7    SHARE CAPITAL                                                                                            Number of shares
                                                                                                            '000              '000
     Number of ordinary shares in issue    200 735           200 156
     Number of A and B shares held by the BEE participants                                               (25 944)          (25 944)
     Number of ordinary shares held by the BEE participants                                               (1 782)           (1 042)
     Number of ordinary shares held by Group company(4 285)           (4 285)
     Net shares in issue                                                                                 168 724           168 884
     Headline earnings and basic earnings per share are based on:
     Weighted average number of shares                                                                   168 894           170 697
     Diluted weighted average number of shares                                                           169 131           171 049


8   SUBSEQUENT EVENTS
8.1 Cosme Farma Laboratories Limited (Cosme)
    On 10 July 2012, Adcock Ingram announced the acquisition of certain assets of Cosme, a division of the Cosme Group, based in
    Goa, India. Cosme is a mid-sized sales and marketing pharmaceutical business which has been operating in the Indian domestic
    pharmaceutical market for the past 40 years and is ranked 55th in India, per IMS Health, with a sales force of approximately 1 000 staff.

    On 1 November 2012 shareholders were advised via SENS that, due to the regulatory approvals process in India not having been
    completed, the previously anticipated closing date for the Cosme transaction, being 31 October 2012, had not been achieved.
    Consequently, in terms of an extension agreement entered into between Adcock Ingram and Cosme, the closing date for the
    transaction was extended to 31 January 2013. On 12 November 2012, the Foreign Investment Promotions Board of India (FIPB)
    notified Adcock Ingram that it had approved the Cosme transaction, subject to certain conditions relating to investments in the
    pharmaceutical sector in India, inter alia: (i) a commitment to continue the supply of drugs listed on the National Essential List of
    Medicines for the pursuing five years; (ii) to maintain the current level of Research and Development expenditure of the acquired
    Cosme business over the pursuing 5 years; and (iii) notification to the FIPB of the details of any technology transfer into Indiafrom
    South Africa. The Company expects to be able to comply with all conditions imposed and to conclude all formalities related to the
    Cosme transaction in January 2013.

8.2 NutriLida
    As of 30 September 2012, an amount of R8.0 million, held in escrow, remained in dispute between the Group and the previous
    owners of NutriLida. On 16 November 2012 the parties agreed that the Group would release R4.0 million of the escrow to the
    previous owners of NutriLida, in full and final settlement of the balance of the acquisition price.

Turnover increased 3% to R4,599 million
EBITDA decreased 16% to R986 million
HEPS decreased 9% to 422,4 cents
Final distribution per share increased 8% to 115 cents
BBBEE status improved to Level 3

FINANCIAL REVIEW
Headline earnings
The Group achieved headline earnings for the year ended 30 September 2012 of R713.4 million (422.4 cents per share). This represents
a 10.1% decrease over the comparable figure for 2011 of R793.9 million and translates into a decrease of 9.2% in headline earnings
per share.

Turnover
The acquisition of NutriLida supported turnover growth of 3.3% to R4,599 million (2011: R4,454 million). This was achieved notwithstanding
the loss of sales of DPP-containing products and the reduced Anti-Retroviral (ARV) tender award. Price reductions across the business
averaged 0.7% for the year, an improvement from the figure of 2.3% at the half-year.

In the Prescription segment, the Single Exit Price (SEP) increase of 2.14% granted by Government in March 2012 was implemented only
on products where market conditions allowed and overall revenue decreased by 6.9%. Over-the-counter (OTC) turnover growth of 11.4%
benefited from the inclusion of NutriLida, with volumes remaining flat for the balance of the portfolio and pricing marginally positive
for the full year after having shown price deflation at the half-year. Hospital revenue grew by 6.4% as full production resumed after the
Aeroton factory upgrade, but this business segment continued to experience price deflation.

Profits
Gross profit for the year decreased by 3.5% to R2,094 million (2011: R2,169 million) with margins declining from 48.7% to 45.5%.
Gross margin as a percentage of sales was adversely impacted by production inflation, facilities undergoing upgrades, and by the weaker
Rand, which affected imported raw materials and finished products.The average exchange rates for inventory procurement were R7.86
(2011: R6.98) and R10.50 (2011: R9.76) for US Dollar and Euro imports, respectively, with total contracts settled during the year amounting
to R755 million (2011: R777 million).

Operating profit decreased by 18.7% to R869 million (2011: R1,069 million) with the percentage on sales reducing from 24.0% to 18.9%.
Operating expenses increased by 11.4% to R1,225 million (2011: R1,100 million). The additional expenses of R125 million include increased
amortisation (R11 million), IFRS 2 charges relating to additional units allocated to staff (R9 million), retrenchment costs (R23 million),
M&A-related project costs (R21 million) and NutriLida operating expenses of R9 million.

After net finance costs and dividends received, profit before tax decreased 20.7% to R887 million (2011: R1,119 million). The effective tax
rate for the year was 19.0% (2011: 29.1%), having taken advantage of the Strategic Industrial Project (SIP) allowance for approved capital
projects, which reduced the tax charge by R86 million in the current year.

Cash flows and financial position
Cash generated from operations was R785 million (2011: R1,029 million) after working capital increased R292 million (2011: R157 million).
Trade accounts and other receivables contributed R128 million to the working capital increase but trade accounts receivable days at
the end of the year remained consistent at 65 days and virtually no bad debts were experienced. Inventory increased by R141 million
as stockholdings of some strategic active ingredients were increased to improve service levels. After net finance income, dividends
and taxation, cash inflow from operations was R458 million (2011: R526 million).

The upgrade at the Aeroton facility and the construction of the high-volume liquids facility at Clayville were both completed, with
total capital expenditure in 2012 amounting to R512 million (2011: R433 million).

During the year R300 million was repaid on the loan facility for the factory upgrades. The remaining balance of R500 million is being
repaid in quarterly instalments with the final instalment due in December 2013. Cash equivalents decreased by R611 million, but the
business still has a healthy gross cash position of R493 million (2011: R1,104 million).

Dividend distribution
The Board has declared a final dividend of 115 cents per share for the year ended 30 September 2012 out of income reserves, bringing
the dividend for the year to 201 cents (2011: 187 cents).

BUSINESS OVERVIEW

COMMERCIAL

Southern Africa
This segment encompasses all of the businesses in the Southern African region namely OTC, Prescription and Hospital. The most
significant impact for the year remains the withdrawal of DPP-containing products and the disappointing Anti-Retroviral (ARV) tender
award at the last adjudication in December 2010. The revenue reduction in the year under review was R80 million for DPP containing
products and R68 million for ARV's. The NutriLida acquisition has offset this by R162 million year-on-year. The region posted an overall
sales increase of 3.2% in a tough economic climate that has seen pressure on the consumer, coupled with continued down-trading and
an unfavourable pricing environment.

Overall the business, as measured in IMS, has performed well in the private market with a growth of 9.7% in pharmacy, but some
share erosion has taken place in the FMCG market in analgesics.

OTC sales increased by 11.4% to R1,792 million (2011: R1,608 million), assisted by the acquisition of NutriLida in the last quarterof
fiscal 2011. Adcock Ingram is now number 1 in the Vitamins, Minerals & Supplements category in FMCG according to Nielsen and
number 2 in Pharmacy as measured in IMS. Dependence on SEP products has reduced from 61% to 53% in this business over the year.
The gross profit dropped by 370 basis points to 55.6% due to currency devaluation and input inflation. Contribution after marketing
expenses (CAM) decreased by 3.0% to R660.5 million (2011: R680.7 million). This business has experienced the impact of a disrupted
supply chain due to upgrades in the factories and a poor economic climate as consumers have continued to be under pressure. Strong
brands in the portfolio have however helped Adcock Ingram retain its market leadership position in this highly competitive environment.

Excluding the DPP and ARV impact, the Prescription business has performed relatively well due to new multi-national collaborations,
sound performance of Adcock Ingram's core brands and continued progress in the generics business. Overall turnover declined by 6.9%
to R1,520 million (2011: R1,632 million), with gross margins dropping 640 basis points, with currency devaluation, product mix and input
inflation the influencing factors.

Hospital turnover increased by 6.4% over the comparable period to R1,124 million (2011: R1,057 million), as organic volumes increased
by 5.3%. Price deflation and aggressive competition remains a challenge in this segment.

The Renal division continues to grow market share in the public and private sectors, with growth reflected in all portfolios. In the
generic market, the division continued to invest in injectable analgesics, antibiotics and specialty drugs. The Transfusion Therapy division
was impacted by lower blood donor numbers which dropped by 2% compared to 2011.

The relationship with Baxter remains constructive, with Baxter having performed an audit of the upgraded facility in February 2012.
No additional product is now being imported from Baxter, as the Aeroton factory is now able to meet market demand.

Rest of Africa
It has been a challenging year for Adcock Ingram in the Rest of Africa, with revenue flat over the prior year. The performance was
impacted by product recalls in East Africa and factory upgrades and the attendant production bottlenecks, which adversely affected sales
in Ghana and the SADC region.

In Kenya, sales of two flagship OTC analgesics, Dawanol and Betapyn, fell due to the illegal distribution of counterfeit products in the
market, which required a temporary recall of Adcock Ingram's genuine stock. The reintroduction in June of Dawanol with anti-counterfeit
security features boosted sales in the second half of the year.

In Ghana, poor quality water supply at the liquids factory led to a temporary shutdown of the facility in February. A rapid but significant
upgrade of the plant was initiated and 70% of the manufacturing capacity restored with further improved production expected by
March 2013. Adcock Ingram product sales showed good growth as the brands have gained the confidence of doctors and pharmacists
following promotion activities.

SUPPLY CHAIN
The upgrades to the supply chain and implementation of new systems resulted in some disruption in supply to the market, as reflected
in the sales performance, particularly in OTC liquids, the private hospital sector and the Rest of Africa.

The Aeroton facility is now performing well and the high-volume liquids (HVL) facility at Clayville has been commissioned, inspected by
the Medicines Control Council (MCC) and opened by the Gauteng MEC for Health, Mr Hope Papo, in mid-October 2012.

Additional tablet capacity is being installed at Wadeville, in anticipation of future tender awards.

LOGISTICS
Distribution volumes have increased by 4% compared to the previous financial year, and warehouse capacity remains a focus.
Distribution expenses, as a cost per unit, have increased by 3% year-on-year. Despite the increasing trend of the cost of fuel which
attracts approximately 35% of the transport costs, the increase in cost per unit was kept relatively low. The successful upgrade of
systems, in which processes were automated, resulted in increased throughput. Synergies were realised by rationalising the different
distribution networks in the Group and closing the NutriLida and 15th Road warehouses.

REGULATORY ENVIRONMENT
The industry has submitted its response to the Department of Health's (DoH) proposal for a 6% SEP increase showing that this
figure underestimates the CPI increase and Exchange Rate weakening over the last year.

Discussions continue with the DoH and the Pricing Committee on the final basket of countries and the method of measurement to
benchmark pharmaceutical prices in the private sector. At this stage the timing and the quantum of any changes remain uncertain,
but the focus appears to be on patent-protected products, which represent a small portion of Adcock Ingram's sales.

In October 2012, Adcock Ingram made its own submission with regard to the proposed capping of Logistics Fees and raised the
elements of complexity and differentiation on the costing for transport of heavy liquid products and for home delivery.

TRANSFORMATION
Adcock Ingram's BBBEE transformation scorecard was certified by Empowerdex in October 2012. The Company improved its BBBEE status
to Level 3, after the successful implementation of an Owner Driver Scheme which increased the Enterprise Development component.
An Apprenticeship Programme and Learnerships for people with disabilities were implemented to further enhance the BBBEE score.

CHANGES TO THE BOARD OF DIRECTORS
Professor Matthias Haus was appointed as an independent non-executive director with effect from 1 June 2012.

PROSPECTS
The international accreditation of our recently completed manufacturing facilities remains a key focus area during the next year as the
Group concludes its investment in its supply chain.

Adcock Ingram maintains its focus on the acquisition of businesses and brands in high growth emerging markets in Africa and India.
It expects to conclude the acquisition of Cosme Farma in January 2013. We continue to invest in brands, people and customers off
our existing platform.

The multi-national partner of choice strategy continues to deliver value with the recent addition of a co-operation agreement with
Lundbeck. Additional collaborations are being explored to continue the path of revenue diversification and decrease the dependence
on mature products. Supply chain collaborations will address the challenge in extending multi-national collaborations partnerships into
sub-Saharan Africa.

New generic product launches are planned for early in the year in the cardiovascular category and further innovation will be taken to
market on the Complementary Alternative Medicines (CAMs) portfolio.

The current economic climate remains uncertain and the impact on consumer spending is concerning. Margins will continue to be
impacted by cost pressures, particularly labour, transport and utilities, and by active ingredient prices which are directly linked to currency
fluctuations.

For and on behalf of the Board

KDK Mokhele                JJ Louw                                           AG Hall
Chairman                             Chief Executive Officer                          Deputy Chief Executive and Financial Director

DIVIDEND DISTRIBUTION
The Board has declared a final gross dividend out of income reserves of 115 cents per share in respect of the year ended
30 September 2012. No STC credits will be utilisedfor this distribution. The South African Dividends Tax ("DT") rate is 15% and the
net dividend payable to shareholders who are not exempt from DT is 97.75 cents per share, as at the date of this declaration, Adcock
Ingram has 174,809,918 ordinary shares in issue including 6,067,163 treasury shares. There are also 25,944,261 "A" and "B" ordinary shares
in issue, all held as treasury shares, which are entitled to a dividend. Its income tax reference number is 9528/919/15/3.

The salient dates for the distribution are detailed below:
Last date to trade cum distribution                                                                              Friday, 4 January 2013
Shares trade ex distribution                                                                                      Monday, 7 January 2013
Record date                                                                                                     Friday, 11 January 2013
Payment date                                                                                                     Monday, 14 January 2013

Share certificates may not be dematerialised or rematerialised between Monday, 7 January 2013 and Friday, 11 January 2013, both dates
inclusive.

By order of the Board

NE Simelane
Company Secretary

Johannesburg
26 November 2012

CORPORATE INFORMATION

ADCOCK INGRAM HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number 2007/016236/06
Income tax number 9528/919/15/3
Share code: AIP ISIN: ZAE000123436
("Adcock Ingram" or "the Company" or "the Group")

Directors:
KDK Mokhele (Chairman)*, JJ Louw (Chief Executive Officer), EK Diack*, AG Hall (Deputy Chief Executive and Financial Director),
M Haus*, T Lesoli*, PM Makwana*, CD Raphiri*, LE Schönknecht*, RI Stewart*, AM Thompson*
* Independent non-executive

Company secretary:
NE Simelane

Registered office:
1 New Road, Midrand, 1682

Postal address:
Private Bag X69, Bryanston, 2021

Transfer secretaries:
Computershare Investor Services (Pty) Limited
70 Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107

Auditors:
Ernst & Young Inc.
Wanderers Office Park, 52 Corlett Drive, Illovo, 2196

Sponsor:
Deutsche Securities (SA) (Pty) Limited
3 Exchange Square, 87 Maude Street, Sandton, 2146

Bankers:
Nedbank Limited, 135 Rivonia Road, Sandown, Sandton, 2146
Rand Merchant Bank, 1 Merchant Place, cnr Fredman Drive and Rivonia Road, Sandton, 2196

Attorneys:
Read Hope Phillips, 30 Melrose Boulevard, Melrose Arch, 2196

Forward-looking statements:
Adcock Ingram may, in this document, make certain statements that are not historical facts and relate to analyses and other
information which are based on forecasts of future results and estimates of amounts not yet determinable. These statements
may also relate to our future prospects, developments and business strategies. Examples of such forward-looking statements
include, but are not limited to, statements regarding exchange rate fluctuations, volume growth, increases in market share,
total shareholder return and cost reductions. Words such as "believe", "anticipate", "expect", "intend", "seek", "will", "plan", "could",
"may", "endeavour" and "project" and similar expressions are intended to identify such forward-looking statements, but are not
the exclusive means of identifying such statements. By their very nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and there are risks that the predictions, forecasts, projections and other forward-looking
statements will not be achieved. If one or more of these risks materialise, or should underlying assumptions prove incorrect, our
actual results may differ materially from those anticipated. Forward-looking statements apply only as of the date on which they
are made, and we do not undertake any obligation to update or revise any of them, whether as a result of new information,
future events or otherwise.

www.adcock.com
Date: 27/11/2012 07:05:00 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.

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