Adcorp : Changes to the board

ADCORP HOLDINGS LIMITED

(Incorporated in the Republic of South Africa) Registration number: 1974/001804/06

Share code: ADR

ISIN: ZAE000000139

("Adcorp" or the "Company")

CHANGES TO THE BOARD

In accordance with paragraph 3.59(b) of the JSE Limited Listings Requirements, the board of directors of the Company ("Board") wishes to advise that Mr Cecil Maswanganyi, who will retire by rotation at Adcorp's 2022 annual general meeting ("AGM"), has indicated that he will not be making himself available for re-election and will be stepping down as a non- executive director of the Company on 28 July 2022, at the conclusion of the AGM.

The Board would like to thank Mr Maswanganyi for his valuable contribution to the Adcorp Board and wishes him well with his future endeavours.

Shareholders of the Company ("Shareholders") are further referred to the announcement released by the Company on SENS on 6 December 2021, advising that Mr Timothy Olls had been appointed as an alternate non-executive director to Mr Samuel Sithole.

Shareholders are advised of the following intended changes to the Board, in respect of which separate resolutions will be proposed at the Company's upcoming AGM:

• Mr Olls will be nominated for election by Shareholders as a non-executive director; and
• Mr Sithole, who will be retiring by rotation at the upcoming AGM, will, subject to Mr Olls' election as a non-executive director, make himself available for election by Shareholders as an alternate non-executive director to Mr Olls.

Johannesburg

27 June 2022

Sponsor

PSG Capital