ADCORP HOLDINGS LIMITED - Settlement of shares in terms of the Adcorp Share Plan

Settlement of shares in terms of the Adcorp Share Plan

ADCORP HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1974/001804/06
Share code: ADR
ISIN: ZAE000000139
("Adcorp" or "the Company")


SETTLEMENT OF SHARES IN TERMS OF THE ADCORP SHARE PLAN


In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, the
following information regarding the settlement of performance shares ("Awards") in terms of
the Adcorp Share Plan is disclosed:

 NAME OF DIRECTOR                                NP Prendergast (1)
                                                 JP Wentzel     (2)

 COMPANY OF WHICH A DIRECTOR                     Adcorp (1-2)

 STATUS: EXECUTIVE/NON-EXECUTIVE                 Executive (1-2)

 TYPE AND CLASS OF SECURITIES                    Ordinary shares (1-2)

 NATURE OF TRANSACTION                           Settlement of ordinary shares following
                                                 the vesting of Awards in terms of the
                                                 Adcorp Share Plan (net of tax) (off-market
                                                 transaction) (1)

                                                 Settlement of ordinary shares following
                                                 the vesting of Awards in terms of the
                                                 Adcorp Share Plan (off-market transaction)
                                                 (2)

 AWARD DATE                                      14 December 2022 (1-2)

 VESTING DATE                                    13 December 2025 (1-2)

 SETTLEMENT DATE                                 15 January 2026 (1-2)

 NUMBER OF SHARES SETTLED                        67 507  (1)
                                                 307 439 (2)

 DEEMED PRICE PER SETTLED SHARE                  630 (1-2)
 (CENTS)

 DEEMED RAND VALUE AT SETTLEMENT                 R425,249.10   (1)
                                                 R1,936,865.70 (2)

 NATURE AND EXTENT OF DIRECTOR'S                 Direct, beneficial (1-2)
 INTEREST IN THE TRANSACTION

Clearance for the above was obtained in terms of paragraph 3.66 of the JSE Limited Listings
Requirements.

Johannesburg
29 January 2026

Sponsor
Valeo Capital (Pty) Ltd

Date: 29-01-2026 03:05:00
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