ADCORP HOLDINGS LIMITED - Changes to the board of directors

Changes to the board of directors

Adcorp Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1974/001804/06)
Share code: ADR & ISIN: ZAE000000139
(“Adcorp”)

CHANGES TO THE BOARD OF DIRECTORS

Shareholders are advised that Mr Cecil Maswanganyi, the current alternate director to Mr
Robinson Ramaite, will be appointed as a non-executive director of Adcorp, replacing Mr
Ramaite, a current non-executive director, who will now be the alternate director to Mr
Maswanganyi.

Mr Maswanganyi will also replace Mr Ramaite on the Transformation, Social and Ethics
Committee as well as the Remuneration and Nominations Committee.

The effective date of the above changes are 1 March 2017.

Bryanston
23 February 2017

Sponsor: Deloitte & Touche Sponsor Services Proprietary Limited

Date: 23/02/2017 05:00:00 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.