ADCORP HOLDINGS LIMITED - Resignation and appointment of directors

Resignation and appointment of directors

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

RESIGNATION AND APPOINTMENT OF DIRECTORS

In compliance with the Listings Requirements of the JSE Limited, shareholders are advised that
Mr MJN Njeke, Ms NS Ndhlazi and Mr TDA Ross have resigned as non-executive directors of the
Company. In addition, JSE Listings Requirements and King IV recommend that only the CEO and
CFO are required to be executive directors of the company. Accordingly, Mr PC Swart and Mr BE
Bulunga have resigned as executive directors of the Company. Their executive management
roles, however, remain unchanged. The above resignations are effective from 11 July 2017.

The Board would like to thank these directors for their valued service to the Board over many
years.

In addition, shareholders are advised that Ms GT Serobe (Non-Executive director) and Dr FS
Mufamadi (Independent Non-Executive director) have been appointed as directors both with
effect from 11 July 2017. Ms Serobe has also been appointed as Chairperson of the Board. Ms
Serobe is a Founding Member and Executive Director of WIPHOLD and Chief Executive Officer of
Wipcapital and serves on several Boards including Sasol Mining, Hans Merensky and Old Mutual
Emerging Markets. Dr Mufamadi is a Founding member of COSATU, helped draft the National
Peace Accord of 1991, represented the ANC at CODESA, was previously the Minister for Safety
and Security, was twice appointed Minister for Provincial and Local Government and has also
played a leading role in conflict resolution in Lesotho, the DRC and Zimbabwe.

The Board welcomes these two new directors and looks forward to their contribution to the
Board.

Following the above director changes, the Board sub-committees will comprise the following
directors:

Nominations Committee:
  . GT Serobe (Chairperson)
  . C Maswanganyi
  . SN Mabaso-Koyana
  . MW Spicer
  . S Sithole
Remuneration Committee
   . S Sithole (Chairperson)
   . GT Serobe
   . C Maswanganyi
   . SN Mabaso-Koyana
   . MW Spicer


Audit & Risk Committee
   . SN Mabaso-Koyana (Chairperson)
   . JA Boggenpoel
   . ME Mthunzi
   . FS Mufamadi
   . MW Spicer


Transformation, Social and Ethics Committee
   . ME Mthunzi (Chairperson)
   . C Maswanganyi
   . GP Dingaan
   . FS Mufamadi

Investment Committee
    . N Nongogo (Chairperson)
    . R Pike
    . CJ Kujenga
    . GP Dingaan
    . JA Boggenpoel
    . ME Mthunzi

Bryanston
11 July 2017

Sponsor: Deloitte & Touche Sponsor Services Proprietary Limited

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