Dealing in securities by a director’s associate Adcorp Holdings Limited Registration number 1974/001804/06 Share code: ADR ISIN number: ZAE000000139 (“Adcorp”) DEALING IN SECURITIES BY A DIRECTOR’S ASSOCIATE In compliance with the JSE Limited Listings Requirements, the following information is disclosed in respect of dealing in Adcorp ordinary shares (“securities”) by an Adcorp director’s associate: Director : Mr S Sithole Director’s Associate : H4 Collective Investments (RF) Proprietary Limited acting on behalf of Value Active PFP H4 QI Hedge (“the Fund”). Value Capital Partners Proprietary Limited (in which Mr S Sithole has an indirect beneficial interest), are advisors to Peregrine Fund Platform Proprietary Limited, the registered investment manager of the Fund. Date of transaction : 13 December 2017 Number of securities : 14 309 Nature of transaction : On-market acquisition of securities Share price : R17.50 Total value of transaction : R250 337.39 Nature of interest : Indirect, Beneficial Clearance obtained : Yes Director : Mr S Sithole Director’s Associate : H4 Collective Investments (RF) Proprietary Limited acting on behalf of Value Active PFP H4 QI Hedge (“the Fund”). Value Capital Partners Proprietary Limited (in which Mr S Sithole has an indirect beneficial interest), are advisors to Peregrine Fund Platform Proprietary Limited, the registered investment manager of the Fund. Date of transaction : 14 December 2017 Number of securities : 1 191 Nature of transaction : On-market acquisition of securities Share price : R17.43 Total value of transaction : R20 756.51 Nature of interest : Indirect, Beneficial Clearance obtained : Yes Director : Mr S Sithole Director’s Associate : H4 Collective Investments (RF) Proprietary Limited acting on behalf of Value Active PFP H4 QI Hedge (“the Fund”). Value Capital Partners Proprietary Limited (in which Mr S Sithole has an indirect beneficial interest), are advisors to Peregrine Fund Platform Proprietary Limited, the registered investment manager of the Fund. Date of transaction : 15 December 2017 Number of securities : 331 067 Nature of transaction : On-market acquisition of securities Share price : R17.79 Total value of transaction : R5 890 377.17 Nature of interest : Indirect, Beneficial Clearance obtained : Yes 18 December 2017 Bryanston Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd Date: 18/12/2017 09:00:00 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.