ADCORP HOLDINGS LIMITED - Clarity on expected earnings for 2019

Clarity on expected earnings for 2019

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

CLARITY ON EXPECTED EARNINGS FOR 2019

Shareholders are referred to an article which appeared in the Business Day newspaper on 22 May
2018 which had as a highlight on the side of the article stating that Adcorp was budgeting for
2019 earnings of R520m.

The article mentioned that Adcorp is targeting earnings of R1bn in 2022 and to clarify that is at
the Earnings Before Interest Depreciation and Amortisation (“EBITDA”) level. This number can be
confirmed by Adcorp however it should be noted that this is purely a target at this stage with the
intention to grow the business substantially.

Adcorp can only assume that the above mentioned number of R520m earnings for 2019 was
based on the targeted earnings level of R1bn in 2022 as Adcorp has not published budgeted
earnings for 2019.

Bryanston
23 May 2018

Sponsor: Deloitte & Touche Sponsor Services Proprietary Limited

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