RESULTS OF THE SPECIAL GENERAL MEETING Adcorp Holdings Limited (Incorporated in the Republic of South Africa) (Registration Number: 1974/001804/06) Share Code: ADR ISIN: ZAE000000139 (“Adcorp” or the “Company”) RESULTS OF THE SPECIAL GENERAL MEETING Shareholders are hereby advised that at the Special General Meeting of the Company held at the registered offices of the Company at Adcorp Place, 102 Western Service Road, Gallo Manor Ext 6, Johannesburg, 2191 at 09:00 today, Monday, 14 December 2020 (“SGM”), all of the resolutions were passed by the requisite majorities of the Company’s shareholders. Details of the results of the voting at the SGM are as follows: Ordinary Shares Resolutions Votes for Votes against Number of Number of Number of proposed at the resolution as a resolution as a ordinary shares ordinary shares ordinary shares SGM percentage of percentage of voted at SGM 1 voted at SGM as abstained as a total number of total number of a percentage of percentage of ordinary shares ordinary shares shares in issue shares in issue voted at SGM voted at SGM Ordinary 100% 0% 101 864 062 92.64% 0.003% Resolution 1: Proposed B-BBEE Transaction Ordinary 100% 0% 101 864 062 92.64% 0.003% Resolution 2: Adcorp’s Board Authority B Shares Resolutions Votes for Votes against Number of B Number of B Number of B proposed at the resolution as a resolution as a shares voted at shares voted at shares abstained SGM percentage of percentage of SGM 1, 2 SGM as a as a percentage total number of B total number of B percentage of of shares in issue shares voted at shares voted at shares in issue SGM SGM Ordinary 100% 0% 12 617 137 100% 0% Resolution 1: Proposed B-BBEE Transaction Ordinary 100% 0% 16 822 849 100% 0% Resolution 2: Adcorp’s Board Authority Notes: 1. Total number of shares in issue as at the date of the SGM was 126 777 524 of which 109 954 675 were ordinary shares and 16 822 849 were B shares; 2. These votes exclude the voting rights of Simeka and their associates, being 4 205 712 B shares, as a result of Simeka being a related party to the Proposed B-BEE Transaction. Johannesburg 14 December 2020 Corporate Advisor and Transaction Sponsor Pallidus Capital Proprietary Limited Legal Advisor Baker & McKenzie Incorporated Sponsor PSG Capital Date: 14-12-2020 03:30:00 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.