Dealing In Securities By Directors’ Associate Adcorp Holdings Limited Registration number 1974/001804/06 Share code: ADR ISIN number: ZAE000000139 (“Adcorp”) DEALING IN SECURITIES BY DIRECTORS’ ASSOCIATE In compliance with the JSE Limited Listings Requirements, the following information is disclosed in respect of dealing in Adcorp ordinary shares (“securities”) by Adcorp directors’ associate: Directors : Mr S Sithole, Mr TP Moeketsi and Mr MM Nkosi Directors’ Associate : Value Capital Partners Proprietary Limited* Date of transaction : 31 October 2018 Number of securities : 76 Nature of transaction : On-market sale of securities Share price : R20.03 Total value of transaction : R1 522.30 Nature of interest : Indirect, Beneficial Clearance obtained : Yes * Mr S Sithole, Mr TP Moeketsi and Mr MM Nkosi have an indirect beneficial interest in Value Capital Partners Proprietary Limited (“VCP”), which is the advisor to Peregrine Fund Platform Proprietary Limited, the registered investment manager for various funds advised by VCP. VCP’s back-office entered into the above trades on 31 October 2018 to cover transaction costs associated with an automatic portfolio rebalancing amongst its various funds for its month-end process. 6 November 2018 Bryanston Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd Date: 06/11/2018 02:12:00 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.