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 an associate of Adcorp directors: Directors : Mr S Sithole and Mr MM Nkosi Directors’ Associate : Value Capital Partners Proprietary Limited* Date of transaction : 26 November 2019 Number of securities : 5 183 Nature of transaction : On-market acquisition of securities Average share price : R12.2233 Lowest share price : R12.00 Highest share price : R12.75 Total value of transaction : R63 353.36 Date of transaction : 28 November 2019 Number of securities : 22 093 Nature of transaction : On-market acquisition of securities Average share price : R11.9998 Lowest share price : R11.99 Highest share price : R12.00 Total value of transaction : R265 111.58 Nature of interest of directors : Indirect, Beneficial Nature of interest of associate : Direct, Beneficial Clearance obtained : Yes * Mr S Sithole and Mr MM Nkosi have an indirect beneficial interest in Value Capital Partners Proprietary Limited (“VCP”), which is the advisor to Legae Peresec Fund Platform Proprietary Limited, the registered investment manager for various funds advised by VCP. 3 December 2019 Sandton Sponsor: Nedbank Corporate and Investment Banking Date: 03-12-2019 09:24:00 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.