Dealing in Shares by an Associate of a Director ADCORP HOLDINGS LIMITED (Incorporated in the Republic of South Africa) Registration number: 1974/001804/06 Share code: ADR & ISIN: ZAE000000139 ("Adcorp" or "the Group") DEALING IN SHARES BY AN ASSOCIATE OF A DIRECTOR In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, the following information regarding the dealing in securities is disclosed: NAME OF DIRECTOR C Smith COMPANY OF WHICH A DIRECTOR Adcorp STATUS: EXECUTIVE/NON-EXECUTIVE Non-executive director TYPE AND CLASS OF SECURITIES Ordinary shares NATURE OF TRANSACTION Acquisition of shares by an associate of director (on-market transaction) DATE OF TRANSACTION 22 December 2020 PRICE PER SECURITY R6.50 NUMBER OF SECURITIES TRANSACTED 51 726 TOTAL RAND VALUE OF SECURITIES R336 219.00 TRANSACTED NATURE AND EXTENT OF INTEREST IN Indirect, beneficial THE TRANSACTION NAME OF ASSOCIATE Enigma Collections (Pty) Limited RELATIONSHIP WITH DIRECTOR Director and shareholder Clearance for the above was obtained in terms of paragraph 3.66 of the JSE Limited Listings Requirements. Johannesburg 23 December 2020 Sponsor PSG Capital Date: 23-12-2020 01:19:00 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.