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Adcorp Group: Appointment of Chief Executive Officer

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

APPOINTMENT OF CHIEF EXECUTIVE OFFICER (“CEO”)

Adcorp is delighted to announce the appointment of Phil Roux as the Chief Executive Officer
and a member of the board with immediate effect, replacing Cheryl-Jane Kujenga, who has
been filling the role in an interim capacity since October 2019.

Phil is an experienced business executive of more than 30 years, mostly in the FMCG sector.
His current role as Chairman of the TiAuto Group and he will resign from this role with immediate
effect. Prior to that, he was CEO of Pioneer Foods, Executive Director and Business Executive
at Tiger Brands and Chief Operating Officer – Africa at Coca Cola Sabco. A highly articulate
and energetic individual with a bias for action, Phil has led successful business transformation
within these leading organisations. There has been an exponential improvement in value creation
under his guidance and leadership. The Board of Directors (“the Board”) is confident that he
will guide the Adcorp Group through its strategic and operational transformation.

The Board would like to express its gratitude to Cheryl-Jane for the energy, vision, and
compassion that she dedicated to the Group during the last six months. During her time as the
Interim CEO, Cheryl-Jane was instrumental in stabilising the organization and help it continue
to deliver on its business plan. Cheryl-Jane will resume her role as Chief Financial Officer of
Adcorp Group with immediate effect and remains fully committed to the organisation during
the transition and beyond.

The Board would also like to express its gratitude to the outgoing interim CFO Talib Sadik, who
was appointed on a contract basis. Talib will leave the organisation on 30 April 2020. The Board
would like to wish him well in his future endeavors.

In light of the global pandemic, the Board is in the process of working closely with the Executive
team in redefining an approach to the Post-Covid workplace landscape. The Board is
confident that the business is fundamentally sound and will be able to meet its commitments
and immediate strategic intent.

23 April 2020

Sandton

Sponsor: Nedbank Corporate & Investment Banking, a division of Nedbank Limited

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