Resignation Of Chief Financial Officer (“CFO”)

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”)

RESIGNATION OF CHIEF FINANCIAL OFFICER (“CFO”)

Adcorp hereby announces that Ms Cheryl-Jane Kujenga has resigned as the CFO of Adcorp
and from the Board, effective 31 May 2020.

The Board would like to express its gratitude to Cheryl-Jane for her invaluable contribution and
commitment to the Group, not only as CFO but so too in her recent role as Interim Chief
Executive Officer (“CEO”).

The Board has commenced the search for a permanent CFO with suitable experience and
shareholders will be advised as soon as such an appointment has been finalised. In the interim,
Adcorp’s Chief Executive Officer, Mr Phil Roux, will have oversight of Adcorp’s finance team
to ensure continued focus on the finance function within the Group.

15 May 2020
Sandton
Sponsor: Nedbank Corporate & Investment Banking, a division of Nedbank Limited