Notification of change in External Auditor

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

NOTIFICATION OF CHANGE IN EXTERNAL AUDITOR

In terms of paragraph 3.78 of the JSE Limited Listings Requirements, shareholders are advised that, following the conclusion of a tender process, the audit and risk committee has recommended, and the board of directors of the Company has endorsed, the proposed appointment of KPMG Inc. (“KPMG”) as the external auditor of Adcorp, with Giuseppina Aldrighetti as the designated audit partner, for the ensuing financial year ending 28 February 2023 or until the annual general meeting (“AGM”) to be held in 2023, whichever is later, thereby replacing the Company’s current external auditor, Deloitte & Touche (“Deloitte”).

Shareholders will be requested to approve the above appointment at the Company’s 2022 AGM, details of which will be communicated to shareholders in due course, which appointment, if approved by shareholders, will be effective from the date of the 2022 AGM.

Deloitte will continue to serve as Adcorp’s external auditor in respect of the current financial year ended 28 February 2022.

The change in external auditor was initiated by the Company to early adopt mandatory audit firm rotation.

Johannesburg

27 June 2022

Sponsor

PSG Capital