Exercise and Related Net-Equity Settlement of Share Options in Terms of the Adcorp Share Incentive Scheme ADCORP HOLDINGS LIMITED (Incorporated in the Republic of South Africa) Registration number: 1974/001804/06 Share code: ADR & ISIN: ZAE000000139 ("Adcorp" or "the Group") EXERCISE AND RELATED NET-EQUITY SETTLEMENT OF SHARE OPTIONS IN TERMS OF THE ADCORP SHARE INCENTIVE SCHEME 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, upon the exercise of the share options, by way of settlement on a net-equity basis through the award of shares as detailed below: PRESCRIBED OFFICER Bruce Toerien COMPANY OF WHICH A PRESCRIBED Adcorp OFFICER STATUS Prescribed officer of Adcorp and executive manager TYPE AND CLASS OF SECURITIES Options in relation to ordinary shares OPTION STRIKE PRICE R5.75 NUMBER OF OPTIONS EXERCISED 19 253 EXERCISE DATE OF OPTIONS 23 July 2021 PERIOD OF EXERCISE 21 – 23 July 2021 NATURE OF TRANSACTION Exercise of options by the prescribed officer at the last traded share price of R6.95 on 23 July 2021, and related after-tax net-equity settlement by way of the award of 19 253 shares to the director/officer etc (Off-market transaction) NATURE AND EXTENT OF INTEREST IN Direct, beneficial THE TRANSACTION PRESCRIBED OFFICER OF ADCORP AND Kay Vittee DIRECTOR OF MAJOR SUBSIDIARY COMPANY OF WHICH A PRESCRIBED Adcorp OFFICER STATUS Prescribed officer of Adcorp and executive director of major subsidiary TYPE AND CLASS OF SECURITIES Options in relation to ordinary shares OPTION STRIKE PRICE R5.75 NUMBER OF OPTIONS EXERCISED 58 790 EXERCISE DATE OF OPTIONS 23 July 2021 PERIOD OF EXERCISE 21 – 23 July 2021 NATURE OF TRANSACTION Exercise of options by the prescribed officer at the last traded share price of R6.95 on 23 July 2021, and related after-tax net-equity settlement by way of the award of 58 790 shares to the director/officer etc (Off-market transaction) NATURE AND EXTENT OF INTEREST IN Direct, beneficial THE TRANSACTION PRESCRIBED OFFICER Rob De Grooth COMPANY OF WHICH A PRESCRIBED Adcorp OFFICER STATUS Prescribed officer of Adcorp and executive manager TYPE AND CLASS OF SECURITIES Options in relation to ordinary shares OPTION STRIKE PRICE R5.75 NUMBER OF OPTIONS EXERCISED 28 510 EXERCISE DATE OF OPTIONS 23 July 2021 PERIOD OF EXERCISE 21 – 23 July 2021 NATURE OF TRANSACTION Exercise of options by the prescribed officer at the last traded share price of R6.95 on 23 July 2021, and related after-tax net-equity settlement by way of the award of 28 510 shares to the director/officer etc (Off-market transaction) NATURE AND EXTENT OF INTEREST IN Direct, beneficial THE TRANSACTION PRESCRIBED OFFICER OF ADCORP AND Vinolia Singh DIRECTOR OF MAJOR SUBSIDIARY COMPANY OF WHICH A PRESCRIBED Adcorp OFFICER STATUS Prescribed officer of Adcorp and executive director of major subsidiary TYPE AND CLASS OF SECURITIES Options in relation to ordinary shares OPTION STRIKE PRICE R5.75 NUMBER OF OPTIONS EXERCISED 22 968 EXERCISE DATE OF OPTIONS 23 July 2021 PERIOD OF EXERCISE 21 – 23 July 2021 NATURE OF TRANSACTION Exercise of options by the prescribed officer at the last traded share price of R6.95 on 23 July 2021, and related after-tax net-equity settlement by way of the award of 22 968 shares to the director/officer etc (Off-market transaction) NATURE AND EXTENT OF INTEREST IN Direct, beneficial THE TRANSACTION PRESCRIBED OFFICER Lee Young COMPANY OF WHICH A PRESCRIBED Adcorp OFFICER STATUS Senior Manager and prescribed officer of Adcorp TYPE AND CLASS OF SECURITIES Options in relation to ordinary shares OPTION STRIKE PRICE R5.75 NUMBER OF OPTIONS EXERCISED 7 664 EXERCISE DATE OF OPTIONS 23 July 2021 PERIOD OF EXERCISE 21 – 23 July 2021 NATURE OF TRANSACTION Exercise of options by the prescribed officer at the last traded share price of R6.95 on 23 July 2021, and related after-tax net-equity settlement by way of the award of 7 664 shares to the director/officer etc (Off-market transaction) NATURE AND EXTENT OF INTEREST IN Direct, beneficial THE TRANSACTION PRESCRIBED OFFICER Mike O’Donoghue COMPANY OF WHICH A PRESCRIBED Adcorp OFFICER STATUS Senior Manager and prescribed officer of Adcorp TYPE AND CLASS OF SECURITIES Options in relation to ordinary shares OPTION STRIKE PRICE R5.75 NUMBER OF OPTIONS EXERCISED 8 219 EXERCISE DATE OF OPTIONS 23 July 2021 PERIOD OF EXERCISE 21 – 23 July 2021 NATURE OF TRANSACTION Exercise of options by the prescribed officer at the last traded share price of R6.95 on 23 July 2021, and related after-tax net-equity settlement by way of the award of 8 219 shares to the director/officer etc (Off-market transaction) NATURE AND EXTENT OF INTEREST IN Direct, beneficial THE TRANSACTION Clearance for the above was obtained in terms of paragraph 3.66 of the JSE Limited Listings Requirements. Johannesburg 27 July 2021 Sponsor PSG Capital Date: 27-07-2021 03:15:00 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.