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


SETTLEMENT OF SHARES IN TERMS OF THE ADCORP SHARE PLAN


In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, the
following information regarding the settlement of performance shares (“Awards”) in terms of
the Adcorp Share Plan is disclosed:

1.
 NAME OF DIRECTOR                                Noel Prendergast

 COMPANY OF WHICH A DIRECTOR                     Adcorp

 STATUS                                          Executive

 TYPE AND CLASS OF SECURITIES                    Ordinary shares

 NATURE OF TRANSACTION                           Settlement of ordinary shares as a result of
                                                 the vesting of Awards in terms of the
                                                 Adcorp Share Plan (net of tax)
                                                 (off-market transaction)

 VESTING DATE                                    30 November 2023

 SETTLEMENT DATE                                 8 December 2023

 NUMBER OF SHARES SETTLED                        141 935
 DEEMED PRICE PER SETTLED SHARE                  400 (closing price on date of vesting)
 (CENTS)

 DEEMED RAND VALUE AT SETTLEMENT                 R567 740

 NATURE AND EXTENT OF DIRECTOR’S                 Direct, beneficial
 INTEREST IN THE TRANSACTION


2.
 NAME OF COMPANY SECRETARY                       Lisa Laporte

 COMPANY OF WHICH THE COMPANY Adcorp
 SECRETARY

 STATUS                                          Company Secretary

 TYPE AND CLASS OF SECURITIES                    Ordinary shares
NATURE OF TRANSACTION             Settlement of ordinary shares as a result of
                                  the vesting of Awards in terms of the
                                  Adcorp Share Plan (net of tax)
                                  (off-market transaction)

VESTING DATE                      30 November 2023

SETTLEMENT DATE                   8 December 2023

NUMBER OF SHARES SETTLED          79 519

DEEMED PRICE PER SETTLED SHARE    400 (closing price on date of vesting)
(CENTS)

DEEMED RAND VALUE AT SETTLEMENT   R318 076

NATURE AND EXTENT OF COMPANY      Direct, beneficial
SECRETARY’S INTEREST IN THE
TRANSACTION


3.
 NAME OF PRESCRIBED OFFICER       Robert De Grooth

COMPANY OF WHICH A PRESCRIBED Adcorp
OFFICER

STATUS                            Prescribed officer of Adcorp and
                                  Managing Director: Functional
                                  Outsourcing

TYPE AND CLASS OF SECURITIES      Ordinary shares

NATURE OF TRANSACTION             Settlement of ordinary shares as a result of
                                  the vesting of Awards in terms of the
                                  Adcorp Share Plan (net of tax)
                                  (off-market transaction)

VESTING DATE                      30 November 2023

SETTLEMENT DATE                   8 December 2023

NUMBER OF SHARES SETTLED          133 091

DEEMED PRICE PER SETTLED SHARE    400 (closing price on date of vesting)
(CENTS)

DEEMED RAND VALUE AT SETTLEMENT   R532 364

NATURE AND EXTENT OF PRESCRIBED   Direct, beneficial
OFFICER’S INTEREST IN THE
TRANSACTION
4.
 NAME OF PRESCRIBED OFFICER            Bruce Toerien

COMPANY OF WHICH A PRESCRIBED Adcorp
OFFICER

STATUS                                 Prescribed officer of Adcorp and
                                       Managing Director: Contingent Staffing

TYPE AND CLASS OF SECURITIES           Ordinary shares

NATURE OF TRANSACTION                  Settlement of ordinary shares as a result of
                                       the vesting of Awards in terms of the
                                       Adcorp Share Plan (net of tax)
                                       (off-market transaction)

VESTING DATE                           30 November 2023

SETTLEMENT DATE                        8 December 2023

NUMBER OF SHARES SETTLED               102 551

DEEMED PRICE PER SETTLED SHARE         400 (closing price on date of vesting)
(CENTS)

DEEMED RAND VALUE AT SETTLEMENT        R410 204

NATURE AND EXTENT OF PRESCRIBED        Direct, beneficial
OFFICER’S INTEREST IN THE
TRANSACTION



5.
 NAME OF      DIRECTOR   OF    MAJOR Vinolia Singh
 SUBSIDIARY

COMPANY OF WHICH A DIRECTOR            Adcorp Workforce Solutions

STATUS                                 Director of a major subsidiary of Adcorp

TYPE AND CLASS OF SECURITIES           Ordinary shares

NATURE OF TRANSACTION                  Settlement of ordinary shares as a result of
                                       the vesting of Awards in terms of the
                                       Adcorp Share Plan (net of tax)
                                       (Off-market transaction)

VESTING DATE                           30 November 2023

SETTLEMENT DATE                        8 December 2023

NUMBER OF SHARES SETTLED               132 030
 DEEMED PRICE PER SETTLED SHARE                 400 (closing price on date of vesting)
 (CENTS)

 DEEMED RAND VALUE AT SETTLEMENT                R528 120

 NATURE AND EXTENT OF DIRECTOR’S                Direct, beneficial
 INTEREST IN THE TRANSACTION



Clearance for the above was obtained in terms of paragraph 3.66 of the JSE Limited Listings
Requirements.

Johannesburg
14 December 2023

Sponsor
Valeo Capital (Pty) Ltd