ADCORP HOLDINGS LIMITED - Dealings by the Adcorp Long-Term Incentive (LTI) Plan

Dealings by the Adcorp Long-Term Incentive (“LTI”) Plan

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


DEALINGS BY THE ADCORP LONG-TERM INCENTIVE ("LTI") PLAN


In terms of paragraph 3.96 of the JSE Limited Listings Requirements ("Listings
Requirements"), shareholders are hereby advised that the third-party brokerage mandated
by Adcorp, has notified Adcorp of the following on-market purchases of shares in order to
settle forfeitable share awards made by Adcorp to participants in terms of the Adcorp LTI Plan:

 DATE OF TRANSACTIONS                          15 December 2025 (1)
                                               18 December 2025 (2)
                                               19 December 2025 (3)
                                               22 December 2025 (4)
                                               23 December 2025 (5)

 NATURE OF TRANSACTIONS                        Purchase of shares (on-market transaction)
                                               (1 – 5)

 NUMBER OF SECURITIES                          13 230 (1)
 TRANSACTED                                    11 710 (2)
                                               1 203  (3)
                                               13 857 (4)
                                               199    (5)

 PRICE PER SECURITY (CENTS)                    630 (1)


                                               High: 630 (2)
                                               Low: 629 (2)
                                               VWAP: 629.83 (2)


                                               630 (3)


                                               High: 630 (4)
                                               Low: 629 (4)
                                               VWAP: 629.25 (4)


                                               630 (5)

 CLASS OF SECURITIES                           Ordinary Shares (1-5)

 TOTAL RAND VALUE OF SECURITIES                R83 349.00 (1)
                                               R73 772.98 (2)
                                               R7 578.90  (3)
                                               R87 195.42 (4)
                                               R1 253.70  (5)


To the extent required, clearance for the above was obtained in terms of paragraph 3.66 of
the Listings Requirements.



Johannesburg
29 December 2025


Sponsor
Valeo Capital (Pty) Ltd

Date: 29-12-2025 04:55:00
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