MULTICHOICE GROUP LIMITED - Settlement of tax matters with Nigerian Federal Inland Revenue Service (FIRS)

Settlement of tax matters with Nigerian Federal Inland Revenue Service (FIRS)

MULTICHOICE GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2018/473845/06)
JSE Share Code: MCG
ISIN: ZAE000265971
("MultiChoice")

SETTLEMENT OF TAX MATTERS WITH NIGERIAN FEDERAL INLAND REVENUE SERVICE (FIRS)

Shareholders are advised that MultiChoice has reached a settlement with the FIRS in Nigeria in
relation to the tax assessments raised in April 2021 on MultiChoice Nigeria (MCN) and in June 2021
on MultiChoice Africa Holdings BV (MAH).

The parties (FIRS, MCN and MAH) concluded a 'without prejudice or precedent' agreement in full
and final settlement of all matters in dispute. In terms of the agreement, MCN and MAH shall pay a
total tax amount of NGN35.4bn (~US$37.3m), to be offset against the security deposits and good
faith payments made to date.

Randburg
8 February 2024
Sponsor: Rand Merchant Bank (a division of FirstRand Bank Limited)

Important notice
Shareholders should take note that, pursuant to a provision of the MultiChoice memorandum of
incorporation, MultiChoice is permitted to reduce the voting rights of shares in MultiChoice (including
MultiChoice shares deposited in terms of the American Depositary Share ("ADS") facility) so that the
aggregate voting power of MultiChoice shares that are presumptively owned or held by foreigners to
South Africa (as envisaged in the MultiChoice memorandum of incorporation) will not exceed 20% of
the total voting power in MultiChoice. This is to ensure compliance with certain statutory
requirements applicable to South Africa. For this purpose, MultiChoice will presume in particular that:

-  all MultiChoice shares deposited in terms of the MultiChoice ADS facility are owned or held
   by foreigners to South Africa, regardless of the actual nationality of the MultiChoice ADS
   holder; and
-  all shareholders with an address outside of South Africa on the register of MultiChoice will be
   deemed to be foreigners to South Africa, irrespective of their actual nationality or domicilium,
   unless such shareholder can provide proof, to the satisfaction of the MultiChoice board, that
   it should not be deemed to be a foreigner to South Africa, as envisaged in article 40.1.3 of the
   MultiChoice memorandum of incorporation.

Shareholders are referred to the provisions of the MultiChoice memorandum of incorporation
available at www.MultiChoice.com for further detail. If shareholders are in any doubt as to what action
to take, they should seek advice from their broker, attorney or other professional adviser.

Date: 08-02-2024 07:05:00
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