20 Oct 2021 - 3 min read

Ruling by the Nigerian tax appeal tribunal

Ruling by the Nigerian tax appeal tribunal

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


Shareholders are referred to the announcements released by the Company on SENS on 8 July 2021 and
26 August 2021 regarding an ongoing tax matter with the Nigerian Federal Inland Revenue Service (FIRS).

The Nigerian Tax Appeal Tribunal ("TAT"), in a hearing held today (20 October 2021), ruled that
MultiChoice Nigeria ("MCN") had respected and fully complied with the previous order of the TAT handed
down on 24 August 2021, by making payment of the amount of USD19.4 million in accordance with
paragraph 15(7) of the Fifth Schedule to the FIRS Establishment Act. The amount is accordingly sufficient
in order for MCN to proceed with its appeal and no further payment will be required of MCN in this regard.

The TAT adjourned the appeal for hearing on 17 November 2021.

MCN welcomes the ruling handed down by the TAT today and is a law-abiding corporate citizen and
continues to engage constructively with FIRS in an attempt to resolve this matter.

20 October 2021

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 details. 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: 20-10-2021 05:17:00
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