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


VOLUNTARY TRADING UPDATE FOR THE FINANCIAL YEAR ENDING MARCH 2023

When MultiChoice reported 1HFY23 results on 10 November 2022, it cautioned on the ongoing
economic challenges facing various markets, but it was looking forward to 2H FY23 subscriber growth
and activity being buoyed by the broadcasting of the FIFA World Cup (FWC) from November to
December and Festive Season momentum.

Although the FWC delivered subscriber numbers broadly in line with expectations, the operating
environment in South Africa has deteriorated beyond expectations over the past few months. Sustained
high-levels of loadshedding is having a significant impact on the activity levels of the customer base.
Combined with the negative effect of a weak economy on consumer spending, and thus on the Group’s
customer mix, indications are that 2H revenue growth in the South African business will be below
expectations. Given a largely fixed cost base, as well as the additional Showmax costs incurred in
relation to the recently announced agreement with Comcast, this will result in the segment’s FY23
trading margin being between 23% - 28%, which is below the market guidance of 28% - 30%.

Due to the positive impact of increased scale, supported by good 2H subscriber growth over the Festive
Season (especially in Nigeria), the Rest of Africa business remains on track to return to trading
profitability this year. As a result of an ongoing focus on cost controls, the Group expects to exceed its
FY23 cost savings target of R0.8bn, while the benefits of its hedging policy should also impact positively
on earnings in a weaker ZAR environment.

The above-mentioned comments and information do not constitute an earnings forecast or estimate
and have not been reviewed or reported on by the Group’s external auditors. An audit of the Group’s
FY23 financial performance will commence after the end of the current financial year on 31 March 2023.


Randburg
13 March 2023
Sponsor: Rand Merchant Bank (a division of FirstRand Bank Limited)


Forward looking statements:

This report contains forward-looking statements. Words such as ‘believe’, ‘anticipate’, ‘intend’,
‘seek, ‘will’, ‘plan’, ‘could’, ‘may’, ‘endeavour’ and similar expressions are intended to identify
such forward-looking statements but are not the exclusive means of identifying such
statements. By their nature, forward-looking statements involve risk and uncertainty because
they relate to future events and circumstances and should be considered in light of various
important factors. While these forward-looking statements represent our judgements and
future expectations, a number of risks, uncertainties and other important factors could cause
actual developments and results to differ materially from our expectations.

The key factors that could cause our actual results, performance or achievements to differ
materially from those in the forward-looking statements include, among others, changes to
IFRS and the interpretations, applications and practices subject thereto as they apply to past,
present and future periods; future acquisitions, changes to domestic and international business
and market conditions such as exchange rate and interest rate movements; changes in the
domestic and international regulatory and legislative environments; changes to domestic
and international operational, social, economic and political conditions; the occurrence of
labour disruptions and industrial action; and the effects of both current and future litigation.
We are not under any obligation to (and expressly disclaim any such obligation to) revise
or update any forward-looking statements contained in this report, whether as a result of
new information, future events or otherwise. We cannot give any assurance that forward-
looking statements will prove to be correct, and investors are cautioned not to place undue
reliance on any forward-looking statements contained herein.

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.



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