Enhanced Investments - Financial Portal

Please Call Me matter

Published: 2024-02-07 08:10:18 ET

Vodacom Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1993/005461/06)
Share code VOD ISIN ZAE000132577
ADR code VDMCY ISIN US9258D2009
(“Vodacom” or “the company”)

PLEASE CALL ME MATTER
Vodacom notes the judgment of the Supreme Court of Appeal of South Africa (“Supreme Court”)
in the case of Vodacom (Pty) Ltd v Makate (Please Call Me matter), which was handed down on
6 February 2024. The judgment of the Supreme Court dismissed Vodacom’s appeal. Vodacom is
surprised and disappointed with the judgment and will bring an application for leave to appeal
before the Constitutional Court of South Africa (“Constitutional Court”), within the prescribed
period.

Background to the Please Call Me matter

In line with a 2016 Constitutional Court order, Vodacom’s CEO determined reasonable
compensation of R47 million to Kenneth Nkosana Makate for the Please Call Me idea. Mr Makate
rejected this determination and brought an application to the Gauteng Division of the High Court
of South Africa (“High Court”) to have the Vodacom CEO’s determination judicially reviewed and
set aside. On 8 February 2022, the High Court set aside the Group CEO’s determination and
ordered him to reconsider the settlement offered to Mr Makate. Vodacom launched an application
for leave to appeal on 25 February 2022 against the judgment and order of the High Court. On
6 February 2024, the Supreme Court handed down its judgment.

Midrand
7 February 2024

Sponsor: Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

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All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.