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

Trading statement

Shareholders are advised that the MultiChoice group ("the group") is finalising its condensed consolidated
interim financial results for the six months ended 30 September 2022 ("current period").

The financial performance for the current period benefited from continued subscriber growth, an ongoing
reduction in Rest of Africa trading losses and further savings generated from the group’s established cost
optimisation programme. This was however tempered by a ZAR0.7bn increase in decoder subsidies ahead of
the upcoming 2022 FIFA World Cup.

Trading profit and core headline earnings per share
The board considers trading profit and core headline earnings per share as the two most appropriate indicators of the
operating performance of the group, as they adjust for non-recurring and non-operational items.

Trading profit is expected to be between 0% and 5% (R0.3bn) higher than the R6.0bn reported for the six months
ended 30 September 2021 (“prior period”). On an organic basis (i.e. reflecting results on a constant currency basis
and excluding M&A) trading profit is expected to be between 2% (R0.1bn) and 7% (R0.4bn) higher than the prior
period’s reported R6.0bn.

The group expects core headline earnings per share for the current period to be between 1% (5 ZAR cents) and 5%
(23 ZAR cents) higher than the prior period’s reported 462 ZAR cents. This number includes the impact of realised
foreign exchange gains and losses.

Organic trading profit and core headline earnings per share constitute pro forma financial information in terms of the
JSE Limited Listings Requirements. The pro forma financial information is the responsibility of the group's directors,
has been prepared for illustrative purposes only and, because of its pro forma nature, may not fairly present the
group's financial position, changes in equity, cash flows or results of operations. Organic trading profit is calculated by
excluding foreign currency movements and changes in the composition of the group. Core headline earnings is
calculated by adjusting headline earnings for the following items, net of tax and non-controlling interests: a)
amortisation of intangible assets arising from business combinations; b) accounting adjustments stemming from IFRS
3: Business Combinations; c) equity-settled share-based payment compensation; d) unrealised and non-recurring
foreign currency gains/losses; e) certain fair-value adjustments under IFRS; f) non-recurring current and deferred
taxation impacts; g) non-recurring empowerment transactions and h) acquisition-related costs.

Earnings per share and headline earnings per share
The reduction in earnings and headline earnings per share is primarily due to higher unrealised foreign exchange
losses on the translation of the group’s USD liabilities (including transponder leases) stemming from the sharp
depreciation in the ZAR against the USD towards the end of the current period. This is further impacted by an
increase in foreign exchange losses associated with the repatriation of cash from Nigeria at the parallel rate – these
exchange losses are considered to be of a temporary nature.

Compared to the prior period, the group expects earnings per share for the current period to be between 371 ZAR
cents and 387 ZAR cents lower than the prior period´s reported earnings per share of 317 ZAR cents. Headline
earnings per share for the current period is expected to be between 406 ZAR cents and 420 ZAR cents lower than
the prior period´s reported headline earnings per share of 356 ZAR cents.

Further details will be provided in the condensed consolidated interim financial results, due to be released on the
SENS on 10 November 2022.

The financial information on which this trading statement is based has not been reviewed and reported on by the
Company´s external auditor.
Randburg
7 November 2022
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.