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Details on FSB Regulation

Trading platform update

As you know the Registrar of Securities Services (the Registrar) previously requested that we bring our affairs in line with the Financial Markets Act, 2012 (the FM Act). We have been engaging with the Registrar and as part of this process MultiChoice and Media24 (both in the Naspers group) investigated various options, including the establishment of a company, Yizani Phuthuma Nathi (YPN), which applied for an exchange licence under the FM Act.

After careful consideration and taking into account a range of relevant factors including costs, operational efficiencies, regulatory obligations and the need to minimise disruption to shareholders, we decided to apply for Phuthuma Nathi’s shares to be listed on the Equity Express Securities Exchange (EESE). EESE is a licensed exchange authorised in terms of the FM Act to operate as such. The YPN exchange licence application will accordingly be withdrawn.

Phuthuma Nathi believes that EESE offers the best available platform to facilitate trading of its shares in a safe, secure and regulated environment.

During the process of listing its shares on EESE, trading of Phuthuma Nathi shares on the current trading platform continues unchanged.