General SENS Submitter Company - Informative Notice - 20190211 Naspers MultiChoice Unbundling Further Update

Informative Notice - 20190211 Naspers MultiChoice Unbundling Further Update

Further to the FTSE notice released on 22 January 2019 in relation to the unbundling of MultiChoice
Group by Naspers, please note further clarification in regard to the rebalancing of indices with a fixed
number of constituents.

All other details remain unchanged. Please see updated notice below:

   Unbundling of MultiChoice Group by Naspers - Informative Notice -
                           Further Update
                     FTSE/JSE Africa Index Series

                                         11 February 2019
FTSE/JSE note the announced unbundling of MultiChoice Group (South Africa, MCG,
ZAE000265971) shares to Naspers (South Africa, NPN, ZAE000015889) shareholders and the
subsequent listing of MultiChoice Group on the JSE.

For every one share held in Naspers, shareholders will receive one share in the unbundled
company, MultiChoice Group, which will have a primary listing on the Johannesburg Stock
Exchange (JSE).

Subject to Regulatory approval and based on the expected timetable of events, FTSE/JSE
anticipate the following treatment:

Wednesday 27 February 2019 (from market open):

MultiChoice Group will be added into the same indexes as Naspers (including the FTSE/JSE Top
40) based on the unbundling terms and at an estimated price. A price adjustment will be
applied to Naspers by way of a capital repayment. There will be no index divisor changes as a

Wednesday 27 February (at market close):

For those indexes that have a fixed number of constituents, the indexes will be ranked based
on the closing prices on Wednesday 27 February, with the lowest ranked constituent
removed*, providing one day's notice.

Further notices will be published to confirm membership changes.

Friday 1 March 2019 (from market open):

The index changes as a result of the ranking process (as notified prior) will become effective.

*If the lowest rank constituent is the same as scheduled for deletion at March 2019
review then the next lowest (at the review cut-off) is then removed at the review

Please contact  or  should more information be required
For further information please contact FTSE Russell Client Services at or call:

 Australia              +1800 653 680
 Hong Kong              +852 2164 3333
 Japan                  +81 3 4563 6346
 London                 +44 (0) 20 7866 1810
 New York               +1866 551 0617

Alternatively please visit our website at

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