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Netcare -- clarification regarding withdrawal tax
Posted Fri, 09 Mar 2012

In anticipation of the implementation on 1 April 2012 of the withholding tax on dividends Netcare wishes to confirm that the dividends payable to preference shareholders will be increased by 10% ("grossed-up") after the dividend tax law change becomes effective. This is in accordance with its placing memorandum applicable to the preference shares and its memorandum of incorporation which addresses the impact of amendments to the Income Tax Act on preference shareholders. In terms of the legal and accounting opinions procured it should be noted that Netcare is under no legal obligation to adjust its dividend rate but has subject to board approval elected to do so for the benefit to all preference shareholders. A SENS announcement to this effect will be released on 2 April 2012.