INTEGRATED ANNUAL REPORT FOR MULTICHOICE SOUTH AFRICA HOLDINGS (PTY) LTD AND PHUTHUMA NATHI INVESTMENTS (RF) LTD

CONTENTS HIGHLIGHTS 2 ABOUT THIS REPORT 4 WHO WE ARE OUR BUSINESS 6 OUR BUSINESS MODEL 10 FINANCIAL VALUE-ADDED STATEMENT 12 MATERIALITY 13 OUR STAKEHOLDERS 14 LEADERSHIP AND STRATEGY REVIEW BY THE EXECUTIVE CHAIR 18 REVIEW BY THE CHIEF EXECUTIVE OFFICER (CEO) AND CHIEF FINANCIAL OFFICER (CFO) 22 OUR STRATEGIC PRIORITIES 24 UNDERSTANDING RISKS AND OPPORTUNITIES 25 OUR PERFORMANCE OUR PERFORMANCE AGAINST OUR MATERIAL MATTERS 28 Overview 28 MultiChoice South Africa performance summary 29 Our operations 30 Content performance 31 Connected Video 35 DStv Media Sales 38 Technology 39 Our people 40 Our customers 46 Our regulatory landscape 48 Our social and environmental contributions 50 GOVERNANCE AND ACCOUNTABILITY Directorate 58 Corporate governance review 62 Remuneration report 72 Audit committee report 90 FINANCIAL REVIEW Independent auditor’s report on the summary consolidated financial statements 95 Summarised financial statements 97 Phuthuma Nathi Investments (RF) Limited FINANCIAL REVIEW Board of directors 102 Directors’ report 103 Report of the audit committee 106 Report of the independent auditor on the summarised financial statements 109 Summarised financial statements 110 Shareholder information for MultiChoice and Phuthuma Nathi Investments (RF) Limited MultiChoice South Africa Holdings Proprietary Limited Notice of annual general meeting 118 Form of proxy 123 Notes to the form of proxy 124 Phuthuma Nathi Investments (RF) Limited Notice of annual general meeting 125 Form of proxy 129 Notes to the form of proxy 130 Administration and corporate information IBC 1 MultiChoice South Africa Holdings Proprietary Limited integrated annual report 2019