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

DIRECTORS’ REPORT for the year ended 31 March 2019 Nature of operations Phuthuma Nathi Investments (RF) Limited (PN) was incorporated on 19 May 2006 under the laws of the Republic of South Africa. Its principal activities are to: w w carry on the main business of holding only MultiChoice South Africa Holdings Proprietary Limited ordinary shares, cash and such assets as are received and acquired solely by virtue of or in relation to holding these shares, and w w receive and distribute dividends and other distributions in terms of its holding in MultiChoice South Africa Holdings Proprietary Limited. Shareholder data As at 31 March PN 2019 2018 Number of shareholders 81 748 83 690 Closing share price R124.07 R86.00 Share trading data As at 31 March PN 2019 2018 Total transaction value R242m R192m Number of shares traded 2 049 601 1 625 111 Number of transactions 6 141 6 511 The income tax reference number for PN is 9349869157. 103 Phuthuma Nathi Investments (RF) Limited integrated annual report 2019 FINANCIAL REVIEW