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

DIRECTORS’ REPORT continued for the year ended 31 March 2019 Operating and financial review The financial results of the company are set out on pages 110 to 116. Dividends The board recommends an ordinary dividend of 2 222.22 (2019: 1 955.56) cents per share. Dividend tax of 20% per share is 444.44 (2019: 391.11) cents. Subject to the approval by shareholders on 28 August 2019, shareholders will receive a total net dividend of 1 777.78 (2019: 1 564.45) cents per share. There is a large number of dividends that have not been paid to shareholders for whom we have no contact details. The board appeals to all shareholders who have not received dividends to contact the company’s transfer secretaries, Singular Systems Proprietary Limited (see inside back cover (IBC) for contact details). Directors, secretary and auditor The directors of the company appear on page 102. Mr Peter Goldhawk sadly passed away on 2 September 2018 and Mr Herman Wessels was appointed as director and audit committee member on 10 October 2018. The registered address and postal address for the secretary are the same as those of the company as detailed on the IBC. Mrs Rochelle Gabriels, the chief financial officer of MultiChoice South Africa subsidiaires, stepped down as acting company secretary for Phuthuma Nathi on 1 April 2019 and Ms Donna Dickson was appointed as the company secretary on the same date. Mr Herman Wessels resigned as a director with effect from 12 July 2019. Mr Calvo Mawela was appointed as director and audit committee member with effect from 12 July 2019. 104  Phuthuma Nathi Investments (RF) Limited integrated annual report 2019 FINANCIAL REVIEW