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

FINANCIAL REVIEW REPORT OF THE AUDIT COMMITTEE for the year ended 31 March 2019 As the company’s only assets are the investments in MultiChoice South Africa Holdings Proprietary Limited, the board deems it appropriate for all members to be appointed to the audit committee. The audit committee has pleasure in submitting this report, as required by section 94 of the Companies Act of South Africa No 71 of 2008, as amended (the Act). Functions of the audit committee The committee has discharged the following functions: w w reviewed the year-end financial statements, culminating in a recommendation to the board to adopt these. In the course of its review, the committee: −− took appropriate steps to ensure the annual financial statements are prepared in line with International Financial Reporting Standards (IFRS) and as required by the Act −− considered and, when appropriate, made recommendations on internal financial controls −− dealt with concerns or complaints on accounting policies, the auditing or content of annual financial statements, and internal financial controls −− reviewed legal matters that could have a significant impact on the organisation’s annual financial statements. w w reviewed external audit reports on the annual financial statements w w verified the independence of the external auditor and nominated PwC as the auditor for the FY2019 and noted the appointment of Ms Alinah Motaung as the designated auditor, and w w approved audit fees and engagement terms of the external auditor. No non-audit services were provided by the external auditor. Members of the audit committee The committee comprises the non-executive directors of the company. All members act independently as described in section 94 of the Act. As at 31 March 2019 the audit committee comprised three members: w w Mr Mandla Langa w w Ms Clarissa Mack, and w w Mr Herman Wessels. Mr Langa, Ms Mack and Mr Peter Goldhawk were elected by shareholders as members of the audit committee at the annual general meeting held on 30 August 2018. Mr Goldhawk passed away on 2 September 2018. The board appointed Mr Wessels to fill the vacancy created by the passing of Mr Goldhawk on 10 October 2018. Mr Wessels resigned as a director and audit committee member with effect from 12 July 2019. Mr Calvo Mawela has been appointed by they board and will, together with Mr Langa and Ms Mack, stand for election as audit committee members at the annual general meeting to be held on 28 August 2019. 106  Phuthuma Nathi Investments (RF) Limited integrated annual report 2019