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

LEADERSHIP AND STRATEGY REVIEW BY THE EXECUTIVE CHAIR Overview Exceptional content and customer experiences are at the core of what we do. Our leading entertainment offering covers all major genres and formats, and our investments in developing local content secures our place with customers. Our sport line-up includes rights in both the local and international markets, while our extensive production capabilities enable coverage of local sporting events. During FY2019, economic conditions in South Africa remained challenging due to a number of factors for instance, the country continued to experience blackouts and increased regulatory scrutiny and changes increased the complexity of our operating environment. Despite these challenging conditions, MultiChoice South Africa grew the number of subscribers by 511 500. Financial performance Overall, our financial performance during FY2019 was stable. Our revenue has improved marginally and our trading profit has been maintained. Nolo Letele Executive chair MultiChoice South Africa is the number 1 video- entertainment destination with international, local and sport content on various platforms. R40.4bn Revenue (FY2018: R40.2bn) R10.3bn Trading profit (FY2018: R10.4bn) R7.3bn Free cash flow (FY2018: R6.4bn) 18  MultiChoice South Africa Holdings Proprietary Limited integrated annual report 2019