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

MultiChoice South Africa performance summary Metric Unit FY2019 FY2018 FY2017 FY2016 Active subscribers million 7.4 6.9 6.3 5.7 Average revenue per user (ARPU) R/month 322 335 346 339 Revenue R’bn 40.4 40.2 31.8 29.1 Trading profit R’bn 10.3 10.4 9.8 9.1 Currently, our subscriber base is concentrated in the mass- and middle-market sections. The trend of sustained growth in the mass market continues, while our middle-tier has stabilised with low percentage growth figures and our premium tier is showing declining growth. We continue to focus on growing our share of the mass market, while delighting and retaining our existing customer base with our entertainment offering. We also aim to maintain operational excellence and agility to continue to deliver strong returns and cash flow for our shareholders. 29 MultiChoice South Africa Holdings Proprietary Limited integrated annual report 2019 OUR PERFORMANCE