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

ABOUT THIS REPORT Scope and boundary The scope of this report includes MultiChoice South Africa Holdings Proprietary Limited (MultiChoice South Africa) and its subsidiaries (MultiChoice). In addition to financial results, we include corporate information on the two MultiChoice broad-based black economic empowerment (BBBEE) shareholding schemes – Phuthuma Nathi Investments (RF) Limited (PN) and Phuthuma Nathi Investments 2 (RF) Limited (PN2) (collectively Phuthuma Nathi). The sole investments of these schemes are the shares held in MultiChoice South Africa. We present our integrated report for the financial year from 1 April 2018 to 31 March 2019 (referred to as FY2019). The purpose of this report is to share with stakeholders how we create value over the short, medium and long term. This report articulates key developments and material matters in our external landscape and business environment. For more information, please refer to our material matters on page 13. We are committed to integrated and balanced reporting on our strategic objectives, material matters and how we are governed. We strive to provide a comprehensive view of our financial and non-financial performance, as well as the sustainability of our business. Basis of preparation We aim to regularly enhance our reporting and disclosure to improve the understanding stakeholders have of our business. The content of the integrated annual report has been guided by the framework of the International Integrated Reporting Council (IIRC) and due consideration has been given to the recommendations of the King IV Report on Corporate Governance™ (1) in South Africa 2016 (King IV). Assurance Independent assurance has been provided on certain material information presented in this report. Financial information Summarised financial information for the group and Phuthuma Nathi, extracted from the group’s audited consolidated annual financial statements and the Phuthuma Nathi annual financial statements for the year ended 31 March 2019, have been reflected accurately. The full financial statements appear on the MultiChoice and Phuthuma Nathi websites ( www.multichoice.com/ multichoice-south-africa/ a nd www.phuthumanathi.co.za ) and are available for review at our registered office from the company secretary. Financial information in this report was reviewed by the audit committee and approved by the board. Refer to page 95 for the auditor’s report on the group’s summarised annual financial statements and to page 97 for the report on the summarised annual financial statements of PN1 and PN2. Non-financial information EmpowerLogic verified all BBBEE information in the report. The audit committee reviewed and recommended the integrated annual report for approval. The report was approved by the board on 14 June 2019. Responsibility The integrated annual report and financial statements fairly reflect, in our opinion, the true financial position of the group as at Note (1) The Institute of Directors in Southern African NPC (IoDSA) owns all the copyright and trademarks for King IV. 4  MultiChoice South Africa Holdings Proprietary Limited integrated annual report 2019