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

OUR REGULATORY LANDSCAPE w w The regulatory environment is becoming increasingly complex w w Our approach remains one of positive and proactive engagement sporting events of national interest. We have made representations and are actively engaging with Icasa on these two regulatory processes. On the legislative front, we participated in public processes to amend key legislation governing competition, copyright and performers’ rights, film classification, and the electronic communications sector. We continue to monitor the national digital migration project. While we have observed some developments, we remain concerned at the slow pace of finalising this matter and the effect it has on our terrestrial service offerings. Overview MultiChoice South Africa is regulated and therefore subject to significant legislative and regulatory oversight. As the regulatory environment becomes more complex and onerous, the impact and importance of managing risk increase. Our approach remains one of positive and proactive engagement with the relevant regulatory authorities. The inquiry by the Independent Communications Authority of South Africa (Icasa) into competition in the pay-TV sector is ongoing. The regulator also commenced a process to review the regulations governing 49 MultiChoice South Africa Holdings Proprietary Limited integrated annual report 2019 OUR PERFORMANCE