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

FINANCIAL REVIEW INDEPENDENT AUDITOR’S REPORT ON THE SUMMARY CONSOLIDATED FINANCIAL STATEMENTS FINANCIAL REVIEW To the shareholders of MultiChoice South Africa Holdings Proprietary Limited Opinion The summary consolidated financial statements of MultiChoice South Africa Holdings Proprietary Limited contained in the accompanying abridged integrated annual report, set out on pages 65 to 68, which comprise the summarised consolidated statements of financial position as at 31 March 2019, the summarised consolidated statements of profit or loss, the summarised consolidated statements of comprehensive income and changes in equity and the summarised consolidated statements of cash flows for the year then ended, and related notes, are derived from the audited consolidated financial statements of MultiChoice South Africa Holdings Proprietary Limited for the year ended 31 March 2019. In our opinion, the accompanying summary consolidated financial statements are consistent, in all material respects, with the audited consolidated financial statements, in accordance with IFRS and the requirements of the Companies Act of South Africa as applicable to summary financial statements. Summary consolidated financial statements The summary consolidated financial statements do not contain all the disclosures required by International Financial Reporting Preparation of results and accounting policies The financial results for the year ended 31 March 2019 have been prepared in accordance with International Financial Reporting Standards (IFRS) and the requirements of the Companies Act of South Africa No 71 of 2008, as amended. Except as noted in the summarised annual financial statements and the full annual financial statements, accounting policies are consistent with those applied in the previous period and IFRS. Summarised and full annual financial statements The summarised annual financial statements appear on pages 63 to 66 o f this report. These are not the statutory accounts of the group and do not contain all the disclosures required by IFRS. They are also not a substitute for, and should be read with, the full annual consolidated financial statements for a complete understanding of the group’s results. The summarised and full annual financial statements have been prepared under the supervision of the MultiChoice South Africa chief financial officer, Tim Jacobs CA(SA), and have been audited by the company’s independent external auditor, PricewaterhouseCoopers Inc., whose unqualified report is available for inspection at the registered office of the company. The full annual financial statements for the year to 31 March 2019 are published on our website www.multichoice.com/multichoice- south-africa/ Printed copies are available from the company’s secretariat department. 95 MultiChoice South Africa Holdings Proprietary Limited integrated annual report 2019