INTEGRATED ANNUAL REPORT FOR MULTICHOICE SOUTH AFRICA HOLDINGS (PTY) LTD AND PHUTHUMA NATHI INVESTMENTS 2 (RF) LTD

DIRECTORS’ REPORT for the year ended 31 March 2019 Nature of operations Phuthuma Nathi Investments 2 (RF) Limited (PN2) was incorporated on 21 November 2006 under the laws of the Republic of South Africa. Its principal activities are to: w w carry on the main business of holding only MultiChoice South Africa Holdings Proprietary Limited ordinary shares, cash and such assets as are received and acquired solely by virtue of or in relation to holding these shares, and w w receive and distribute dividends and other distributions in terms of its holding in MultiChoice South Africa Holdings Proprietary Limited. Shareholder data As at 31 March PN2 2019 2018 Number of shareholders 3 468 3 440 Closing share price R130.00 R88.00 Share trading data As at 31 March PN2 2019 2018 Total transaction value R79m R58m Number of shares traded 742 965 484 300 Number of transactions 933 1 019 The income tax reference number for PN2 is 9379963151. 103 Phuthuma Nathi Investments 2 (RF) Limited integrated annual report 2019 FINANCIAL REVIEW