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

DIRECTORS’ REPORT continued for the year ended 31 March 2019 Operating and financial review The financial results of the company are set out on pages 110 to 116. Dividends The board recommends an ordinary dividend of 2 222.22 (2019: 1 955.56) cents per share. Dividend tax of 20% per share is 444.44 (2019: 391.11) cents. Subject to approval by shareholders on 28 August 2019, shareholders will therefore receive a total net dividend of 1 777.75 (2019: 1 564.45) cents per share. There are a large number of dividends that have not been paid to shareholders for whom we have no contact details. The board appeals to all shareholders who have not received dividends to contact the company’s transfer secretaries, EESE, a division of Singular Systems (see inside back cover (IBC) for contact details). Directors, secretary and auditor The directors of the company are listed on page 102. Mr Peter Goldhawk passed away on 2 September 2018 and Mr Herman Wessels was appointed as director and audit committee member in his stead on 10 October 2018. The registered address and postal address for the secretary are the same as those of the company as detailed on the IBC. Mrs Rochelle Gabriels, the chief financial officer of MultiChoice South Africa subsidiaries, stepped down as acting company secretary for Phuthuma Nathi 2 on 1 April 2019 and Ms Donna Dickson was appointed as the company secretary on the same date. The board has reviewed the qualifications, experience and arm’s length relationship of the company secretary and is satisfied therewith. 104  Phuthuma Nathi Investments 2 (RF) Limited integrated annual report 2019 FINANCIAL REVIEW