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 Ms Clarissa Mack resigned as a director with effect from 12 July 2019. Ms Phahle was appointed as director and audit committee member with effect from 12 July 2019. PwC will continue in office as auditor in accordance with section 90(6) of the Companies Act of South Africa. The partner responsible for the audit is required to rotate every five years. Alinah Motaung is the audit partner for five years and will accordingly step down as audit partner at the close of the FY2023 audit. Signed on behalf of the board M Langa Chair 27 June 2019 105 Phuthuma Nathi Investments 2 (RF) Limited integrated annual report 2019 FINANCIAL REVIEW