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

REPORT OF THE INDEPENDENT AUDITOR ON THE SUMMARISED FINANCIAL STATEMENTS To the shareholders of Phuthuma Nathi Investments 2 (RF) Limited Opinion The summary financial statements of Phuthuma Nathi Investments 2 (RF) Limited, set out on pages 110 to 116, which comprise the summary statement of financial position as at 31 March 2019, the summary statement of profit or loss, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and related notes, are derived from the audited financial statements of Phuthuma Nathi Investments 2 (RF) Limited for the year ended 31 March 2019. In our opinion, the accompanying summary financial statements are consistent, in all material respects, with the audited financial statements, in accordance with International Financial Reporting Standards (IFRS), and the requirements of the Companies Act of South Africa as applicable to summary financial statements. Summary financial statements The summary financial statements do not contain all the disclosures required by International Financial Reporting Standards and the requirements of the Companies Act of South Africa as applicable to annual financial statements. Reading the summary financial statements and the auditor’s report thereon, therefore, is not a substitute for reading the audited financial statements and the auditor’s report thereon. The audited financial statements and our report thereon We expressed an unmodified audit opinion on the audited financial statements in our report dated 27 June 2019. Directors’ responsibility for the summary financial statements The directors are responsible for the preparation of the summary financial statements in accordance with the IFRS and the requirements of the Companies Act of South Africa as applicable to summary financial statements. Auditor’s responsibility Our responsibility is to express an opinion on whether the summary financial statements are consistent, in all material respects, with the audited financial statements based on our procedures, which were conducted in accordance with International Standard on Auditing (ISA) 810 (Revised), Engagements to Report on Summary Financial Statements. PricewaterhouseCoopers Inc. Director: A Motaung Registered auditor Johannesburg 27 June 2019 109 Phuthuma Nathi Investments 2 (RF) Limited integrated annual report 2019 FINANCIAL REVIEW