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

FINANCIAL REVIEW NOTES TO THE SUMMARISED ANNUAL FINANCIAL STATEMENTS continued for the year ended 31 March 2019 Long-term liabilities FY2019 R’000 FY2018 R’000 Variable rate, cumulative redeemable preference shares with issue price of R10 each – 68 Balance at 31 March – 68 At 31 March 2019, 0 (2018: 6 751) preference shares were in issue. Preference share liability reconciliation Opening balance at 1 April 68 68 Preference share redemptions (68) – Closing balance at 31 March – 68 On 21 January 2019, the board of directors issued a notice of redemption for the voluntary redemption of MIHH preference shares in the company as part of Naspers Limited distribution of its entire issued share capital in MultiChoice Group Limited. The redemption price of R10 per MIHH Preference share was recommended by the board which was payable by the company to MIHH on the redemption date. The preference shares were redeemed on 27 February 2019 as part of Naspers Limited’s unbundling and listing of MultiChoice Group Limited. The redemption value of R67 510 was paid to MIH Holdings Proprietary Limited on 5 March 2019. 116  Phuthuma Nathi Investments 2 (RF) Limited integrated annual report 2019