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

Looking ahead Looking ahead, MultiChoice South Africa aims to continue to be the number 1 video-entertainment destination with great international and local general entertainment and sport content on our various platforms. We will continue to focus on our strategic priorities of increasing subscribers in the fast-growing mass market segment, building our scale in OTT while delighting and retaining our customer base through continued investment in local content and in exceptional sport and general entertainment offering. We will continue to develop and invest in systems, machine learning (ML) and artificial intelligence (AI) capabilities to enable our growth in the future. We will invest in the development of our people and our social initiatives to continue making a meaningful impact in the communities where we operate. We aim to maintain operational excellence and agility to deliver strong returns for our shareholders as we continue to constructively engage with regulators. Acknowledgement I would like to thank the board for their sound guidance and contribution during the year. Despite difficult operating conditions, management delivered a credible performance and the board would like to express its appreciation to Imtiaz, Calvo and their teams for their effort and dedication during the year. A special word of thanks goes to our customers and suppliers for their continued support. Nolo Letele Executive chair 26 July 2019 21 MultiChoice South Africa Holdings Proprietary Limited integrated annual report 2019 LEADERSHIP AND STRATEGY