Integrated annual report to the shareholders of Phuthuma Nathi Investments (RF) Limited for the year ended 31 March 2020

QUICK OVERVIEW 1 INTRODUCTION 3 About this report 4 UNDERSTANDING PHUTHUMA NATHI 7 Letter from the Phuthuma Nathi chair 8 Snapshot of our history 10 Key terms and principles 11 Group structure 12 Understanding your return on investment 13 Phuthuma Nathi board of directors 14 Report of the audit committee 15 Report of the independent auditor 16 Summarised annual financial statements 17 UNDERSTANDING MULTICHOICE SA 31 Joint leadership review from the MultiChoice SA chair and chief executive officer 32 How we create value – MultiChoice SA’s business model 34 Value created for our stakeholders 36 Our flagship corporate social investment initiatives 38 Our socioeconomic transformation initiatives 41 Our external environment 42 Our response to COVID-19 44 Risks and opportunities 46 Our strategic focus 50 MULTICHOICE SA PERFORMANCE 53 Content 54 MultiChoice SA performance review 62 CORPORATE GOVERNANCE REVIEW 65 MultiChoice SA board of directors 66 Summarised governance review 70 Entrenching an ethical culture 75 Delivering good performance 77 Maintaining our legitimacy 78 Ensuring effective control 79 Remuneration report 81 FINANCIAL REVIEW 100 Report of the independent auditor 100 Summarised annual financial statements 101 SHAREHOLDER INFORMATION 115 MultiChoice SA 116 Notice of annual general meeting 116 Form of proxy 121 Notes to the form of proxy 122 Phuthuma Nathi 123 Notice of annual general meeting 123 Form of proxy 127 Notes to the form of proxy 128 Application form for electronic participation 129 Virtual annual general meeting guide 131 MultiChoice SA and Phuthuma Nathi annual general meetings 132 Administration and corporate information 133