Phuthuma Nathi IAR 2023

Integrated annual report to the shareholders of Phuthuma Nathi Investments (RF) Limited for the year ended 31 March 2023 MultiChoice SA Holdings Proprietary Limited

Contents Overview 1 MultiChoice SA performance highlights Introduction 4 About this report Understanding Phuthuma Nathi 8 Letter from the Phuthuma Nathi chair 11 Group structure 12 Snapshot of our history 14 Understanding your return on investment 15 Our Phuthuma Nathi board of directors 17 Phuthuma Nathi audit committee report 19 Report of the independent auditor 20 Summary annual nancial statements Understanding MultiChoice SA 32 Joint leadership review from the MultiChoice SA chair and chief executive of cer 36 How we create value – our business model 37 What we deliver – our products and services 38 Value created for our stakeholders 40 Socio-economic transformation 44 Our external environment 45 Opportunities and risks 49 Our strategic priorities MultiChoice SA performance 54 MultiChoice SA performance review 58 General Entertainment 62 SuperSport Financial review 66 Report of the independent auditor 67 Summary annual nancial statements Corporate governance review 82 Our board of directors 86 Summarised governance review 91 Entrenching an ethical culture 94 Delivering good performance 95 Maintaining our legitimacy 96 Ensuring effective control 98 Remuneration report Shareholder information MultiChoice SA 132 Notice of annual general meeting 137 Form of proxy 138 Notes to the form of proxy Phuthuma Nathi 140 Notice of annual general meeting 145 Form of proxy 146 Notes to the form of proxy IBC Administration and corporate information

The MultiChoice SA and Phuthuma Nathi annual general meetings (AGMs) will be held on 23 August 2023 at 11:00 (SAST) Overview Phuthuma Nathi will receive ZAR1.375bn of the ZAR5.5bn dividend declared by MultiChoice SA (2022: ZAR1.5bn of the ZAR6.0bn dividend) Phuthuma Nathi shareholders will receive a dividend of ZAR16.30 per share after dividend tax to be paid in September 2023 (dividend per share paid to shareholders in September 2022: ZAR17.78) Phuthuma Nathi shareholders own 25% (FY22: 25%) of MultiChoice SA through the Phuthuma Nathi entity Overview Introduction Understanding Phuthuma Nathi Understanding MultiChoice SA MultiChoice SA performance Financial review Corporate governance review Shareholder information Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 1

Our overview 9.3m subscribers(1) (FY22: 9.0m) ZAR41.6bn revenues (FY22: ZAR43.0bn)(1) ZAR6.7bn core headline earnings (FY22: ZAR7.3bn) ZAR5.5bn declared in dividends to MultiChoice SA shareholders (FY22: ZAR6.0bn) (1) 90-day active subscribers. ZAR3.6bn free cash flow (FY22: ZAR7.6bn) MultiChoice SA performance highlights (1) Comparative figures previously reported have been amended to reflect continuing operations prevailing for the year ended 31 March 2022. Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 2

3 644 permanent employees (FY22: 3 620) Level 1 BBBEE status (FY22: Level 1) ZAR12.0bn preferential procurement spend (FY22: ZAR13.4bn) ZAR284m spent on CSI projects(2) (FY22: ZAR296m) (2) ncludes non-cash advertising contributions of ZAR106m (FY22: ZAR123m). ZAR5.5bn total tax contribution (FY22: ZAR6.8bn) Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 3 Overview Introduction Understanding Phuthuma Nathi Understanding MultiChoice SA MultiChoice SA performance Financial review Corporate governance review Shareholder information

Introduction About this report Scope, boundary and audience This report discloses information about MultiChoice SA Holdings Proprietary Limited and its subsidiaries (MultiChoice SA), as well as Phuthuma Nathi Investments (RF) Limited (Phuthuma Nathi), MultiChoice SA’s broad-based black economic empowerment (BBBEE) share scheme. We present our integrated annual report for the nancial year from 1 April 2022 to 31 March 2023 (referred to as FY23). The purpose of this report is to share with our Phuthuma Nathi shareholders how we aim to create value over the short, medium and long term in MultiChoice SA and how that value translates into tangible bene ts for Phuthuma Nathi shareholders. Basis of preparation The content of the integrated annual report was guided by the following frameworks: • International Integrated Reporting Council’s Integrated Reporting <IR> Framework • The King IV Report on Corporate Governance™ for South Africa, 2016 (King IV)* • The requirements of the Companies Act No 71 of 2008, as amended (Companies Act) Key terms Phuthuma Nathi Refers to Phuthuma Nathi Investments (RF) Limited (MultiChoice SA’s BBBEE share scheme). The only investments held by Phuthuma Nathi are the shares held in MultiChoice South Africa. MultiChoice SA, the company or the group Refers to MultiChoice SA Holdings Proprietary Limited and its subsidiaries. MultiChoice Group Refers to MultiChoice Group Limited, the holding company of MultiChoice SA. Broad-based black economic empowerment (BBBEE) BBBEE is a government policy designed to advance economic transformation and enhance the economic participation of black people (African, coloured and Indian South African citizens) in the South African economy. Corporate social investment (CSI) Our investment in social development through the provision of services, cash funding and other resources to support community upliftment. Shares and shareholders A share is a unit of ownership in a company and a shareholder is the owner of a share. Shareholders can earn income from their shares in the form of dividends or capital appreciation. Dividends If a company is profitable, has positive reserves and is liquid and solvent, the directors of the company may choose to pay out a portion of the profit to shareholders in a payment called a dividend. This decision is subject to the circumstances and outlook a company faces at a point in time, and directors must satisfy certain rules before authorising a dividend. Financial year (FY) The 12-month period a company uses to calculate its profit and income tax. For MultiChoice SA and Phuthuma Nathi, the 2023 financial year is from 1 April 2022 to 31 March 2023 and is referred to as FY23. YoY A year-on-year movement, e.g. showing the growth rate from the prior year to the current year. Johannesburg Stock Exchange (JSE) The JSE is the oldest existing and largest stock exchange in Africa. For any company listed on the JSE, shares in the company can be bought by and sold to any person within the constraints of the law and the JSE Listings Requirements. Equity Express Securities Exchange (EESE) EESE is the first independent black-owned equity exchange in South Africa. The exchange was created to support BBBEE schemes and specifically caters for companies with restrictions on trading their shares. Unlike open stock exchanges, such as the JSE, the EESE has restrictions on who can participate to support companies’ transformation goals. * Copyright and trademarks are owned by the Institute of Directors in South Africa NPC and all of its rights are reserved. Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 4

Assurance The nancial and non- nancial information in this report was reviewed by the audit committee and approved by the board. Financial information Summary nancial information for MultiChoice SA and Phuthuma Nathi, extracted from MultiChoice SA’s audited consolidated annual nancial statements for the year ended 31 March 2023 and the Phuthuma Nathi consolidated and separate annual nancial statements for the year ended 31 March 2023, are re ected accurately. The respective full annual nancial statements are available on Phuthuma Nathi and MultiChoice SA’s websites: Statement of directors’ responsibility The Phuthuma Nathi and MultiChoice SA boards acknowledge their responsibility to ensure the integrity and completeness of this integrated annual report. The integrated annual report was approved by the Phuthuma Nathi board on 5 June 2023 and by the MultiChoice SA board on 13 June 2023. Each board collectively assessed and unanimously approved the content of this report and believes it provides a true account of MultiChoice SA’s performance because it addresses all material matters relating to MultiChoice SA’s ability to create and sustain value in the short, medium and long term. On behalf of the boards Mandla Langa Imtiaz Patel Chair: Chair: Phuthuma Nathi MultiChoice SA Our reporting suite The Phuthuma Nathi integrated annual report includes the annual general meeting (AGM) notice and is the key report to stakeholders, providing a holistic view of MultiChoice SA’s business, strategy, performance and value creation for its stakeholders. This report should be read in conjunction with Phuthuma Nathi’s full consolidated and separate annual nancial statements, which provide a more detailed understanding of the business’s nancial performance. Further, we endeavour to engage with our stakeholders through regular reports, including the annual social report and biannual results announcements. Our reporting suite includes MultiChoice SA’s results announcement and full consolidated annual nancial statements. Navigation and feedback For ease of reference, we included key terms used in this report on page 4. We welcome our stakeholders to connect with us on We encourage and value feedback on this report. Feedback can be sent to cosec@multichoice.com How to navigate our report Throughout our integrated annual report, we use the following icons to show the connectivity between sections: PAGE Read more WEB Read more online ˁonʠfinancial information EmpowerLogic veri ed all BBBEE information in this report. Refer to page 66 for the auditor’s report on MultiChoice SA’s summary consolidated annual nancial statements, and to page 19 for the report on the summary annual nancial statements of Phuthuma Nathi. (www.phuthumanathi.co.za and www.multichoice.com/multichoice-south-africa/) and at our registered of ce on arrangement with the company secretary. This information can be accessed at www.phuthumanathi.co.za and www.multichoice.com/multichoice-south-africa Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 5 Overview Introduction Understanding Phuthuma Nathi Understanding MultiChoice SA MultiChoice SA performance Financial review Corporate governance review Shareholder information

Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 6

This section is focused on shareholders’ direct investment in Phuthuma Nathi. Understanding Phuthuma Nathi 8 Letter from the Phuthuma Nathi chair 11 Group structure 12 Snapshot of our history 14 Understanding your return on investment 15 Our Phuthuma Nathi board of directors 17 Phuthuma Nathi audit committee report 19 Report of the independent auditor 20 Summary annual nancial statements Overview Introduction Understanding Phuthuma Nathi Understanding MultiChoice SA MultiChoice SA performance Financial review Corporate governance review Shareholder information Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 7

Understanding Phuthuma Nathi Letter from the Phuthuma Nathi chair Dear shareholder On behalf of the Phuthuma Nathi board, I feel privileged to once again report back to our Phuthuma Nathi share scheme shareholders through our FY23 integrated annual report. I like to take the time to remind our readers each year that we have 76 961 black shareholders in the Phuthuma Nathi scheme (2022: 78 515), with the scheme holding a 25% direct investment in MultiChoice SA. This means that the individuals, stokvels and black-owned companies in our Phuthuma Nathi share scheme own an indirect investment in MultiChoice SA through a holding structure that is ef cient and cost effective. On page 14, we update our historic return on investment summary so that you can better understand how to think about your returns on your Phuthuma Nathi shares. As you may have heard elsewhere, past performance is no guarantee of future performance, meaning that just because our scheme has done exceptionally well for shareholders over time, does not mean that it will necessarily continue to do so. But we sincerely hope to continue to deliver great value for our shareholders, as does the MultiChoice SA organisation. MultiChoice SA has paid a total amount of ZAR16.4bn in dividends since Phuthuma Nathi’s inception. An investor in the Phuthuma Nathi 1 scheme would have earned around 33% annual return on their initial investment, with roughly 17% of that coming from capital growth and the remainder from dividend payments. MultiChoice SA has managed to retain its dividend, albeit at a slightly lower level which reЄects t˛e ˨nfort˨nate realitˬ ˆo˨t˛ ʴfrican businesses and citizens fin˗ o˨rsel˩es inʡ The year in review Our integrated annual report unpacks the MultiChoice SA operational performance for FY23 on page 54 and the nancial performance on page 65. In short, the MultiChoice SA team has done exceptionally well to steer the ship through an increasingly challenging economic and consumer environment. We all know how tough it has become for South Africans in recent years and these underlying issues were compounded in the current year by the severe and sustained escalation in loadshedding. Our country is in crisis and it has unfortunately started to negatively impact MultiChoice SA. MultiChoice SA was able to sustain subscriber growth in FY23, with the 90-day active subscriber base growing by 3% YoY. However, subscription revenues were down 4% over the same period due to deteriorating subscriber activity and reconnection rates as a direct result of loadshedding and economic pressure on customers affecting their ability to afford pay-tv services. Overall, MultiChoice SA revenues were also down 3% as growth in advertising revenues normalised this year. Although MultiChoice SA continued to work hard to manage its cost base to offset revenue pressure, its trading margins and free cash ows came under some pressure. Despite these challenges, MultiChoice SA still managed to declare a dividend, albeit at a slightly lower level. If you exchanged a portion of your Phuthuma Nathi shares for MultiChoice Group shares in FY20, or have bought MultiChoice Group shares directly through the JSE and would like to better understand more about the broader group’s performance, I recommend visiting the MultiChoice Group website for its full integrated annual report and other nancial reporting information. www.investors.multichoice.com/ reporting-and-results-overview Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 8

“The MultiChoice SA team has done exceptionally well to steer the ship through an increasingly challenging economic and consumer en˩ironmentʡ We all know how tough it ˛as ˕ecome for ˆo˨t˛ ʴfricans in recent years and these underlying issues were compounded in the current year by the severe and sustained escalation in loa˗s˛e˗˗in˚ʡϣ Share price As we’ve cautioned in the past, it is always important to remember that directly or indirectly investing in a company represents a share of ownership in that company and, as owners of that company, shareholders participate in the good and bad times. A direct investment in Phuthuma Nathi, which represents an indirect investment in MultiChoice SA, is no different. If you check your Phuthuma Nathi share price periodically on EESE you will have seen that it moves up and down from day to day and through the course of a year, similar to other companies that trade on public exchanges. A key driver of share price movements is typically the company’s underlying performance and its prospects for future growth. It’s important, then, to try to contextualise movements in a company’s share price by assessing the company’s underlying performance and prospects in the context of market conditions. As a reminder, the Phuthuma Nathi share price increased from ZAR133 per share at 31 March 2021 to ZAR141 per share at 31 March 2022, up 6% YoY. In FY23, the share price declined from ZAR141 per share at 31 March 2022 to ZAR134 per share at 31 March 2023, down 5% YoY. Over two years, then, the share price was essentially at. However, over the same two years Phuthuma Nathi paid out a total of ZAR44 per share in dividends (before tax). This represents a return of 16% per annum, comfortably beating the 6% in ation rate. As a nal comment, the Phuthuma Nathi share price will not necessarily track broader equity market trends or even MultiChoice SA’s underlying performance exactly, as the share price is ultimately in uenced by demand from those wishing to buy shares and supply from those wishing to sell shares, which incorporate factors like growth and dividend prospects relative to other investment opportunities in the market. BBBEE legislation also somewhat limits the number of investors who can buy and sell Phuthuma Nathi shares. Mandla Langa Chair: Phuthuma Nathi Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 9 Overview Introduction Understanding Phuthuma Nathi Understanding MultiChoice SA MultiChoice SA performance Financial review Corporate governance review Shareholder information

Understanding Phuthuma Nathi Letter from the Phuthuma Nathi chair continued Closing The MultiChoice SA and Phuthuma Nathi AGMs will be held on Wednesday 23 August 2023 at 11:00. The AGM will be held at MultiChoice City 144 Bram Fischer Drive, Randburg. The company reserves the right to amend the means by and manner in which the AGM is convened, as well as any details regarding the process for registration and submission of forms of proxy, by notifying shareholders by no later than seven days prior to the date of the AGM through the issue of an announcement on the EESE website and/or publishing a notice on the company’s corporate website and/or publishing a notice in widely circulated print media and/or any other means that the board of the company may determine appropriate for such noti cation to shareholders. From myself and my colleagues on the board, thank you for your continued support. I look forward to engaging with you at our AGM. As always, we welcome your feedback and input on our integrated annual report and on how we can continue improving our reporting in the future. Please share your feedback with us by emailing cosec@multichoice.com. Mandla Langa Chair: Phuthuma Nathi Dividend The MultiChoice SA board has recommended a dividend of ZAR5.5bn to its shareholders (2022: ZAR6.0bn). Phuthuma Nathi will receive ZAR1.375m of this amount. The Phuthuma Nathi board intends to distribute the full amount received and declare a dividend of ZAR1.375bn (2022:ZAR1.5bn) which amounts to ZAR20.37 (2022: ZAR22.22) per Phuthuma Nathi share. The declaration of the ZAR1.375bn Phuthuma Nathi dividend is subject to the approval of the MultiChoice SA dividend of ZAR5.5bn, which will be con rmed at the MultiChoice SA AGM on 23 August 2023. On approval, the Phuthuma Nathi dividend will be payable to shareholders recorded in the share register on 23 August 2023 and paid on or about 4 September 2023. After the 20% dividend tax amounting to ZAR4.07 per share (2022: ZAR4.44) is deducted, Phuthuma Nathi shareholders will receive a net dividend of ZAR16.30 per share (2022: ZAR17.78). We would like to remind our shareholders that some of their Phuthuma Nathi dividends that were declared in prior years remain unclaimed. To date, more than ZAR108.5m of unclaimed dividends have been paid but there is still ZAR203.9m remaining to be claimed and we hope that the entitled owners come forward to claim payment in due course. Directors and company secretary During FY23, the Phuthuma Nathi board consisted of four directors: Mandla Langa, Clarissa Mack, Calvo Mawela and Herman Wessels. Clarissa Mack and Herman Wessels retired from the board on 6 June 2023. Advocate Kgomotso Ditsebe Moroka SC and James Hart du Preez were recently appointed as directors by the board and will stand for election by shareholders at the upcoming AGM. Carmen Miller is the company secretary. The pro les of the current directors are on page 15. Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 10

Content Technology and distribution Streaming and over the top (OTT) aggregation Advertising Group structure(1) MultiChoice SA (unlisted entity) MultiChoice SA is the leading video entertainment company in South Africa, providing world-class local and international content to 9.3m subscribers. MultiChoice Group (listed on the JSE) The MultiChoice Group is the parent company of MultiChoice SA, MultiChoice Africa Holdings, Showmax Africa and Irdeto. The MultiChoice Group has been listed on the JSE since 2019. (1) This graphic re ects the operational structure of the business and may differ from the legal structures. (2) MultiChoice Group holds 5.7% of Phuthuma Nathi due to the share swap transaction implemented in October 2019. South Africa (listed on the EESE) 76 961 Phuthuma Nathi shareholders (listed on the JSE) Holds 5.7%(2) of Phuthuma Nathi 25% 75% Phuthuma Nathi (listed on the EESE) The Phuthuma Nathi share scheme offers qualifying shareholders the opportunity to gain indirect exposure to MultiChoice SA by owning shares in Phuthuma Nathi. Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 11 Overview Introduction Understanding Phuthuma Nathi Understanding MultiChoice SA MultiChoice SA performance Financial review Corporate governance review Shareholder information

Understanding Phuthuma Nathi Snapshot of our history 2006 to 2008 Phuthuma Nathi launched Phuthuma Nathi 1 was launched in 2006, and Phuthuma Nathi 2 (a smaller replica) was launched in 2007. As one of the largest BBBEE transactions in South Africa, the schemes acquired a combined 20% stake in MultiChoice SA. 2014 Debt paid off MultiChoice SA’s strong financial performance enabled substantial dividend payments to Phuthuma Nathi, thereby enabling Phuthuma Nathi to repay its vendor loan in 2014 – two years ahead of schedule – while maintaining dividend payments to Phuthuma Nathi shareholders. 2015 Full dividend paid Following the settlement of the outstanding vendor loan, Phuthuma Nathi shareholders received their first full dividend payment amounting to ZAR1.2bn. 2011 Trading started The shares began trading publicly on 8 December 2011. Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 12

2022 Latest dividend paid Phuthuma Nathi shareholders continued to benefit from dividend payments, receiving ZAR1.5bn in September 2022 following approval at the 2022 AGM. This took the total amount in dividends paid out to Phuthuma Nathi shareholders since inception to ZAR16.4bn. 2019 Phuthuma Nathi shareholding in MultiChoice SA increased to 25% To underpin the commitment by MultiChoice SA and Naspers to socio-economic transformation and BBBEE, MultiChoice SA and Naspers allocated an additional 5% stake in MultiChoice SA to Phuthuma Nathi for no consideration. Phuthuma Nathi 1 and Phuthuma Nathi 2 combined In FY19, shareholders voted to combine the two schemes into one scheme. The transaction resulted in a one-to-one swap of Phuthuma Nathi 2 for Phuthuma Nathi shares. As a result, Phuthuma Nathi 2 is owned by Phuthuma Nathi, and all scheme shareholders hold shares in Phuthuma Nathi. Share swap completed Phuthuma Nathi shareholders were offered the option to exchange some of their shares in Phuthuma Nathi for shares in the MultiChoice Group. Following extensive engagements, shareholders representing a combined 5.7% shareholding in Phuthuma Nathi accepted this offer. Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 13 Overview Introduction Understanding Phuthuma Nathi Understanding MultiChoice SA MultiChoice SA performance Financial review Corporate governance review Shareholder information

Understanding Phuthuma Nathi Understanding your return on investment Capital growth through share price increases Over time, the shares in a company may become increasingly valuable depending on how well the company performs and how much demand there is for ownership of its shares. This is referred to as capital growth. It is important to remember that the value of shares can also decline if a company is performing poorly or if the demand for ownership of its shares declines. For example, if you purchased a Phuthuma Nathi share at inception for ZAR10 per share, it would have been worth ZAR134 per share at 31 March 2023(3). As a Phuthuma Nathi investor, it is important to understand how your shares can potentially create value over time. Through Phuthuma Nathi, MultiChoice SA has provided long-term, impactful bene ts to its BBBEE shareholders, with an estimated total return on investment of approximately 31 times since inception(1). ʶas˛ Єo˪ returns through dividends The directors may choose to pay dividends to shareholders periodically. While dividends are never guaranteed as they depend on how well the company performs, among other considerations, they offer shareholders liquid cash distributions as and when declared. An initial investment of ZAR10 has generated capital growth of roughly 17% per year over 17 years ZAR16.4bn in dividends paid since inception (1) This total return includes the value of capital held and dividends received but assumes that the dividends were not reinvested by shareholders into Phuthuma Nathi shares, and excludes the impact of exchanging a portion of the Phuthuma Nathi shares held for MultiChoice Group shares in FY20 for any shareholder who may have elected to do so. (2) Dividends are declared and paid post the nancial year-end, e.g. the FY23 dividend was declared in June 2023 and will be paid in September 2023, subject to approval of the MultiChoice SA dividend in August 2023. Dividends declared are subject to dividend withholding tax, e.g. FY23 dividend declared of ZAR20.37 per share equates to a net dividend of ZAR16.30 per share after dividend withholding tax of 20%. (3) Based on the last publicly traded value on EESE on 31 March 2023. Dividend declared per Phuthuma Nathi share(2) ZAR22.22 ZAR22.22 ZAR22.22 ZAR20.37 FY23 FY22 FY21 FY20 Capital growth through share price increase ZAR10 ZAR134 2023 2006 Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 14

Calvo was the CEO of MultiChoice SA after holding of ce as the group executive: policy and regulatory affairs for the MultiChoice Group. He previously held positions as a professional engineer at Sentech and a broadcasting spectrum manager at ICASA. He also served in several ministerial advisory task teams, including the Digital Migration Working Group, Digital Dzonga and the Information and Communications Technology Policy Review Panel. He also served as a commissioner to the Presidential Commission on Fourth Industrial Revolution. He holds a Bachelor of Science in Electrical Engineering from the University of KwaZulu-Natal (prev. University of DurbanWestville), a Management Advancement Programme Postgraduate Diploma from Wits Business School, a Postgraduate Diploma in Economics for Competition Law from King’s College, London, and a Strategic IQ: Creating Smarter Corporations Certi cate from Harvard Business School. Our Phuthuma Nathi board of directors Mandla was the chair of MultiChoice SA from 2007 to 2010 and chair of the Independent Communications Authority of South Africa (ICASA) from 1999 to 2005. He participated in various arts programmes and conferences throughout Africa. In 2007, he received South Africa’s National Order of Ikhamanga (Silver) for literary, journalistic and cultural achievements and in 2009, a Living Legends award from the eThekwini municipality. A number of his works have been published. He was editor-at-large of Leadership magazine, programme director for television (TV) at the South African Broadcasting Corporation and his fourth novel, The Lost Colours of the Chameleon, won the 2009 Commonwealth Writer’s Prize – Africa region. His directorships include Medu Arts & Literature, Phuthuma Nathi, and Datapost. Mandla is a recipient of honorary doctorates from the University of Fort Hare, the University of the Witwatersrand and the University of Pretoria. He received his Master of Arts in Creative Writing from the University of the Witwatersrand and was a fellow at Stellenbosch Institute of Advanced Studies. Chair and independent non-executive director BA (English and Philosophy) and MA (Creative Writing) Appointed 4 August 2006 Independent non-executive director BSc Eng (Electrical) Appointed 12 July 2019 Calvo Mawela (South African,47) Mandla Langa (South African,73) Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 15 Overview Introduction Understanding Phuthuma Nathi Understanding MultiChoice SA MultiChoice SA performance Financial review Corporate governance review Shareholder information

Clarissa Mack (South African, 55) Understanding Phuthuma Nathi Our Phuthuma Nathi board of directorscontinued James Hart du Preez (South African, 64) James is a CA(SA) who was admitted as a partner of PricewaterhouseCoopers Inc (PwC) in 1996. As the clients and markets development leader for PwC Africa, he was responsible for digital marketing, advertising, sponsorships and business development. James served on the PwC – Europe, Middle East and Africa Business Development Board from 2010 to 2019. He retired from PwC in June 2019. James consulted for Citadel Wealth Management in a business development and marketing capacity. He is a CD(SA) of the Institute of Directors in South Africa NPC. He is also a chartered marketer (SA) with the Marketing Association of South Africa. Independent non-executive director CA(SA), CD(SA), CM(SA) Appointed 6 June 2023 Clarissa is the group regulatory executive for the MultiChoice Group. She graduated with an LLB from the University of Cape Town and soon after completed a Master’s in Law at Georgetown University in Washington DC. She also holds a Postgraduate Diploma in Economics for Competition Law from King’s College in London. After serving her legal articles at Cheadle, Thompson & Haysom attorneys, she joined M-Net, and later MultiChoice SA and MIH Holdings Limited. Clarissa was intimately involved in the launch of the Phuthuma Nathi scheme. Clarissa retired from the board on 6 June 2023. Independent non-executive director LLB, LLM and Economics for Competition Law PG Dip (King’s College London) Appointed 5 July 2007 Kgomotso is a senior counsel and member of the Johannesburg Bar. Until recently, she held non-executive directorships at Standard Bank Group Limited and Netcare Limited. Kgomotso serves as trustee of the Nelson Mandela Children’s Fund, Hospital and the Apartheid Museum. She also served as the chair of M-Net’s Phuthuma Futhi Trust. She holds a Baccalaureus Procurationis from the University of the North and an LLB from Wits. Independent non-executive director BProc and LLB Appointed 6 June 2023 Adv Kgomotso Moroka SC (South African, 69) Herman Wessels (South African, 78) Herman is a chartered accountant (BCom, CTA and CA(SA)) and was a partner at PricewaterhouseCoopers Inc. (PwC) from 1972 to 2005. He serves as a director of Keeromstraat 30 Beleggings and Naspers Beleggings, and Health Africa. Herman retired from the board on 6 June 2023. Independent non-executive director BCom, CTA and CA(SA) Appointed 12 May 2021 Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 16

Phuthuma Nathi audit committee report for the year ended 31 March 2023 As the company’s major asset is an investment in MultiChoice SA Holdings Proprietary Limited (MCSAH), the board deems it appropriate that all its members be appointed to the audit committee. The audit committee has pleasure in submitting this report, as required by section 94 of the South African Companies Act No 71 of 2008 (“the Act”). Responsibilities The committee has adopted formal terms of reference, delegated by the board of directors, as set out in its charter. The committee has discharged its responsibilities in terms of its charter and ascribed to it in terms of the Act as follows: Financial controls • Review and approve for presentation to and approval by the board, the company’s integrated annual report and annual nancial statements. These reviews included: – Taking appropriate steps to ensure the annual nancial statements were prepared in accordance with International Financial Reporting Standards (IFRS) and in the manner required by the Act – Considering and, when appropriate, making recommendations on internal nancial controls – Reviewing, where applicable, key audit matters raised by the external auditor and management’s response thereto – Compiling a report to be inserted in the annual nancial statements, describing how the audit committee carried out its functions – Disclosing in the integrated annual report signi cant matters that the audit committee has considered in relation to the annual nancial statements, and how these were addressed by management – Reviewing the ability of the company to continue as a going concern, including an analysis of the group’s liquidity and solvency, and recommend it to the board for approval – Reviewing and recommending to the board the dividend for the year, should the liquidity and solvency test be adequately met External auditor • Receive all audit reports directly from the external auditor • Annually review the external auditor’s performance and disclose the committee’s views on the quality of the external audit, with reference to audit quality indicators such as those that may be included in inspection reports issued by external audit regulators • Present the committee’s conclusions on the external auditor to the board, preceding the annual request to shareholders to approve the appointment of the external auditor • Approve the external auditor’s terms of engagement and remuneration • Evaluate and provide commentary on the external auditor’s audit plans, scope of ndings, identi ed issues and reports • Develop a policy for the board to approve non-audit services performed by the external auditor • Approve non-audit services provided by the external auditor in accordance with this policy. Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 17 Overview Introduction Understanding Phuthuma Nathi Understanding MultiChoice SA MultiChoice SA performance Financial review Corporate governance review Shareholder information

Understanding Phuthuma Nathi Phuthuma Nathi audit committee report continued for the year ended 31 March 2023 Name of committee member Quali cation Mandla Langa Diploma in Offset Litho Printing (London College of Printing), Certi cate in Periodical Journalism (University of London), BA (English and Philosophy) and MA (Creative Writing) (University of Witwatersrand) Clarissa Portia Mack(1) LLB, LLM and PG Dip in Economics for Competition Law (King’s College London) Herman Wessels(2) BCom, CTA and CA(SA) James Hart du Preez(3) CA(SA), CD(SA), CM(SA) Adv Kgomotso Moroka SC(4) BProc and LLB (1) Retired 6 June 2023. (2) Retired 6 June 2023. (3) Appointed 6 June 2023. (4) Appointed 6 June 2023. The committee members as at date hereof are recommended for election as committee members by shareholders at the annual general meeting to be held on 23 August 2023. Members of the audit committee The committee consists of independent nonexecutive directors and meets at least once per year and on an ad hoc basis as required which is in accordance with its charter. All members act independently, are nancially literate, have sound business and nancial acumen and comply with all other requirements of section 94 of the Act. The committee has unrestricted access to company information falling within the committee’s mandate and liaises with management on the information it requires to carry out its responsibilities. The names of the members who were in of ce during 2023, and up to the date of this report, are re ected below. Attendance The external auditor, in their capacity as auditor to the company, attended and reported at the meeting of the audit committee. Relevant managers attended meetings by invitation. ˀan˗atorˬ au˗it firm rotation an˗ external auditor for 2024 Following a formal selection process in line with the mandatory audit rm rotation regulations of the Independent Regulatory Board for Auditors (IRBA), EY has been appointed as the external auditors from FY24. The EY partner responsible for the audit will be Hlengiwe Ndlela. ʶonfi˗ential meetin˚s Audit committee agendas provide for con dential meetings between the committee members and the external auditor. Independence of external auditor During the year under review, the audit committee reviewed a representation by the external auditor and, after conducting its own review, con rmed the independence of the auditor. Expertise and experience of the finance function The committee satis ed itself that the composition, experience and skills of the nance function met the company’s requirements. Discharge of responsibilities The committee determined that during the nancial year under review it had discharged its legal and other responsibilities as outlined in terms of the Act. The board concurred with this assessment. Mandla Langa Chair: Audit committee Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 18

Independent auditor’s report on the summary consoli˗ate˗ an˗ seˣarate financial statements To the shareholders of Phuthuma Nathi Investments (RF) Limited Opinion The summary consolidated and separate nancial statements of Phuthuma Nathi Investments (RF) Limited, set out on pages 20 to 29, which comprise the summary consolidated and separate statements of nancial position as at 31 March 2023, the summary consolidated and separate statements of pro t or loss, comprehensive income, changes in equity and cash ows for the year then ended, and related notes, are derived from the audited consolidated and separate nancial statements of Phuthuma Nathi Investments (RF) Limited for the year ended 31 March 2023. In our opinion, the accompanying summary consolidated and separate nancial statements are consistent, in all material respects, with the audited consolidated and separate nancial statements, in accordance with IAS 34, Interim Financial Reporting, and the requirements of the Companies Act of South Africa as applicable to summary nancial statements. Summary consolidated and seˣarate financial statements The summary consolidated and separate nancial 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 nancial statements. Reading the summary consolidated and separate nancial statements and the auditor’s report thereon, therefore, is not a substitute for reading the audited consolidated and separate nancial statements and the auditor’s report thereon. The summary consolidated and separate nancial statements and the audited consolidated and separate nancial statements do not re ect the effects of events that occurred subsequent to the date of our report on the audited consolidated and separate nancial statements. The audited consolidated and seˣarate financial statements an˗ our report thereon We expressed an unmodi ed audit opinion on the audited consolidated and separate nancial statements in our report dated 13 June 2023. Director’s responsibility for the summary consolidated and seˣarate financial statements The directors are responsible for the preparation of the summary consolidated and separate nancial statements in accordance with the IAS 34, Interim Financial Reporting and the requirements of the Companies Act of South Africa as applicable to summary nancial statements.1 Auditor’s responsibility Our responsibility is to express an opinion on whether the summary consolidated and separate nancial statements are consistent, in all material respects, with the audited consolidated and separate nancial 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.M. Motaung Registered Auditor Johannesburg, South Africa 21 July 2023 1 The examination of controls over the maintenance and integrity of the Group’s website is beyond the scope of the audit of the nancial statements. Accordingly, we accept no responsibility for any changes that may have occurred to the nancial statements since they were initially presented on the website. Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 19 Overview Introduction Understanding Phuthuma Nathi Understanding MultiChoice SA MultiChoice SA performance Financial review Corporate governance review Shareholder information

Understanding Phuthuma Nathi ˆummarˬ annual financial statements Statements of financial position as at 31 March 2023 Group Company Notes 2023 ZAR’000 2022* ZAR’000 2023 ZAR’000 2022* ZAR’000 Assets Non-current assets 6 531 034 6 684 423 6 531 034 6 684 423 Investment in associate 2 6 531 034 6 684 423 6 531 034 6 684 423 Investment in subsidiary – – – – Current assets 225 565 195 898 225 565 195 898 Trade and other receivables 153 963 140 788 153 963 140 788 Cash and cash equivalents 71 602 55 110 71 602 55 110 Total assets 6 756 599 6 880 321 6 756 599 6 880 321 Equity and liabilities Equity reserves attributable to the company’s equity holders 6 527 912 6 681 961 6 527 912 6 681 961 Share capital and premium 2 814 075 2 814 075 2 814 075 2 814 075 Other reserves 685 643 347 681 685 643 347 681 Accumulated pro t 3 028 194 3 520 205 3 028 194 3 520 205 Current liabilities 228 687 198 360 228 687 198 360 Other payables 228 687 198 360 228 687 198 360 Total equity and liabilities 6 756 599 6 880 321 6 756 599 6 880 321 * Management has added the Investment in subsidiary line in the consolidated and separate statements of nancial position. The accompanying notes form an integral part of the summary consolidated and separate annual nancial statements. Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 20

Statements of profit or loss for the year ended 31 March 2023 Group Company Notes 2023 ZAR’000 2022* ZAR’000 2023 ZAR’000 2022* ZAR’000 Operating expenses (660) (576) (660) (576) Share of equity accounted results of associate 1 008 649 1 604 497 1 008 649 1 604 497 Pro t before taxation 1 007 989 1 603 921 1 007 989 1 603 921 Taxation – – – – Pro t for the year 1 007 989 1 603 921 1 007 989 1 603 921 Earnings per share (cents) Earnings per share based on 67 500 000 (2022: 67 500 000) issued shares 14.93 23.76 14.93 23.76 * Management has removed operating pro t/loss subtotals from the consolidated and separate statements of pro t or loss. The reason for the re-representation is due to management being of the view that this declutters the face of the consolidated and separate statements of pro t or loss and is more understandable for the users of the nancial statements. The accompanying notes form an integral part of the summary consolidated and separate annual nancial statements. Statements of comprehensive income for the year ended 31 March 2023 Group Company Notes 2023 ZAR’000 2022 ZAR’000 2023 ZAR’000 2022 ZAR’000 Net pro t for the year 1 007 989 1 603 921 1 007 989 1 603 921 Total other comprehensive income, net of tax, for the year: Items that may be reclassi ed subsequently to pro t or loss Share of comprehensive income of equity accounted investments 337 962 (58 992) 337 962 (58 992) Total comprehensive income 1 345 951 1 544 929 1 345 951 1 544 929 The accompanying notes are an integral part of the summary consolidated and separate annual nancial statements. Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 21 Overview Introduction Understanding Phuthuma Nathi Understanding MultiChoice SA MultiChoice SA performance Financial review Corporate governance review Shareholder information

Understanding Phuthuma Nathi ˆummarˬ annual financial statements continued Statements of changes in equity for the year ended 31 March 2023 Share capital and share premium ZAR’000 Other reserves(1) ZAR’000 Accumulated pro t ZAR’000 Total equity ZAR’000 Group Balance at 1 April 2021 2 814 075 406 673 3 416 284 6 637 032 Pro t for the year – – 1 603 921 1 603 921 Other comprehensive income – (58 992) – (58 992) Dividends declared – – (1 500 000) (1 500 000) Balance at 31 March 2022 2 814 075 347 681 3 520 205 6 681 961 Pro t for the year – – 1 007 989 1 007 989 Other comprehensive income – 337 962 – 337 962 Dividends declared – – (1 500 000) (1 500 000) Balance at 31 March 2023 2 814 075 685 643 3 028 194 6 527 912 Company Balance at 1 April 2021 2 814 075 406 673 3 416 284 6 637 032 Pro t for the year – – 1 603 921 1 603 921 Other comprehensive income – (58 992) – (58 992) Dividends declared – – (1 500 000) (1 500 000) Balance at 31 March 2022 2 814 075 347 681 3 520 205 6 681 961 Pro t for the year – – 1 007 989 1 007 989 Other comprehensive income – 337 962 – 337 962 Dividends declared – – (1 500 000) (1 500 000) Balance at 31 March 2023 2 814 075 685 643 3 028 194 6 527 912 (1) Other reserves consist of fair value reserve from gains and losses on available-for-sale investments. The accompanying notes form an integral part of the summary consolidated and separate annual nancial statements. Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 22

Statements of cash flows for the year ended 31 March 2023 Group Company Notes 2023 ZAR’000 2022 ZAR’000 2023 ZAR’000 2022 ZAR’000 Cash ows from operating activities Cash out ow from operations (41 711) (52 384) (41 711) (52 384) Dividend received from associate 2 1 500 000 1 500 000 1 500 000 1 500 000 Net cash generated from operating activities 1 458 289 1 447 616 1 458 289 1 447 616 Cash ows used in nancing activities Dividend paid to ordinary shareholders (1 441 797) (1 463 195) (1 441 797) (1 463 195) Net movement in cash and cash equivalents 16 492 (15 579) 16 492 (15 579) Cash and cash equivalents at the beginning of the year 55 110 70 689 55 110 70 689 Cash and cash equivalents at the end of the year 71 602 55 110 71 602 55 110 The accompanying notes form an integral part of the summary consolidated and separate annual nancial statements. Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 23 Overview Introduction Understanding Phuthuma Nathi Understanding MultiChoice SA MultiChoice SA performance Financial review Corporate governance review Shareholder information

Understanding Phuthuma Nathi ˆummarˬ annual financial statements continued Notes to the summary annual financial statements as at 31 March 2023 1. Basis of preparation The summary consolidated and separate nancial statements are prepared in accordance with the requirements of the Companies Act applicable to summary nancial statements. The summary nancial statements were prepared in accordance with the framework concepts and the measurement and recognition requirements of IFRS and the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and the Financial Pronouncements as issued by the Financial Reporting Standards Council, and to also, as a minimum, contain the information required by IAS 34 Interim Financial Reporting. The accounting policies applied in the preparation of the consolidated and separate annual nancial statements from which the summary consolidated and separate nancial statements were derived are in terms of IFRS and are consistent with those accounting policies applied in the preparation of the previous annual nancial statements. The Phuthuma Nathi Investments (RF) Limited group and company have adopted all new and amended accounting pronouncements as issued by the International Accounting Standards Board (IASB), which were effective for nancial years commencing on 1 April 2022. A copy of the full audited consolidated and company annual nancial statements is available for inspection from the company secretary at the registered of ce of the group or can be downloaded from the group’s website: www.phuthumanathi.co.za/information/ nancial-reporting/. Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 24

Notes to the summary annual financial statements as at 31 March 2023 2. Investment in associate The company’s total investment in MCSAH is 25% (2022: 25%) as at the end of the nancial period. The principal activities of MCSAH is the operation of video-entertainment services both via satellite and online platforms. This is an unlisted investment that is accounted for using the equity method of accounting. Group and Company 2023 ZAR’000 2022 ZAR’000 Movement in carrying amount At the beginning of the year 6 684 423 6 638 918 Share of net pro t 1 008 649 1 604 497 Share of changes in other reserves 337 962 (58 992) Dividends received (1 500 000) (1 500 000) 6 531 034 6 684 423 Analysis of carrying amount Cost 2 250 000 2 250 000 Additional investment 2 364 075 2 364 075 Share of equity accounted results of associate (1 641 078) (1 149 728) Share of changes in associate's other comprehensive income 2 707 030 2 369 069 Gain on empowerment transaction 851 007 851 007 At the end of the year 6 531 034 6 684 423 Reconciliation of carrying amount Share of net assets of associate 3 265 993 3 174 191 Notional goodwill on initial acquisition 1 910 000 1 910 000 Fair value uplift on net identi able assets 1 267 071 1 512 262 Notional goodwill on additional investment 87 970 87 970 Carrying amount 6 531 034 6 684 423 There has been no objective evidence of impairment of the associate in the current or prior years. Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 25 Overview Introduction Understanding Phuthuma Nathi Understanding MultiChoice SA MultiChoice SA performance Financial review Corporate governance review Shareholder information

Understanding Phuthuma Nathi ˆummarˬ annual financial statements continued Notes to the summary annual financial statements as at 31 March 2023 2. Investment in associate continued Summary nancial information of unlisted associate as per its annual nancial statements 2023 ZAR’m 2022 Represented* ZAR’m Summary statement of nancial performance Continuing operations Revenue 41 649 42 980 Cost of providing services and sale of goods (23 452) (23 175) Gross pro t 18 197 19 805 Selling, general and administration costs (9 245) (8 656) Net impairment loss on trade receivables – (88) Other operating gains/(losses) 32 (277) Operating pro t 8 984 10 784 Interest income 803 393 Interest expense (914) (603) Net foreign exchange translation losses (1 637) (275) Share of equity-accounted results 2 8 Reversal of impairment of equity accounted investments – 8 Pro t before taxation 7 238 10 315 Taxation (2 302) (2 967) Pro t from continuing operations Discontinued operations 4 936 7 348 Loss from discontinued operations (67) (96) Pro t for the year 4 869 7 252 Other comprehensive income/(loss) 1 644 (449) Total comprehensive income for the year 6 513 6 803 * Comparative gures previously reported have been amended to re ect continuing operations prevailing for the year ended 31 March 2022. Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 26

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