www.multichoice.co.za

The reviewed results of the MultiChoice South Africa group for the six months ended 30 September 2012

are summarised as follows:

• The group increased consolidated revenues by 16% over the past six months. Trading profit grew

by 19% to R3,8bn.

• The pay-television subscriber base grew by 187 000 over the six-month period and now totals

4,2 million households. The mid-priced Compact bouquet delivered the bulk of the growth with

163 000 households being added over the period. The popular personal video recorder (PVR)

decoder recorded growth of 90 000 with the cumulative base now at 747 000 households.

• Operating margins remain stable despite cost pressures from growing the subscriber base,

investing in new technologies and increased programming costs. Core headline earnings

increased by 27% to R2,7bn.

• This earnings performance delivered positive free cash flows of R2,1bn.

• The group paid a normal dividend of R2bn and a special once-off dividend of R3bn to ordinary

shareholders on 12 September 2012.

The DStv satellite service was successfully migrated to the new IntelSat-20 satellite, providing

additional capacity which allows for expansion in the range of services we can offer to subscribers.

Several new channels, aimed at improving our viewer’s experience, were added to the DStv bouquets.

This included the addition of eight HD channels bringing to 14 the total number of HD channels on

the DStv Premium bouquet.

M-Net replaced its M-NetMovies 1 and M-NetMovies 2 offering and expanded it to six genre movie

channels; M-NetMovies Premiere, M-NetMovies Action Plus, M-NetMovies Family, M-NetMovies

Comedy, M-NetMovies Drama and Romance and M-NetMovies Showcase, with scheduling that allows

for more choice and variety to cater for every taste. All these movie channels are available in HD.

M-Net once again broadcast the reality shows Idols and Big Brother Africa, and premiered the very

successful local edition of MasterChef. The eighth season of Idols broke all previous viewership

and voting records to make this season the most popular ever. Mzansi Magic, the channel that

showcases local South African talent, continues to gain popularity and viewership. The Africa Magic

channels in South Africa have been expanded from two to four, namely Africa Magic Entertainment,

Africa Magic Family, Africa Magic Movies and Africa Magic Movies 1.

Sport fans were treated to world-class coverage of major events, including EURO 2012, the London

Olympics and Paralympics, ICC T20 World Cup and the Castle Rugby Championship. SuperSport’s

production of the 2012 Olympic Games attracted unprecedented viewership and ratings, and was

showcased on two HD channels specifically launched for the games. SuperSport recently concluded

an agreement with the English Premier League, securing the rights to broadcast the EPL for a

further three seasons.

The BoxOffice service, where PVR subscribers can rent the latest blockbuster movies instantaneously,

continues to grow with average monthly movie rentals of more than 400 000. The BoxOffice service

was recently made available online to internet users.

The DStv Mobile service was enhanced with the launch of new devices such as the iDrifta (for Apple

products) and the new 7-inch Walka (portable TV).

The trading platform for Phuthuma Nathi and Phuthuma Nathi 2, the BEE share schemes, was

successfully launched and to date over 23 000 deals representing a volume of over 11,5 million

shares have been concluded. We are delighted that over 89% of our shareholders have held their

shares.

BASIS OF PRESENTATION

Accounting policies used for the interim results are consistent with those applied in the previous

financial statements and with IFRS.

Core headline earnings exclude once-off and non-operating items. We believe it is a useful measure

of the group’s sustainable operating performance. However, it is not a defined term under IFRS and

may not be comparable with similarly titled measures reported by other companies.

On behalf of the board:

Nolo Letele Imtiaz Patel

Chairman Chief executive

Randburg

28 November 2012

Directors

F L N Letele (chairman), J P Bekker, S Dakile-Hlongwane

D G Eriksson, K D Moroka, S J Z Pacak, M I Patel

F G Sampson, K B Sibiya, J J Volkwyn, T Vosloo.

Company secretary

Gillian Kisbey-Green

Registered office

251 Oak Avenue, Randburg 2194

(PO Box 1502, Randburg 2125)

Transfer secretaries

Link Market Services South Africa (Pty) Limited

13th Floor, Rennie House

19 Ameshoff Street, Braamfontein 2001

(PO Box 4844, Johannesburg 2000)

Six months ended Year ended30 September 31 March

2012 2011 2012

Consolidated statement Reviewed Reviewed Audited

of profit or loss R’m R’m R’m

Revenue 11 445 9 889 20 484Cost of providing services and sale of goods (5 303) (4 598) (9 675)Selling, general and administration expenses (2 427) (2 165) (4 929)Other (losses)/gains (20) – 4

Operating profit 3 695 3 126 5 884Interest received 59 108 145Interest paid (63) (52) (153)Other finance (costs)/income (28) 19 (74)Share of equity-accounted results 2 – (1)

Profit before taxation 3 665 3 201 5 801Taxation (1 032) (897) (1 639)

Profit for the period 2 633 2 304 4 162

Attributable to:Equity holders of the group 2 636 2 306 4 168Non-controlling interest (3) (2) (6)

2 633 2 304 4 162

Core headline earnings for the period 2 728 2 148 4 308Headline earnings for the period 2 650 2 306 4 192

Six months ended Year ended30 September 31 March

Reconciliation of 2012 2011 2012

operating profit to Reviewed Reviewed Audited

trading profit R’m R’m R’m

Operating profit 3 695 3 126 5 884Finance cost on transponder leases (7) (6) (1)Amortisation of intangible assets 42 43 100Other losses/(gains) 20 – (4)

Trading profit 3 750 3 163 5 979

Six months ended Year ended

Condensed 30 September 31 March

consolidated statement 2012 2011 2012

of comprehensive income Reviewed Reviewed Audited

and changes in equity R’m R’m R’m

Balance at beginning of the period 7 092 8 490 8 490Profit for the period 2 636 2 306 4 168Total other comprehensive income, net of tax, for the period 171 446 428

Translation of foreign operations 1 26 –Cash flow hedges 65 619 457Revaluations of investments 124 (19) 99Tax on other comprehensive income (19) (180) (128)

Changes in other reservesMovement in share-based compensation reserve 8 6 12Dividends paid to shareholders (5 000) (6 000) (6 000)

Changes in non-controlling interestTotal comprehensive income for the period (3) (2) (6)

Balance at end of the period 4 904 5 246 7 092

As at As at30 September 31 March

Condensed 2012 2011 2012

consolidated statement Reviewed Reviewed Audited

of financial position R’m R’m R’m

ASSETSNon-current assets* 10 363 6 889 7 140Current assets 7 380 6 159 5 442

Total assets 17 743 13 048 12 582

EQUITY AND LIABILITIESCapital and reserves 4 904 5 246 7 092Non-current liabilities* 3 125 181 246Current liabilities 9 714 7 621 5 244

Total equity and liabilities 17 743 13 048 12 582

*Includes capitalisation of new IS20 satellite

Six months ended Year ended30 September 31 March

2012 2011 2012

Condensed consolidated Reviewed Reviewed Audited

statement of cash flows R’m R’m R’m

Cash flow generated from operating activities 2 596 2 196 5 026Cash flow utilised in investing activities (331) (271) (858)Cash flow utilised in financing activities (2 167) (4 075) (6 178)

Net movement in cash and cash equivalents 98 (2 150) (2 010)Foreign exchange translation adjustments (36) 24 6Cash and cash equivalents at beginning of the period 1 251 3 255 3 255

Cash and cash equivalents at end of the period 1 313 1 129 1 251

Six months ended Year ended30 September 31 March

2012 2011 2012Calculation of headline and Reviewed Reviewed Auditedcore headline earnings R’m R’m R’m

Net profit attributable to shareholders 2 636 2 306 4 168Adjusted for:– loss on sale of property, plant and equipment 3 3 34– impairment of property, plant and equipment 26 – –– (profit)/loss on sale of intangible assets (6) – 8

2 659 2 309 4 210Total tax effects of adjustments (6) (1) (12)Total adjustment for non-controlling interest (3) (2) (6)

Headline earnings 2 650 2 306 4 192Adjusted for:– amortisation of intangible assets 24 25 58– foreign exchange losses/(gains) 54 (183) 58

Core headline earnings 2 728 2 148 4 308

No of shares (’000) 337 500 337 500 337 500

MultiChoice South Africa Holdings (Pty) Limited(Registration number: 2006/015293/07)

(“MultiChoice” or “the group”)

for the six months ended 30 September 2012

Interim Report