Investor Presentaiton

Percentage Radio Stations in the lower LSM groups have a large audience but generate a low share of revenue vs share of audience Share of Audience vs Share of Revenue 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% Lesedi FM Radio Oranje Yfm Source: PwC Analysis Radio Algoa RadioSonderGrense Thobela FM Motsweding FM 567 Cape Talk LI Safm Radio Lotus Stereo % of Revenue % of Audience 11

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