Building leading global platforms in internet and entertainment

June 2017

2

Global footprint

Group structure Group strategy

Group revenue split* (FY17)

Founded in 1915, with operations in more than 120 countries, we run some of the world’s

leading platforms in internet, video entertainment and media.

We are one of the largest technology investors in the world and are listed on the Johannesburg Stock Exchange (JSE) with an ADR listing

on the London Stock Exchange (LSE).

Ecommerce (20%)

Listed investments (53%)

Video entertainment (23%)

Media & other (4%)

Segmental Geographic

* Based on economic interest, i.e. assuming all investments are proportionately consolidated

Asia (57%)

South Africa (20%)

Europe (13%)

Rest of Africa (7%)

Latin America (2%)

Other (1%)

IVAS & games (37%)

Subscription (19%)

Ecommerce (20%)

Advertising (12%)

Print, circ & distr. (2%)

Technology (1%)

Other (9%)

Type

Build businesses with ‘platform’ potential

In high-growth markets

Where we can build sustainable leadership positions

Address big societal needs

Partner with entrepreneurs

* MakeMyTrip (MMYT) is listed separately on the Nasdaq stock exchange** Organogram depicts major brands

83 100 147

191

FY14 FY15 FY16 FY17

(1,461)(1,994)

(1,213)

1,105 23%

30%

12%

-7%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

-2,000

FY14 FY15 FY16 FY17

781 953 961

1,084

Select balance sheet information FY17 - Financial performance on an economic interest basis*

Financials (US$m) 3

Consolidated development spend Dividends from associates

Net consolidated debt (gearing %)Core headline earnings Capex

Free cash flow

Dev

elo

pm

ent

spen

d

1,5361,901

2,246

2,746

Trad

ing

pro

fit ‐ Group

‐ Video Ent

‐ Internet

‐ Media

19%

8%

23%

3%

9,9

19

11

,54

1

12

,22

4

14

,56

2

Mar 14 Mar 15 Mar 16

Rev

enu

e

Revenue growth rate

Trading Margin

Dev spend / Sales

* Based on economic interest, i.e. equity accounted investments are proportionately consolidated. Numbers in brackets represent YoY growth in local currency, excl. M&A

Internet (73%)

Video entertainment (23%)

Media (4%)

‒ Nominal USD

‒ Local currency

19%

29%

Ecommerce (88%)

Video entertainment (10%)

Media (2%)

‐ Group

‐ Video Ent

‐ Internet

‐ Media

7%

3%

9%

3%

Year ended 31 March FY17 FY16 FY15

Non-current assets 16,291 13,486 10,236

Current assets 5,639 3,237 2,700

Total assets 21,930 16,723 12,936

Shareholders equity 14,958 10,254 6,648

Total equity 15,361 10,654 6,903

Non-current liabilities 3,641 4,023 3,852

Current liabilities 2,928 2,046 2,181

Equity and liabilities 21,930 16,323 12,681

NAV/share (cents) 3,466 2,379 1,614

853 1,030

1,246

1,752

FY14 FY15 FY16 FY17

41%

436

292 228

173

FY14 FY15 FY16 FY17

24%

30%

Mar 17

2,7

46

(291)

(34) (198) (10)

(45)

1,0

81

(3)

2,2

46

FY16 Forex M&A List. Int.

Ecom. VE Media Corp FY17

737 820

519 434

427 (8)

FY14 FY15 FY16 FY17

Operating New investments

22% (13%)

Currency impact

(17) (36) (38)

(125)

FY14 FY15 FY16 FY17

* Numbers in brackets represent YoY growth in local currency, excl. M&A

214 266

426

(286)(192)

(78)

FY15 FY16 FY17

Revenue Trading losses

22

21

8

1 3

21

10

23

23

12

Entering Fighting Leading Leading andmonetising

2015 2016 2017

2,492 2,647 2,929

(543) (693) (731)

51

22

Revenue Trading profit/(loss)

5% (5%)

11% (27%)

FY15 FY16 FY17

Financials (US$m)*

Ecommerce Operations 4

Classifieds

FY17 revenue split

Etail (57%)

Marketplace (15%)

Classifieds (11%)

Other (7%)

Payments (6%)

Travel (4%)

Classifieds

Naspers positions (number of countries)*

OLX Group revenue and trading loss (US$m)

B2C

FY17 revenue and trading losses

Currency impact

*Results reported on an economic interest basis

*Exclude countries with lower than 1,000 daily unique listers

FY17 constant currency revenue growth by type

25%

54%

67%

20%

29%27%

64% 62%

32%

21%

Ecommerce Classifieds Travel Payments Etail

FY16 FY17

* All numbers exclude letgo

40%

50%

60%

Oct-15 Dec-15 Mar-16 Jun-16 Oct-16 Dec-16 Mar-17

323

390

546

FY15 FY16 FY17

40%

letgo USA – mobile monthly active users (MAUs)

Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17

Close5 5Miles OfferUp letgo

130%

0%

10%

20%

30%

40%

Dec-14 Jun-15 Dec-15 Jun-16

takealot amazon SA bidorbuy

ebay makro

Flipkart share of monthly gross GMV

eMAG Romania revenue (US$m)

Takealot online traffic share, % (desktop and mobile)

5

53% 57%

27%27%

20% 16%

FY16 FY17

Video Entertainment Operations: “A world of entertainment, anywhere, anytime”

6,739 8,059Total

3

Video Entertainment subscriber homes (‘000)

SA financials and performance

10,225 10,411 11,942

4,451 5,008 5,406 5,732 6,358

1,911 2,234 2,563 2,275

2,583 377

817 2,256 2,404

3,001

FY13 FY14 FY15 FY16 FY17

SA DTH SSA DTH SSA DTT Premium Compact Lower-end

15%

2,702 2,855

2,604 2,899

771 805 701 738

FY14 FY15 FY16 FY17

Revenue Trading profit

Financials (US$m)

PVR’s (‘000) ARPU (ZAR)

1,180 1,295

FY16 FY17

10%

347 353

FY16 FY17

2%

11% (14%)

60

30

5% (10%)

Currency impact

SSA financials and performance

Financials (US$m)15% (+2%)

1,100 1,272

1,135 964

72 (56) (38) (358)

FY14 FY15 FY16 FY17

Revenue Trading profit

191

99

>100%

Currency impact

PVR’s (‘000) ARPU (US$)

207 261

FY16 FY17

20%

32 26

FY16 FY17

23%

Change in subscriber mix

3,5

82

3,8

30

3,4

13

3,4

01

841 732 610 287

FY14 FY15 FY16 FY17

Revenue Trading profit

0% (+7%)

53%(32%)

977 1,127 1,052

1,191

FY14 FY15 FY16 FY17

Programming and production costs (US$m)

23%

Group financials (US$m)

245

125

Currency impact

Group financials and performance

6

16,850 18,086 17,914

2014 2015 2016

-

100

200

300

400

-

2,000

4,000

6,000

Mar

-09

Sep

-09

Mar

-10

Sep

-10

Mar

-11

Sep

-11

Mar

-12

Sep

-12

Mar

-13

Sep

-13

Mar

-14

Sep

-14

Mar

-15

Sep

-15

Mar

-16

Sep

-16

Mar

-17

Sep

-17

Tho

usa

nd

s

Volume Price (ZAc) (RHS)

For more information:

www.naspers.com

Meloy Horn

InvestorRelations@naspers.com

Office: +27 11 289 3320

Mobile: +27 82 772 7123

Share price and volume

Listings: JSE (Ticker: NPN); LSE (Ticker: NPSN)

Share Price: ZAR2,879 / US$224.7

Market Cap: ZAR1.26tn / US$98.4bn

Issued Shares: 438.27m

Liquidity: Average 3-mnth daily trade 1.2m shares

* As per 5 Sept 2017

Geographic shareholding

Debt information: MIH Bonds

Equity information: Naspers N-Shares(33.3%)

Operating profit (RMBm)*

(28.7%)

EBITDA (RUBm)*

Market cap (US$bn)

Market cap (US$m)

South Africa (48%)

United States (28%)

UK & Europe (15%)

Asia (6%)

Other (3%)30,411

41,764

58,154

2014 2015 2016

39%

1%

*Reflects 100% of Jan-Dec 2016 (FY16) results on a non-GAAP basis; detailed results available at www.tencent.com. Fx rate: FY17 US$/RMB6.7448 (6.3612). Market values as at 31 March per company data

*Reflects 100% of Jan-Dec 2016 (FY16) results on a non-GAAP basis; detailed results available at www.corp.mail.ru. Fx rate: FY17 US$/RUR62.7623 (64.2813). Market values as at 31 March per company data

178 192

272

FY15 FY16 FY17

4.2 4.5 4.6

FY15 FY16 FY17

MIH Bond Listing Issued Coupon Ratings

US$1bn

7 year

US$1.2bn

10 year

US$1bn

10 year

Irish Stock Exchange

July 2013

July 2015

July 2017

6.00%

5.50%

4.85%

S&P (BBB-) Moody’s (Baa3)

S&P (BBB-) Moody’s (Baa3)

Irish Stock Exchange

Irish Stock Exchange

S&P (BBB-) Moody’s (Baa3)