Financial results presentationFor the year ended 31 March 2016

Important information

2

This presentation contains forward-looking statements as defined in the United States Private Securities Litigation Reform Act of 1995. Words such as “believe”, “anticipate”, “intend”, “seek”, “will”, “plan”, “could”, “may”, “endeavour” and similar expressions are intended to identify such forward-looking statements, but are not the exclusive means of identifying such statements.

While these forward-looking statements represent our judgments and future expectations, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These include key factors that could adversely affect our businesses and financial performance.

We are not under any obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements whether as a result of new information, future events or otherwise. Investors are cautioned not to place undue reliance on any forward-looking statements contained herein.

STRATEGIC OVERVIEW

FY16 Overview: building platforms to optimise returns

4

LEAD IN ECOMMERCE

TARGET HIGH-GROWTH

BUSINESS MODELSPURSUE SCALE

TRANSFORM FURTHER INTO

MOBILE

OPTIMISE RETURNS

Lead in ecommerce

5

Local leadership positions Global app leadership

Segment #1 positions Total # of markets

Classifieds 34 40

B2C 9 11

Payments 6 16

Global classifieds app sessions/day (m)

eBay

Schibsted

Naspers

2.2x

Source: SimilarWeb *As per Jan 2016.

Target high-growth business models

6

Local classifieds Bus ticketing Mobile classifieds Food delivery

Daily net new listings Bus tickets sold Daily net new listings USA Number of orders - Brazil

Mar 15 Mar 16

37%

FY15 FY16

56%

W1 W15

377%

Mar 15 Mar 16

148%

Source: Company data

Pursue scale

7

Classifieds: expanding our footprint Payments: accelerating local growth

TPV growth* (%), 2015–2016

148

123

46

Russia Turkey India

Source: Company data

• Took control of leading Russian classifieds site

• Launched real estate and car vertical apps in our core markets

* Currency neutral, i.e. YoY growth reflected in local currencies.

7.2

5.24.7

2.41.6

0.8

0.70.8

2.6

Population Population over16

Mobile users Smartphones PC's

Growth to 2020

2015

Further smartphone growth will transform the world

Transform further into mobile

8

Other

Source: Worldbank, GSMA, Apple, Google, a16z

Global population (bn)

Mobile as a % of total user time spent across Naspers platforms,

Q4 FY2016

53%

Source: SimilarWeb

Optimise returns

9

Improve unit economics

B2C OPEX per order (US$)

Source: Company data

Consolidate

• Merged US operations of letgo and Wallapop

• +US$100m in new financing

• Accelerated path to leadership

• Integrated Fashion Days into eMag business

8.8 6.4

FY15 FY16

iFood Brazil EBITDA (US$m)

(9.6) (11.0)

(4.5)

0.5

1Q15 2Q15 3Q15 4Q15

27%

Reduce development spend

Ecommerce development spend* as % of revenues (fx neutral)

39%

33%

FY15 FY16

*Excludes associates, as well as new investments in Letgo and India Hotels.

FINANCIALS

Synopsis of financials

11

1,030 1,246

285

FY15 FY16

Core headline earnings (US$m)

11,541 12,224

1,576

FY15 FY16

Revenue* (US$m)

6% (22%)

953 961

121

FY15 FY16

Development spend* (US$m)

1% (14%)

1,901 2,246

362

FY15 FY16

Trading profit* (US$m)

18% (38%)

255 298

FY15 FY16

Core HEPS (USc)

17%

4.70 5.20

FY15 FY16

DPS (ZAR)

11%21% (49%)

*Results reported on an economic interest basis, i.e. equity accounted investments are proportionately consolidated. Numbers in brackets represent year-on-year growth in local currency, excluding M&A.

Currency impact

Revenue growth driven by Tencent and ecommerce

12

Incremental revenue* by segment, YoY (US$m)

Revenue* by segment (US$m)

Ecommerce (22%)

Listed investments (46%)

Video entertainment (28%)

Media & other (4%)

Revenue* (US$m)

9,919 11,541 12,224

1,576

FY14 FY15 FY16

Currency impact

6% (22%)

*Results reported on an economic interest basis, i.e. equity accounted investments are proportionately consolidated. Numbers in brackets represent year-on-year growth in local currency, excluding M&A.

1,574 ( 1,576 )

11,541

FY15 Ecommerce Listed investments Video entertainment Media & other M&A Forex FY16

12,224

590 (4) (295)

6% (22%)

394

24% 35% 10% 1% 3% 14%

Development spend flat on an economic interest basis

13

Consolidated development spend (US$m)

Classifieds (39%)

Etail (32%)

Other ecommerce (18%)

Video entertainment (9%)

Media (2%)

Development spend* by segment (US$m)

*Results reported on an economic interest basis, i.e. equity accounted investments are proportionately consolidated. Numbers in brackets represent year-on-year growth in local currency, excluding M&A.

Incremental development spend* by segment, YoY (US$m)

961

193

953

FY15 New investments Operating Associates Forex FY16

138(202)

1% (14%)20% 21% 14% 13%

138 (121)

737 820

515

193

103

FY14 FY15 FY16

Operating New investments

14% (1%)

z Currency impact

Ecommerce continues to gain traction

14

Revenue splitRevenue and trading losses* (US$m)

Etail (62%)

Marketplace (13%)

Naspers Ventures (6%)

Classifieds (8%)

Payments (5%)

Travel (3%)

Other (3%)

Constant currency revenue growth by type

67%

46%

27% 26%20% 14%

Travel Classifieds Etail NaspersVentures

Payments Marketplace

*Results reported on an economic interest basis, i.e. equity accounted investments are proportionately consolidated. Numbers in brackets represent year-on-year growth in local currency, excluding M&A.

1,986

2,492 2,647

(516) (543)

397

1 2 3 4 5 6 7 8 9 10

Revenue Trading losses New investments

6% (24%)

28% (31%)

FY14 FY15 FY16

41

(193)

(541)

Currency impact

765 774

217 288

130

FY 15 FY 16

1 2 3 4 5 6 7

Revenue Trading profit

Profitable ecommerce businesses gaining momentum

15

Number of profitable ecommerce entities

1521

FY15 FY16

Financial progress of profitable entities (US$m)

Currency impact

33

1% (18%)

33% (48%)

VE financials reflective of challenging macro environment

16

Video entertainment (VE) financials* (US$m)

Development spend (US$m) Programming and production costs (US$m) Capital expenditure (US$m)

3,582 3,830 3,413

841 732 610

FY 14 FY 15 FY 16

1 2 3 4 5 6 7 8 9 10

Revenue Trading profit

11%

17%

977

1,133 1,046

FY14 FY15 FY16

462

203

127

FY14 FY15 FY16

166

206

85

FY14 FY15 FY16

37%

8%

59%

Note: Local content spend increased 12% YoY to ZAR2.9bn

*Based on economic interest, i.e. equity accounted investments are proportionately consolidated.

Avito a transformational M&A transaction

17

Etail (8%)

Classifieds (89%)

Naspers Ventures (2%)

Other (1%)

FY16 M&A by segment (US$m) Acquisition spend over time (US$m)

465 420

FY14 FY15 FY16

Other

1,495

Etail

Various

4yr avg US$442m (Mar12 – Mar15)

18

Summarised income statement

US$m Mar 15 Mar 16

Revenue* 11,541 12,224

Less: Equity-accounted investments (4,972) (6,294)

Consolidated revenue 6,569 5,930

Trading profit 298 179

Trading margin 5% 3%

Net finance costs (251) (352)

Share of equity accounted results 1,475 1,289

- excluding net gain resulting from remeasurements** 977 1,038

- net gain resulting from remeasurements 498 251

Impairments (98) (341)

Taxation (338) (260)

Net profit 1,260 1,001

Core headline earnings 1,030 1,246Core headline EPS (US$) 2.55 2.98

*Based on economic interest, i.e. equity accounted investments are proportionately consolidated.** Remeasurements refer to business combination-related gains and losses.

Free cash flow affected by weaker results from VE outside SA

19

FCF breakdown (US$m)

(36)

FY15 Operating profit Working capital Capex Increased dividends Other FY16

(96)

(24)

64

46

8

(38)

Balance sheet strong following equity raise

20

US$m Mar 16

Debt (1): (offshore US$2.9bn) (2,926)

Cash: (South Africa US$1.2bn) 1,713

Closing net debt (1,213)

Gearing 12%

(1) Excludes satellite lease liabilities (US$836m) and non-interest bearing debt (US$159m)

Group net consolidated debt (US$m)

1,461

1,994

1,213

23%30%

12%

-30%

-20%

-10%

0%

10%

20%

30%

-

FY14 FY15 FY16

Net debt Gearing %

INTERNET

B2C: building scale in etail and structured marketplaces

22

B2C: FY16 GMV by region*

India & SE Asia (29%)

Europe (65%)

Africa & Middle East (6%)

B2C: Revenue* (US$)

10% (24%)

1,376

1,812

1,988

244

FY14 FY15 FY16

*Includes etail, structured and unstructured marketplaces. Results reported on an economic interest basis, i.e. equity accounted investments are proportionately consolidated. Numbers in brackets represent year-on-year growth in local currency, excluding M&A.

53%

22%

18%

7%Other

Snapdeal

Amazon

Flipkart

India B2C: Flipkart well positioned

23

Share of time spent in mobile apps (March 2016)

Source: SimilarWeb, company data

Flipkart mobile monthly active users (m)

Mar 15 Mar 16

59%

Lead

ing

ho

rizo

nta

l B

2C

pla

tfo

rms

in In

dia

Allegro: accelerating growth and improving profitability

24

FY16 financial summary (PLNm)

Annual GMV growth rate

5.1%

9.0%

12.2%

Mar 14 Mar 15 Mar 16

1,140

462370

Revenue Trading profit Free cash flow

Registered

users

20 MM+ 90%Brand recognitionActive B2C

merchants

100 K+

Online price comparison business in Poland

Internet brand in Poland

Shopping destination in Poland (ex-food)#1

#1

#1

FY15 FY16ibibo Nearest competitor

India travel: capitalising on a large opportunity

25

911

1314

1719

2015 2016 2017 2018 2019 2020

India OTA market to grow at 5yr-CAGR of 16% Ibibo outpacing competition on gross bookings

#1 in Hotels, outgrowing competition

37% 31%

Source: Goldman Sachs, Phocuswright

Tran

sact

ion

vo

lum

e (‘

00

0)

GM

V (

US$

bn

)

#2 in Air, growing faster than competition #1 in Bus ticketing, strong growth

FY15 FY16

Tran

sact

ion

vo

lum

e (‘

00

0)

Tran

sact

ion

vo

lum

e (‘

00

0)*

* Standalone hotel transaction volumes.

FY15 FY16

ibibo Nearest competitor

FY15 FY16

ibibo Nearest competitor

55% 12%

Gro

ss b

oo

kin

gs (

US$

m)

4X 3X 52% 28% 59%

Classifieds: attractive business model, great returns at maturity

26

2015 Revenues in US$ millions

2015 EBITDA margins

114

140

183

199

413

437

Blocket

Trademe

Finn

Leboncoin

Autotrader

Scout24

58%

67%

44%

62%

56%

42%

Blocket

Trademe

Finn

Leboncoin

Autotrader

Scout24

Source: Annual reports

Market leaders generate substantial revenues…

… at high EBITDA margins

Classifieds: massive footprint for the OLX Group

27

+20Offices

40Countries

+2,000Employees

Global footprint

+4.3APP RATING

#1 app 20 COUNTRIES (1)

Mobile leadership

+1.7bnMONTHLY

VISITS

+35bMONTHLY

PAGE VIEWS

Scale

1) Google play store; shopping/lifestyle categoriesNote: exlcudes letgo, includes associates on a proportionate basis

Classifieds: building leading platforms

28

Bring it to the next level

- US app-only attack

- Launch more car and real estate verticals

- Leverage Avito

Monetisationcountries

Ramp monetisation to full potential through

knowledge sharing

Key investment countries

Mature consumer-to-consumer classifieds trade

Manage ROI on marketing

Emerging markets

Identify growth models

Limit spend until

classifieds’ potential is proven

Build an outstanding operating company

10Countries

- Technology

- Brands

- Talent

29

FY16 Marketing spend* (US$m)

111 98

120 139

24

48

H1 H2

1 2 3 4 5 6 7

FY15 FY16 Currency impact

Revenue* (US$m)

*Data reflecting 100% of controlled entities as per March 2016, excluding new Letgo investment. Historic numbers adjusted on a pro-forma basis for the increased investment in Avito.The annual revenue growth in FY16 excluding Avito was 34%.

9% (31%)

41% (91%)

FY15 FY16

11%

Classifieds: building leading platforms

Classifieds: continue to monetise and extend current positions

30

Naspers positions (number of countries)

16

2

12

25 5

21

63 3

24

8

1

5

25

9

1

5

24

10

Entering Fighting Leading Leading and monetising

2014 1HFY15 2HFY15 1HFY16 2HFY16

Monthly unique listers (m)*

1216

Mar 15 Mar 16

Net new listings (daily, m)*

1.3 1.8

Mar 15 Mar 16

34% 38%

*Reflects associates and joint-ventures on a proportionate basis based on economic interest as per March 2016.

Classifieds: ramping monetisation in Poland

31

Format Brand

Horizontal

Vehicles

Real estate

Revenue (PLN per internet user)

+75%

1.6

1.9

2.8

3.4

H1 H2

FY15 FY16

+79%

2.22.5

3.3

4.4

H1 H2FY15 FY16

Classifieds: ramping monetisation in Russia

32

Monthly unique listers (m)

+52%

+78%

Revenue (RUBb) EBITDA (RUBb)

Revenue split

24%

Note: FY16 Revenue/Internet User = RUB75 Note: FY16 EBITDA/Internet User = RUB32

3.44.2

Mar 15 Mar 16

59% 53%

34%27%

1% 15%6% 5%

FY 15 FY 16

Shop fees

Listing fees

Advertising

Value-added services

1.31.1

1.8 2.0

H1 H2FY15 FY16

+40% +84%

6.3

6.8

10.1

11.1

13.0

13.9

14.3

15.1

15.7

18.2

Guatemala

Peru

Colombia

Argentina

El Salvador

Panama

Brazil

Ecuador

Costa Rica

Uruguay

Classifieds: Latam is maturing

33

March 2016March 2015

Poland Sep 201317.1

Poland March 201628.8

Maturity index*

*Monthly unique listers per 1,000 middle and high income capita.

Sources: OLX DWH, Worldbank

Classifieds: Strong in C2C versus competition in India

34

Jan 16 Feb 16 Mar 16 Jan 16 Feb 16 Mar 16

People recall OLX more People engage more with OLXPeople visit OLX more often

6.1x

Jan 16 Feb 16 Mar 16

4.5x 2.3xDA

U

Act

ive

Ap

p U

sers

Go

ogl

e Tr

end

s

Vehicles Mobiles Other Goods Real Estate Jobs & Services

OLX QUIKR

6.3x 9.0x 3.6x 1.6x 0.3x

Dai

ly U

niq

ue

List

ers

OLX has more sellers in C2C categories, Quikr has more sellers in B2C categories

OLX OLX

OLX

QuikrQuikr

Quikr

Source: Google Trends Source: SimilarWeb Source: SimilarWeb

Source: Listers with live ads on OLX and Quikr as per March 2016

Classifieds: letgo grows and merges with Wallapop in the US

35

55K

20K

40K

60K

W1 W4 W7 W10 W13

1M

400K

800K

1M

W1 W4 W7 W10 W13

Daily listers

Daily messages

+339%

+617%

Daily products sold (USA)

Key terms• letgo maintains equity &

board control of JV• JV will have letgo brand,

team and technology• Merger is subject to

completion in FY17

Key Benefits• Faster path to market

leadership• Sharing of best practices

with 3.5 year old player • Potential of user base

migration

+

Daily listings

127K

40K

80K

120K

160K

W1 W4 W7 W10 W13

38K

10K

20K

30K

40K

W1 W4 W7 W10 W13

+377%

+301%

Daily transactions

Source: Letgo database

Listed internet: Tencent delivers another strong performance

36

Tencent operating profit (RMBm)

13,211

17,053

20,496

30,411

41,764

2011 2012 2013 2014 2015

CAGR +33%

Revenue mix FY15*

Value-added services (78%)

Online advertising (17%)

Other (5%)

Monthly active user accounts (m): Weixin & WeChat

549762

1Q15 1Q16

39%

*Reflects 100% of Jan-Dec 2015 (FY15) results on a non-GAAP basis; detailed results available at www.tencent.com. FY16 US$/RMB6.449(6.201)

*Revenue from ecommerce transactions has been included in “Other” since 1Q15. This amounted to RMB0.6bn in FY15.

Listed internet: Mail.ru navigating a challenging environment

37

Mail.ru EBITDA (RUBm)

8,381

11,535

15,087

16,850

18,123

2011 2012 2013 2014 2015

CAGR +21%

Revenue mix FY15*

Online advertising (40%)

Community IVAS (34%)

MMO Games (25%)

Other (1%)

Monthly active users (m)

78 82

Dec 14 Dec 15

4%

*Reflects 100% of FY15 aggregate segment performance as reported. For IFRS results with full disclosure refer to www.corp.mail.ru FY16 US$/RUR66.999 (58.176)

Source: comScore

INTERNET

VE: Significant scale across 50 African countries

39

“A world of entertainment, anywhere, anytime”

DTH DTT SVOD OTHER

Our Businesses

VE: Significant scale across 50 African countries

40

Video entertainment subscriber homes (‘000)

3,981 4,451

5,008 5,406 5,732

1,607

1,911

2,234

2,563 2,275

23

377

817

2,256 2,404

FY12 FY13 FY14 FY15 FY16

SA DTH SSA DTH SSA DTT

2%

Change in subscriber mix

50% 50%

27% 30%

23% 20%

FY15 FY16

Premium Compact Lower-end

VE: impact of currency devaluations on the business

41

YoY currency declines

-52%

-33%

-25%

-14% -10%

Zambia Angola South Africa Nigeria Kenya

Weighted average decline YoY -24%

Subscription revenue (US$m)

US$ FX Cover US$m ZAR rate

12 months out 351 13.78

24 months out 87 16.82

EUR FX Cover EURm ZAR rate

12 months out 32 18.13

Hedging policy

• Cover between 80% - 100% of net SA exposure• Cover between 12 – 24 months forward

*Based on monthly Naspers average closing rates.**Average for the 5 countries weighted on subscription revenue for 2016.

22

3,075

FY15 Subscribervolume

Subscriptionprices

Forex FY16

2,783

264

(578)9%

VE: strong economic headwinds hit DTH sub-Saharan Africa

42

SSA net additions (‘000)

SSA ARPU (US$)

36 32

FY15 FY16

11%

SSA DTH operating cash flow and capex (US$m)

219

89 (11)

(19) (16)(19)

FY14 FY15 FY16

Capex

Operating cash flow

78

225

108

215

121

208

(321)

33

1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16

average

SSA net additions (‘000)

VE: DTT continue to scale, approaching break-even

43

23

377

817

2,256

2,404

FY12

FY13

FY14

FY15

FY16

Total DTT spend (US$m)

128

190

47

163

66 24

FY14 FY15 FY16

Development spend Capex

Subscribers (m)

64%75%

VE: DTH South Africa holding up better, for now

44

187

283 248

309

166

232

156 169

1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16

SA net additions (‘000)

337 344

FY15 FY16

SA ARPU (ZAR) PVR’s (‘000)

1,067

1,180

FY15 FY16

11%2%

29

24

FY15 FY16

SA ARPU (US$)

average

17%

OUTLOOK

FY17 Outlook: continue building our platforms

46

LEAD IN ECOMMERCE

TARGET HIGH-GROWTH

BUSINESS MODELSPURSUE SCALE

TRANSFORM FURTHER INTO

MOBILE

OPTIMISE RETURNS

Mobile first or only across the business

App activity as primary operating

metric

Reduce development spend in existing

footprintImprove unit

economics in B2C

Pursue further scale in classifieds, food

and B2CReturn to growth in

SSA DTH

Classifieds, B2C, Fintech and O2OConnected video

entertainmentNew segments

Build strong global or regional ecommerce

leaders

OUTLOOK

Glossary of terms

48

— ARPU: Average Revenue Per User

— B2C: Business to Consumer

— C2C: Consumer to Consumer

— CAGR: Cumulative Annual Growth Rate

— DPS: Dividend per Share

— DTH: Direct-to-Home

— DTT: Digital Terrestrial Television

— EPS: Earnings per Share

— FCF: Free Cash Flow

— GMV: Gross Merchandise Value

— HEPS: Headline Earnings per Share

— IVAS: Internet Value-Added Service

— M&A: Mergers and Acquisitions

— O2O: Online to Offline

— OTA: Online Travel Agent

— PVR: Personal Video Recorder

— ROI: Return on Investment

— SSA: Sub-Saharan Africa

— SVOD: Subscription Video-On-Demand

— TPV: Total Payment Value

— VE: Video Entertainment

THANK YOUMeloy Horn

+27 11 289 3320

+27 82 7727 123

InvestorRelations@naspers.com

www.naspers.com