Financial Results PresentationFor the six months ended 30 September 2015

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Important information

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.

3

Overview Financials Internet

Video entertainment Outlook Appendix

4

1H FY16 Overview: building platforms to optimise returns

Continue to focus on fast growing segments2

Leadership in ecommerce1

Transform further into mobile4

Target high growth markets3

Optimise returns5

5

Classifieds leader across growth markets

+40 countries>260m monthly active users

#1 ecommerce platform in India

~50 million monthly active users

#1 ecommerce platform in Poland

>50 million registered users

Classifieds Etail Marketplaces

Monthly visits (3Q15) Mobile app sessions (3Q15) Monthly visits/internet capita (3Q15)

AllegroPoland

eBayUK

eBayGermany

eBayUSA

MELIArgentina

MELIBrazil

*Desktop & mobile web (excl. mobile apps)

Flipkart Snapdeal Amazon Jabong

Source: SimilarWeb, IDC Naspers

*Android (India). Flipkart includes Myntra app *Includes desktop & mobile web (worldwide)

Craigslist Naspers Schibsted eBay

1 Leadership in ecommerce

6

Online video consumption doubles over past 4 years

Ecommerce Video entertainment

Source: Ericsson ConsumerLab. Users across 9 countries aged 16-59

2x

174%

103%

89% 89%

74%

49%

33% 30%

Lifestyle& shopping

Messagingsocial

Health& fitness

Travel Sports News &magazines

Music,media &

entertainment

Games

20

13

vs.

20

14

Yo

Ygr

ow

th r

ate

(%)

Mobile commerce growing >2x averageUS mobile services

Source: Flurry Analytics

Average = 76%

2011 2015

Streamed TV Streamed movies

2.9h/week

6h/week

Continue focus on fast growing segments2

7

Etail PayU #1 in payments Etail

• ~70% market share in Brazil

• >850k orders per month

• >US$140m GMV run-rate

• 70% of orders from mobile apps

• 2.95m transactions/month, ~2.3x size of any competitor

• Largest online bus ticketing service, 8x size of nearest competitor – rolled out to Singapore and Malaysia

• Largest player in hotels (350% YoY growth)

• 62% of hotel transactions on mobile

iFood #1 in Brazilian food delivery

Ibibo #1 in Indian travel

• Operations across 16 markets

• Offering PSP services and e-wallets

• >100k merchants and 220+ payment options

• More than US$10bn in annual TPV

LetGo

• Fast-growing, hyper-local marketplace

• Optimized specifically for mobile

• Offers instant chat and geolocation-based search

Target high growth markets3

8

0

50

100

Flipkart Snapdeal Amazon Jabong ShopClues0

50

100

MakeMyTrip Goibibo Cleartrip Yatra Booking

0

50

100

OLX Quikr Junglee

Strong position in IndiaMobile app sessions (indexed, 3Q15, India, Android)

Etail Travel Classifieds

Source: SimilarWeb

Transform further into mobile4

9

Exiting businesses with limited opportunities

* Some transactions still subject to regulatory approval1H FY15 2H FY15 FY16 YTD*

US$127m US$300m US$252m* Some transactions still subject to regulatory approval

Optimise returns5

10

Overview Financials Internet

Video entertainment Outlook Appendix

11

Revenue* (ZARbn)

Trading profit* (ZARbn) Core HEPS (ZAR)

Sep 14

Sep 15

Development spend* (ZARbn)

1H FY16: Synopsis of financials

59.9474.29

24%

4.37 5.11

17%

11.4415.35

34%

15.2821.33

40%

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

20%

Total

Organic

19%

8%

31%

12

Revenue growth remains strong

Revenue by business segment*

Internet (64%)

Video entertainment (30%)

Print (6%)

10,038 1,808 (2,141) 4,635

59,947

Sep 14 Internet Video entertainment Print M&A Forex Sep 15

5

8%28% 24%9%

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

Revenue* (ZARm)

56,522

76,776

104,981

132,446

59,947

74,292

Mar 12 Mar 13 Mar 14 Mar 15 Sep 14 Sep 15

CAGR33%

74,292

Incremental revenue* by segment, YoY (ZARm)

24%

% increases = YoY organic for segment

4%

13

Incremental development* spend by segment, YoY (ZARm)

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

369363 14

(11)

4,374

Sep 14 Internet Video entertainment Print Forex Sep 15

5,109

8%10% 2% 7% 17%

Development spend up 17%

1H FY16 Development spend* by segment

Etail (37%)

Classifieds (31%)

Other ecommerce (17%)

Video entertainment (12%)

Print (3%)

4,025 3,513

Sep 14 Sep 15

13%

Consolidated development spend (ZARm)

% increases = YOY organic for segment

14

M&A activity

Acquisition spend over time (US$m)

260

634

465

421

Mar 12 Mar 13 Mar 14 Mar 15 Sep 15

Other

213

Other Etail (58%)

Classifieds (31%)

New ventures (4%)

Travel (1%)

Payments (1%)

Other (5%)

1H FY16 M&A by segment

Avg US$445m

15

18.50

22.16 21.81

27.82

15.28

21.33

Mar 12 Mar 13 Mar 14 Mar 15 Sep 14 Sep 15

Core headline earnings continue to grow

CAGR+15%

40%

Trend in core headline earnings per share (ZAR)

16

Summarised consolidated income statement

Sep 14ZARm

Sep 15ZARm

Revenue* 59,947 74,292

Less: Associates and joint ventures (25,584) (36,531)

Consolidated revenue 34,363 37,761

Trading profit 2,798 2,890

Trading margin 8% 8%

Net finance costs (1,208) (1,993)

Share of equity accounted results 9,932 8,029

- excluding net gain resulting from remeasurements** 5,178 6,531

- net gain resulting from remeasurements** 4,754 1,498

Impairments (172) (1,952)

Taxation (1,755) (1,830)

Net profit 9,269 8,306

Core headline earnings 6,077 8,786

Core headline EPS (ZAR) 15.28 21.33

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

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FCF benefits from lower capex and higher investment income

Sep 14ZARm

Sep 15ZARm

Operating cash flow 2,490 3,420

Capex (1,435) (1,304)

Finance leases (445) (530)

Tax (2,086) (2,047)

Investment income (1) 1,048 1,798

Free cash flow (FCF) (428) 1,337

(1) Dividends received from investments and equity accounted investments

18

Balance sheet remains solid

Sep 15ZARm

Debt (1): (offshore US$3.1bn) (44,330)

Cash: (South Africa ZAR4.5bn) 13,663

Closing net debt (30,667)

Gearing 32%

Value of marketable listed securities/Debt* 30x

(1) Excludes satellite lease liabilities (R8.2bn) and non-interest bearing debt (R250m)

*As at 26 November 2015

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Capital raise being considered

Size• Considering an equity raise of up to US$2.5bn

• Expected to be within existing authorities

Rationale and Use of Proceeds

• Fully refinance the US$1.2bn to be spent on the Avito stake increase

• Provide flexibility to grow our ecommerce businesses in line with our well developed strategy

• Additional funding would equate to ~2yrs of our average annual M&A run-rate

• Targeting maintenance of current credit ratings

Timing • TBD

A

B

C

20

Overview Financials Internet

Video entertainment Outlook Appendix

21

44% 43% 43%

35%

21%

5%

Travel New ventures Classifieds Etail Payments Marketplaces

Ecommerce: segment overview*

1H FY16 YoY organic revenue growth by type (1)

Sep 14ZARm

Sep 15ZARm

% change

Revenue 12,141 15,327 26%

Trading loss (2,426) (3,769) -55%

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

Revenue and trading losses (ZARm)

Etail (61%)

Marketplaces (13%)

New ventures (7%)

Classifieds (7%)

Payments (4%)

Travel (3%)

Other (5%)

1H FY16 Revenue split

6,643

12,386

20,355

27,772

12,141

15,327

(1,238)(2,337)

(5,329) (6,093)

(2,426)(3,769)

Mar 12 Mar 13 Mar 14 Mar 15 Sep 14 Sep 15

Revenue

Trading losses

(1) Marketplaces includes Allegro, Ricardo, Aukro and Molotok

2222

India & SE Asia (56%)

Europe (38%)

Africa & Middle East (6%)

Etail: revenue growth driven by scale

Etail: 1H FY16 GMV by region*

39%

Etail: Revenue (ZARm)*

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

35%

5,283

10,705

16,501

6,690

9,320

Mar 13 Mar 14 Mar 15 Sep 14 Sep 15

Etail: Value creation over time (indexed)*

Invested to date Current value of theseinvestments (1)

2.7x

* Reflecting current etail assets, excluding Netretail and flash sales(1) Based on independent external valuations and/or recent transaction values

2323

: a profitable and cash generative marketplace

1H FY16 financial summary (PLNm)

511

218 201

Revenue Trading profit Free cash flow

GMV* growth rate accelerating

5.0%

9.4%

11.5%

Mar 14 Mar 15 Sep 15

* Exit rates for Allegro.pl only

2424

Ecommerce: promising progress in Online to Offline (020)

Etail #1 in mobile food orders #1 in kids segment

#1 in live event ticket sales Promising growth in other O2O categories

• Leading grossing app worldwide in kids category

• Over 160k subscribers

• Highlighted in Apple TV launch and keynote

Truckpad

• #1 truck loads marketplace in Brazil

• ~70% market share in Brazil

• >850k orders per month

• >US$140m GMV run-rate

• 70% of orders from mobile apps

• #1 Live events marketplace in Latam*

• GMV +25% growth YoY

• >4m tickets sold year to date

* Based on # of tickets

Maplink

• #1 SAAS real time routing platform in Brazil

well-positioned across a number of segments in Latam

2525

Classifieds: attractive business model, great returns at maturity

Winning = large market share + healthy margins

121

153

184

195

283

394

Blocket

Trademe

Leboncoin

Finn

Scout24

Autotrader

Market leaders generate substantial revenues

2014 Revenues in $ millions

…. at high EBITDA margins

2014 EBITDA margins

52%

72%

67%

44%

52%

59%

Blocket

Trademe

Leboncoin

Finn

Scout24

Autotrader

Source: Annual reports and Scout24 IPO prospectus

2626

Classifieds: massive footprint for the OLX brand

Note: numbers include OLX brand only

+260mMONTHLY

ACTIVE USERS

+19bMONTHLY

PAGE VIEWS

Scale

+4.3APP RATING

#1 app 17 COUNTRIES (1)

Mobile leadership

1) Google play store; shopping/lifestyle categories

+20Offices

+40Countries

+1,000Employees

Global footprint

2727

Classifieds: building momentum toward monetisation

16

2

12

25 5

21

63 3

24

8

1

5

25

9

Entering Fighting Leading Leading and monetising

2014 1H FY15 2H FY15 1H FY16

Naspers positions (number of countries)

Daily page views (m)*

2736

Sep 14 Sep 15

33%

Daily visits (m)*

*Reflects associates on a proportionate basis

456

739

Sep 14 Sep 15

62%

2828

Classifieds: gaining upper-hand in key markets

App engagement

Apr 15 Sep 15

OLX Quikr

1.9x1.3x

Source: SimilarWeb, Android active app users

Brand awareness

India

Source: Google Trends

Argentina

Source: SimilarWeb, Android active app users

App engagement

Source: Google Trends

Apr 15 Sep 15

OLX Alamaula

2.7x2.3x

OLXQuikr

OLXAlamaula

4.5x

1.3x1.4x 1.7x

Brand awareness

2929

Classifieds Brazil : Cutting spending and driving growth

Q3 14 Q3 15

82%

Marketing spend (indexed)

170

265

Q3 14 Q3 15

56%

Daily net new listings (‘000)

85115

Q3 14 Q3 15

35%

Daily page views (m)

* Q3 14 is the combination of the two separate pre-JV entities, OLX and Bomnegocio

*

*

*

+ +

3030

Leading classifieds site in Russia

Solidifying classifieds leadership: 67.9%

121

153

184

195

283

394

76

Blocket

Trademe

Leboncoin

Finn

Scout24

Autotrader

Avito

Avito: generating strong revenue growth at attractive margins

2014 Revenues in $ millions 2014 EBITDA margins

52%

72%

67%

44%

52%

59%

51%

Blocket

Trademe

Leboncoin

Finn

Scout24

Autotrader

Avito

8%

11%

21%

3%

16%

8%

79%

Blocket

Trademe

Leboncoin

Finn

Scout24

Autotrader

Avito

2014 Revenue growth YoY

Source: Annual reports and Scout24 IPO prospectus; YoY growth rates in reporting currencies

1

2

3

4

Large-scale market

High growth

Early monetisation

Talented management team

Rationale for investment

3131

12,254

15,479

19,194

30,542

15,633

19,408 *

2011 2012 2013 2014 1H FY14 1H FY15

Listed internet:

24%

CAGR+36%

Tencent operating profit (RMBm)

*Reflects 100% of Jan-Jun 2015 (1H FY15) results available on www.tencent.comEffective from Mar 11 2014, Tencent has divested its B2C and C2C ecommerce marketplaces and deconsolidated such revenues

1H FY16 ZAR/RMB2.025(1.732)

Value-added services (81%)

Online advertising (15%)

Other (4%)

Revenue mix 1H FY15*

Monthly active users(m): Weixin & WeChat

468650

3Q14 3Q15

39%

3232

8,381

11,535

16,122

18,297

8,736 9,130 *

2011 2012 2013 2014 1H FY14 1H FY15

Listed internet:

13%

CAGR+30%

Mail.ru EBITDA (RUBm)

Online advertising (35%)

Community IVAS (35%)

MMO Games (22%)

Other (8%)

Revenue mix 1H FY15*

*Reflects 100% of 1H FY15 aggregate segment performance as reported For IFRS results with full disclosure refer to www.corp.mail.ru 1H FY16 ZAR/RUR0.217 (0.297)

Monthly active users (m)

5876

3Q14 3Q15

31%

33

Overview Financials Internet

Video entertainment Outlook Appendix

34

Scale: operations in 50 countries across Africa

1

2

3

4

5

Leader in Africa

Significant expertise

Best content

Substantial scale

Multiple technologies

Key competitive advantages

Video entertainment subscriber homes (‘000)

3,698 4,168 4,699 5,174 5,563

1,499 1,686

2,019 2,355 2,243

151541

8732,428

Sep 11 Sep 12 Sep 13 Sep 14 Sep 15

SA DTH SSA DTH SSA DTT

22%CAGR18%

351

,28

8

2,0

30

3,7

20

2,3

98

1,0

08

88

2

Mar12 Mar13 Mar14 Mar15 Sep14 Sep15

25

,25

9

30

,25

7

36

,27

1

42

,41

9

20

,18

6

22

,58

4

6,3

79

7,5

59

8,5

20

8,0

09

4,9

69

5,0

17

Mar 12 Mar 13 Mar 14 Mar 15 Sep 14 Sep 15

Revenue Trading profit

Financials: navigating economic realities

Video entertainment financials (ZARm)

1%

12%

Development spend (ZARm) Capital expenditure (ZARm)Programming and production costs (ZARm)

60

7

73

0

1,8

12

2,3

89

64

2

64

4

Mar12 Mar13 Mar14 Mar15 Sep14 Sep15

6,6

85

8,0

46

9,9

56

12

,60

7

4,6

82

5,8

43

Mar12 Mar13 Mar14 Mar15 Sep14 Sep15

13%

25%

0%

CAGR58%

CAGR24%

36

DTH: operations strong in SA, headwinds in SSA

SA: solid performance SSA: economic headwinds

187

283 248

309

166

232

156

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

SA net additions (‘000)

78

225

108

215

121

208

(321)

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

SSA net additions (‘000)

317356

Sep 14 Sep 15

SA ARPU (ZAR)

29 28

Sep 14 Sep 15

-22%-38%

-93%

-18%

Nigeria Angola Zambia Kenya39

33

Sep 14 Sep 15

SA ARPU (US$) YoY currency declines (%) SSA ARPU (US$)

*Weighted average decline YoY -31% *Avg new price increases +25%

AvgAvg

37

DTT: good growth in absence of ASOs

23 151

377 541

817 873

2,256 2,428

Mar 12 Sep 12 Mar 13 Sep 13 Mar 14 Sep 14 Mar 15 Sep 15

DTT Subscribers (‘000)

Jun 15

11countries

162sites

Total DTT spend (ZARm)

185 416 1,305

2,110

465 382 383

329

1,714798

388 477

Mar 12 Mar 13 Mar 14 Mar 15 Sep 14 Sep 15

Development spend Capex

38

Focus on retentionBest quality entertainment Managing costs

• Increasing local content further

‒ The Voice Angola, Glam Guru, Top Shayela etc.

• Renewed EPL rights

• Added 24 new HD channels

• New products

‒ DStv Now

‒ ShowMax

• Growing value-added services

• Driving PVR penetration

‒ 20% SA

‒ 10% SSA

• Connecting PVRs to internet

• Improving customer satisfaction

• Managing churn

• Increasing subscription rates

• Saving on content

• Reducing SG&A

Positioning the business for the long-term

“Anytime, Anywhere, Any device”

39

Overview Financials Internet

Video entertainment Outlook Appendix

4040

Vision going forward: building platforms to optimise returns

Continue to focus on fast growing segments2

Leadership in ecommerce1

Transform further into mobile4

Target high growth markets3

Optimise returns5

41

Overview Financials Internet

Video entertainment Outlook Appendix

42

Group structure

*Organogram depicts major brands

43

Ecommerce: expansive global footprint

* Only includes country of domicile for associates, not their entire footprint

44

Glossary of terms

ARPU: Average Revenue Per User

ASO: Analogue Switch Offs

B2C: Business to Consumer

C2C: Consumer to Consumer

CAGR: Cumulative Annual Growth Rate

DTH: Direct-to-Home

DTT: Digital Terrestrial Television

EPL: English Premier League

EPS: Earnings per Share

FCF: Free Cash Flow

FEC: Forward Exchange Contract

GMV: Gross Merchandise Value

HD: High Definition

IVAS: Internet Value-Added Service

M&A: Mergers and Acquisitions

MAU: Monthly Active Users

MMO: Massively Multiplayer Online

OCS: Online Comparison Shopping

O2O: Online to Offline

PSP: Payment Service Provider

PV: Page Views

PVR: Personal Video Recorder

SSA: Sub-Saharan Africa

STB: Set-top box

SVOD: Subscription Video-On-Demand

TPV: Total Payment Volume

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Investor Relations

Meloy Horn

Office: +27 11 289 3320

Mobile: +27 82 7727 123

E-mail: InvestorRelations@naspers.com

Website: www.naspers.com

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