[PPT] - Financial results presentation For the year ended 31 March 2016 PowerPoint Presentation

SLIDE 1

Financial results presentation

For the year ended 31 March 2016

SLIDE 2

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

ther 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.

SLIDE 3

STRATEGIC OVERVIEW

SLIDE 4

FY16 Overview: building platforms to optimise returns

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LEAD IN ECOMMERCE TARGET HIGH-GROWTH BUSINESS MODELS PURSUE SCALE TRANSFORM FURTHER INTO MOBILE OPTIMISE RETURNS

SLIDE 5

Lead in ecommerce

5

Local leadership positions Global app leadership

Segment #1 #1 pos positi itions Tot

tal #

# of f mar markets ts Classifieds 34 34 40 B2C 9 11 Payments 6 16 Global classifieds app sessions/day (m)

eBay Schibsted Naspers 2.2x 2x

Source: SimilarWeb *As per Jan 2016.

SLIDE 6

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

SLIDE 7

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.

SLIDE 8

7.2 5.2 4.7 2.4 1.6 0.8 0.7 0.8 2.6 Population Population over 16 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

SLIDE 9

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.

SLIDE 10

FINANCIALS

SLIDE 11

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

SLIDE 12

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%

SLIDE 13

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

SLIDE 14

Ecommerce continues to gain traction

14

Revenue split Revenue 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 Naspers Ventures 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

SLIDE 15

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

15 21 FY15 FY16

Financial progress of profitable entities (US$m)

Currency impact 33 1% (18%) 33% (48%)

SLIDE 16

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.

SLIDE 17

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)

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Summarised income statement

US US$m Ma Mar 15 Ma 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 1,246 Core 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.

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Free cash flow affected by weaker results from VE outside SA

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FCF breakdown (US$m)

(36) FY15 Operating profit Working capital Capex Increased dividends Other FY16 (96) (24) 64 46 8 (38)

SLIDE 20

Balance sheet strong following equity raise

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US 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 %

SLIDE 21

IN INTERNET

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B2C: building scale in etail and structured marketplaces

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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.

SLIDE 23

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%

Leading horizontal B2C platforms in India

SLIDE 24

Allegro: accelerating growth and improving profitability

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FY16 financial summary (PLNm) Annual GMV growth rate

5.1% 9.0% 12.2% Mar 14 Mar 15 Mar 16 1,140 462 370 Revenue Trading profit Free cash flow

Registered users

20 MM+ 90%

Brand recognition Active B2C merchants

100 K+

Online price comparison business in Poland Internet brand in Poland Shopping destination in Poland (ex-food) #1 #1 #1

SLIDE 25

FY15 FY16 ibibo Nearest competitor

India travel: capitalising on a large opportunity

25 9 11 13 14 17 19 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

Transaction volume (‘000) GMV (US$bn)

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

FY15 FY16 Transaction volume (‘000) Transaction volume (‘000)*

* Standalone hotel transaction volumes.

FY15 FY16 ibibo Nearest competitor FY15 FY16 ibibo Nearest competitor 55% 12% Gross bookings (US$m) 4X 3X 52% 28% 59%

SLIDE 26

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

SLIDE 27

Classifieds: massive footprint for the OLX Group

27

+20

Offices

40

Countries

+2,000

Employees

Global footprint

+4.3

APP RATING

#1 app

20 COUNTRIES (1)

Mobile leadership

+1.7bn

MONTHLY VISITS

+35b

MONTHLY PAGE VIEWS

Scale

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

SLIDE 28

Classifieds: building leading platforms

28

Bri Bring it t to to the the nex next t lev evel

US app-only attack
Launch more car and real estate verticals
Leverage Avito

Monetisation cou countri ries

Ramp monetisation to full potential through knowledge sharing

Key Key inv nvestm tment cou countri ries

Mature consumer-to- consumer classifieds trade Manage ROI on marketing

Em Emer erging mark arkets ts

Identify growth models Limit spend until classifieds’ potential is proven

Bui Build an an outs

utstanding op
perati

ting com company

10

Countries

Technology
Brands
Talent

SLIDE 29

29

FY16 Marketing spend* (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%.

111 98 120 139 24 48 H1 H2

1 2 3 4 5 6 7

FY15 FY16 Currency impact

Revenue* (US$m)

9% (48%) 41% (67%) FY15 FY16 11%

Classifieds: building leading platforms

SLIDE 30

Classifieds: continue to monetise and extend current positions

30

Naspers positions (number of countries)

16 2 12 2 5 5 21 6 3 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)*

12 16 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.

SLIDE 31

Classifieds: ramping monetisation in Poland

31

Form

rmat

Brand Horizontal Vehicles Real estate

Revenue (PLN per internet user)

+75% 1.6 1.9 2.8 3.4 H1 H2 FY15 FY16 +79%

SLIDE 32

2.2 2.5 3.3 4.4 H1 H2 FY15 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

3.4 4.2 Mar 15 Mar 16 59% 53% 34% 27% 1% 15% 6% 5% FY 15 FY 16 Shop fees Listing fees Advertising Value-added services 1.3 1.1 1.8 2.0 H1 H2 FY15 FY16 +40% +84%

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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 2016 March 2015

Poland Sep 2013 17.1 Poland March 2016 28.8 Maturity index*

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

Sources: OLX DWH, Worldbank

SLIDE 34

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 OLX People visit OLX more often

6.1x Jan 16 Feb 16 Mar 16 4.5x 2.3x DAU Active App Users Google Trends Vehicles Mobiles Other Goods Real Estate Jobs & Services OLX QUIKR 6.3x 9.0x 3.6x 1.6x 0.3x Daily Unique Listers

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

OLX OLX OLX Quikr Quikr Quikr

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

SLIDE 35

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)

Ke Key terms

letgo maintains equity &

board control of JV

JV will have letgo brand,

team and technology

Merger is subject to

completion in FY17 Ke Key Benef nefits

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

SLIDE 36

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

549 762 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.

SLIDE 37

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

SLIDE 38

VID IDEO ENTERTAINMENT

SLIDE 39

VE: Significant scale across 50 African countries

39

“A world of en entertainment, anywhere, anytime”

DTH DTT SVOD OTHER

Our Our Busin Businesses

SLIDE 40

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

SLIDE 41

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 US$ FX X Cover US US$m ZA ZAR rate te 12 months out 351 13.78 24 months out 87 16.82 EUR FX Cover EURm ZA ZAR rate te 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 Subscriber volume Subscription prices Forex FY16 2,783 264 (578) 9%

SLIDE 42

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)

SLIDE 43

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%

SLIDE 44

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%

SLIDE 45

OUTLOOK

SLIDE 46

FY17 Outlook: continue building our platforms

46

LEAD IN ECOMMERCE TARGET HIGH-GROWTH BUSINESS MODELS PURSUE 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 footprint Improve unit economics in B2C Pursue further scale in classifieds, food and B2C Return to growth in SSA DTH Classifieds, B2C, Fintech and O2O Connected video entertainment New segments Build strong global or regional ecommerce leaders

SLIDE 47

APPENDIX

SLIDE 48

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

SLIDE 49

THANK YOU

Meloy Horn

+27 11 289 3320 +27 82 7727 123 InvestorRelations@naspers.com www.naspers.com