[PPT] - Financial results presentation For the six months ended 30 September PowerPoint Presentation

SLIDE 1

Financial results presentation

For the six months ended 30 September 2016

SLIDE 2

Important information

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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.

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STRATEGIC OVERVIEW

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1H FY17 Overview: continue 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

Mar 16 Sep 16

Mobile classifieds

Monthly unique listers - USA

139%

Target high-growth business models

5

Food delivery

178% 1H FY16 1H FY17

Payments

PSP revenue growth - India

71%

Number of orders - Brazil

Source: Company data

1H FY16 1H FY17

SLIDE 6

Pursue scale: merging to create a leading Indian travel position

6

Total transactions (1)

34 34.1m

Air (1)

9. 9.7m

Hotel (1,3)

6. 6.6m

Bus (1)

17 17.5m

Mobile (1,2)

45% 45%

Key terms

MMYT shareholders – 60% (Ctrip 10%)
Ibibo shareholders – 40%
Working capital contribution by Naspers
Subject to regulatory approvals
Closing by end Jan 2017

Note: 1) Financials and KPIs for fiscal year ended 31 March 2016 and combined on a pro-forma basis 2) Includes Air, Hotel and Bus transactions only 3) Includes MMYT’s international standalone hotel transactions

Key benefits

Increased operating scale
Accelerated tech innovation
Potential value creation from synergies
Strengthened depth of management

+

SLIDE 7

Pursue scale – classifieds and payments

7 1.15x 1.25x 0.53x 0.55x MAUs Downloads

Source: Company data; AppAnnie; Press releases

Classifieds: LetGo accelerating vs. OfferUp* Payments: Citrus acquisition by PayU

* USA – Size vs. OfferUP

Sep 16 Jan 16

Largest ever all-cash M&A deal in Indian fintech history
Increased customer base to >30m customers and +200k merchants
Benefits:

– new verticals (airlines and telco), – innovative products (LazyPay and SellFie), – additional expertise

Strong starting point for a consumer play and for expansion of

financial services proposition to consumer credit

SLIDE 8

Transform further into mobile

8

Source: Company data

Mobile growth in % time spent across Naspers platforms Classifieds: Substantial active user growth on OLX app

55%

User time spent – Naspers platforms (mobile share)

37 66 Sep 15 Sep 16

App MAU (daily, m)*

77%

2Q FY17 2Q FY16

52%

*Reflects associates and JVs on a proportionate basis based on economic interest as per Sep 2016 Source: Similarweb

SLIDE 9

Allegro: disposal to realise value for shareholders

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Financial summary (US$m)

313 321 148 193 135 129 62 83 144 100 57 93

FY15 FY16 1H FY16 1H FY17 Revenue Trading profit Free cash flow

Transaction is tax neutral Price implies FY16 EBITDA multiple of 18.3x Sale consistent with strategy to find and realise value for shareholders

Terms and rationale

Proceeds to pay down debt, fund operations and future investments

Sold for US$3.253bn

Buyers: Cinven, Permira and Mid-Europa private equity funds

Returns (US$m)

Announced 14 Oct 2016, subject to approvals; expect to close in Jan 2017

1,485 714 3,253 Initial investment Total return

Sale price Net cash flows

3 967

~3x

SLIDE 10

FINANCIALS

SLIDE 11

Synopsis of financials

11 5,861 6,788 548 1H FY16 1H FY17

Revenue* (US$m)

16% (27%) 1,214 1,473 196 1H FY16 1H FY17

Trading profit* (US$m)

21% (42%) 169 212 1H FY16 1H FY17

Core HEPS (USc)

25%

*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

363 308

41

188 11 1H FY16 1H FY17 New investments

Development spend* (US$m)

23% (27%)

Currency impact

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Revenue: Tencent and ecommerce drives acceleration in growth rate

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Incremental revenue* by segment, YoY (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

1,178 (548) 5,861 1H FY16 Ecommerce Listed investments Video entertainment Media M&A and other Forex 1H FY17 6,788 258 (3) 16% (27%) 110 24% 46% 6% n/a 9% 1% YoY change (%) (68)

Revenue* by segment (US$m)

Ecommerce (20%) Listed investments (52%) Video entertainment (24%) Media & other (4%)

YoY revenue growth rate* (%)

26% 22% 20% 27% FY15 FY16 1H FY16 1H FY17

*Growth rates in local currency, excluding M&A

SLIDE 13

Development spend: increase due to new growth initiatives

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*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)

496 152 404 1H FY16 New investments Operating Associates Forex 1H FY17 (42) 23% (27%) >100% 17% 12% 3% (7) (11)

Hotels

YoY change (%) Classifieds (44%) Etail (26%) Other ecommerce (19%) Video entertainment (9%) Media (2%)

Development spend* by segment (US$m) Consolidated development spend (US$m)

737 820 708 239 199 41 188 6 FY14 FY15 FY16 1H FY16 1H FY17 Operating New investments 38% (42%) Currency impact

SLIDE 14

Increase in number of profitable ecommerce businesses

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Number of profitable ecommerce entities

15 21 18 23 FY15 FY16 1H FY16 1H FY17

Financial progress of profitable entities* (US$m)

765 774 373 516 217 288 115 215 FY 15 FY 16 1H FY16 1H FY17

1 2 3 4 5 6 7 8 9 10 11 12 13 14

Trading profit Revenue

87% (58%) 38% (25%)

*Organic growth on a pro-forma basis, i.e. adjusting prior year numbers on a like-for-like basis, would have been 18% for revenue and 50% for trading profit

SLIDE 15

Recent M&A activity focused on Edtech

15 Naspers Ventures (89%) Classifieds (8%) Travel (1%) Other (2%)

1H FY17 M&A by segment (US$m) Acquisition spend over time (US$m)

465 420 213 FY14 FY15 FY16 1H FY16 1H FY17 Other 1,495 Other 5yr average US$406m* 139

* Calculated from March 2012 – March 2016 (excluding Avito)

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Summarised income statement

US US$m 1H FY1 Y16 1H 1H FY1 Y17 Revenue* 5,861 6,788 Less: Equity-accounted investments (2,878) (3,830) Consolidated revenue 2,983 2,958 Trading profit 232 45 Trading margin 8% 2% Net finance costs (156) (165) Share of equity accounted results 635 912 Impairments (141) (28) Taxation (146) (144) Net profit 636 541 Core headline earnings 696 914 Core headline EPS (US$) 1.69 2.12

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

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Free cash flow impacted by reduced profitability of VE in SSA

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FCF breakdown (US$m)

(174) 120 1H FY16 Cash from operations Working capital Capex Dividends received Other 1H FY17 (4) 24 46 (13) (1)

SLIDE 18

Balance sheet remains strong

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US US$m 1H FY17 Debt (1): (offshore US$2.9bn) 3,007 Cash: (South Africa US$550m) 1,511 Closing net debt 1,496 Gearing 13%

(1) Excludes satellite lease liabilities (US$1,232m) and non-interest bearing debt (US$161m)

Group net consolidated debt (US$m)

1,461 1,994 1,213 2,213 1,496 23% 30% 12% 32% 13%

30%
20%
10%

0% 10% 20% 30%

FY14

FY15 FY16 1H FY16 1H FY17

Net debt Gearing %

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IN INTERNET

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Ecommerce: continues to grow rapidly

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Revenue split Revenue and trading losses* (US$m)

Etail (55%) Marketplace (14%) Classifieds (14%) Other (6%) Payments (6%) Travel (5%)

Constant currency revenue growth by type

76% 75% 30% 29% 16%

6%

Classifieds Travel Marketplace Payments Etail Other

*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 1,210 1,379 (516) (543) (296) (292) 50

Revenue Trading losses

14% (24%) 1% (14%) FY14 FY15 (541)

Currency impact

FY16 1H FY16 1H FY17 10

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B2C: benefiting from steady increase in online penetration

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B2C: 1H FY17 GMV by region*

India & SE Asia (35%) Europe (60%) Africa & Middle East (5%)

B2C: Revenue* (US$)

770 1,459 1,707 755 902 28 FY14 FY15 FY16 1H FY16 1H FY17

Currency impact

19% (20%)

*Includes etail, structured and unstructured marketplaces as well as travel but excludes Netretail and Ricardo which were sold. 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.

B2C: GMV (US$m)*

5,677 7,150 2,539 3,249 4,133 FY15 FY16 1H FY15 1H FY16 1H FY17 27%

*Allegro accounted for 76% of Europe GMV

SLIDE 22

Flipkart: competitive market, still early days for India B2C

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Flipkart mobile monthly active users (m)

1H FY16 1H FY17 27%

Source: Company data, excludes Myntra and Jabong Source: KANTAR TNS, 1Top of mind brand awareness (responses from a survey of 1,508 Indian online shoppers across 8 tier 1 & 2 cities fielded in October 2016).

Flipkart is #1 ecommerce platform in India

17 54 89 268 937 India Brazil Russia China US

eCommerce/capita (US$, 2016)

Source: Euromonitor

Brand awareness 1 49% 30% 14% Visited in past year 85% 79% 63% Purchased in past 6 months 58% 45% 28% Most favourite brand 47% 28% 16% NPS 42 39 31

SLIDE 23

Classifieds: global footprint for the OLX Group

23

25

Offices

44

Countries

Global footprint

+4.4

APP RATING

#1 app

22 COUNTRIES (1)

Mobile leadership

+1.9bn

MONTHLY VISITS

+37b

MONTHLY PAGE VIEWS

Scale2

1) Google play store; shopping/lifestyle categories 2) Numbers reflect proportionate pickup of JVs

SLIDE 24

24

Classifieds: top line growth while managing profitability

1H FY16 1H FY17

letgo

213 267 124 196 24 FY15 FY16 1H FY16 1H FY17 Currency impact

1H FY17 Marketing spend* Revenue* (US$m)

58% (77%) 34%

*Data reflects 100% of controlled entities and proportionate share of JVs. Historic numbers presented on a pro-forma basis for the increased investment in Avito from 22.2% at 1H FY16 to 71% at 1H FY17. YoY revenue growth on a reported basis was 115%.

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1.5 2.0 Sep 15 Sep 16

Classifieds: continue to monetise while entering new markets

25

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 4 6 23 11 Entering Fighting Leading Leading and monetising

2014 1HFY15 2HFY15 1HFY16 2HFY16 1HFY17

Monthly unique listers (m)*

11.7 15.8 Sep 15 Sep 16

Net new listings (daily, m)*

35% 32% 37.2 65.7 Sep 15 Sep 16

App MAU (m)*

77%

*Data reflects 100% of controlled entities and proportionate share of JVs as per September 2016.

SLIDE 26

Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Avito Poland

Classifieds: C2C trade drives our business

5% 55% 17% 17% 31% 8% 28% 20% 19% Revenue NNL C2C Goods Cars Prop Other Ad

Our traffic engine continues to spin… (App MAU, indexed to Sep 14)* …allowing us to monetize in the verticals (NNL and Revenue share by category)*

+3.5x +6.7x NNL15m US$23m 100% = 26

*Data reflects information relating to our classifieds sites in Poland and Russia

SLIDE 27

# of paid listings MULs MAUs 4.7 7.7 3.3 6.1 FY15 FY16 1H FY16 1H FY17

Classifieds: Russia (Avito)… expanding monetisation

27 +84%

Revenue (RUBb) EBITDA (RUBb) Revenue split – listing fees growing strongly

Note: 1H FY17 Revenue/Internet User = RUB64 Note: 1H FY17 EBITDA/Internet User = RUB38

2.4 3.8 1.8 3.7 FY15 FY16 1H FY16 1H FY17 +101% 59% 44% 28% 22% 8% 30% 6% 3% 1H FY16 1H FY17 Shop fees Listing fees Advertising Value-added services

YoY growth in key metrics (Sep 15 vs. Sep 16)

+16% +18% +6x

SLIDE 28

2.8 3.4 4.4 1H FY16 2H FY16 1H FY17

Classifieds: Poland… extending leadership in key verticals

28

Form

rmat

Brand Horizontal Vehicles Real estate

Revenue (PLN per internet user)

+57%

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Classifieds: letgo… increasing investment to accelerate growth

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Mobile Monthly Active Users (Mobile MAUs)

Source: AppAnnie Pro

Monthly unique listers

Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16

Returning New

72% of total

Source: Letgo DB

Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16

letgo OfferUp 5Miles Close5

+15%

SLIDE 30

20,496 30,411 41,764 19,715 28,171 2013 2014 2015 1H FY15 1H FY16

Listed internet: Tencent continues to perform

30

Tencent operating profit (RMBm)*

CAGR +43%

Revenue mix 1H FY16

Value-added services (75%) Online advertising (17%) Other (8%)

Monthly active user accounts (m): Weixin & WeChat

651 846 3Q 15 3Q 16 30%

*Reflects 100% of Jan-Jun 2016 (1H FY16) results on a non-GAAP basis; detailed results available at www.tencent.com. Fx rate: 1H FY17 US$/RMB6.616 (6.361)

43%

Note: Monthly active users reflect the most current update from Tencent

SLIDE 31

15,087 16,850 18,123 8,421 8,691

2013 2014 2015 1H FY15 1H FY16

Listed internet: Mail.ru delivers strong VK performance but slower games

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Mail.ru EBITDA (RUBm)

CAGR +10%

Revenue mix 1H FY16*

Online advertising (43%) Community IVAS (32%) MMO Games (22%) Other (3%)

*Reflects 100% of 1H FY16 aggregate segment performance as reported. For IFRS results with full disclosure refer to www.corp.mail.ru. Fx rate: 1H FY17 US$/RUR64.939 (58.367)

3%

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VID IDEO ENTERTAINMENT

SLIDE 33

4,168 4,699 5,174 5,563 6,048 1,686 2,019 2,355 2,243 2,401 151 541 873 2,428 2,553 1H FY13 1H FY14 1H FY15 1H FY16 1H FY17

SA DTH SSA DTH SSA DTT

VE: solid subscriber growth, changing mix

33

Video entertainment subscriber homes (‘000)

8%

Change in subscriber mix

52% 52% 26% 30% 22% 18% 1H FY16 1H FY17 Premium Compact Lower-end +5% +7% +9% 6,005 7,259 8,402 10,234 11,002 5,368 5,730 2,626 3,266 2,240 2,005 1H FY16 1H FY17 Total

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VE: financials hit by local currency pricing vs. USD input costs

34

Video entertainment (VE) financials (US$m) Development spend (US$m)

166 206 85 47 40 FY14 FY15 FY16 1H16 1H17

Capital expenditure (US$m)

462 203 127 79 43 FY14 FY15 FY16 1H16 1H17 36% 15%

Programming and production costs (US$m)

977 1,133 1,046 461 534 31 FY14 FY15 FY16 1H16 1H17

One-off

23% 3,582 3,830 3,413 1,790 1,645 841 732 610 399 226 FY14 FY15 FY16 1H FY16 1H FY17 Revenue Trading profit 8% 43%

SLIDE 35

78 225 108 215 121 208 (321) 33 126 1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17 6 month average

VE: SSA operational progress negated by Naira devaluation

SSA net additions (‘000) YoY currency declines…

59%
11%

0% 3% Nigeria Zambia Kenya Angola Weighted average -23%

*Based on monthly Naspers average closing rates

…significantly impacting trading profit (US$m)

35 (103) (42) (58) 1,100 1,272 1,135 597 494 72 (56) (38) 6 (103) FY14 FY15 FY16 1H FY16 1H FY17 Revenue Trading profit

SLIDE 36

VE: solid results by DTH South Africa

36 187 283 248 309 166 232 156 169 316 1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17

SA DTH net additions (‘000) mainly middle and lower tiers

6 month average

9%
18%
14%

1H FY15 1H FY16 1H FY17

SA currency declined materially, but… … cost controls muted margin pressure

2,702 2,855 2,604 1,358 1,341 771 805 701 410 368 FY14 FY15 FY16 1H FY16 1H FY17 Revenue Trading profit

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VE: DTT moving toward profitability

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DTT trading margin (%) Subscribers (m)

23 151 377 541 817 873 2,256 2,428 2,404 2,553 Mar 12 Sep 12 Mar 13 Sep 13 Mar 14 Sep 14 Mar 15 Sep 15 Mar 16 Sep 16 (140%) (83%) (115%) (27%) (23%) (16%) FY14 1H FY15 FY15 1H FY16 FY16 1H FY17

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OUTLOOK

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FY17 Outlook: continue building our platforms

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

Mobile first or only across the business Reduce development spend in existing footprint. Deploy capital to highest return opportunities Pursue further scale through organic growth Classifieds, Fintech, O2O and Connected video Build strong global or regional leaders

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APPENDIX

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Glossary of terms

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— 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 — LC: Local currency — 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 42

THANK YOU

Meloy Horn

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