Trading statement Naspers Limited (Incorporated in the Republic of South Africa) (Reg. No 1925/001431/06) JSE Share Code: NPN ISIN: ZAE000015889 LSE ADS Code: NPSN ISIN: US6315121003 (“Naspers”) Trading statement Shareholders are advised that the Naspers group (“the group”) is finalising its condensed consolidated interim report for the six months ended 30 September 2018. Compared to the group’s published results for the six months ended 30 September 2017, it expects core headline earnings per share for the six months ended 30 September 2018 to be between 7% (25 US cents) and 13% (45 US cents) higher than the prior period’s reported 350 US cents. However, as outlined in the group’s trading statement and financial results for the year ended 31 March 2018, the group has amended its calculation of core headline earnings and has restated the comparative period’s core headline earnings per share to 277 US cents. Accordingly, we expect core headline earnings per share for the six months ended 30 September 2018 to be between 35% (98 US cents) and 43% (118 US cents) higher than the adjusted comparable period’s 277 US cents. Shareholders are reminded that the board considers core headline earnings an appropriate indicator of the operating performance of the group, as it adjusts for non-recurring and non-operational items. Compared to the group’s published results for the six months ended 30 September 2017, it expects earnings per share for the six months ended 30 September 2018 to be between 209% (530 US cents) and 216% (548 US cents) higher than the prior period’s reported 254 US cents. However, as outlined in the group’s trading statement and financial results for the year ended 31 March 2018, the group has restated the comparative earnings per share figure to 253 US cents as a result of its change in accounting policy regarding written put option liabilities. Accordingly, it is expected that earnings per share for the six months ended 30 September 2018 will be between 210% (531 US cents) and 217% (549 US cents) higher than the adjusted comparable period’s 253 US cents. Compared to the group’s published results for the six months ended 30 September 2017, it expects headline earnings per share for the six months ended 30 September 2018 to be between 199% (421 US cents) and 206% (436 US cents) higher than the prior period’s reported 212 US cents. However, as outlined in the group’s trading statement and financial results for the year ended 31 March 2018, the group has restated the comparative headline earnings per share figure to 211 US cents as a result of its change in accounting policy regarding written put option liabilities. Accordingly, headline earnings per share for the six months ended 30 September 2018 is expected to increase by between 200% (422 US cents) and 207% (437 US cents) from the adjusted prior period’s 211 US cents. Earnings per share was impacted significantly by the once-off gain recognised on disposal of the group’s interest in Flipkart Limited. Headline earnings and earnings per share increased considerably as a result of the group’s share of fair-value gains recognised by Tencent on certain of its investments. Possible future gains on disposal and fair-value adjustments on investments are by nature unpredictable. Further details will be provided in the condensed consolidated interim report, due for release on 30 November 2018. Financial information on which this trading statement is based has not been reviewed or reported on by the company’s auditor. Cape Town 19 November 2018 Sponsor: Investec Bank Limited Date: 19/11/2018 04:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.