[April 18, 2016]

Naspers Limited: Change in Presentation Currency

Naspers Limited (JSE: NPN, LSE: NPSN): today announced that it will change the presentation currency in its consolidated financial statements from the South African rand (ZAR) to the United States dollar (USD) with effect from the financial year ended on 31 March 2016.

Over the past 100 years, the group has evolved from a single-country newspaper business and early investor in pay television to a video-entertainment leader and global internet and ecommerce group with operations in over 130 countries. Today, more than 70% of revenue measured on an economic interest basis (which includes the group's proportionate share of the revenue of associates and joint ventures) is sourced from outside South Africa.

Coupled with the evolution of the business, the group's shareholder base is now largely comprised of foreign investors to whom financial reporting in ZAR is of limited relevance. Internally, the board also bases its performance evaluation and many investment decisions on USD financial information.

The board therefore believes that USD financial reporting provides more relevant presentation of the group's financial position, funding and treasury functions, financial performance and its cash flows.

It should be noted that the functional currencies of the group's underlying businesses - functional currencies referring to the currencies of the primary economic environments in which underlying businesses operate - remain unchanged and that foreign exchange exposures will therefore be unaffected by the change, albeit that the effects of such exposures will be presented in USD.

Dividends will continue to be declared in ZAR, with the relevant exchange rate announced at the time of the dividend payment.

To assist investors in understanding the change, the group has provided summarised, restated USD financial information for the financial years ended 31 March 2015 and 2014 as well as for the six-month interim periods ended 30 September 2015 and 2014. An analyst presentation with restated information is also available on the group's website www.naspers.com. The summarised, restated information presented, has been prepared in terms of International Financial Reporting Standards (IFRS) and will form the basis of the comparative financial information expected to be included in the consolidated annual financial statements of the group, presented in USD, for the year ended 31 March 2016.

A change in presentation currency represents a change in an accounting policy in terms of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors requiring the restatement of comparative information. In accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates, the following methodology was followed in restating historical financial information from ZAR into USD:

• Non-USD assets and liabilities were translated at the relevant closing exchange rate at the end of the reporting period. Non-USD items of income and expenditure and cash flows were translated at actual transaction date exchange rates;
• The foreign currency translation reserve was reset to nil as at 1 April 2006, the date on which the group adopted IFRS, in line with IFRS 1 First-time adoption of International Financial Reporting Standards. Share capital and premium and other reserves, as appropriate, were translated at the historic rates prevailing at the dates of underlying transactions; and
• The effects of translating the group's financial results and financial position into USD were recognised in the foreign currency translation reserve.

Although actual transaction date exchange rates were used to translate previously reported ZAR earnings and cash flows into USD, the group has provided the average exchange rates of its major trading currencies relative to USD as an approximation for these rates for reference in the table below. The closing exchange rates of the group's major trading currencies relative to USD, used when translating the statements of financial position presented in this release into USD, are also detailed in the table below.

In the interim report for the six months ended 30 September 2015, the group presented pro forma financial information in which the effects of foreign currency and acquisitions and disposals on the group's results were illustrated. The previously reported pro forma financial information was presented based on ZAR financial results reported for the period ended 30 September 2015. The group has presented equivalent pro forma financial information in note 9 of this release, appropriately adjusted to reflect the effects of foreign currency and acquisitions and disposal on its USD results for the respective periods ended 31 March 2015 and 30 September 2015. The group plans to present similar pro forma financial information regarding its results for the year ended 31 March 2016.

IMPORTANT INFORMATION

This media release 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 judgements 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 numerous 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.

About Naspers

Founded in 1915, Naspers is a global internet and entertainment group and one of the largest technology investors in the world. Operating in more than 130 countries and markets with long-term growth potential, Naspers builds leading companies that empower people and enrich communities. It runs some of the world's leading platforms in internet, video entertainment, and media.

Naspers companies connect people to each other and the wider world, help people live their daily lives, and entertain audiences with the best of local and global content. Every day, hundreds of millions of people use the products and services of companies that Naspers has invested in, acquired and built including Allegro, Avito, eMAG, Flipkart, letgo, Mail.Ru (LSE: MAIL), Movile, MultiChoice, OLX, PayU, ShowMax, SimilarWeb, and Tencent (SEHK: 00700).

Naspers is listed on the Johannesburg Stock Exchange (NPN.SJ) and has an ADR listing on the London Stock Exchange (LSE: NPSN). For more information, visit www.naspers.com.

9. Pro forma financial information

The group has presented certain revenue and trading profit metrics on a constant currency, organic basis ('the pro forma financial information') in the tables below. The pro forma financial information is the responsibility of the board of directors ('the board') of Naspers Limited and is presented for illustrative purposes. Information presented on a pro forma basis has been extracted from the group's management accounts, the quality of which the board is satisfied with.

Shareholders are advised that, due to the nature of the pro forma financial information and the fact that it has been extracted from the group's management accounts, it may not fairly present the group's financial position, changes in equity, results of operations or cash flows.

The pro forma financial information has been prepared to illustrate the impact of changes in foreign exchange rates and changes in the composition of the group on its results for the periods ended 31 March 2015 and 30 September 2015, respectively. The following methodology was applied in calculating the pro forma financial information:

1. Foreign exchange/constant currency adjustments have been calculated by adjusting the current period's results to the prior period's average foreign exchange rates, determined as the average of the monthly exchange rates for that period. The organic pro forma financial information quoted is calculated as the constant currency results, arrived at using the methodology outlined above, compared to the prior period's actual IFRS results. The relevant average exchange rates used for the group's most significant trading currencies are listed in the introductory commentary to this release.

2. Adjustments made for changes in the composition of the group relate to acquisitions and disposals of subsidiaries and equity-accounted investments, as well as to changes in the group's shareholding in its equity-accounted investments. The following significant changes in the composition of the group during the respective reporting periods have been adjusted for in arriving at the pro forma financial information:

Period ended 31 March 2015

The net adjustment made for all acquisitions and disposals that took place during the year ended 31 March 2015 amounted to a negative adjustment of USD288m on revenue and a positive adjustment of USD3m on trading profit.

9. Pro forma financial information (continued)

Period ended 30 September 2015

The net adjustment made for all acquisitions and disposals that took place during the period ended 30 September 2015 amounted to a negative adjustment of USD209m on revenue and a positive adjustment of USD24m on trading profit.

An assurance report issued in respect of the pro forma financial information, by the group's external auditor, is available at the registered office of the company.