NPSN.L Regulatory News (NPSN)

NASPERS LIMITED

(Incorporated in the Republic of South Africa)

(Registration number 1925/001431/06)

Share code: NPN ISIN: ZAE000015889

LSE ADS code: NPSN ISIN: US 6315121003

('Naspers' or 'the company')

In compliance with Rules 3.63 - 3.74 of the JSE Listings Requirements, the following information is disclosed:-

Director: Mr Bob van Dijk

Company: Naspers Limited

Transaction date: 14 January 2020

Nature of transaction: on market sale of securities

Class of shares: 414 932 N ordinary

Total value of transaction: R995 836 800.00

Volume weighted average

price per share: R2 400.00

Highest price per share: R2 400.00

Lowest price per share: R2 400.00

Date of vesting in the group

share-based incentive plan: Share appreciation rights vested in five tranches in the share appreciation rights plan. The first tranche of 1 493 226 appreciation rights vested on 12 September 2015; the second tranche of 1 493 226 appreciation rights vested on 12 September 2016; the remaining tranches were not included in this transaction.

Nature of transaction: Bob van Dijk exercised share appreciation rights in the Naspers Global Ecommerce Share Appreciation Rights plan (vesting on dates as per above) and received

414 932 Naspers N ordinary shares in settlement of the gain. He then sold 414 932 Naspers N ordinary shares.

The Naspers Global ecommerce share appreciation rights plan reflects the value of Naspers's main internet businesses excluding Tencent. For a participant to make a gain under the scheme rules, the valuation on the exercise date must be greater than the value on the grant date. Any gains accrued are settled in Naspers shares. Further details of the scheme and its operation can be found in the Naspers Remuneration Report FY19 on www.naspers.com.

Bob van Dijk will reinvest most of the resulting funds back into the Naspers group in the form of bonds which he will buy on the open market. Bob van Dijk continues to exceed the CEO minimum shareholding requirement of 10X his salary.

Nature of interest: Direct Beneficial

Clearance: Clearance has been received in terms of paragraph 3.66 of the JSE Listings Requirements

Cape Town

15 January 2020

Sponsor: Investec Bank Limited