NPSN.L Regulatory News (NPSN)

Naspers Limited

(Incorporated in the Republic of South Africa)Registration number: 1925/001431/06Share code: NPN

ISIN: ZAE000015889

("Naspers" or the "Company")

CASH PAYMENT IN RESPECT OF FRACTIONAL ENTITLEMENTS

1. Introduction

Naspers "N" and "A" shareholders ("Naspers Shareholders") are referred to the announcement released on SENS on 5 September 2017 ("Detailed Announcement") in terms of which Naspers Shareholders were advised that the Company will unbundle 151,786,287 Novus Holdings Limited ("Novus") shares ("Unbundled Novus Shares") to Naspers Shareholders ("Unbundling").

2. Fractional entitlements

Naspers Shareholders are hereby advised of the following:

- The Unbundled Novus Shares will be unbundled in the intended ratio of 0.34588 Novus shares for every one Naspers N share and 0.06918 Novus shares for every one Naspers A share held at the close of business on the Unbundling record date; and

- The value applicable in determining the cash payment for the fractional entitlement is the weighted average traded price for the day after the last day to trade less 10% as prescribed by the JSE Limited, being 514 cents.

THIS ANNOUNCEMENT IS NOT INTENDED TO BE A COMPLETE ANALYSIS OF THE TAX IMPLICATIONS OF THE UNBUNDLING. IT IS NOT INTENDED TO BE, NOR SHOULD IT BE CONSIDERED TO BE, LEGAL OR TAX ADVICE. SHAREHOLDERS ARE ADVISED TO CONSULT THEIR OWN PROFESSIONAL TAX ADVISORS ON THE TAXATION CONSEQUENCES OF THE UNBUNDLING IN BOTH SOUTH AFRICA AND THEIR JURISDICTION OF RESIDENCE AND THE CALCULATION OF THEIR COSTS FOR TAXATION PURPOSES.

Cape Town

21 September 2017

Financial advisor and sponsorInvestec Bank Limited

Legal advisors

Glyn Marais Inc.

Werksmans Inc.

Tax advisors

PricewaterhouseCoopers Tax Services Proprietary Limited