UNBUNDLING AND LISTING OF MULTICHOICE

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")

UNBUNDLING OF MULTICHOICE GROUP LIMITED SHARES TO NASPERS SHAREHOLDERS AND LISTING OF MULTICHOICE GROUP LIMITED ON THE JSE

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT OR WOULD REQUIRE FURTHER ACTION FOR SUCH PURPOSE

Further to the announcement issued by Naspers on the JSE's Stock Exchange News Service ("SENS") on 17 September 2018, when Naspers announced its intention to list its Video Entertainment business by separately listing the shares of a new company MultiChoice Group Limited ("MultiChoice") on the Johannesburg Stock Exchange ("JSE") and simultaneously unbundle the shares in MultiChoice to its shareholders, Naspers wishes to update its shareholders on the progress of this proposed listing and unbundling.

Naspers confirms that MultiChoice is finalising its pre-listing statement for purposes of submission to the JSE (as required in terms of the JSE listing requirements) for formal approval, together with an application for approval of the listing of the MultiChoice shares on the JSE as a primary listing.

Naspers will keep shareholders apprised of further developments.

Cape Town

16 January 2019

Sponsor

Investec Bank Limited

Joint Financial Advisers

Citigroup Global Markets Limited

Morgan Stanley

Legal adviser

Webber Wentzel

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 120 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 improve their daily lives, and entertain audiences with the best of local and global content. Every day, millions of people use the products and services of companies that Naspers has invested in, acquired or built, including Avito, Brainly, BYJU'S, Codecademy, eMAG, Honor, ibibo, iFood, letgo, Media24, Movile, MultiChoice, OLX, PayU, Showmax, SimilarWeb, Swiggy, Takealot, Udemy, and WeBuyCars. 

 Similarly, hundreds of millions of people have made the platforms of its associates a part of their daily lives: Tencent (www.tencent.com; SEHK 00700), Mail.ru (www.corp.mail.ru; LSE: MAIL), MakeMyTrip Limited (www.makemytrip.com; NASDAQ:MMYT) and DeliveryHero (www.deliveryhero.com; Xetra: DHER)

Naspers has a primary listing on the Johannesburg Stock Exchange (NPN.SJ) and a secondary listing on the A2X Exchange (NPN.AJ) in South Africa, and has an ADR listing on the London Stock Exchange (LSE: NPSN).

For more information, please visit www.naspers.com.