September 2012

A Global Multi-Media Company

2

Global Footprint

Equity Information: N-Shares Debt Information: MIH Bond Shareholding (N-shares)

Group Structure Group Overview and Strategy

Vision for users

Providing entertainment, information, trading opportunities and access to communities and friends wherever the users might be

Core expertise Packaging media content and building brand names around it, running platforms that distribute media products, managing paying subscribers and selling of advertising

Principal Operations

Internet platforms (focusing on commerce, communities, content, communication and games), pay-television and the provision of related technologies, as well as print media (publishing, distribution and printing)

Background

A leading multinational media group, incorporated in 1915 as a public limited liability company and listed on the Johannesburg Stock Exchange (JSE) in September 1994. Also has an ADR listing on the London Stock Exchange (LSE)

Business strategy

Operating platforms that link users to media, e-commerce, advertising, content and means of communication

Shar

e pr

ice

Bon

d yi

eld

* As per 31 August 2012

South Africa (50%)

United States (31%)

UK & Europe (14%)

Other (5%)

Public shares (94%)

Treasury (6%)3.000

4.000

5.000

6.000

7.000

Jul-1

0

Sep

-10

Nov

-10

Jan-

11

Mar

-11

May

-11

Jul-1

1

Sep

-11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

We operate in 133 countries across the world

0

10 000

20 000

30 000

40 000

50 000

-

20 000

40 000

60 000

80 000

Mar

-09

Jul-0

9

Nov

-09

Mar

-10

Jul-1

0

Nov

-10

Mar

-11

Jul-1

1

Nov

-11

Mar

-12

Jul-1

2

Monthly Volume ('000) Closing Price (ZAR cps)* As per 31 August 2012

Listings: JSE (Ticker: NPN); LSE (Ticker: NPSN)

Share Price: ZAR489.00

Market Cap: ZAR188.1bn / US$22bn

Issued Shares: 411.7m

Liquidity: Average daily trade 1.1m shares

MIH Bond: US$700m; 7 year bond

Listing: Irish Stock Exchange

Issued: July 2010

Coupon: 6.375%

Ratings: Fitch (BBB-) / Moody’s (Baa3)

Portfolio Analysis* – Revenue Split (FY12)

Financial Performance* – Consolidated Figures (ZARm) Select Financial Information: Year ended 31 March

* Based on economic interest, i.e. assuming all investments are proportionately consolidated

Free Cash Flow (ZARm) Group Net Consolidated Debt (ZARm)*

Segmental Type Geographic

Subscription (37%)e-Commerce (9%)Advertising (14%)IVAS & games (20%)Technology (4%)Printing & distribution (9%)Other (7%)

South Africa (46%)

Rest of Africa (11%)

Asia (22%)

Latin America (11%)

Europe (9%)

Other (1%)

Pay TV (43%)

Internet (34%)

Technology (2%)

Print Media (21%)

Financials

Associate Contribution (ZARm) Total Capex Breakdown (ZARm)

3

2,062 2,432

4,123 3,991 3,619

-

1,000

2,000

3,000

4,000

5,000

Mar 08 Mar 09 Mar 10 Mar 11 Mar 12

654

1,473 2,058

3,290 3,869

71 98

487

616

547

-

100

200

300

400

500

600

700

-

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

Mar 08 Mar 09 Mar 10 Mar 11 Mar 12

Dividends

Rev

enue

EB

ITD

A

Dev

elop

men

t Cos

ts

Mar 9 Mar 10

4,900 6,026 6,496

7,149 6,958

Mar 11

1,129 1,211 1,240 1,535

2,823

Pay-TV (63%)Internet (14%)Technology (3%)Print (20%)

Internet (66%)Pay-TV (26%)Other (8%)

• Pay-TV

• Internet*

• Technology

• Print Media

20%

42%

2%

5%

• Pay-TV

• Internet*

• Technology

• Print Media

30%

-5%

5%

7%

• Pay-TV

• Internet*

• Other

• Group

3%

28%

3%

7%

Dev Cost/Sales (FY12)

EBITDA Margin (FY12)

Rev. CAGR: FY08 – FY12

* Based on consolidated figures, contributions from Tencent and Mail.ru not included as they are equity accounted

Mar 12 Mar 08

3,573

-927

1,689

3,948 4,595

11%

3% 5%

10% 10%

0%

5%

10%

15%

-1 000

1 000

3 000

5 000

Mar 08 Mar 09 Mar 10 Mar 11 Mar 12

Group gearing

* Group gearing excludes transponder leases of ZAR2.4bn

*Core headline earnings per share excludes, amongst other items, fair value adjustments required in terms of accounting standard IAS 39, which in our view ignores economic reality and artificially inflates headline earnings.

1,221 1,232 1,403

1,555

–

500

1 000

1 500

2 000

2 500

Mar 08 Mar 09 Mar 10 Mar 11 Mar 12

Pay TV InternetTechnology Print 2,034

Select income statement data FY11 FY12 % FY11 FY12ZARm ZARm change US$m US$m

Revenue 33,085 39,487 19% 4,623 5,329 EBITDA 7,149 6,960 -3% 999 939 Trading profit 5,838 5,485 -6% 816 740 Core Headline EPS (cents) 1,612 1,850 15% 225 250

Balance sheet dataNon-current assets 53,610 62,037 16% 7,919 8,089 Current assets 16,245 19,241 18% 2,400 2,509 Total assets 69,855 81,278 16% 10,318 10,598 Shareholders equity 42,942 49,576 15% 6,343 6,464 Non-current liabilities 14,950 17,845 19% 2,208 2,327 Current liabilities 11,963 13,857 16% 1,767 1,807 Equity and liabilities 69,855 81,278 16% 10,318 10,598 NAV/share (cents) 10,831 12,351 14% 1,600 1,611

20,518 26,690

27,998 33,085

39,486

(1,044) (206) 57

874 7,277

Pay-TV Internet Tech Print Corp EBITDA

4 Internet Operations

Focus on e-Commerce

e-Commerce as % of Total Retail (2011A)

Strategic Focus

e-Commerce Revenue Growth (ZARm)

8% 6% 5% 4% 4% 3% 3% 3% 2% 2% 2% 2% 1% 1% 1% 0%3%6%9%

UK

US

A

Cze

ch

Pol

and

W E

U

Bra

zil

Eur

o…

Japa

n

EE

U

Rus

sia

Hun

g…

Ukr

aine

Rom

…

Turk

ey

Mex

ico

Internet: Select Brands

* Data reflects 100% of results Jan-Dec 2011. Full details available on www.tencent.com

Dec 11 MMO Games (28%)Community IVAS (24%)Display advertising (26%)Contextual advertising (11%)Other (11%)

IVAS gaming (56%)IVAS other (24%)MVAS (12%)Advertising & other (8%)

Users statistics at 30 June 2012: • 784m active IM accounts • 167m IM PCU’s (+22% YoY) • 9m PCU’s open games • 75m IVAS subscriptions

User statistics* at 30 June 2012: • Portal: 32m (+16% YoY) • Email: 26m (+12% YoY) • SNS: 22m OK (+23% YoY) • IM: 22m Mail.ru Agent (+4% YoY)

* TNS statistics, monthly unique users

Dec 11 • Tencent, listed on the HKSE, is China’s leading provider of internet and mobile value-added services.

• Mail.ru Group, listed on the LSE, is one of the largest internet companies in the Russian-speaking markets.

2,389 2,761 3,684

5,725

-

2 000

4 000

6 000

Mar 09 Mar 10 Mar 11 Mar 12

Lead-generation

Vertical e-tail Classifieds

Payment platforms

Other

B2C Facilitation

(marketplace etc.)

e-Commerce Community

(free, paid)

(price-comparison

etc.)

(fashion, shoes, etc.)

Allegro

* Data reflects 100% of results; 1H FY12 ZAR/Zloty 2.45 (2.33)

FY12

PLNm* Mar 11 Mar 12 % Chg Revenue 859 1, 312 53% Trading profit 277 131 -53% Trading margin 32% 10% - excl. dev spend & acquisitions 38% 32%

Facilitation (58%)

B2C (23%)

Classifieds (7%)

Lead generation (4%)

Payment plaforms (2%)

Other (6%)

(97%)

• Revenue growing in line with expectations

• Operations in 15 countries and 6 verticals

• 14 territories being monetized, 5 profitable

• Recent acquisitions: Markafoni, Fashion Days Slando, Netretail, eMag

Tencent RMBm* Dec 10 Dec 11 % Chg

Revenue 19,646 28,496 45%

Operating profit 9,838 12,254 25%

Operating margin 50% 43%

(34.3%)

Mail.ru US$m* Dec 10 Dec 11 % Chg Revenue 325 515 58% EBITDA 119 283 138% EBITDA margin 37% 55%

*Data reflects 100% of Mail.ru Group’s FY11 aggregate segment performance as reported. For IFRS results with full disclosure and recon refer to www.corp.mail.ru

(29.1%)

51% Korbitec provides an electronic platform to attorneys, banks and other players in the property value chain.

Brazil 65% Movile develops and operates mobile platforms that bring interactive services to users of mobile phones.

Brazil 95% BuscaPé is a leading e-commerce operator and dominating comparison shopping portal in Brazil.

CEE 97% Allegro is the main operating company across Central & Eastern Europe,

providing a variety of e-commerce services. It holds a number of investments in the region, as mentioned below.

India 80% ibibo Group offers one of the largest online market platforms (Tradus.com) in

India. Other online services includes a travel platform (Goibibo), games and communication.

Thailand 50%

Philippines 75%

Sanook!, a JV with Tencent, is the leading online portal in Thailand, offering online communication, classifieds (Dealfish.co.th) and shopping services (shopping.co.th)

Sulit is a leading Filipino site and the largest e-commerce platform in the country, connecting online buyers and sellers on its online classifieds platform.

Ricardo is the leading e-commerce company in Switzerland. WEE 100%

SE Asia 76% Multiply is one of the leading online marketplace platforms in the Philippines and Indonesia.

100% PriceCheck is South Africa’s leading online shopping comparison engine.

South Africa 100% Kalahari.com is SA’s largest online retailer of books, eBooks, music, DVDs,

games, cameras, electronics, appliances, flowers, hampers and more.

South Africa

South Africa

OLX is one of the world’s largest free classified sites with over 100 million unique visitors per month.

Brazil 84%

Brazil 51% Level Up, a JV with Tencent, is a leading online gaming platform in Brazil and the Philippines.

UAE 25% Dubizzle.com is the leading online classifieds platform in the Middle East and Northern Africa region.

Brandsclub is one of the leading fashion and lifestyle shopping e-commerce clubs in Brazil.

Brazil 95%

Turkey 71% Markafoni is a leading fashion and lifestyle e-commerce business in Turkey.

Africa 100% Mocality is a business directory for Sub-Saharan Africa, accessible via PC or mobile phone, targeted at SMEs.

Russia 100%

Various n/a

Slando is an online classifieds business in Russia, Ukraine and Kazakhstan.

Naspers operates online payment platforms under the PayU brand in a number of territories, including Central & Eastern Europe, Africa, India, Columbia and other parts of Latam. Ownership structures vary.

CEE 79% Netretail is a leading online retailer in Central & Eastern Europe with operations in the Czech Republic, Slovakia, Poland, Hungary and Slovenia.

CEE 90% Fashion Days is the biggest exclusive online shopping club in the South

Eastern part of Europe, selling goods in Poland, Czech republic, Hungary, Slovakia, Romania, Slovenia and Bulgaria.

Flipkart is a leading Indian e-commerce player with nationwide warehouse, delivery and COD payment capabilities.

India n/a

TravelBoutiqueOnline is one of the largest online B2B travel portals in India. India 51%

100% 36Boutiques is one of South Africa's premier online woman's fashion destinations.

South Africa

Trendsales is the leading online fashion vertical in Denmark. Denmark 70%

7Pixel is the leading online price comparison company in Italy. Italy 70%

5

516 567

703 795

183 166 156 132

35%

29%

22%

17%

15%

20%

25%

30%

35%

40%

0

100

200

300

400

500

600

700

800

900

Mar 09 Mar 10 Mar 11 Mar 12Revenue EBITDA Margin

10,351 13,255

15,980 18,202

3,916 4,777 5,542 6,524

38% 36%

35%

36%

30%

35%

40%

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000 20,000

Mar 09 Mar 10 Mar 11 Mar 12Revenue EBITDA Margin

Pay TV Operations Geographic Footprint – 48 Countries across Africa Net Subscribers (‘000)

Guinea

Gha

na

Togo

Ben

in

Mali

Burkina Faso

Ivory Coast

Nigeria

Niger

Sudan

Eritrea

Ethiopia Central

African Rep. Cameroon

Equatorial Guinea

Gabon Democratic Rep. of Congo

Rwanda Burundi

Uganda Kenya

Angola

Namibia

Zambia

Tanzania

Malawi

Zimbabwe

Botswana

Mozambique

Madagascar

Swaziland

Lesotho South Africa

“ANYTIME, ANYWHERE, ANY DEVICE”

• Investing in new growth opportunities (online, DTT, mobile TV) • Costs mainly expensed, affects short-term profitability • Continued focus to broaden and deepen subscriber base • Limited broadband services on continent allows more time to

position for changing TV-viewing environment

SA Pay TV (ZARm)

2,882

3,554 3,211

4,123

500

1 500

2 500

3 500

4 500

Mar 09 Mar 10 Mar 11 Mar 12

205 195

424

607 677

-

100

200

300

400

500

600

700

Mar 08 Mar 09 Mar 10 Mar 11 Mar 12

1,948 2,401 2,852 3,489 3,981 686

916 916

1,439

1,630

–

1,000

2,000

3,000

4,000

5,000

6,000

Mar 08 Mar 09 Mar 10 Mar 11 Mar 12

South AfricaSub-Saharan Africa

3,280 3,709

4,304

5,497 6,037

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Mar 08 Mar 09 Mar 10 Mar 11 Mar 12

DTT Mobile TV Online

• Around 12m TV households • Pay-TV penetration ±35% • Multichoice market share ~ 95% • FY12 subscriber growth +14% YoY • PVR penetration 16% (+37% YoY) • FY12 ARPU ZAR299 (US$40) • Advertising +18% YoY; only 11% of revenue • New IS-20 Satellite launched, 13 new channels to be added

• Around 37m TV households • Pay-TV penetration ±8% • Multichoice market share ~ 75% • FY12 subscriber growth +13% YoY • Compact & Family bouquets are major growth drivers • FY12 ARPU US$40 • Launched DTT operations in 5 countries i.e. Zambia, Uganda,

Kenya, Nigeria & Namibia

Brands

General Trends

Development Spend (ZARm)

Programming Costs (ZARm)

Cash Flow Generation (ZARm)

SSA Pay TV (US$m)

Platforms • Satellite (DTH) • Mobile (DVB-H) • Online • Digital terrestrial (DTT)

6

6,480 6,148 6,697

7,686

570 490 417 587

9% 8%

6% 8%

0%

5%

10%

010020030040050060070080090010001100120013001400150016001700180019002000210022002300240025002600270028002900300031003200330034003500360037003800390040004100420043004400450046004700480049005000510052005300540055005600570058005900600061006200630064006500660067006800690070007100720073007400750076007700780079008000

Mar 09 Mar 10 Mar 11 Mar 12

Revenue Trading profit Margin

172 157

247 236

-9

13 18

-2

n/a

8% 7%

0%

5%

10%

15%

20%

-10

90

190

290

Mar 09 Mar 10 Mar 11 Mar 12Revenue Operating profit Margin

SA Print Revenue Mix (Mar 12)

Other Operations

Units shipped (m)

Advertising (34%)Circulation (19%)Printing (28%)Distribution (5%)Books (7%)Other (7%)

USDm

9.4 10.6

15.1 16.0

18.0 18.8

0

5

10

15

20

Mar 07 Mar 08 Mar 09 Mar 10 Mar 11 Mar 12

Notes

ZARm

Outlook

Investor Relations Contact Details

Financial Revenue growth should be maintained Organic development spend to continue Expect limited FY13 earnings growth as a consequence

Strategy Focus on e-commerce Increase mass-market penetration of pay-TV Continue to invest in strong, founder-managed businesses

Operational Pay-TV: Accelerate DTT rollout Internet: Drive scaling of e-commerce businesses General: Deal with increased competition and regulation

Meloy Horn InvestorRelations@naspers.com Office: +27 11 289 3320 Mobile: +27 82 772 7123

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