Naspers Limited
          Trading statement


Naspers Limited
(Incorporated in the Republic of South Africa)
(Reg. No 1925/001431/06)
JSE Share Code: NPN       ISIN: ZAE000015889
LSE ADS Code: NPSN        ISIN: US6315122092
(“Naspers”)
Trading statement
Shareholders are advised that the Naspers group (“the Group”) is finalising its condensed consolidated interim financial
statements for the period ended 30 September 2022.

For the six months to September 2022 our ecommerce businesses maintained strong top-line growth momentum with growth
coming from the core of our businesses and from our expansion into adjacent opportunities within each core segment. Core
headline earnings per share, an important measure of operating performance, declined due to investment in adjacent
opportunities in ecommerce, lower contributions from associates and Tencent. During the period, growth expectations and
valuations came under significant pressure as consumers adapted to the realities of higher inflation and interest rates on their
daily lives and spending power. The Group has taken action to meet these challenges and will take further action to continue
delivering long-term value to our shareholders.

Discontinued operation

The Group announced its intention to exit its Russian classifieds business, Avito, in May 2022. We completed the disposal and
received the proceeds in October 2022. Following the disposal, results of the Avito business will be presented as results from
discontinued operations. Also, the prior reporting period income statement will be restated to distinguish between continuing
and discontinued operations.

The Group has illustrated the anticipated changes in earnings, headline earnings and core headline earnings per share for
continuing operations for the period ended 30 September 2022 as compared to 30 September 2021 for total operations (as
previously reported) in the tables below:

                                                                         30 September 2022
                                              30 September 2021
 Total operations                                                        expected decrease            Expected decrease %
                                                   US cents
                                                                              US cents
 Earnings per share(1)                                       3 031                2 679 – 2 467              88.40% – 81.40%
 Headline earnings per share(1)                                368                   396 – 370             107.60% – 100.60%
 Core headline earnings* per share(1)                          416                   257 – 228               61.70% – 54.70%


                                                                         30 September 2022
                                              30 September 2021
 Continuing operations                                                   expected decrease            Expected decrease %
                                                   US cents
                                                                              US cents
 Earnings per share(1)                                       3 014                2 662 – 2 450              88.33% – 81.30%
 Headline earnings per share(1)                                351                   379 – 353             107.90% – 100.60%
 Core headline earnings* per share(1)                          394                   235 – 206               59.70% – 52.30%


The significant decrease in earnings per share relates to a gain of US$12.3bn realised on the sale of a 2% interest in Tencent in
the prior year compared to an expected gain of only US$2.8bn on the sell down of Tencent shares in the current period to fund
the open-ended share-repurchase program announced on 27 June 2022. Impairment charges and dilution losses related to
investments in associates are expected to be approximately US$1.8bn higher in the current period. These are excluded from
headline and core headline earnings per share.

Headline earnings is expected to decrease in the current year. This is mainly due to lower profitability across our associates,
including our share of Tencent's fair value losses on financial instruments of US$372m compared to fair value gains of US$1.0bn
in the prior period. Headline earnings are also impacted by our increased investment in earlier stage ecommerce extensions of
autos, convenience and credit.
             Naspers Limited
             Trading statement


Shareholders are reminded that the board considers core headline earnings an appropriate indicator of the operating
performance of the Group, as it adjusts for non-operational items. For reasons set out above core headline earnings per share
for the current year from continuing operations is expected to decrease by between 235 and 206 cents per share (between
59.7% and 52.3%).

More details will be published with the condensed consolidated interim financial statements on Wednesday,
23 November 2022.

Financial information on which this trading statement is based has not been subject to an independent audit or review by the
Group’s auditors.
*
  Core headline earnings, a non-IFRS performance measure, represent headline earnings for the period, excluding certain non-operating items. Specifically,
headline earnings are adjusted for the following items to derive core headline earnings: (i) equity-settled share-based payment expenses on transactions where
there is no cash cost to us. These include those relating to share-based incentive awards settled by issuing treasury shares, as well as certain share-based
payment expenses that are deemed to arise on shareholder transactions; (ii) subsequent fair-value remeasurement of cash-settled share-based incentive
expenses; (iii) cash-settled share-based compensation expenses deemed to arise from shareholder transactions by virtue of employment; (iv) deferred taxation
income recognised on the first-time recognition of deferred tax assets as this generally relates to multiple prior periods and distorts current period performance;
(v) fair-value adjustments on financial and unrealised currency translation differences, as these items obscure our underlying operating performance; (vi) one-
off gains and losses (including acquisition-related costs) resulting from acquisitions and disposals of businesses as these items relate to changes in our
composition and are not reflective of our underlying operating performance and (vii) the amortisation of intangible assets recognised in business combinations
and acquisitions. These adjustments are made to the earnings of businesses controlled by us, as well as our share of earnings of associates and joint ventures,
to the extent that the information is available.

(1)
      Per share information is based on the net number of A and N ordinary shares in issue during the respective periods.

21 November 2022
40 Heerengracht, Cape Town 8001
PO Box 2271
Cape Town 8000
South Africa

Sponsor:
Investec Bank Limited