Net Asset Value

Title
This consensus summary is based on the latest publicly available data for listed assets and analyst consensus for unlisted assets. 10 analysts who published between 01 January 2023 and 31 March 2023 participated in this consensus. The number of Naspers shares in issue have been updated for the current open-ended buyback as of 25 April 2023.
This summary is provided for informational purposes only and is not intended to, nor does it, constitute investment advice or any solicitation to buy, hold or sell securities or other financial instruments.

Naspers Net Asset Value Summary (US$'bn) - 26 May 2023

Title	Value

Asset value	59.8
Net cash	0.1
Net asset value	59.8
Net asset value per share (ZAR)	5 982.2

Net Asset Value Calculation for Naspers - 26 May 2023

Title	AssetValue	EconomicInterest	Value
Investment	Asset value at 100% (US$'bn)	Economic interest¹	Value (US$'bn)

Title	Asset Value	Economic Interest	Value

Prosus NAV²	137.2	43.1%	59.2

Other³	1.2	47.3%	0.6


Asset Value			59.8

Title	Asset value at 100% (US$'bn)	Economic interest	Value (US$'bn)

Net cash / (debt) - 30 September 2022	0.1	47.3%	0.1
Cash	0.1	47.3%	0.1

Title	Value
Net asset value ($'bn)	59.8

Net asset value (ZAR'bn)	1 169.5
Net asset value per share (ZAR)	5 982.2

Title	Value
Net total shares in issue as at 25 April 2023 (m)⁴	195.5

Title
It should be noted that valuations are, by definition, forward looking and are therefore subject to risks and uncertainties that may materially affect eventual results. None of Naspers, its affiliates or their respective directors, officers and employees shall accept any liability whatsoever for the consequences of any reliance upon or actions taken or not taken based on any of the information in this consensus summary.
The valuations are produced by the contributing analysts and do not represent nor are based on opinions, estimates or forecasts from Naspers. By presenting the consensus information above, Naspers does not endorse or concur with such analyst information, conclusions or recommendations. Naspers has not verified the information received and none of Naspers, its affiliates or their respective directors, officers and employees make any representation or warranty, express or implied, as to, or accept any responsibility for, the accuracy or completeness of the consensus information. Naspers does not assume any responsibility to update, revise or supplement such information.

Title

It should be noted that valuations are, by definition, forward looking and are therefore subject to risks and uncertainties that may materially affect eventual results. None of Naspers, its affiliates or their respective directors, officers and employees shall accept any liability whatsoever for the consequences of any reliance upon or actions taken or not taken based on any of the information in this consensus summary.

The valuations are produced by the contributing analysts and do not represent nor are based on opinions, estimates or forecasts from Naspers. By presenting the consensus information above, Naspers does not endorse or concur with such analyst information, conclusions or recommendations. Naspers has not verified the information received and none of Naspers, its affiliates or their respective directors, officers and employees make any representation or warranty, express or implied, as to, or accept any responsibility for, the accuracy or completeness of the consensus information. Naspers does not assume any responsibility to update, revise or supplement such information.

Title	Value

Exchange rates - source: Cloudmersive:
USD/ZAR	19.55

Notes

43.1% represents the Naspers free float's economic interest in Prosus's NAV (it is Naspers's intention to maintain the economic interest at 42% over time). 47.3% represents the Naspers free-float's economic interest in assets outside of Prosus (Takealot, Media24 and cash).
Refer to Prosus SotP for more detail.
The valuations of unlisted assets are derived from the average estimates of sellside analysts and post-money valuations on transactions where analyst consensus is not available. The assets included are Takealot (including its subsidiaries Mr D and Superbalist) and Media24. The 10 analysts that participated in this consensus are: Avior, Bank of America Merril Lynch, Barclays, Citi Research, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, SBG Securities and UBS.
The open-ended share repurchase programme is currently underway. For the latest information, please refer to our buyback disclosure.