14 slides from Prosus N.v. Class N's merger presentation, March 2019
Slide 1: Intention to List International Internet Assets on Euronext Amsterdam
INTENTION TO LIST INTERNATIONAL INTERNET ASSETS ON EURONEXT AMSTERDAM
Slide 2: Naspers plans to list its international internet assets on Euronext Amsterdam
Naspers plans to list its international internet assets on Euronext Amsterdam • Naspers intends to list its international internet assets on Euronext Amsterdam with a secondary inward listing on the Johannesburg Stock Exchange (JSE) • The listing will comprise Naspers’ international consumer interne
Slide 3: Naspers has grown rapidly into a Top 10 consumer internet company
Naspers has grown rapidly into a Top 10 consumer internet company Top 10 consumer internet stocks by market cap1 Naspers revenue geographic breakdown2 US$bn 1 000 800 600 400 200 100 South Africa (~4%) Rest of the world (~96%) 0 1 Source: Bloomberg as at 22 March 2019. 2 Based on economic-interest,
Slide 4: Rapid growth has resulted in unique market dynamics
Rapid growth has resulted in unique market dynamics Naspers’ index weight on JSE has quadrupled to an outsized 23% on the JSE SWIX Index Naspers weight in All-Share SWIX (%) Weight of largest company in index (%) 25% 30% 5x the next largest primary listed constituent 25% 23% 20% 20% 15% 15% 11% 10%
Slide 5: Structural market factors have negatively impacted Naspers' valuation
Structural market factors have negatively impacted Naspers’ valuation Size of Naspers on JSE All-Share SWIX Capital outflows vs discount Impact of reducing the discount US$ bn 10 20% 50 30% 45% Addressing market factors presents 45 significant upside. Every 5% pts 40% 5 improvement in the discount e
Slide 6: Naspers is not included in key developed market indices, limiting global investor base
Naspers is not included in key developed market indices, limiting global investor base Top 10 global consumer internet stocks by market capitalizations and index weightings US$ bn Post transaction expected eligibility: AEX25,EuroStoxx 50 1 000 Stoxx Europe 600 Stoxx Europe 50 Stoxx Technology S&P Gl
Slide 7: Why the Euronext Amsterdam?
Why the Euronext Amsterdam? • Euronext markets are the largest, most integrated and proven capital markets in Europe. Euronext Amsterdam has close to thirteen-hundred listed issuers worth close to 3.6 trillion euros in market capitalisation • Connects and integrates all of our European markets and e
Slide 8: Transaction outline
Transaction outline Lifting and shifting market cap from the JSE to Euronext Amsterdam, increasing exposure to additional capital pool Proposed solution (post MCG spin-off) Goal is to reduce Naspers’ weight on the JSE and improve access to 1 global, technology and generalist funds South Africa Forei
Slide 9: A significant step on a long list of moves to create shareholder value
A significant step on a long list of moves to create shareholder value Ongoing priorities Distinct strategic steps Scaling our ecommerce portfolio fast Creation and listing of NewCo 29% YoY organic revenue growth in 1H19 Global consumer internet listing on Euronext Amsterdam Improving our core
Slide 10: Transaction supports ongoing value maximisation
Transaction supports ongoing value maximisation • Naspers represents a truly global 100% online consumer internet company • NewCo listing improves access and investment appeal to global internet investors • Naspers’ size on the JSE and in key FTSE/JSE indices will be reduced, and is expected to redu
Slide 11: Naspers remains committed to South Africa
Naspers remains committed to South Africa Operations Commitments Commitment to invest R4.6bn in South African technology businesses • R3.2bn already committed to the development and funding of existing Naspers technology businesses in SA • Naspers is likely to remain the largest South African compan
Slide 12: Key dates
Key dates ANNOUNCEMENT 25 04 March 19 SERVICE NASPERS YEAR END 31 March 19 FY19 RESULTS 21 SERVICE June 19 EGM TBA 06 SERVICE LISTING TBA July 19 11
Slide 13: Important information
Important information These materials are for information purposes only and are not intended to constitute, and should not be construed as, 04 an offer to sell or a solicitation of any offer to buy or subscribe for any securities of NewCo (the “Securities”). The SERVICE Securities have not been and
Slide 14: Thank You
Thank You