DBNPAG NOTICE: DISTRIBUTION OF NOVUS HOLDINGS LIMITED SHARES (“NOVUS SHARE/S”) ON NASPERS STUB Deutsche Bank AG, London JSE Code: DBNPAG Short Name: DBSTNPAG Long Name: DB STUBNPAG 18JAN2018 Underlying: Naspers Limited (NPN) Listing Date: 10 August 2017 Expiry Date: 18 January 2018 ISIN: DE000DM097M3 (“Naspers STUB”) NOTICE: DISTRIBUTION OF NOVUS HOLDINGS LIMITED SHARES (“NOVUS SHARE/S”) ON NASPERS STUB 1. Holders of Naspers STUB certificates are advised that Novus Shares will be distributable at the ratio of 0.34588 Novus Shares per Naspers STUB certificate following the unbundling of such Novus Shares by Naspers Limited as detailed in their SENS announcement dated 5 September 2017, titled “Unbundling of Novus Limited shares to Naspers shareholders” (“the Naspers SENS”). 2. In the event that this distribution of Novus Shares results in a fractional share entitlement, Naspers STUB certificate holders are directed to the treatment of “Fractional entitlements” espoused in paragraph 4 of the Naspers SENS, which will be applied in all material respects to this distribution. Without derogating from the full treatment detailed therein, this entitles Naspers STUB certificate holders to Novus Shares in a number rounded down from the fractional entitlement to the nearest whole number, with a cash payment made for the fraction of the Novus Share so rounded down. This cash payment will be determined with reference to the volume weighted average price of a Novus Share traded on the JSE on ex date. 3. Distributions are subject to Securities Transfer Tax at the prevailing market rate calculated on the market close price of a Novus Share on 19 September 2017, being the last day to trade. 4. Holders of Naspers STUB certificates are advised to consult their own taxation advisers on any further tax consequences attaching to this distribution. 5. The following salient dates should be noted: Last day to trade “cum” distribution: Tuesday, 19 September 2017 Securities trade “ex” distribution: Wednesday, 20 September 2017 Announcement expected to be released on SENS in respect of the cash payment applicable to fractional entitlements: Thursday, 21 September 2017 Record date: Friday, 22 September 2017 Naspers STUB Certificate holders’ accounts at CSDP or broker expected to be updated and credited: Tuesday, 26 September 2017 These dates are subject to amendment, particularly resulting from, but not limited to, any change of material dates by Naspers Limited to the Naspers SENS. Any material changes hereto will be released on SENS. 14 September 2017 Manager or Issuer: Deutsche Bank AG, London For further information contact: Tel: +27 11 775 7079 E-mail: caitlin.van-rensburg@db.co.za Date: 14/09/2017 10:35:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.