unt NAV never seems to close (chart 1). Pa=t 3 months Naspers crystallized over $12bn realizing impressive returns =3D 5,500x on Tencent and 3.7x on Flipkart. Zero impact on the discount for=2 reasons 1) limited visibility on use of proceeds and no buybacks 2) flow= have not been helpful as South African

count NAV never seems to close (chart 1). Past 3 months Nasp=rs crystallized over $12bn realizing impressive returns = 5,500x on Tence=t and 3.7x on Flipkart. Zero impact on the discount for 2 reasons 1) limite= visibility on use of proceeds and no buybacks 2) flows have not been helpf=l as South African