Results presentation For the financial year ended 31 March 2008 Important information

This presentation contains forward-looking statements as defined in the United States Private Securities Litigation Reform Act of 1995. Words such as “believe”, “anticipate”, “intend”, “seek”, “will”, “plan”, “could”, “may”, “endeavour” and similar expressions are intended to identify such forward-looking statements, but are not the exclusive means of identifying such statements. While these forward-looking statements represent our judgments and future expectations, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from out expectations. These include key factors that cold adversely affect our businesses and financial performance. We are not under any obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements whether as a result of new information, future events or otherwise. Investors are cautioned not to place undue reliance on any forward-looking statements contained herein.

2 Highlights

Financial overview

Operational overview

Outlook

Appendix Group strategy

Operating platforms that link users to media services, content and means of Business strategy communication

Providing entertainment, information, trading opportunities and friends Vision for users wherever the user might be

Packaging media content, building brand names around it, and running Core expertise platforms that distribute media products, selling advertising and managing paying subscribers

4 Business focus

Internet

Pay TV

Print

Technology

5 Financial Highlights

2007 2008 RevenueRevenue (ZARbn) (Rbn) EBITDA (ZARbn) EBITDA Margin (%)

Up 19% Up 15% Down 1%

20.5 25 24 4.9 17.2 4.2

HEPS (ZAR) Core HEPS (ZAR) DPS (ZAR)

Up 24% Up 16% Up 15%

1.80 10.76 11.16 1.56 9.65 8.66

6 Operational highlights

Major focus on Investing in 4 key segments (communication, social networks, e-commerce internet and content). 13 companies mainly across 18 countries

FY08 acquisitions totalled ZAR22bn – cash outflow ZAR17bn. Significant Includes 100% of Tradus, 97% of Gadu-Gadu, 100% of Cloakware and acquisitions 40% of M-Net/SuperSport

Selective disposals Sold Educor, announced disposal of NetMed and M-Web

Solid pay-TV Solid subscriber growth rate (13% YoY) - 246,000 net additions performance Targeting lower income groups through cheaper bouquets

Print media under Print advertising revenue growth slowed to 9% due to tough consumer pressure environment. Maintained 15% share of total SA adspend

Increase in Development costs increased 29% YoY to ZAR1.1bn - specific focus on development costs broadband, internet technologies and mobile TV

7 Highlights

Financial overview

Operational overview

Outlook

Appendix Revenue and operating margin

Revenue ZARbn Mar '07 Mar '08 YoY Change • YoY increase 19%, organic growth 18% Revenue 17.2 20.5 19% • Pay TV revenue increased 22% boosted by 13% subscriber growth Operating profit* 3.7 4.2 15% • Total advertising revenue increased 16% Operating margin 21.4% 20.7%

* Before amortisation, other gains/losses

Operating margin (%) Operating margin 25% • Margin fairly stable despite rapid growth 21.4% 20.7% 19.7% 18.8% • Minor margin erosion in FY08 due to 29% 20% increase in development costs 15%

10%

5%

0% FY05 FY06 FY07 FY08

9 Portfolio Analysis*

Segmental revenue Segmental Development Costs

Pay TV (45%) Pay TV (18%) Technology (4%) Technology (26%) Internet (16%) Internet (27%) Print Media (35%) Print Media (29%)

Geographic revenue Segmental Acquisitions

South Africa (61%) Pay TV (19%) Rest of Africa (13%) Technology (4%) Europe (7%) Internet (76%) Asia (6%) Print Media (1%) South America (11%) Other (2%)

* Assuming all investments are proportionately consolidated, regardless of when the investment/acquisition was made.

10 Development costs

• Pay-TV: Mar '07 Mar '08 YoY – Relates mainly to mobile TV trials ZARm ZARm Change – Reduced spending due to delay in DVBH licensing in SA Pay-TV 260 205 -21% • Internet: – ZAR103m (FY07 ZAR30m) attributed Internet 103 291 +183% to Indian start -up ibibo – ZAR72m attributed to 24.com Technology 290 307 +6% • Print: – Mainly relates to new magazine and Print 223 326 +46% newspaper titles Total 876 1 129 +29%

11 Equity accounted results

Mar '07 Mar '08 YoY ZARm ZARm Change

Tencent 343 615 +79%

Abril 99 150 +52%

Mail.ru - 49 -

Other (1) (42) -

Contribution to core headline earnings 441 772 +75%

12 Summary income statement

Mar '07 Mar '08 ZARm ZARm Revenue 17 218 20 518 Operating profit 3 416 3 878

Finance costs (338) 1 005

Share of equity accounted results 339 654

Impairment of equity investments (176) (279)

Profit on sale of investments 3 16

Income before taxation 3 244 5 274

Taxation (1 185) (1 378)

Profit after taxation 2 059 3 896

Core headline earnings 2 854 3 948 Core headline EPS 965 1 116

13 Income Statement – Special Items

Net finance income amounted to ZAR1bn. Includes interest earned of Finance costs ZAR602m on net cash deposits, mainly on the capital raised in March 2007 and deployed only in the latter half of the year

Impairments Investments in BMC and Titan Media were impaired

The tax charge increased 16% due to higher profitability. The effective tax Taxation rate was 32% (FY07 33%)

NetMed, to be sold, recorded a net profit from operations of ZAR396m Discontinued Educor, sold in October 2007, incurred a net loss from operations of operations ZAR153m and a loss on discontinuance of operations of ZAR82m.

14 Free cash flow

Mar '07 Mar '08 ZARm ZARm Operating cash flow 4 572 5 104 Capex (875) (1 221) Finance leases (330) (340) Tax (1 228) (1 553) Investment income 50 71 Discontinued operations (8) 162

Free cash flow 2 182 2 223

15 Capital Expenditure

Mar '07 Mar '08 YoY Change ZARm ZARm

Internet (excl. associates) 89 113 +27% Pay TV 191 573 +200% - Customer service centres 54 167 - Transmission equipment/studios 51 255 - Other 86 151

Print 550 496 -10% Technology 45 39 -13% Total 875 1 221 +40%

16 Details of acquisitions

Company Effective Total Total Cash Percentage Effective Accounting Method date cost cost outflow acquired holding FCm ZARm ZARm Tradus Mar 2008 £949 15,293 14,608 100% 100% Consolidated

Dayport Feb 2008 $29 227 227 100% 100% Consolidated

Gadu Gadu Dec 2007 € 110 1,126 904 97% 97% Consolidated

Titan - Additional stake Dec 2007 $14 93 93 17.2% 37.4% Equity-accounted

M-Net/SuperSport - Additional stake (*) Dec 2007 n/a 4,138 250 40% 100% Consolidated

Cloakware Dec 2007 $74 505 503 100% 100% Consolidated

Mail.ru - Additional stake Oct 2007 $26 175 175 2.6% 32.6% Equity-accounted

MFD (German mobile TV) Jul 2007 € 11 114 114 37.5% 37.5% Equity-accounted

ACL Wireless Jun 2007 $12 87 87 30% 30% Equity-accounted

IDWay Jun 2007 € 11 98 97 100% 100% Consolidated

Nimbuzz May 2007 € 4 40 40 25% 25% Equity-accounted

Paarl Media - Additional stake Apr 2007 n/a 96 96 2.5% 95% Consolidated

Other Various $38 265 255 n/a n/a Consolidated

TOTAL 22,257 17,449

(*) M-Net/SuperSport settlement: R250m in cash and 21.6m Naspers N shares @ ZAR180/share

17 Net cash flow

Mar '07 Mar '08 ZARm ZARm Free cash flow 2 182 2 223 Net investments (5 292) (17 152) Net dividends (443) (691) Discontinued operations - 51 BEE transactions 821 - Interest 110 588 (2 622) (14 981) Net financing 7 158 9 917 Net cash inflow/(outflow) 4 536 (5 064)

Net cash/(debt) balance 10 490 (3 573)

South African Rand R2 364 1 825 Foreign currency $1 113 (664)

18 Foreign exchange risk

• Foreign currency cost exposure US$ Forward Exchange Cover in SA businesses US$ US$ ZARm • Mainly transponder leases and m rate content rights

• 80% - 100% of foreign currency FY08 96 6.87 660 exposure covered for up to two FY09 167 7.56 1 267 years FY10 147 8.01 1 181 • Increasing offshore earnings reducing net foreign currency exposure

19 Highlights

Financial overview

Operational overview

Outlook

Appendix Naspers Internet Strategy – community based focus

Social Networks Commerce

QQ, Mail.ru, Gadu Gadu, Allegro, Ricardo, QQ, ibibo, MXit, Kalahari.net

Community`

Communication Content

QQ, Gadu Gadu, QQ, Mail.ru, 24.com, MXit, Nimbuzz Sanook!

21 Internet Growth Drivers

69 USA 50 1 60 UK 45 2 56 Czech 12 6 38 Hungary 17 2 34 Poland 14 7 22 Brazil 2 6 21 Russia 3 8 15 China 2 8 12 Ukraine 2 7 9 South Africa 1 3 5 India 2 7

0 10 20 30 40 50 60 70 80 %

Real GDP growth Broadband penetration Internet penetration

22 Internet Assets

23 Internet: Transaction platforms - Tradus Group

• Poland • Switzerland • Czech • Denmark • Hungary • Norway • Russia • Ukraine • Slovakia • Romania • Bulgaria

24 Internet: Allegro & Ricardo

• Acquired 100% for GBP949m (Mar08) EURm* FY06 FY07 FY08 • A leading e-commerce company in Europe Revenue 44.0 67.0 107.0 • Operates in 13 countries EBIT 14.0 23.0 33.0 • # 1 auction site in 9 countries EBIT margin 31.8% 34.3% 30.8%

• 12m+ registered users * Data reflects 100% of results in local currency ** March year-end • Strong top line growth (78% 5yr CAGR) • Sustainable high EBIT margins (>30%) Revenue mix • Benefiting from underdeveloped retail Auction fees infrastructure 2% 3% Fixed price fees • Local focus - different languages and cultures 2% Payment services • Key growth drivers: Price comparison Classified advertising – Increased activity rate of current users 28% – Significant broadband growth ahead

– Strong GDP growth across markets 65%

25 Internet: Allegro & Ricardo

Business model (FY08)

100M 60BN page views €1.6BN GMV* €107M revenue transactions

*GMV = gross merchandise volume

Monetisation rate (%) Financial performance (€m)

0.4 120

100

3.4 80

60 107 40 67 2.8 44 20 33 23 14 0 Mar 06 Mar 07 Mar 08 Total rate: 6.6%

Success fees Listing and promotion Revenue EBIT Other

* Data reflects 100% of results in local currency

26 Internet: Tencent (China)

• Naspers owns 35% Rmb'm* FY05 FY06 FY07 • Contribution to core headline earnings Revenue 1,426 2,800 3,821 ZAR615m EBITDA margin 67.1% 70.8% 70.8% • Included in Hang Seng Index (June 2008) Operating margin 34.0% 41.5% 42.8% • Market leader in China, unparalleled online * Data reflects 100% of results in local currency ** December year-end platforms – QQ Instant Messaging (# 1 online community, 317m active subscribers) – QQ Game portal (#1 mini casual games portal, PCU at 4m) Revenue mix – QQ.com Portal Community and IM 0.2% Online games (#1 portal by page-views and unique visitors) 13% SMS – Wireless portal 4% 2.5G Mobile Voice VAS (Leading portal, strong growth in WAP portal traffic) 2% Advertising 45% Other – Qzone 15% (#1 SNS site by page views, 15m active users)

21%

27 Internet: Mail.ru (Russia)

• Acquired 33% at a cost of US$190m US$’m* FY05 FY06 FY07 • Contribution to core headline earnings Revenue 10.6 29.3 55.8 ZAR49m EBITDA 5.5 18.5 36.0 EBITDA margin 51.9% 63.1% 64.5% • Core offering: E-mail, IM and community Co-operation opportunities being explored • * Data reflects 100% of results in local currency with Molotok (Allegro ) ** December year-end

• #1 Russian language website • 52m unique users Revenue mix • 41m active e-mail boxes (59% CAGR) Display advertising • 13.5m unique users on social networking 2% 5% Barter revenues site Moi Mir 8% Context fees 2% Listing fees • Market leader in display advertising Partnership projects Fee based services 14% Other

1% 68%

28 Internet: Gadu-Gadu (Poland)

PLN’m* FY05 FY06 FY07 • Acquired 97% for €110m (Dec 07)

Revenue 8.2 11.1 20.3 • Leading IM platform in Poland EBITDA 4.0 5.1 9.1 • Co-operation opportunities being explored with Allegro and Tencent EBITDA margin 48.8% 45.6% 44.6% EBIT 3.1 4.6 8.4

* Data reflects 100% of results in local currency • 500 million messages per day ** December year-end • 4m unique visitors per day • 3.7bn monthly page views Revenue mix • 5.9m instant messaging users Display advertising • 3.2m users on social networking site Telecommunication services Moja Generacja 12.0%

88.0%

29 Internet: Rest of operations

• ibibo (India) Contribution by Internet segment

– Local search and community start-up YoY – New license agreement with Tencent ZARm Mar ‘07 Mar ‘08 Change – Development cost R103m (2007:R30m) Revenue 1,143 1,624 42.1% Tradus (3 weeks) - 152 - • 24.com (SA) Gadu-Gadu (3 months) - 23 - – Largest internet publisher in SA 24.com 239 302 26.4% – Active in online classifieds Other 51 51 - – Kalahari.net leading SA online retail destination M-Web 853 1,096 28.5% EBITDA* 19 (64) n/a • Sanook! (Thailand) Tradus (3 weeks) - 63 - – Leading internet portal, 20m page views Gadu-Gadu (3 months) - 6 - – Diversifying revenue streams 24.com (14) (60) n/a Other (192) (316) 64.6% • M-Web (SA and Africa) M-Web 225 243 8.0% – Investigating disposal - focus on connectivity EBITA* (30) (142) n/a

divergent to group strategy * Excludes other gains & losses – Largest ISP in SA - 324,000 subscribers – Largest corporate VSAT base in Africa

30 Pay-TV: South Africa

• Subscriber growth 13% YoY Mar '07 Mar '08 YoY Change • Net additions: Equated subscribers 1,392k 1,570K 12.8% – Equated subs*:178k – PVR: 109k ZARm ZARm – Compact: 152k Revenue** 8,554 10,359 21.1% • Now offering 4 bouquets EBITDA 2,930 3,574 22.0% – Growth strategy targeting lower income groups EBITDA margin 34.3% 33.9% - • PVR growth increasing profitability – 242k subs, 15% of total base ** Includes M -Net/SuperSport before inter -company eliminations • Acquired various rights – 5 year agreements (PSL and rugby) SA Pay TV Subscribers – Increased content costs, especially sports rights 1,600,000 • ICASA awarded 4 new licenses – Uncertain competitive environment 1,200,000

• Mobile TV 1,413,054 800,000 1,206,473 1,033,093 – DVB-H licenses not yet issued 895,346

400,000 * Equated subs includes 47% of Compact and 32% of Select subscribers 252,525 217,440 185,341 156,488 0 Mar 05 Mar 06 Mar 07 Mar 08 Analogue Digital

31 Pay-TV: South Africa – still offering growth momentum

Pay TV penetration as % of TV households SA Pay-TV Subscriber mix

Romania 70 3% 2% 8% Czech Republic 46 16% Poland 39 10% Chile 36 15% Hungary 32 78% Argentina 31 77% Mexico 28 69% Angola 24 58% South Africa 20 Namibia 19 Turkey 16 13 22% Russia 17% 13% Brazil 12 10% India 6 Mar 05 Mar 06 Mar 07 Mar 08 Kenya 4 Zambia 2 Nigeria 1 Analogue DStv PVR Compaq

PVRs – increasing profitability Compact – growth strategy for lower income group

300,000 18% 300,000 18%

250,000 15% 250,000 15%

200,000 12% 200,000 12%

150,000 9% 150,000 9% 241,696 257,805 100,000 185,703 6% 100,000 6% 158,749 133,191 50,000 3% 50,000 106,252 3% 65,522 74,543 27,508 42,833 0 0% 0 0% Mar 06 Sept 06 Mar 07 Sept 07 Mar 08 Mar 06 Sept 06 Mar 07 Sept 07 Mar 08

PVR subscribers % of SA digital base Compact subscribers % of SA digital base

32 Pay-TV: Sub-Saharan Africa

• Strong subs growth (14% YoY) Mar '07 Mar ‘08 % change – despite loss of certain content rights and Equated subscribers 471k 539k 14.4% increased competition

• Net additions: ZARm ZARm – Equated subs: 68k Revenue 2,466 3,056 23.9% – PVR’s: 21k EBITDA 949 1,142 20.3% – Compact: 110k EBITDA margin 38.5% 37.4% - – Focus on local programming – Survivor Africa, West African Idols, Nigerian Big Brother, local football leagues, customised SuperSport channels • Regulatory changes Sub Saharan Pay-TV Subscribers

– Regulations becoming more sophisticated 600,000

• Competition driving up content costs 500,000

• Mobile TV 400,000

300,000 – Launched in Kenya, Nigeria and Namibia 538,706 470,814 – More to come 200,000 384,216 333,781 100,000

0 Mar 05 Mar 06 Mar 07 Mar 08 Digital

33 Pay-TV: Sub-Saharan Africa

Sub-Saharan subscribers – March 08

Nigeria 153,581 Angola 135,004

Other 93,542 Zambia 36,426 Namibia 32,048 Kenya 30,780

Zimbabwe 23,079 Ghana 18,358 Uganda 15,888

0 40,000 80,000 120,000 160,000

Angola Pay-TV subs Nigerian Pay-TV subs

160,000 160,000

120,000 120,000

80,000 80,000 153,581 135,004 114,252 121,937 40,000 83,914 40,000 80,606 90,295 58,471

0 0 Mar 05 Mar 06 Mar 07 Mar 08 Mar 05 Mar 06 Mar 07 Mar 08 Total subscribers Total subscribers

34 Technology

Conditional access - Broadband technologies -

% % ZARm Mar ‘07 Mar ‘08 Change ZARm Mar ‘07 Mar ‘08 Change Revenue 817 1,010 23.6% Revenue 49 71 44.9% EBITDA 73 33 -54.8% EBITDA (203) (159) 21.7% EBITA* 55 10 -81.8% EBITA* (222) (178) 19.8%

* Excludes other gains & losses * Excludes other gains & losses

• Shipped 10.7m units in FY08 • Growth in broadband offering opportunity • 300 customers in 60 countries • Video viewership on internet increasing • Opened operational offices in Japan, • Deepening investment in technology base Singapore, Dubai and Moscow • Broadening content relationships • Developing mobile TV and IPTV • Acquired Dayport • Acquired Cloakware & IDway

35 Print – South Africa

Print • SA consumer spending under pressure YoY • Advertising revenue up 9% YoY (ZAR2.4bn) ZARm FY07 FY08 Change • Initiatives to combat margin pressure Revenue 4,823 5,355 11.0% EBITDA* 787 776 -1.4% – Closed more than 10 titles EBITDA margin 16.3% 14.5% - – Reducing development costs EBITA* 619 575 -7.0% – Drive operational efficiencies * Excludes other gains & losses

• Book publishing Book publishing – Results not comparable due to disposals YoY FY07 FY08 Change – Good performance by publishers and agents Revenue 983 916 -6.8% EBITDA* 119 82 -31.1% EBITDA margin 12.1% 8.9% - EBITA* 111 75 -32.4%

Revenue mix FY08 Circulation – Daily Sun

Advertising 10% Circulation 450,000 Printing 24% 44% 300,000 513,921 Other 400,698 452,368 488,841 150,000 301,865

71,742 22% 0 Mar 02 Mar 04 Mar 05 Mar 06 Mar 07 Mar 08

36 Print - International

Abril – Advertising revenue and Market share • China (Titan and BMC) 800 65% – Largest soccer newspaper in China 600 60% – Portfolio of 7 sports magazines 400 761 636 683 – Looking to capitalise on soccer and Beijing 55% 200 Olympics 0 50% – Tough year for newspapers in China 2005 2006 2007

Advertising revenue (US$m) Market share

• Brazil (Abril) Abril – Summarised Financials

– 30% stake in #1 magazine media company BRL’m Dec '06* Dec '07

– R150m contribution to core headline earnings Revenue 1 537 2 396 – Disposed of pay-TV operations (TVA) EBIT 223 371

– Profit on disposal BRL289m EBIT margin 14.5% 15.5% Net income – continued operations 47 121 – Introduced new internet initiatives

* Data reflects 100% of IFRS results in local currency. FY06 results for 8 months only.

37 Highlights

Financial overview

Operational overview

Outlook

Appendix Outlook

Mixed trading Macro economic environment varied. conditions South Africa tough; BRIC and rest of Africa all growing 5-11%

Solid core Profitable and generating strong cash flows business

Increased Adjust to meet new competitive challenges and protect margins competition

39 Growth Strategy – focusing on emerging markets

Organic growth Build out of existing businesses

Product Continue to develop new technologies and services development

Acquisitive Acquire new growth opportunities growth

40 Highlights

Financial overview

Operational overview

Outlook

Appendix Consolidated income statement

ZAR millions US$ millions Mar '08 Mar '07 Mar '08 Mar '07 Revenue 20,518 17,219 2,867 2,429

Operating profit 3,878 3,416 542 482

Finance costs 1,005 (338) 140 (48)

Share of equity accounted results 654 339 91 48

Profit on sale of investments 16 3 2 1

Impairment of equity investments (279) (176) (39) (25)

Income before taxation 5,274 3,244 736 458

Taxation (1,378) (1,185) (193) (168)

Profit after taxation 3,896 2,059 543 290

Profit from discontinued operations 243 132 34 19

Loss arising on discontinued operations (82) - (11) -

Attributable to: 4,057 2,191 566 309 Naspers shareholders 3,418 1,999 478 282

Minority shareholders 639 192 88 27

4,057 2,191 566 309

42 Pay-TV subscriber numbers

Mar '07 Mar '08 SA - analogue 185,341 156,488 SA - digital 1,206,473 1,413,052 Total SA 1,391,814 1,569,540 Sub-Saharan Africa - analogue - - Sub-Saharan Africa - digital 470,814 538,706 Total Sub-Saharan Africa 470,814 538,706 Africa - analogue 185,341 156,488 Africa - digital 1,677,287 1,951,758 Total Africa 1,862,628 2,108,246 NetMed - analogue 63,728 50,002 NetMed - digital 281,936 312,307 Total NetMed 345,664 362,309 Analogue 249,069 206,490 Digital 1,959,223 2,264,065 Total 2,208,292 2,470,555

43 Foreign exchange risk

Total outstanding FEC's at 31 March 2008:

Maturing within one year: AUD CHF EUR GBP HKD SGD USD '000 '000 '000 '000 '000 '000 '000 Pay television - - 1 214 - - - 159 402

Internet - - - 66 - - 175

Newspapers and magazines - - 2 378 - - - 150

Printing - 82 29 859 - - - 6 600

Books 28 - 130 2 066 541 175 1 165

28 82 33 581 2 132 541 175 167 492

Rand value (ZAR'000) 190 640 345 609 32 495 564 910 1 266 972

Average exchange rate 6.90 7.85 10.29 15.24 1.04 5.20 7.56

Maturing one to two years: EUR USD '000 '000 Pay television - 147 377

Printing 248 -

248 147 377

Rand value (ZAR'000) 3 028 1 180 516

Average exchange rate 12.23 8.01

44 Foreign exchange rates

31 March 2008 31 March 2007

Currency (1FC = ZAR) Average rate Closing rate Average rate Closing rate US Dollar 7.1558 8.1363 7.0889 7.2749

Euro 10.2618 12.8584 9.1703 9.7154

Thai baht 0.2284 0.2584 0.1949 0.2242

Chinese yuan renminbi 0.9660 1.1603 0.8991 0.9406

Brazilian reais 3.9105 4.6615 3.3144 3.5424

British pound 14.3972 16.1577 13.5269 14.3193

• The average rates listed above are only approximate average rates for the year. The group measures separately the transactions of each of its material operations using the particular currency of the primary economic environment in which the operation conducts its business, translated at the prevailing exchange rate on the transaction date.

45 Core headline earnings

Mar '07 Mar '08 ZARm ZARm

Headline earnings 2 560 3 806

Deferred tax assets (30) (244)

Treasury-settled share scheme charges 42 47

Amortisation of intangible assets 173 410

Fair value adjustments & currency translations 109 (71)

Core headline earnings 2 854 3 948

Discontinued operations (26) 48

Core headline earnings from continued operations 2 828 3 996

46 Pay-TV: Greece and Cyprus (NetMed)

• Concluded sale agreements with ForthNet Mar '07 Mar '08 SA for €490m Subscribers 346k 362k - Greece analogue 63k 50k - Greece digital 267k 299k • Greece: - Cyprus digital 15k 14k – 5% subscriber growth to 349k ZARm ZARm – 86% digital, Revenue 1 787 2 057 • Enhanced sports line up, bolstered local EBITDA 307 577 production EBITA* 205 474

* Excludes other gains and losses

• Cyprus: NetMed Pay-TV Subscribers – Subscriber growth -8% – 13.7k subscribers, all digital 400,000

300,000

218,131 259,905 200,000 281,936 312,307

100,000 145,608 114,546 63,728* 50,002 0 'Mar05 'Mar06 'Mar07 'Mar08

* Termination of subscriber agreement Analogue Digital

47 Naspers Group Structure

Naspers Ltd 100% Phuthuma Nathi Welkom Yizani 20% 15% Via Africa Ltd Book publishing 100% 85% 80% 95% Media24 Holdings Ltd MCSA Holdings Paarl Media Holdings Printing 100% 100% Major associated companies M-Net/Super Sport M-Web Holdings MIH Holdings Ltd 30.0%

Abril Printing/Publishing 100% 35.5% Multi Choice Africa 100% Tencent Pay-TV Internet 87.5% Irdeto Conditional Access and 32.6% Broadband Technology Mediterranean Mail.ru Pay-TV Internet

100% 100% 97% 100% 100% 100%

Allegro Ricardo Gadu Gadu ibibo (India) M-Web Thailand M-Web Africa Internet Internet Internet Internet Internet Internet

Note: This is a simplified structure and only shows the significant subsidiary and associated companies

48 Investor Relations Contact Details

Meloy Horn

Office: +27 11 289 3320

Mobile: +27 82 7727 123

E-mail: [email protected]

Website: www.naspers.com

49