PLACEMENT OF NASPERS SHARES

NASPERS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1904/001431/06)
("NASPERS")
PLACEMENT OF NASPERS SHARES
1. INTRODUCTION

INVESTEC BANK LIMITED IS AUTHORISED TO ANNOUNCE THE PLACEMENT OF 16,8 MILLION
NASPERS "N" ORDINARY SHARES ("NASPERS SHARES") TO THE VALUE OF R1 200 MILLION,
WITH OFFSHORE AND LOCAL INSTITUTIONS ("INSTITUTIONS"). THE NASPERS SHARES HAVE
BEEN LISTED ON THE JOHANNESBURG STOCK EXCHANGE.
2. THE PLACEMENT OF NASPERS SHARES
2.1 VENDOR PLACEMENT

NASPERS HAS PLACED 2,8 MILLION NASPERS SHARES AT A PRICE OF R71,50 PER NASPERS
SHARE EQUATING TO R203,4 MILLION, WITH VARIOUS INSTITUTIONS IN TERMS OF A
VENDOR PLACEMENT FOR A LOCAL ACQUISITION MADE.
2.2 THE ISSUE OF NASPERS SHARES FOR CASH

NASPERS HAS ALSO COMPLETED THE SUCCESSFUL PLACEMENT OF 14,0 MILLION NASPERS
SHARES AT A PRICE OF R71,50 PER NASPERS SHARE, EQUATING TO R996,6 MILLION WITH
VARIOUS INSTITUTIONS IN TERMS OF AN ISSUE OF SHARES FOR CASH.
3. FINANCIAL EFFECTS

THE FINANCIAL EFFECTS OF THE ISSUE OF NASPERS SHARES FOR CASH ARE AS FOLLOWS:
                             NOTE  BEFORE   AFTER    CHANGE

                                   (CENTS)  (CENTS)  (%)

HEADLINE EARNINGS PER SHARE  1     (56,4)   (27,3)   51,6

NET ASSET VALUE PER SHARE    2     968,0    1 570,0  62,2
NOTES:

1. THE HEADLINE EARNINGS PER SHARE IN THE "BEFORE" COLUMN IS BASED ON THE
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 1999. THE
HEADLINE EARNINGS IN THE "AFTER" COLUMN IS BASED ON THE ASSUMPTION THAT THE NET
PROCEEDS OF THE ISSUE OF NASPERS SHARES FOR CASH WAS INVESTED FOR A SIX-MONTH
PERIOD AT AN INTEREST RATE AFTER DEDUCTING TAXATION OF 6,72% PER ANNUM.
2. THE NET ASSET VALUE PER SHARE IN THE "BEFORE" COLUMN IS BASED ON THE
UNAUDITED INTERIM RESULTS AS AT 30 SEPTEMBER 1999. THE NET ASSET VALUE IN THE
"AFTER" COLUMN IS BASED ON THE ASSUMPTION THAT THE NET PROCEEDS OF THE ISSUE OF
NASPERS SHARES FOR CASH WAS RECEIVED ON 30 SEPTEMBER 1999.
JOHANNESBURG
22 FEBRUARY 2000
MERCHANT BANK AND PLACEMENT AGENT
INVESTEC CORPORATE FINANCE
INVESTEC BANK LIMITED
(REGISTRATION NUMBER 1969/004763/06)