Naspers Limited - Trading statement and cautionary announcement

Naspers Limited - Trading statement and cautionary announcement                 
Naspers Limited                                                                 
(Incorporated in the Republic of South Africa)                                  
(Reg. No 1925/001431/06)                                                        
Share Code: NPN                                                                 
ISIN: ZAE000015889                                                              
("Naspers")                                                                     
Trading statement and cautionary announcement                                   
Shareholders are advised that it is anticipated that earnings for the financial 
year ending 31 March 2004 will be substantially higher, albeit it off a low     
base, than those of last year ("substantially" being an increase of greater than
30% as defined in the JSE Listings Requirements). As some of our businesses are 
mature or approaching maturity, the board cautions that earnings growth may be  
slower in subsequent periods.                                                   
As the forecast has not been reviewed or reported on by Naspers" auditors,      
shareholders are advised to exercise caution when dealing in Naspers shares     
until the release of the preliminary announcement of results for the financial  
year ending 31 March 2004, which are expected to be published on or about 30    
June 2004.                                                                      
Cape Town                                                                       
20 February 2004                                                                
Sponsor:Investec Bank Limited                                                   
Date: 20/02/2004 04:00:04 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department