Naspers Limited Interim Results

Wednesday, November 26th, 2008
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SOUTH AFRICA — Naspers Limited (JSE: NPN, LSE: NPSN) today announced its interim results for the six months ended September 2008.

The pay-television business again proved its resilience, recording exceptionally strong growth of 171,000 new equated subscribers. The group now has some 2.3 million subscribers in South Africa and the rest of Africa, a 15% increase from the previous year.

During the period Naspers sold its pay-television businesses in Greece and Cyprus for R4,3 billion.

Pay television (Multichoice)

Launched HD PVR in August

Overall, the pay-television segment expanded revenues by 28%, owing to excellent subscriber growth of 171,000 during the period. Operating margins diminished due to costs of growing the subscriber base and strengthening our products.

In South Africa the subscriber base grew by 79,000 net equated subscribers to 1,649,000. The mid-priced Compact bouquet delivered firm growth to 369,000. A slowdown in consumer spending impacted
advertising revenues, which showed a marginal decline.

South Africa ('000)     Sep '06   Mar '07   Sep '07   Mar '08   Sep '08  YoY Change
                       --------  --------  --------  --------  --------  ----------
Equated subscribers*      1,312     1,391     1,473     1,569     1,649         12%

* Equated subs includes 47% of Compact and 32% of Select subscribers

In sub-Saharan Africa a focus on local content and our coverage of the Olympics delivered exceptional growth of 92,000 net equated subscribers, taking the cumulative base to 630 000. The Compact bouquet stands at 247,000. More competition across the continent is reflected in higher prices for content and subsequently lower margins.

Sub Sahara ('000)       Sep '06   Mar '07   Sep '07   Mar '08   Sep '08  YoY Change
                       --------  --------  --------  --------  --------  ----------
Equated subscribers         422       471       500       539       630         26%

Mobile TV licences were obtained in Ghana, Kenya,Namibia and Nigeria. Construction of DVB-H networks in these markets continues.


Irdeto shipped 8.3m units in 1H FY08; Anticipate tough trading conditions 2H

Irdeto continued to build its conditional access business, delivering over 8.3 million units in the period. Overall revenue increased by 51%, thanks to organic growth and the inclusion of acquisitions. The Entriq business was integrated into the Irdeto group, now bringing all our technology businesses under one umbrella. The inclusion of new acquisitions and development costs in the Entriq and BSS businesses have seen operating profit before amortisation and other gains/losses decrease by 29%.

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