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
Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN ISIN: ZAE000015889
("Naspers")
TRADING STATEMENT
AND CAUTIONARY ANNOUNCEMENT
Sponsor
I n v e s t e c B a n k L i m i t e d
( R e g i s t r a t i o n n u m b e r 1 9 6 9 / 0 0 4 7 6 3 / 0 6 )