Naspers Limited, incorporated in May 1915, conducts its operations primarily through its subsidiaries and other affiliates. Naspers is a multinational media company with operation in three core segments Electronic Media, Print Media and Corporate Services. Naspers' most significant operations are located in South Africa, with other significant operations located elsewhere in Sub-Saharan Africa, Greece, Cyprus, Netherlands, the United States, Thailand and China. Naspers creates media content, builds brand names around it, and manages the platforms distributing the content. Naspers delivers its content in a variety of forms and through a variety of channels, including television platforms, Internet services, newspapers, magazines and books. Electronic Media The electronic media segment comprises pay-television, Internet and related technology activities and is operated principally through its subsidiary MIH Holdings Limited (MIM Holdings). This segment contributed approximately 67% to Naspers' total revenue during the fiscal year ended March 31, 2005 (fiscal 2005). MIH Holdings owns or operates pay-television and Internet subscriber platforms in Africa, Greece, Cyprus, Thailand and China. MultiChoice South Africa offers a customized M-Net analog terrestrial channel consisting of sport and movies, as well as a digital bouquet consisting of 58 video channels, eight data channels, 40 audio music channels and 20 radio channels. Enhanced television is an interactive application, which allows viewers to use their remote controls and access information related to the content they are viewing. The Company offers terrestrial analog and digital satellite pay-television services to Sub-Saharan Africa, through MultiChoice Africa and various subsidiaries, joint ventures and agents. MultiChoice Africa offers many of the same channels in Sub-Saharan Africa as MultiChoice South Africa offers in South Africa, including those broadcasting exclusive films and popular sports. MultiChoice Africa's digital service features various bouquets with some 54 video channels (including the customized M-Net channel and many major international network channels), 12 data channels and up to 56 audio channels, which are transmitted to 48 countries in Sub-Saharan Africa, and adjacent islands. Naspers offers terrestrial analog and digital pay-television services in Greece and Cyprus, through its subsidiary NetMed NV (NetMed). The digital service in Cyprus, was launched in July 2004. NetMed manages its Mediterranean pay-television business through its subsidiaries, including MultiChoice Hellas and MultiChoice Cyprus Limited, Myriad Development BV, Synergistic Network Development S.A. In Thailand the Company has a joint venture interest in United Broadcasting Corporation Public Company Limited (UBC). UBC's digital satellite and analog cable services each provide the same 50 channels, including its own channels showing movies and sports, major international channels and six major free-to-air networks, in addition to 14 educational channels on the satellite service and digital cable service and seven educational channels on the analog cable service. Naspers conducts most of its Internet business in South Africa through its indirect wholly owned subsidiary M-Web Holdings. M-Web Holdings provides the infrastructure for MultiChoice South Africa's interactive platform. The Company's Internet investments in Thailand comprise M-Web (Thailand) Limited (M-Web (Thailand)), and, through a wholly owned subsidiary, a 62.5% interest in Internet Knowledge Service Center Company, a Thai company that holds a majority stake in an ISP, KSC Commercial Internet Company Limited (KSC Comnet). As of March 31, 2005, the group held an effective economic interest of 40.63% in KSC Comnet and 100% in M-Web (Thailand). The Company has an interest in Tencent Holdings Limited (Tencent), a provider of services based on the QQ instant messaging platform to Tencent Computer and Shiji Kaixuan, the licensed instant messaging operators in China. Tencent's core market is Mainland

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