item is expected to recur to anywhere near the same extent in the financial year to 31 March
2006. As a consequence, headline earnings per share for the year ended 31 March 2006 is not
expected to be more than 5% to 10% higher than last year.
Core headline earnings remains, in the view of your board, an appropriate measure of the
sustainable operating performance of the group as it adjusts for non-recurring and non-
operational items. We refer shareholders to our annual financial statements and to the website
www.naspers.com for an analysis of historic core headline earnings. Given the positive
environment in most of our key markets, we expect core headline earnings to be between
approximately 60% and 70% greater than last year.
Shareholders are also advised that, after years of rapid earnings and cash flow growth, some
strategic investments are required in the year ahead to deliver growth in ensuing years. We
are targeting, in particular, broadband services in Asia and North America, and digital video
broadcast-handheld (“DVB-H”) services in Africa. We plan this in the knowledge that such
investments will reduce short term earnings and cash flow growth. In addition, we plan to
invest in the further organic development of our existing businesses and will pursue new
markets and opportunities.
Further details will be provided in the provisional report, which is due to be released on or
about 27 June 2006. The financial information on which this trading statement is based has
not been reviewed or reported on by the company’s auditors.
14 June 2006
Sponsor: Investec Bank Limited