Directorate Change

1 Apr 2008 16:33

Naspers Limited01 April 2008 NASPERS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1925/001431/06) JSE share code: NPN ISIN: ZAE000015889 LSE ADS code: NPSN ISIN: US 6315121003 REAPPOINTMENT OF JP BEKKER AS CHIEF EXECUTIVE DISCLOSURE IN COMPLIANCE WITH RULES 3.63 - 3.74 OF THE JSE LISTINGS REQUIREMENTS The Naspers board is pleased to announce the reappointment of Mr Koos Bekker aschief executive of the company for a fixed-term period of five years, commencingon 1 April 2008. Furthermore, the directors of the company resolved to,pursuant to the company's articles of association, appoint him as managingdirector. The employment contract was concluded on substantially the same terms andconditions as for the previous term. To create focus on building long-termshareholder value, no salary or bonus of any sort will be paid. No pension ormedical aid or car scheme of any type will apply. Upon termination of thecontract, no payments will be made. The sole benefit consists of an offer made on the day before assuming duty, i.e.on 31 March 2008, of an option in terms of the rules of the Naspers LimitedShare Trust to acquire 11 687 808 Naspers N ordinary shares, as before equal to3% of the company's outstanding shares. The purchase price was set at theclosing price of a Naspers N ordinary share on 31 March 2008, ie R141,00, butincreased by anticipated inflation over the course of the vesting periods of thethree tranches. Inflation expectations were calculated by the Bureau forEconomic Research of Stellenbosch University. The offer is divided into three tranches and vesting will taking place over afive-year period. The first tranche will vest at the end of year three at apurchase price per share of R167,23, the second a year later at a purchase priceper share of R176,11 and the last at the end of year five at a purchase priceper share of R185,56. Mr Bekker has accepted the offer. The nature of hisinterest is a direct, beneficial interest. Clearance has been received in terms of paragraph 3.66 of the JSE ListingsRequirements. Cape Town 1 April 2008 This information is provided by RNS The company news service from the London Stock Exchange