SUM-OF-THE-PARTS VALUE
The sum-of-the-parts (SOTP) value is presented as follows:
Latest reported
R'000 30 June 2018
Financial Services
Prescient * 710,005
Friedshelf (including Cadiz) 69,217
Praxis 20,973
Greenpoint Capital 2,595
Inyosi Solutions 4,931
Industrials and Technology
Torre 208,355
Amecor 398,207
Tellumat 110,971
Corporate Assets
Financial assets 26,647
Loan portfolio 125,134
Venture capital portfolio 29,958
Cash and cash equivalents 39,649
Other assets 36,333
Total assets 1,782,975
Preference share liability (584,392)
Other financial liabilities (26,576)
Trade and other payables (44,509)
SOTP value 1,127,498
Shares in issues ('000) 1,075,032
SOTP value per share (Rand) 1.05
Current Torre share price (Rand) 1.02
Number of Torre shares held ('000) 293,458
SOTP value updated for current Torre share price 1,218,471
SOTP value per share (Rand) updated for current Torre share price 1.13
Refer to the latest published results for details of the underlying assets and liabilities as well as information regarding valuations of investments held at fair value.
* Please refer to the SENS announcement dated 26 July 2018 where Stellar Capital announced the conclusion of a binding term sheet that, after a series of transactions, will result in Prescient becoming an empowered entity, with Prescient Empowerment Trust Proprietary Limited (PET) ultimately becoming the controlling shareholder of Prescient. Stellar Capital will retain an effective 19.4% economic interest in Prescient once all the conditions precedent to the transaction have been fulfilled, as a result of a disposal of Prescient shares and the dilutive effect of Prescient issuing more shares. The total cash proceeds payable to Stellar Capital as a result of the disposal of 24.5% of Prescient are currently estimated to be R384.5 million, which also includes expected price escalations to the closing date of the transaction.

Accuracy of data disclaimer
Although the contents of the SOTP have been compiled with considerable care, it may not be accurate or complete and may also incur technical errors from time to time, which are beyond our control, as a result of share data having been received from third party service providers. The purpose of the SOTP is to assist shareholders and/or investors on a more frequent basis with the SOTP calculation and is not intended for quick investment decisions as it would lag the JSE Ltd share trading platforms by at least 15 minutes. Accordingly, Stellar Capital Ltd does not assume responsibility for the accuracy thereof and therefore disclaims any liability for any loss, liability, damages (whether direct or consequential) or expense of any nature whatsoever which may be suffered as a result of or may be attributable, directly or indirectly, to the use of or reliance upon any information. It is the responsibility of the shareholder and/or investor to confirm the accuracy of the information contained in the SOTP.

Financial advisor disclaimer
The information provided included in the SOTP calculation is for GENERAL INFORMATIONAL PURPOSES ONLY and does not constitute an offer to sell any securities or investment advice relating to securities or a representation that the security is a suitable or appropriate investment for any person. You are advised to give independent consideration to and conduct independent investigation with regards to this information and to obtain investment advice from your independent financial advisors. The purpose of the SOTP is to assist shareholders and/or investors on a more frequent basis with the SOTP calculation and is not intended for quick investment decisions as it would lag the JSE Ltd share trading platforms by at least 15 minutes.