MVELAPHANDA GROUP LIMITED - MVELA GROUP NET ASSET VALUE (NAV) UPDATE: INTRINSIC NAV AS AT 31 July 2012

MVELA GROUP NET ASSET VALUE (“NAV”) UPDATE: INTRINSIC NAV AS AT 31 July 2012

Mvelaphanda Group Limited
(Incorporated in the Republic of South Africa)
Registration number: 1995/004153/06
Ordinary share code: MVG SJ
Ordinary share ISIN: ZAE000060737
(“Mvela Group” or “the Company”)

10 August 2012

MVELA GROUP NET ASSET VALUE (“NAV”) UPDATE

INTRINSIC NAV AS AT 31 July 2012


                                      ZAR           ZAR
                                  31-July-12    30-June-12
 NAV (millions)                         1,839         1,957
 Shares in issue (millions)               521           521
 NAV per share                           3.53          3.76
 Ordinary share price                    3.35          3.40
 Ordinary share price                                  9.6%
 discount to NAV                         5.1%


Notes

1   All information is unaudited.
2   The intrinsic NAV provides a measure of the underlying value of the Group’s
    assets and does not indicate when the investments will be realised, nor does it
    guarantee the value at which the investments will be realised.
3   For the purposes of determining the intrinsic values, listed investments on
    recognised stock exchanges are valued using quoted bid prices and unlisted
    investments are shown at directors’ valuation.
4   The investment in Avusa Limited is held at R20.07 per share representing the 30
    day VWAP prior to the publication of the Firm Intention Announcement.
5   Based on the net number of shares in issue on 31 July 2012.




Portfolio Summary

Mvela Group’s NAV at 31 July 2012 comprised the following investments:

 Investment                                          ZAR
                                                Millions
 ABSA Group Limited (Batho Bonke)                1,077.8
 Avusa Limited                                     531.3
 Group Five Limited                                 30.0
                                                 1,639.1
 Net cash / (debt)                                 199.9
                                                 1,839.0

Portfolio Performance

The intrinsic NAV per share decreased mainly due to the decrease in the
share price of ABSA Group Limited. The investment portfolio continues to
perform in line with expectations.
Johannesburg

Sponsor: PSG Capital

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