MVELAPHANDA GROUP LIMITED - Mvela Group net asset value update

Mvela Group net asset value update

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

                       MVELA GROUP NET ASSET VALUE (“NAV”) UPDATE

                            INTRINSIC NAV AS AT 30 September 2012


                                                  ZAR          ZAR
                                                 30-Sept-12   31-Aug-12
 NAV (millions)                                     1,182.9        1,948
 Shares in issue (millions)                             521          521
 NAV per share                                         2.27         3.74
 Ordinary share price                                  2.05         3.26
 Ordinary share price discount to NAV                 9.8%        12.9%


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   Based on the net number of shares in issue on 30 September 2012.


Portfolio Performance
The intrinsic NAV per share decreased due to the unbundling of the shares in Times Media Group
Limited (previously Avusa Limited) to Mvela Group Shareholders. The investment portfolio continues
to perform in line with expectations.


8 October 2012
Johannesburg

Sponsor: PSG Capital

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