BLACKSTAR GROUP SE - Blackstar net asset value (NAV) update

Blackstar net asset value (“NAV”) update

Blackstar Group SE
 (Registered in Malta with registration number SE 4)
 (registered as an external company with limited liability in the Republic of South Africa under
registration number 2011/008274/10)
Share code: BLCK LN and BCK SJ
ISIN: MT0000620105
(“Blackstar” or the “Company”)

7 December 2012

Blackstar Group SE (“Blackstar” or the “Company”)

BLCK LN and BCK SJ


BLACKSTAR NET ASSET VALUE (“NAV”) UPDATE

INTRINSIC NAV AS AT 30 NOVEMBER 2012


                                              GBP            ZAR            GBP             ZAR
                                           30-Nov-12      30-Nov-12       31-Oct-12      31-Oct-12
 NAV per share                                   1.00          14.27            1.02          14.24
 Ordinary share price                            0.79          11.50            0.76          10.74
 Ordinary share price discount to NAV            22%            19%             26%            25%
 Total net assets                              82.2m        1,171.8m          83.7m        1,169.2m
 Market capitalisation                         64.4m          944.0m          62.0m          881.6m

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, determined using the discounted cash flow methodology. This methodology uses
    reasonable assumptions and estimations of cash flows and terminal values, and applies an
    appropriate risk-adjusted discount rate that quantifies the investment’s inherent risk to calculate a
    present value. Given the subjective nature of valuations, the Group is cautious and conservative
    in determining the valuations and has a track record of selling its unlisted investments in the
    ordinary course of business above the levels at which it values them.
4   All amounts have been translated using the closing exchange rates at the end of the relevant
    period.

Portfolio Summary

Blackstar’s NAV at 30 November 2012 comprised investments in the following sectors:

 Sector                                                         GBP            ZAR    % of Gross
                                                            Millions       Millions       Assets
 Health Care                                                    20.6         293.4         35.8%
 Industrials                                                    17.3         246.0         30.0%
 Media                                                          13.9         198.5         24.2%
 Other                                                            5.8          82.4        10.0%
                                                                57.6         820.3       100.0%
 Net cash                                                       24.6         351.5
                                                                82.2       1,171.8



Portfolio Performance and outlook

Since 31 October 2012, the intrinsic NAV per share increased by 0.2% in South African Rand and
declined by 1.8% in Pound Sterling. During the period Blackstar disposed of its investment in New
Bond Capital Limited at a premium of 8.1% to the carrying value at 31 October 2012. The increase in
value was partly offset by the decline in value of Litha Healthcare Group Limited due to the decrease
in its share price. During the period the South African Rand weakened by 6.6% against the Pound
Sterling.

The investment portfolio continues to perform in line with expectations.


For further information, please contact:

Blackstar Group SE                                 Bryan Moyer /                 + 356 2144 6377
                                                  Lesley Micallef

Liberum Capital Limited                         Chris Bowman /               +44 (0) 20 3100 2222
                                              Christopher Britton


PSG Capital (Pty) Limited                      David Tosi / Willie            +27(0) 21 887 9602
                                                      Honeyball

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