NEW BOND CAPITAL LIMITED - New Bond Capital Net Asset Value (Nav) Update

New Bond Capital Net Asset Value (“Nav”) Update

New Bond Capital Limited
(Previously Mvelaphanda Group Limited)
Incorporated in the Republic of South Africa)
Registration number 1995/004153/06
Share code: NBC
ISIN: ZAE000170726
(“New Bond Capital” or “the Company” or “the Group”)

NEW BOND CAPITAL NET ASSET VALUE (“NAV”) UPDATE

INTRINSIC NAV AS AT 31 October 2012


                                                                   ZAR                       ZAR
                                                              31-Oct-12                30-Sept-12
    NAV (millions)                                              1,178.4                   1,182.9
    Shares in issue (millions)                                      521                       521
    NAV per share                                                  2.26                      2.27
    Ordinary share price                                           2.09                      2.05
    Ordinary share price discount to NAV                          7.6%                      9.8%


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 31 October 2012.


Portfolio Performance

The intrinsic NAV per share decreased marginally due to the decrease in value in its investment in
Batho Bonke. The net asset value of Batho Bonke is now largely cash or near cash and the proceeds
are expected to be distributed to shareholders in the near term. The investment portfolio continues to
perform in line with expectations.


8 November 2012
Johannesburg

Sponsor
PSG Capital (Pty) Limited

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