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MVG - Mvelaphanda Group Limited - Minor change in the intrinsic net asset value ("iNAV") of Mvela Group as at 31 December 2010 Mvelaphanda Group Limited Incorporated in the Republic of South Africa Registration number: 1995/004153/06 Ordinary share code: MVG Preference share code: MVGP Ordinary share ISIN: ZAE000060737 Preference share ISIN: ZAE000073540 ("Mvela Group", "the Company" or "the Group") Minor change in the intrinsic net asset value ("iNAV") of Mvela Group as at 31 December 2010 Shareholders are informed that Mvela Group`s total iNAV as at 31 December 2010 is R3.84 per share and not R3.63 as reported in the Company`s interim results announcement on 17 March 2011. The change is in regards to the ABSA iNAV which is R1099m. The updated intrinsic net asset value per ordinary share net of capital gains tax and debt is set out in the table below: 31 December 2010 30 June 2010 Intrinsic
gross asset Intrinsi c value net Per Intrinsi Per
c (after asset share net share asset CGT) Debt value (1), value (2), (3)
(3) Rm Rm Rm R Rm R Absa Group 1099 - 1099 2,08 913 1,96 Life 451 - 451 0,85 2 542 5,46 Healthcare Avusa 593 (373) 220 0,42 (345) (0,74) Group Five 129 - 129 0,24 174 0,37 Mvelaserve 109 - 109 0,21 1 723 3,70 Vox Telecom 62 (262) (200) (0,38) (215) (0,46) Other 25 - 25 0,05 25 0,05 investments Net cash 250 (53) 197 0,37 476 1,02 Total 2 718 (688) 2 030 3,84 5 293 11,36 1. Based on total number of shares in issue on 31 December 2010 net of treasury shares. 2. Based on the fully diluted net number of 465 million ordinary shares, on the assumption that all the preference shares are converted into ordinary shares. (31 December 2009: 465 million ordinary shares). 3. BEE shares issued in June 2007 and December 2010 have not been taken into account in calculating the intrinsic net asset value per ordinary share as the minimum option strike price of R9,18 is greater than the current Mvela Group ordinary share price. 4. The intrinsic net asset value is unaudited and unreviewed. 18 March 2011 Johannesburg Sponsor Deutsche Securities (SA) (Proprietary) Limited Date: 18/03/2011 17:40:08 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
