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BCK - Blackstar Group SE - Blackstar net asset value update Blackstar Group SE Previously Blackstar Group PLC (Incorporated in England and Wales) (Company number SE 30) (registered as an external company with limited liability in the Republic of South Africa under registration number 2011/008274/10 Share code: BCK ISIN: GB00B0W3NL87 ("Blackstar" or "the Company") BLACKSTAR NET ASSET VALUE ("NAV") UPDATE INTRINSIC NAV AS AT 29 FEBRUARY 2012 GBP ZAR GBP ZAR 29-Feb-12 29-Feb-12 31-Dec-11 31-Dec-11 NAV per share 1.11 13.21 1.00 12.52 Ordinary share price 0.765 9.30 0.715 10.10 Ordinary share price 31% 30% 28% 19% discount to NAV Total net assets 91.3m 1 084.4m 82.0m 1,027.7m Market capitalisation 62.8m 763.4m 58.7m 829.1m 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. 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 29 February 2012 consisted of investments in the following sectors: Sector GBP ZAR % of Millions Millions Gross
Assets Investment Holdings 43.1 511.8 37.6 Health Care 36.8 436.5 32.1 Industrials 20.5 244.0 17.9 Services 10.1 120.4 8.9 Other 4.0 47.5 3.5 114.5 1,360.2 Net debt (23.2) (275.8) 91.3 1,084.4 Portfolio Performance and outlook The intrinsic NAV per share in Pound Sterling increased by 11p since 31 December 2011. The increase was largely due to the strengthening of the South African Rand against Pounds Sterling by 5.5% since 31 December 2011 as well as increases in the value of the Group`s investments in Mvelaphanda Group Limited, Litha Healthcare Group Limited and its Services Derivative Investment. During the period Blackstar announced the acquisition of a 28% interest in Mvelaphanda Group Limited and the disposal of half its interest in Litha Healthcare Group Limited. The disposal represents a 4.58 times return on investment in South African Rand and 5.36 times return in Pounds Sterling, which equates to a 32% IRR and 36% IRR, respectively, over the 5 year holding period. The investment portfolio continues to perform well with good growth prospects for the future. For further information, please contact: Blackstar Group SE John Kleynhans +352 402 505 427 Liberum Capital Limited Chris Bowman / +44 (0) 20 3100 2222 Christopher Britton
PSG Capital (Pty) David Tosi / Willie +27(0) 21 887 9602 Limited Honeyball
Buchanan Jeremy Garcia / +27 (0) 20 7466 5000 Gabriella Clinkard Sponsor: PSG Capital Limited 6 March 2012 London Date: 06/03/2012 09:00:07 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.
