UNAUDITED NAV STATEMENT AND RENEWAL OF CAUTIONARY JCI LIMITED (Incorporated in the Republic of South Africa) Registration number 1894/00854/06 Share code: JCD ISIN: ZAE000039681 (Suspended) ("JCI" or "the company") VOLUNTARY ANNOUNCEMENT - UNAUDITED NAV STATEMENT AND RENEWAL OF CAUTIONARY Shareholders are advised that JCI is in the process of finalising Annual Financial Statements for the year ended 31 March 2011, and that the audit for the year ended 31 March 2012 is well advanced. Unaudited net asset value statement An unaudited Net Asset Value ("NAV") Statement of the JCI Group at 23 July 2012 has been prepared and presented below which provides shareholders with the unaudited financial position of JCI at that date. JCI's NAV at 23 July 2012 is approximately R67 million less than the unaudited NAV at 31 October 2011 principally due to the lower than projected Xelexwa settlement, the ongoing running costs of JCI for 9 months and financial support of Boschendal for 9 months. The Board of Directors is assessing the future of JCI and will advise shareholders of any developments in this regard. GROUP NET ASSET VALUE STATEMENT 23 JULY 2012 31 OCT 2011 ASSETS Notes (R000's) (R000's) Listed and unlisted investments 356 326 416 000 Boschendal (Pty) Ltd 1 250 000 250 000 Xelexwa (Pty) Ltd 2 10 000 166 000 Village Main Reef Ltd 3 96 326 - Other assets 29 113 23 542 Legal award 4 6 000 - Cash and cash equivalents 1 577 2 006 Taxation recoverable 5 21 536 21 536 TOTAL ASSETS 385 439 439 542 LIABILITIES Income tax/VAT/CGT payable 5 (20 204) (35 494) Short term loan - Investec 6 (79 042) (47 416) Trade and other payables 7 (5 977) (9 607) TOTAL LIABILITIES (105 223) (92 517) NET ASSETS 280 216 347 025 ISSUED SHARES Number of shares 3 780 509 213 3 780 509 213 Treasury shares (424 242 748) (424 242 748) 3 356 266 465 3 356 266 465 Value per share - Rand R 0.0835 R 0.1034 JCI LIMITED 23 JULY 2012 NOTES TO UNAUDITED NET ASSET VALUE STATEMENT 1 BOSCHENDAL In October 2011 the directors believed that in the existing market conditions R250 million for 62.67% of Boschendal was a reasonable value. In light of prevailing market conditions and current negotiations with a third party, they still believe that a realistic value is R250 million. 2 XELEXWA (PTY) LTD (formerly JAGANDA TRADING) The claim against Xelexwa, which was the subject of arbitration, was settled in March 2012 for 50 000 000 Village Main Reef Limited shares, plus a cash settlement of R10 million, payable in two tranches at the end of September and December 2012. 3 VILLAGE MAIN REEF LIMITED Inclusive of 45 869 218 Village Main Reef shares and the special dividend of 30 cps payable on 6 August 2012. 4 LEGAL AWARD Award against Richtrau and Vulisango in respect of costs incurred in setting aside the attempted liquidation and deregistration of Xelexwa. 5 TAXATION RECOVERABLE /INCOME TAX/VAT/CGT PAYABLE Due to the complexity of the various past and present transactions and settlements in the JCI Group, JCI has sought legal advice on numerous tax issues. The amount owing to or due by JCI to/by SARS will be finally calculated after taking such advice into account. The amount shown as income tax payable is based on an evaluation of such legal advice, which advice is ongoing. 6 LEGAL ACTION - HEMISPHERX The application against the company by Hemispherx Biopharma Limited (refer to the cautionary announcement by the company dated 6 July 2011) is still pending. RENEWAL OF CAUTIONARY ANNOUNCEMENT Further to the cautionary announcement released by JCI on 26 June 2012, shareholders of JCI are advised to continue to exercise caution until such time as a further cautionary announcement is released. Sandton 26 July 2012 Sponsor: Investec Bank Limited Date: 26/07/2012 02:45:00 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.