BLACKSTAR NET ASSET VALUE (“NAV”) UPDATE : INTRINSIC NAV AS AT 31 JULY 2012 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: BLCK LN and BCK SJ ISIN: MT0000620105 (“Blackstar” or the “Company”) 10 August 2012 Blackstar Group SE (“Blackstar” or the “Company”) BLACKSTAR NET ASSET VALUE (“NAV”) UPDATE INTRINSIC NAV AS AT 31 JULY 2012 GBP ZAR GBP ZAR 31-Jul-12 31-Jul-12 30-Jun-12 30-Jun-12 NAV per share 1.04 13.49 1.03 13.18 Ordinary share price 0.708 9.80 0.730 9.87 Ordinary share price discount to NAV 32% 27% 29% 25% See through NAV per share 1.05 13.61 1.06 13.61 Total net assets 85.5m 1,107.0m 84.3m 1,082.3m Market capitalisation 58.1m 804.5m 59.9m 810.2m 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 The investment in Litha Healthcare Group Limited has been valued at R3.75 per share, being the quoted bid price on 7 August 2012, post Litha’s trading operational and strategic update announcement on 2 August 2012. 5 The Group’s investment in Mvelaphanda Group Limited trades at a discount to its NAV. The see through NAV has been presented, which is the NAV as reported above, adjusted for the estimated discount. 6 All amounts have been translated using the closing exchange rates at the end of the relevant period. Portfolio Summary Blackstar’s NAV at 31 July 2012 comprised investments in the following sectors: GBP ZAR % of Sector Millions Millions Gross Assets Investment Holdings 38.1 492.7 40.8% Health Care 21.1 273.7 22.6% Industrials 19.0 246.0 20.3% Services 10.6 137.6 11.3% Other 4.7 60.4 5.0% 93.5 1,210.4 100.0% Net debt (8.0) (103.4) 85.5 1,107.0 Portfolio Performance and outlook Since 30 June 2012, the intrinsic NAV per share increased by 2.3% in South African Rand and by 1.5% in Pound Sterling. The investment portfolio continues to perform in line with expectations. For further information, please contact: Blackstar Group SE Bryan Moyer +356 2248 6203 Liberum Capital Limited Chris Bowman / +44 (0) 20 3100 2222 Christopher Britton PSG Capital David Tosi / +27(0) 21 887 9602 Willie Honeyball Date: 10/08/2012 09:10:00 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.