Blackstar net asset value update Blackstar Group SE (Company number SE 4) (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 30 SEPTEMBER 2012 GBP ZAR GBP ZAR 30-Sep-12 30-Sep-12 31-Aug-12 31-Aug-12 NAV per share 1.03 13.82 1.00 13.32 Ordinary share price 0.74 10.19 0.725 9.80 Ordinary share price discount to NAV 28% 26% 28% 26% See through NAV per share 1.05 14.01 1.05 13.97 Total net assets 84.7m 1,134.2m 82.1m 1,093.5m Market capitalisation 60.7m 836.5m 59.5m 804.5m 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 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. 5 All amounts have been translated using the closing exchange rates at the end of the relevant period. Portfolio Summary Blackstar’s NAV at 30 September 2012 comprised investments in the following sectors: Sector GBP ZAR % of Gross Millions Millions Assets Investment Holdings 22.6 301.9 25.2% Health Care 21.5 288.3 24.1% Industrials 18.4 246.0 20.7% Media 14.9 199.8 16.7% Services 7.6 101.2 8.5% Other 4.3 58.1 4.8% 89.3 1,195.3 100.0% Net debt (4.6) (61.1) 84.7 1,134.2 Portfolio Performance and outlook Since 31 August 2012, the intrinsic NAV per share increased by 3.7% in South African Rand and by 3.1% in Pound Sterling, mainly due to increases in the share price of Litha Healthcare Group Limited and Mvelaphanda Group Limited (“MVG”) together with Times Media Group Limited (“TMG”), post the unbundling of MVG’s shares in TMG to its shareholders. The acquisition by TMG of the entire issued ordinary share capital of Avusa Limited, through a scheme of arrangement became operative on 25 September 2012. MVG unbundled its shares in TMG to its shareholders and consequently Blackstar now holds 11.6% of TMG directly. Blackstar is in the process of completing the disposal of its services derivative investment. The disposal proceeds will be applied against the Investec Bank Limited debt facility and any proceeds realised to date have been set off against the outstanding debt balance to arrive at the net debt amount in the table above. The investment portfolio continues to perform in line with expectations 5 October 2012 For further information, please contact: Blackstar Group SE Bryan Moyer / + 356 2144 6377 Lesley Micallef Liberum Capital Limited Chris Bowman / +44 (0) 20 3100 2222 Christopher Britton PSG Capital (Pty) Limited David Tosi / Willie +27(0) 21 887 9602 Honeyball Date: 05/10/2012 08:01:00 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.