Blackstar Net Asset Value (“Nav”) Update Blackstar Group SE Registered in Malta with registration 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: BLCK LN and BCK SJ ISIN: MT0000620105 (“Blackstar” or the “Company” or “the Group”) BLACKSTAR NET ASSET VALUE (“NAV”) UPDATE INTRINSIC NAV AS AT 31 OCTOBER 2012 GBP ZAR GBP ZAR 31-Oct-12 31-Oct-12 30-Sep-12 30-Sep-12 NAV per share 1.02 14.24 1.03 13.82 Ordinary share price 0.75 10.74 0.74 10.19 Ordinary share price discount to NAV 26% 25% 28% 26% See through NAV per share 1.04 14.48 1.05 14.01 Total net assets 83.7m 1,169.2m 84.7m 1,134.2m Market capitalisation 62.0m 881.6m 60.7m 836.5m 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 New Bond Capital Limited (Previously 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 31 October 2012 comprised investments in the following sectors: Sector GBP ZAR % of Gross Millions Millions Assets Health Care 22.6 315.3 27.3% Investment Holdings 22.0 307.8 26.7% Industrials 17.6 246.0 21.3% Media 14.7 205.7 17.8% Other 5.7 78.8 6.8% 82.6 1,153.6 100.0% Net cash 1.1 15.6 83.7 1,169.2 Portfolio Performance and outlook Since 30 September 2012, the intrinsic NAV per share increased by 3.1% in South African Rand and declined by 1.2% in Pound Sterling. The increase in the intrinsic NAV per share in South African Rand was mainly due to increases in the share price of Litha Healthcare Group Limited, New Bond Capital (Previously Mvelaphanda Group Limited) (“NBC”) and Times Media Group Limited (“TMG”), while the decline in Pound Sterling was due to a weakening of the South African Rand against the Pound Sterling by 4.7%. During the period Blackstar completed the disposal of its services derivative investment. The disposal proceeds were applied against the Investec Bank Limited debt facility. All cash proceeds are held in Pound Sterling. The investment portfolio continues to perform in line with expectations 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 8 November 2012 Date: 08/11/2012 09:00:00 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.