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”) 7 December 2012 Blackstar Group SE (“Blackstar” or the “Company”) BLCK LN and BCK SJ BLACKSTAR NET ASSET VALUE (“NAV”) UPDATE INTRINSIC NAV AS AT 30 NOVEMBER 2012 GBP ZAR GBP ZAR 30-Nov-12 30-Nov-12 31-Oct-12 31-Oct-12 NAV per share 1.00 14.27 1.02 14.24 Ordinary share price 0.79 11.50 0.76 10.74 Ordinary share price discount to NAV 22% 19% 26% 25% Total net assets 82.2m 1,171.8m 83.7m 1,169.2m Market capitalisation 64.4m 944.0m 62.0m 881.6m 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 All amounts have been translated using the closing exchange rates at the end of the relevant period. Portfolio Summary Blackstar’s NAV at 30 November 2012 comprised investments in the following sectors: Sector GBP ZAR % of Gross Millions Millions Assets Health Care 20.6 293.4 35.8% Industrials 17.3 246.0 30.0% Media 13.9 198.5 24.2% Other 5.8 82.4 10.0% 57.6 820.3 100.0% Net cash 24.6 351.5 82.2 1,171.8 Portfolio Performance and outlook Since 31 October 2012, the intrinsic NAV per share increased by 0.2% in South African Rand and declined by 1.8% in Pound Sterling. During the period Blackstar disposed of its investment in New Bond Capital Limited at a premium of 8.1% to the carrying value at 31 October 2012. The increase in value was partly offset by the decline in value of Litha Healthcare Group Limited due to the decrease in its share price. During the period the South African Rand weakened by 6.6% against the 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 Date: 07/12/2012 11:30:00 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.