Net Asset Value (‘NAV’) update for the first quarter ended 30 June 2013 BRAIT SE (Registered in Malta as a European Company) (Registration No.SE1) Share code: BAT & ISIN: LU0011857645 Share code: BATP & ISIN: MT0000680208 (‘the Company’) NET ASSET VALUE (‘NAV’) UPDATE FOR THE FIRST QUARTER ENDED 30 JUNE 2013 Shareholders of the Company are advised that: - NAV per share as at 30 June 2013 increased by 4.6% to R27.86 for the quarter (31 March 2013:R26.64 per share); - Total NAV increased by R615 million to R14.073 billion (31 March 2013: R13.458 billion); - Pepkor continues its strong trading resulting in a 4.5% increase in carrying value for the quarter; - Premier Foods valuation increased by 23.3% as a result of an increase in shareholder funding advanced by the Company to fund acquisitive growth; - Iceland Foods valuation increased by 15.3%, resulting from strong cash flow generation (8% increase in GBP carrying value) and the weakening of the GBP/Rand exchange rate from R14.04 to R15.03; - Valuation multiples for these investments remain unchanged; - The Company had a successful preference share tap issue by way of private placement to select investors and raised R500 million on 25 June 2013. The proceeds were used to settle borrowings and most of the balance applied to acquisition funding for Premier Foods; and - Operating costs of the Company remain in line with performance targets. NAV Analysis: 30-Jun-13 31-Mar-13 R'm R'm Investments 14,098 13,114 Pepkor 9,699 9,278 Premier Foods 1,804 1,463 Iceland Foods 1,670 1,449 Other investments (including PE fund) 925 924 Loan receivable 1,429 1,399 Cash and cash equivalents 525 503 Property and equipment 10 10 Accounts receivable 44 115 Total Assets 16,106 15,141 Borrowings - (141) Deferred tax liability (22) (22) Accounts payable (50) (51) Total Liabilities (72) (214) Preference share equity (1,961) (1,469) Net Asset Value 14,073 13,458 Number of issued shares ('mil) excluding treasury shares 505.2 505.2 Net asset value per share 27.86 26.64 The financial information on which this trading statement is based has not been reviewed and reported on by the Company’s external auditors. For and on behalf of the Company’s Board of Directors Phillip Jabulani Moleketi Non-Executive Chairman 23 July 2013 The Company is primarily listed on the Euro MTF market of the Luxembourg Stock Exchange and secondarily listed on the Johannesburg Stock Exchange. Sponsor RAND MERCHANT BANK (a division of FirstRand Bank Limited) Date: 23/07/2013 07:05:00 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.