REASONS FOR INCREASE IN NAV FROM YEAREND TO NOW (25/06/14)

Y/E AS AT 25/06 INCREASE

CASH 128,000,000.00 208,000,000.00 80,000,000.00

DEBTORS 17,400,000.00 30,500,000.00 13,100,000.00

CAPITEC SHARES 131,000,000.00 151,000,000.00 20,000,000.00

MTN SHARES 109,000,000.00 156,000,000.00 47,000,000.00

INVENTORY 534,000,000.00 1,100,000,000.00 566,000,000.00

EXCL MIN INTEREST (125,378,243.00)

NET INCREASE IN NAV 600,721,757.00

NEW NAV ACCORDING TO MR ERIC 889,137,539.00

EXCLUDE MINORITY INTEREST (125,378,243.00)
NEW NET NAV ACCORDING TO MR ERIC 763,759,296.00

ASSUMED NET NAV BEFORE INCREASE (IF WORKED OUT BACKWARDS) 163,037,539.00
REASONS FOR INCREASE IN NAV FROM YEAREND TO NOW (25/06/14)
EXCLUDING ONLY THE PROPERTY

Y/E AS AT 25/06 INCREASE

CASH 128,000,000.00 208,000,000.00 80,000,000.00

DEBTORS 17,400,000.00 30,500,000.00 13,100,000.00

CAPITEC SHARES 131,000,000.00 151,000,000.00 20,000,000.00

MTN SHARES 109,000,000.00 156,000,000.00 47,000,000.00

INVENTORY
EXCL MIN INTEREST

NET INCREASE IN NAV 160,100,000.00

NEW NAV ACCORDING TO MR ERIC 763,759,296.00

EXCLUDING:
PROPERTY (409,000,000.00)

NEW CALCULATED NAV 354,759,296.00

ASSUMED NET NAV BEFORE INCREASE (IF WORKED OUT BACKWARDS) 194,659,296.00

IMPORTANT NOTES
* As understood, the property might be excluded from the NAV and deal. There is no mention made of the loan relating to
** Information needed to calculate the true increase in the NAV is outstanding. The following info at least is needed:
- Loans to/from shareholders and group companies
- Trade and other payables
- Due to the increase in sales (as seen from the increase in debtors and cash) whether the correct provision for tax
made. This will reduce the NAV, but if underestimated it will increase it.
- New loan balances for all loans in note 18 of the AFS. Supporting docs from the banks would be preferred.
***The increase in market value in market related assets (shares) have not been realised yet. This is volatile and should pre
clauses as an adjustment to NAV will be accepted once this assets have been disposed off.
 *

on made of the loan relating to the property.

ng info at least is needed:

her the correct provision for taxes are

banks would be preferred.

t. This is volatile and should prefably included in the
REASONS FOR INCREASE IN NAV FROM YEAREND TO NOW (25/06/14)
EXCLUDING PROPERTY AND THE APPLICABLE LOAN

Y/E AS AT 25/06 INCREASE

CASH 128,000,000.00 208,000,000.00 80,000,000.00

DEBTORS 17,400,000.00 30,500,000.00 13,100,000.00

CAPITEC SHARES 131,000,000.00 151,000,000.00 20,000,000.00

MTN SHARES 109,000,000.00 156,000,000.00 47,000,000.00

INVENTORY *
EXCL MIN INTEREST

NET INCREASE IN NAV 160,100,000.00

NEW NET NAV ACCORDING TO MR ERIC 763,759,296.00

EXCLUDING:
PROPERTY (409,000,000.00)
PROPERTY LOAN 405,000,000.00

NEW CALCULATED NAV 759,759,296.00

ASSUMED NET NAV BEFORE INCREASE (IF WORKED OUT BACKWARDS) 599,659,296.00

IMPORTANT NOTES
* As understood, the property might be excluded from the NAV and deal. There is no mention made of the loan relating to the
** Information needed to calculate the true increase in the NAV is outstanding. The following info at least is needed:
- Loans to/from shareholders and group companies
- Trade and other payables
- Due to the increase in sales (as seen from the increase in debtors and cash) whether the correct provision for taxes a
made. This will reduce the NAV, but if underestimated it will increase it.
- New loan balances for all loans in note 18 of the AFS. Supporting docs from the banks would be preferred.
 of the loan relating to the property.
t least is needed:

correct provision for taxes are

uld be preferred.
REASONS FOR INCREASE IN NAV FROM YEAREND TO NOW (25/06/14)
EXCLUDING SHARE MOVEMENT

Y/E AS AT 25/06 INCREASE

CASH 128,000,000.00 208,000,000.00 80,000,000.00

DEBTORS 17,400,000.00 30,500,000.00 13,100,000.00

CAPITEC SHARES 131,000,000.00 151,000,000.00 ***

MTN SHARES 109,000,000.00 156,000,000.00 ***

INVENTORY 534,000,000.00 1,100,000,000.00 566,000,000.00 *

EXCL MIN INTEREST (125,378,243.00)

NET INCREASE IN NAV 533,721,757.00

NEW NAV ACCORDING TO MR ERIC 822,137,539.00

EXCLUDE MINORITY INTEREST (125,378,243.00)
NEW NET NAV ACCORDING TO MR ERIC 763,759,296.00
EXLUDING THE MOVEMENT IS SHARE MOVEMENTS (67,000,000.00)

ASSUMED NET NAV BEFORE INCREASE (IF WORKED OUT BACKWARDS) 163,037,539.00

IMPORTANT NOTES
* As understood, the property might be excluded from the NAV and deal. There is no mention made of the loan relating to the
** Information needed to calculate the true increase in the NAV is outstanding. The following info at least is needed:
- Loans to/from shareholders and group companies
- Trade and other payables
- Due to the increase in sales (as seen from the increase in debtors and cash) whether the correct provision for taxes a
made. This will reduce the NAV, but if underestimated it will increase it.
- New loan balances for all loans in note 18 of the AFS. Supporting docs from the banks would be preferred.
***The increase in market value in market related assets (shares) have not been realised yet. This is volatile and should prefab
clauses as an adjustment to NAV will be accepted once this assets have been disposed off.
of the loan relating to the property.
east is needed:

orrect provision for taxes are

d be preferred.
olatile and should prefably included in the