Portfolio Valuation

Comprehensive asset and liability portfolio valuations are performed by our Business Development valuation team. Certain components of the valuations are performed by an external auditor and Thebe’s portfolio valuation is reviewed by independent valuation experts. The table below shows the values calculated for the different divisions in Thebe as well as some detail on the values of significant assets in the divisions. More detail on valuations will be available during the due diligence process. Thebe Investment Corporation is currently invested in 26 companies at different stages of their maturity. The investments are in public companies listed on the Johannesburg Stock Exchange (“JSE”) and private unlisted companies.