NAV and NAV per share are consistently determined over time in line with the applicable requirements of IFRS (International Financial Reporting Standards). In determining the fair value of all investments, being the hypothetical price at which investments could be sold for in an arm’s length transaction at the point of valuation, the valuation guidelines of IPEV (International Private Equity and Venture Capital) are applied. 

Cash and cash equivalents are valued at their actual balances. Actively traded investments (bonds, debt instruments, funds and listed companies) are fairly valued by using the relevant quoted market prices. Listed equity investments that are held for the long term, are re-valued every six months, using the closing market price. The carrying value of unlisted investments are not adjusted upwards within the first year of entry. Entry transaction valuations are arrived at by using reasonable assumptions and estimations of expected future cash flows and the terminal value, discounted to the present by the appropriate risk-adjusted rate that captures the risks inherent in the projections, including risks associated with relative size and liquidity of the investment. The enterprise value is adjusted for a minority discount and then expressed as a multiple of earnings, the reasonability of which is benchmarked against peer valuations. The entry multiple is carried consistently throughout the life of an investment. However, adequate consideration is given to market or performance factors, that may demand calibrations to a multiple. 

The Investment Committee is tasked with the responsibility of assessing and recommending the fair value of each investment to the Board for final approval and financial reporting at year end.