The Directors of Grafton Resource Investments Limited (the "Fund") wish to announce the following Net Asset Value (NAV) for the Fund as at 31 July 2012:

NAV as at 31 July 2012 in accordance with International Accounting Standards (IAS) - US$24.33 per share

NAV as at 31 July 2012 treating the convertible loan note as wholly repayable - US$22.74 per share

NAV is computed on the basis of 1,763,002 shares in issue 

Note: 

The difference between the two NAVs is the treatment of US$2,795,000.00 equity part of the convertible loan notes arising upon the application of IAS being treated as a repayable debt obligation.

The annual management charge will be calculated on the basis of the NAV treating the convertible loan notes as wholly repayable.

This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange