Reinet Investments S.C.A.
(Incorporated in Luxembourg)
ISIN: LU0383812293
Code: RNI
LEI: 222100830RQTFVV22S80


                               COMPANY ANNOUNCEMENT FOR IMMEDIATE RELEASE


NET ASSET VALUE OF REINET FUND S.C.A., F.I.S. AS AT 31 MARCH 2024

Reinet Investments S.C.A.’s wholly-owned subsidiary, Reinet Fund S.C.A., F.I.S. has today announced its
net asset value as at 31 March 2024 as follows:

Quote

  Reinet Fund S.C.A., F.I.S. (‘Reinet Fund’)

  Net asset value per share as at 31 March 2024

  As at 31 March 2024, the net asset value (‘NAV’) per share of Reinet Fund amounted to € 36.11
  (31 December 2023: € 33.47) based on 171.3 million shares in issue.

  The entire ordinary share capital of Reinet Fund of 171.3 million shares is owned by Reinet Investments S.C.A.
  In addition, 1 000 management shares in Reinet Fund are held by Reinet Fund Manager S.A.

  As at 31 March 2024, the NAV amounted to € 6 185 million, an increase of € 451 million from 31 December 2023.

  The NAV reflects Reinet Fund’s shareholding in Pension Insurance Corporation Group Limited, British American
  Tobacco p.l.c., its other investments and cash resources, together with other assets and liabilities. Assets and
  liabilities have been revalued to their estimated fair values as at 31 March 2024. The NAV calculation is subject
  to completion of the year-end audit.

Unquote

The NAV of Reinet Fund is a substantial element of the consolidated balance sheet of
Reinet Investments S.C.A. at 31 March 2024. However, the consolidated balance sheet of
Reinet Investments S.C.A. will reflect other parent company assets and liabilities, including cash and
amounts payable to or receivable from Reinet Fund. As such, the NAV of Reinet Investments S.C.A. differs
from that of Reinet Fund.

The NAV of Reinet Investments S.C.A. will be published in due course and dividing that value by the total
number of shares outstanding (excluding treasury shares) of 181.8 million will result in a NAV per share for
Reinet Investments S.C.A. which will differ from that of Reinet Fund.


Reinet Investments Manager S.A.
for and on behalf of Reinet Investments S.C.A.
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)

26 APRIL 2024
Reinet Investments S.C.A. (the ‘Company’) is a partnership limited by shares incorporated in the Grand Duchy of Luxembourg and having its registered
office at 35, boulevard Prince Henri, L-1724 Luxembourg. It is governed by the Luxembourg law on Securitisation and in this capacity allows its shareholders
to participate indirectly in the portfolio of assets held by its wholly-owned subsidiary Reinet Fund S.C.A., F.I.S., a specialised investment fund also
incorporated in Luxembourg. The Company’s ordinary shares are listed on the Luxembourg Stock Exchange, Euronext Amsterdam and the Johannesburg
Stock Exchange; the listing on the Johannesburg Stock Exchange is a secondary listing. The Company’s ordinary shares are included in the 'LuxX' index
of the principal shares traded on the Luxembourg Stock Exchange.

Reinet Investments S.C.A.
R.C.S. Luxembourg B 16 576
Legal Entity Identifier : 222100830RQTFVV22S80
Registered office: 35, boulevard Prince Henri, L-1724 Luxembourg, Tel. (+352) 22 42 10, Fax (+352) 22 72 53
Email: info@reinet.com, website: www.reinet.com