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 30 JUNE 2022

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 30 June 2022 as follows:

Quote

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

  Net asset value per share as at 30 June 2022

  As at 30 June 2022, the net asset value (‘NAV’) per share of Reinet Fund amounted to
  € 33.33 (31 March 2022: € 34.63) 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 30 June 2022, the NAV amounted to € 5 709 million, a decrease of € 223 million from 31 March 2022.

  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 30 June 2022. The NAV
  calculation has not been audited.

Unquote

The NAV of Reinet Fund is a substantial element of the consolidated balance sheet of Reinet
Investments S.C.A. at 30 June 2022. 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)


21 JULY 2022



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
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