Reinet Investments S.C.A.
(Incorporated in Luxembourg)
ISIN: LU0383812293
Legal Entity Identifier: 222100830RQTFVV22S80
Code: RNI
(‘the Company’)

MANAGEMENT STATEMENT FOR THE THIRD QUARTER ENDED 31 DECEMBER 2024

The Board of Directors of Reinet Investments Manager S.A. announces the results of Reinet Investments S.C.A. for the
quarter ended 31 December 2024.

 Key financial data
 •          Reinet’s net asset value of € 6.9 billion reflects a compound growth rate of 9.2 per cent
            per annum in euro terms, since March 2009, including dividends paid

 •          The net asset value at 31 December 2024 reflects an increase of € 338 million or 5.1 per cent
            from € 6 591 million at 30 September 2024

 •          Net asset value per share at 31 December 2024: € 38.12 (30 September 2024: € 36.25,
            31 December 2023: € 31.54)
 •          Commitments totalling € 41 million were funded during the quarter, no significant new
            commitments were made

 •          Dividend from British American Tobacco p.l.c. in the quarter amounted to € 31 million

 •          Sale of 5 million British American Tobacco p.l.c. shares in the quarter realising proceeds of
            € 179 million

 •          In January 2025, Reinet sold its remaining 43.3 million shares in British American Tobacco
            p.l.c. realising proceeds of € 1 448 million

This short form announcement is published under the responsibility of the Board of Reinet Investments Manager S.A. and
is a summary of the information in the detailed management statement for the third quarter ended 31 December 2024
available on https://senspdf.jse.co.za/documents/2025/JSE/ISSE/RNIE/RMS31Dec24.pdf and on the Company’s website
www.reinet.com/investor-relations/company-announcements.html. This announcement does not contain full details and
should not be used as a basis for any investment decision in relation to the Company’s shares. The full announcement is
available for inspection, at no charge, at the Company’s registered office and the office of the sponsor during standard
office hours.

The financial data disclosed above relates to Reinet Investments S.C.A. and/or its shares:

                                         JSE share code: RNI                ISIN: LU0383812293
                                                               Sponsor
                                        Rand Merchant Bank (A division of FirstRand Bank Limited)
                                          Cnr Fredman Drive and Rivonia Road, Sandton, 2196
                                                      Telephone: (011) 282 4613
                                                          24 January 2025



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. (‘Reinet Fund’), 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. The Company and Reinet Fund together with Reinet Fund’s subsidiaries are referred to as ‘Reinet’.




Reinet Investments S.C.A.
R.C.S. Luxembourg B 16.576
Legal Entity Identifier : 222100830RQTFVV22S80
Registered office: 35, Blvd Prince Henri, L-1724 Luxembourg, Telephone + 352 22 42 10, Telefax +352 22 72 53
Email: info@reinet.com, website: www.reinet.com