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

REINET INVESTMENTS S.C.A. (“REINET”) – EXCHANGE RATE APPLICABLE
FOR DIVIDEND PAYABLE IN RESPECT OF ORDINARY SHARES LISTED ON THE
JOHANNESBURG STOCK EXCHANGE

The dividend payable to holders of Reinet ordinary shares listed
on the Johannesburg Stock Exchange (“Reinet South African
Shares”) is payable in rand via central security depository
participants in Strate for all holdings of dematerialised Reinet
South African Shares.

The total dividend of EUR 0.28000 per share from income reserves,
as recommended by Reinet, has been approved by shareholders of
Reinet at the annual general meeting held on Tuesday, 30 August
2022 in Luxembourg.


There is no Luxembourg withholding tax payable on dividends which
may be declared by Reinet.

In 2013 Reinet sought clarification from the South African
Revenue Service (‘SARS’) as to the treatment of any dividends to
be declared by Reinet and paid to holders of depository receipts
issued by Reinet Securities SA in respect of Reinet ordinary
shares. This ruling from SARS was renewed for a further 5 years
on 8 March 2018 in respect of any dividends to be declared by
Reinet and paid to holders of Reinet South African Shares. SARS
confirmed to Reinet that any such dividends would be treated as
‘foreign dividends’ as defined in the Income Tax Act No. 58 of
1962. Accordingly, any such dividends would be subject to South
African dividends withholding tax at 20 per cent in the hands of
holders of Reinet South African Shares unless those holders of
Reinet South African Shares are otherwise exempt from the tax.
Non-resident holders of Reinet South African Shares are required
to fill in the appropriate SARS declaration form, if they wish
to be exempted from the tax.

The exchange rate applicable for the conversion of euro to rand
for payment of the Reinet South African Share dividend is
ZAR 17.02000 : Euro 1. Accordingly, the net dividend payable per
Reinet South African Share is 381.24800 ZAR cents, as set out in
the table below:
             Gross dividend     South African    Net dividend
             per share          dividend tax     per share
             (in ZAR cents)     at 20%           (in ZAR cents)
                                (in ZAR cents)

Total         476.56000              (95.31200)      381.24800
The timetable for the dividend in respect of the Reinet South
African Shares is anticipated to be as follows:

Last date to trade “cum dividend”     Tuesday, 13 September 2022

Trading commences “ex-dividend” from
the commencement of business on    Wednesday, 14 September 2022

Reinet South African Share dividend
record date                            Friday, 16 September 2022

Reinet South African Share dividend
payment date                        Wednesday, 21 September 2022

No cross-border movements of Reinet ordinary shares will be
permitted between the clearing and settlement systems for the
Dutch and Luxembourgish stock exchanges (Euroclear Nederland,
Euroclear Bank and Clearstream) and the clearing and settlement
system for the Johannesburg Stock Exchange (Strate) between
Tuesday, 13 September 2022 and Friday, 16 September 2022, both
days inclusive, and no Reinet South African Shares may be
dematerialised or rematerialised between Wednesday, 14 September
2022 and Friday, 16 September 2022, both days inclusive.

Note to former holders of certificated depository receipts
issued by Reinet Securities SA in respect of Reinet ordinary
shares (“Certificated DRs”):

Upon the automatic cancellation of the depository receipt
programme in December 2017, the holdings of former holders of
Certificated DRs were dematerialised through Computershare
Investor Services Proprietary Limited reflecting Reinet South
African Shares in dematerialised form in a valid account with a
CSDP or broker as specified by the former holder of Certificated
DRs, or, in the absence of such specification, in a nominee
account for the benefit of the former holders of Certificated
DRs, if and to the extent that they held 10 or more depository
receipts. Former holders of Certificated DRs that have not
specified a valid account with a CSDP or broker at the time of
the automatic cancellation of the depository receipt programme
are advised to regularise their accounts with their CSDP by
contacting Computershare Investor Services Proprietary Limited
to surrender their certificates and to obtain assistance and
information on the process they must follow in order to
regularise their holdings and to ensure their bank mandates are
up to date.

Computershare Investor Services Proprietary Limited (‘CIS’)
Rosebank Towers 15 Biermann Avenue
Rosebank 2196
South Africa

Telephone   0861 100 930 or +27 11 373 0017
Email      FICAVerifyElectronic@Computershare.co.za

Former holders of Certificated DRs failing to do so shall not be
entitled to trade their Reinet South African Shares and, without
valid bank mandates recorded, may also not receive their dividend
in respect of their Reinet South African Shares on time.


6 September 2022

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)


Reinet 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. Reinet’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. Reinet’s ordinary shares
are included in the 'LuxX' index of the principal shares traded
on the Luxembourg Stock Exchange.