RECM AND CALIBRE LIMITED - Joint Announcement Update on Transaction

Joint Announcement – Update on Transaction

ASTORIA INVESTMENTS LTD                        RECM AND CALIBRE LIMITED
(Incorporated in the Republic of Mauritius)    (Incorporated in the Republic of South Africa)
Registration number 129785 C1/GBL              Registration number 2009/012403/06
SEM share code: ATIL.N0000                     Preference Share Code: RACP
JSE share code: ARA                            ISIN: ZAE000145041
ISIN: MU0499N00015                             ("RAC")
(“Astoria”)

JOINT ANNOUNCEMENT – UPDATE ON TRANSACTION

Shareholders are referred to the circular dated 1 December 2020 (“the Circular”), and the
announcements published on SENS in relation thereto, the last of which was dated 1 December 2020,
wherein shareholders were advised that Astoria had entered into an agreement with RAC Investment
Holdings Proprietary Limited (“RACIH”) to acquire:

    - a portfolio of assets (“the Investment Portfolio”) from RACIH in exchange for 83 new Astoria
      shares; and
    - RACIH’s interest in JB Private Equity Investors Partnership in exchange for 17 new Astoria
      shares,
(collectively “the Acquisition”).

Astoria and RAC are pleased to advise their respective shareholders that all remaining conditions
precedent to the Acquisition, as detailed in the Circular, have now been fulfilled and that the
Acquisition has become unconditional.

Further announcements relating to the Distribution (as defined in the Circular) will be made in due
course.


15 December 2020
Mauritius

Corporate Advisor and Transaction Sponsor to RAC
Questco Proprietary Limited

JSE Transaction Designated Advisor to Astoria
Questco Proprietary Limited

Company Secretary
Clermont Consultants (MU) Limited

Date: 15-12-2020 09:00:00
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