RECM AND CALIBRE LIMITED - Trading Statement for the six months ended 30 September 2021

Trading Statement for the six months ended 30 September 2021

RECM and Calibre Limited
Incorporated in the Republic of South Africa)
Registration number 2009/012403/06)
Preference share code: RACP
ISIN: ZAE000145041
(“RAC” or "the Company”)

TRADING STATEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021

In compliance with paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a listed company
is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty
exists that the financial results for the next period to be reported on will differ by at least 20% from the
previous corresponding period.

The board of directors of RAC considers the NAV per share of the Company to be the best indicator of
its financial performance.

Shareholders are hereby advised that, for the six months ended 30 September 2021, RAC expects the
NAV per share to be between 1 415 and 1 425 cents. This represents a decrease of between 25.6%
and 25.1% from the NAV per share of 1 902 cents as at 30 September 2020.

The main contributor to the reduction in the NAV per share during this period was a reduction of
R6.79/share which resulted from the distribution of Astoria Investments Ltd. shares to RAC
shareholders in April 2021.

The contents of this trading statement and the financial information on which it has been based have
not been reviewed, audited or reported on by the Company’s auditors.

Shareholders are further advised that the unaudited unreviewed results for RAC for the six months
ended 30 September 2021 are expected to be released on SENS on 28 October 2021.

Cape Town
27 October 2021

Sponsor
Questco Corporate Advisory (Pty) Ltd

Date: 27-10-2021 02:00:00
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