Trading Statement: Net asset value (“NAV”) per share update for the six months ended 30 September 2015 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: NET ASSET VALUE (“NAV”) PER SHARE UPDATE FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2015 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 they are 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. In this regard, shareholders are advised that, for the six months ended 30 September 2015, RAC expects NAV per share to be between 1950 and 2050 cents. This represents an increase of between 55% and 63% from the NAV per share of 1259 cents as reported at 30 September 2014 and an increase of between 5% and 11% from the NAV per share of 1854 cents as reported in the RAC Integrated Annual Report as at 31 March 2015. 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 advised that the unaudited results for the six months ended 30 September 2015 will be released before the end of October 2015. Cape Town 16 October 2015 Sponsor to RAC Questco (Pty) Ltd Date: 16/10/2015 03:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.