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 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.