REINET INVESTMENTS S.C.A - Net asset value of Reinet Fund S.C.A., F.I.S. as at 30 September 2025

Net asset value of Reinet Fund S.C.A., F.I.S. as at 30 September 2025

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

COMPANY ANNOUNCEMENT FOR IMMEDIATE RELEASE

NET ASSET VALUE OF REINET FUND S.C.A., F.I.S. AS AT 30 SEPTEMBER 2025

Reinet Investments S.C.A.'s wholly-owned subsidiary, Reinet Fund S.C.A., F.I.S., has today announced its net asset value as at 30
September 2025 as follows:


Quote
    Reinet Fund S.C.A., F.I.S. ('Reinet Fund')
    Net asset value per share as at 30 September 2025
    As at 30 September 2025, the net asset value ('NAV') per share of Reinet Fund amounted to € 38.87 (30 June 2025: € 38.54) based
    on 171.3 million shares in issue.
    The entire ordinary share capital of Reinet Fund of 171.3 million shares is owned by Reinet Investments S.C.A. In addition, 1 000
    management shares in Reinet Fund are held by Reinet Fund Manager S.A.
    As at 30 September 2025, the NAV amounted to € 6 658 million, an increase of € 56 million from 30 June 2025.
    The NAV reflects Reinet Fund's shareholding in Pension Insurance Corporation Group Limited, its other investments and cash
    resources, together with other assets and liabilities. Assets and liabilities have been revalued to their estimated fair values as at 30
    September 2025. The NAV calculation has not been audited.
Unquote

The NAV of Reinet Fund is a substantial element of the consolidated balance sheet of Reinet Investments S.C.A. at 30 September 2025.
However, the consolidated balance sheet of Reinet Investments S.C.A. will reflect other parent company assets and liabilities, including
cash and amounts payable to or receivable from Reinet Fund. As such, the NAV of Reinet Investments S.C.A. may differ from that of
Reinet Fund.

The NAV of Reinet Investments S.C.A. will be published in due course and dividing that value by the total number of shares outstanding
(excluding treasury shares) of 181.8 million will result in a NAV per share for Reinet Investments S.C.A. which will differ from that of
Reinet Fund.

Reinet Investments Manager S.A.
for and on behalf of Reinet Investments S.C.A.

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

21 OCTOBER 2025

Reinet Investments S.C.A. (the 'Company') 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. ('Reinet Fund'), a specialised investment fund also incorporated in Luxembourg. The Company'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. The Company's ordinary shares are included in the 'LuxX' index of the principal shares traded on the Luxembourg Stock Exchange.

REINET INVESTMENTS S.C.A.
R.C.S. LUXEMBOURG B 16 576
LEGAL ENTITY IDENTIFIER : 222100830RQTFVV22S80
REGISTERED OFFICE: 35, BOULEVARD PRINCE HENRI, L-1724 LUXEMBOURG, TEL. (+352) 22 42 10, FAX (+352) 22 72 53
EMAIL: INFO@REINET.COM, WEBSITE: WWW.REINET.COM

Date: 21-10-2025 05:30:00
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