Astoria/RECM and Calibre - Distribution of offer document to Astoria shareholders ASTORIA INVESTMENTS LTD RECM AND CALIBRE LIMITED (Incorporated in the Republic of Mauritius) (Incorporated in the Republic of South Africa) Registration number 1297585 C1/GBL Registration number 2009/012403/06 SEM share code: ATIL.N0000 Preference Share Code: RACP JSE share code: ARA ISIN: ZAE000145041 NSX share code: ARO ("RAC") ISIN: MU0499N00007 (“Astoria” or “the Offeree”) DISTRIBUTION OF OFFER DOCUMENT TO ASTORIA SHAREHOLDERS Astoria shareholders are referred to the announcement dated 5 November 2019 in which they were advised that RAC, acting through its wholly-owned subsidiary, Livingstone Investments Proprietary Limited, will make a mandatory offer ("Mandatory Offer") to shareholders of Astoria to acquire the remaining shares not already owned by it, in terms of Rule 33(1)(c) of the Mauritian Securities (Takeover) Rules 2010. Astoria shareholders are advised that a copy of the document setting out details pertaining to the Mandatory Offer (“Offer Document”) has been distributed to Astoria shareholders today, 22 November 2019, to shareholders registered as such on Friday, 15 November 2019. The Offer Document is available on RAC’s website: http://racltd.co.za/prospectus-and-circulars/ The salient dates and times relating to the Mandatory Offer are set out below: 2019 Record date to determine which Astoria shareholders will receive the Friday, 15 November distributed Offer Document Offer Document distributed to Astoria shareholders and distribution Friday, 22 November thereof announced on SENS, SEM and NSX Mandatory Offer opens at 09h00 Mauritian time (07h00 SA time) Monday, 25 November 2020 Last day to trade in Astoria shares in order to participate in the Tuesday, 7 January Mandatory Offer Astoria shares begin trading ex the Mandatory Offer Wednesday, 8 January Record date for the Mandatory Offer Friday, 10 January Mandatory Offer closes at 14h00 Mauritian time (12h00 SA time) time on Friday, 10 January Results of the Mandatory Offer released on SENS, NSX and SEM Monday, 13 January Cash Settlement Monday, 13 January Results of the Mandatory Offer released in the Mauritian and South Tuesday, 14 January African press Notes: 1. Share certificates may not be dematerialised or rematerialised between, Wednesday, 8 January 2020 to Friday, 10 January 2020, both days inclusive. 2. The above dates and times are subject to amendment by RAC. Any such amendment will be released on SENS, SEM and the NSX, and published in the Mauritian and South African press, respectively. 22 November 2019 Mauritius Sponsor and Corporate Advisor to RAC Questco Corporate Advisory Proprietary Limited and Questco Proprietary Limited JSE designated advisor to Astoria Java Capital SEM authorised representative and sponsor to Astoria GB Capital NSX Sponsor to Astoria Cirrus Securities This communique has been issued pursuant to SEM Listing Rule 11.3. The Board of Directors of Astoria accepts full responsibility for the accuracy of the information contained in this communique. Date: 22/11/2019 10:00:00 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.