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 YEAR ENDED 31 MARCH 2022

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 reminded that RAC distributed Astoria Investments Ltd shares to RAC shareholders in April 2021, which resulted in a reduction of R6.79 in NAV per RAC share.

Shareholders are therefore advised that, for the year ended 31 March 2022, RAC expects the NAV per share to be between 1 390 and 1 490 cents. This represents a decrease of between 30% and 35% from the NAV per share of 2 133 cents as at 31 March 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 audited results for RAC for the year 31 March 2022 are expected to be released on SENS on or about 29 June 2022.

Cape Town

10 June 2022

Sponsor

Questco Corporate Advisory (Pty) Ltd

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RECM and Calibre Limited published this content on 10 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 June 2022 12:32:04 UTC.