NET ASSET VALUE OF REINET FUND S.C.A., F.I.S. AS AT 31 DECEMBER

COMPANY ANNOUNCEMENT FOR IMMEDIATE RELEASE

23 JANUARY 2013

NET ASSET VALUE OF REINET FUND S.C.A., F.I.S. AS AT 31 DECEMBER 2012

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 31 December 2012 as
follows:

Quote

Reinet Fund S.C.A., F.I.S. ('the Fund')

Net asset value statement as at 31 December 2012

As at 31 December 2012, the net asset value ('NAV') of the Fund amounted to
EUR 3 825.4 million, a decrease of EUR 118.4 million from 30 September 2012.

This valuation reflects the Fund's shareholding in British American Tobacco
p.l.c., 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 31 December 2012. The NAV calculation has not been audited.

The entire ordinary share capital of the Fund is owned by Reinet Investments
S.C.A. In addition, 1 000 management shares in the Fund are held by Reinet
Fund Manager S.A.

The net asset position of the Fund is a substantial element of the
consolidated balance sheet of Reinet Investments S.C.A. at 31 December 2012.
However, the consolidated balance sheet of Reinet Investments S.C.A. will
reflect other parent company assets and liabilities, including amounts payable
to or receivable from the Fund. As such, the net asset value of Reinet
Investments S.C.A. differs from that of the Fund.

Unquote

Reinet Investments Manager S.A.

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

Reinet Investments S.C.A. 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., a specialised investment fund also incorporated in
Luxembourg. Reinet Investments shares are listed on the Luxembourg Stock
Exchange, its primary listing, and Reinet Investments South African Depository
Receipts are listed in Johannesburg, its secondary listing.

Company Announcement (PDF)

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