Reinet Annual Report 2010 Page 3

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' or `the Fund'), a specialised
investment fund also incorporated in Luxembourg. The Company's shares are listed on the Luxembourg Stock Exchange
and Reinet South African Depository Receipts are listed in Johannesburg. The Company's shares are included in the
`LuxX' index of the principal shares traded on the Luxembourg exchange and the South African Depository Receipts
are included in the JSE `Top 40' Share Index. The Company and the Fund together with the Fund's subsidiaries are
referred to as `Reinet'.

Reinet Investments S.C.A. Annual Report and Accounts 2010

REINET

highlights

Net asset value at 31 March 2010:

2 537 million,

an increase of 37 per cent from 31 March 2009

Net asset value per ordinary share at 31 March 2010:
12.95 (31 March 2009: 9.42)

Continued strong performance of Reinet's investment
in British American Tobacco p.l.c.

Profit for the year:

691 million

New investments with funding commitments of
312 million closed during the year

The investment objective of Reinet is to achieve long-term
capital growth.