RECM AND CALIBRE LIMITED - Trading statement for the six months ended 30 September 2023

Trading statement for the six months ended 30 September 2023

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 SIX MONTHS ENDED 30 SEPTEMBER 2023

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 net asset value ("NAV") per share of the Company
to be the best indicator of its financial performance.

Shareholders are hereby advised that, as at 30 September 2023, RAC expects the NAV per
share to be between 1 200 and 1 240 cents. This represents a decrease of between 32% and
30% from the NAV per share of 1 764 cents as at 30 September 2022.

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 results for RAC for the six months ended
30 September 2023 are expected to be released on SENS on or about 30 October 2022.


Cape Town
24 October 2023

Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 24-10-2023 11:40:00
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