NET ASSET VALUE OF REINET FUND S.C.A., F.I.S. AS AT 31 DECEMBER 2017

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 2017 as follows:

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

Net asset value statement as at 31 December 2017

As at 31 December 2017, the net asset value ('NAV') of the Fund amounted to € 5 696 million, an increase of € 297 million from 30 September 2017, which is principally due to the increase in value of the Fund's investment in British American Tobacco p.l.c. during the period.

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 2017. 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 2017. 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.

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Reinet Investments Manager S.A.

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