NET ASSET VALUE OF REINET FUND S.C.A., F.I.S. AS AT 31 MARCH 2018

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 March 2018 as follows:

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

Net asset value statement as at 31 March 2018

As at 31 March 2018, the net asset value ('NAV') of the Fund amounted to € 5 129 million, a decrease of € 567 million from 31 December 2017, which is principally due to the decrease 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 March 2018. The NAV calculation is subject to completion of the year-end audit.

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 March 2018. 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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It is anticipated that the preliminary announcement of the results of Reinet Investments S.C.A. for the year ended 31 March 2018 and its net asset value at that date will be released during the week commencing 21 May 2018.

Reinet Investments Manager S.A.

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