RECM and Calibre Limited

RECM and Calibre Limited (RAC) is a South Africa-based long-term investment company. RAC makes long-term investments, with the objective of generating high real returns from capital appreciation, investment, income or both. The Company's main objective is to grow the net asset value (NAV) per share of RAC at a high rate over a long period of time. The Company focuses on the acquisition of assets where size, liquidity, regulations, or complexity act as a deterrent to buyers. RAC can invest in any asset (public or private) and in any geography (both inside and outside South African borders). The Company's investments are made through its subsidiary, RAC Investment Holdings (Pty) Ltd. Regarding Capital Management (Pty) Ltd is the investment manager of the Company.