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Johannesburg – The net asset value of Reinet Investments S.C.A (REI) at the end of the third quarter ended 31 December 2012 was EUR 3.819 billion‚ a decrease of 3% cent from 30 September 2012‚ the company said in a management statement on Friday.

Net asset value per ordinary share at 31 December 2012 was EUR 19.49 (30 September 2012: EUR 20.10).

The sale of five million British American Tobacco shares in the quarter under review realised EUR 201 million.

The proceeds will be used to fund Reinet’s continuing investment programme‚ including the commitment to invest a further GBP 300 million in Pension Corporation Group Limited.

Reinet continues to hold some 79.3 million shares in BAT‚ representing 4.1 per cent of BAT’s issued share capital. At 31 December 2012‚ the value of the holding amounted to EUR 3.048 million‚ being 79.7% of Reinets net asset value at that date. BAT’s share price at 31 December 2012 was GBP 31.20 (30 September 2012 GBP 31.78).

No dividends were received from BAT during the quarter under review.

Reinet holds cash on deposit principally in European banks and in a liquidity fund holding highly rated short-term commercial paper. - I-Net Bridge