Summarised Unaudited Results for the Nine Months ended 30 September 2021

ASTORIA INVESTMENTS LTD (Incorporated in the Republic of Mauritius) (Registration number 129785 C1/GBL) SEM share code: ATIL.N0000

JSE share code: ARA

ISIN: MU0499N00015 ("Astoria" or "the Company")

SUMMARISED UNAUDITED RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2021

Astoria is a global investment company which aims to grow its net asset value per share at a high compounded rate over time in US Dollar ("$" or "USD") terms. Astoria has primary listings on the Stock Exchange of Mauritius ("SEM") and the Alternative Exchange ("AltX") of the JSE Limited ("JSE"). The Company's results are reported in both $ and South African Rands ("R").

These summarised unaudited results for the quarter and nine months ended 30 September 2021 ("Results") are issued in terms of section 12.18 of the SEM listing rules.

Astoria's valuation policy is to perform detailed valuations of unquoted investments for interim results (June each year) and year end results (December each year). At all other times, unquoted values are kept unchanged, except in instances where developments require a material change in value, which is applied without delay. Price changes for listed investments and currencies are reflected on an ongoing basis.

NET ASSET VALUE

As at 30 September 2021, Astoria's Net Asset Value ("NAV") per share amounted to 57.05¢ or R8.59. This represents a decline of 7.2% in USD and 2.4% in Rand for the third quarter. During the first nine months of the year, the NAV per share has increased by 22% in US$ and 25% in Rand.

No material adjustments have been made to the fair values of the unquoted investments as at 30 September 2021 from those determined at 30 June 2021 as the fair values are still considered to be appropriate.

As of 30 September 2021, the NAV was made up as follows*:

Directors' fair value			% of $	Directors' fair value
ZAR(m)			NAV		$(m)
31 Dec	30 Sep		%	30 Sep	30 Sep		31 Dec
2020	2021	Investment	Ownership	2021	2021		2020
354.1	439.1	Core Investments		88.6%	28.7		24.2
113.0	191.7	Outdoor Investment Holdings	33.0%	39.2%	12.7		7.7
60.3	66.6	Afrimat	1.1%	13.6%	4.4		4.1
53.5	53.7	Trans Hex	35.7%	11.1%	3.6		3.7
46.2	46.6	RAC Preference shares	8.8%	9.6%	3.1		3.2
38.0	41.6	Vehicle Care Group	49.9%	8.6%	2.8		2.6
43.1	38.9	ISA Carstens	49.0%	6.5%	2.1		2.9
17.3	33.1	Portfolio Investments		8.3%	2.7		1.2
-	18.9	Astoria shares (via equity swap)	7.4%	4.0%	1.3		-
17.3	14.2	Astoria Treasury, Management & Other	100.0%	4.3%	1.4		1.2
17.5	17.6	Cash & Equivalents		3.7%	1.2		1.2
(1.3)	(2.3)	Liabilities		(0.6%)	(0.2)		(0.1)
387.5	487.5	Net Asset Value		100%	32.4		26.5
R6.83	R 8.59	Net Asset Value per share			57.05 ¢		46.6 ¢

• Equity and loan amounts are grouped according to investment to provide a better understanding of the amount of capital allocated to each opportunity.

Applicable currency exchange rates:

Exchange rates used in the conversion	30 Sep 2021	31 Dec 2020	30 Sep 2020
from $ to R	(9 months)	(12 months)	(9 months)
Closing exchange rate used as at	15.05	14.65	16.70
Average exchange rate used for the period	14.57	16.46	16.74
ended
Average exchange rate used for the month	-	14.90	-
of December (FV movement of
investments purchased from RAC IH)
Exchange rate at which investments	-	15.44	-
purchased from RAC IH were recognized at

Prospects

Astoria remains in a strong position. It owns a collection of well-managed businesses, which are in a position to grow and return capital. We continue to expect a growing dividend stream from them. Together with our ungeared balance sheet, this provides Astoria with flexibility.

Whilst the Company is entitled to pay dividends to shareholders, dividend distributions are not likely in the near term as the objective of the Company is to achieve long-term capital growth. Accordingly, no dividends have been declared or paid for the quarter and nine months ended 30 September 2021.

SUBSEQUENT EVENTS

There have been no significant events subsequent to the reporting date.

BASIS OF PREPARATION

These results have been prepared in accordance with the measurement recognition requirements of International Financial Reporting Standards ("IFRS"), IAS34 - Interim Financial Reporting, the SEM Listing Rules, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, Financial Pronouncements as issued by Financial Reporting Standards Council, the Securities Act of Mauritius 2005 and the JSE Listings Requirements.

ACCOUNTING POLICIES

These Results were approved by the board of directors of Astoria ("Board") on 27 October 2021. The Results below have not been reviewed or reported on by the Company's external auditors, Ernst and Young. The accounting policies adopted are in accordance with IFRS and are consistent with those published in the audited financial statements for the year ended 31 December 2020 except for changes in IFRS applicable from 1 January 2021. These Results have been prepared in terms of Investment Entity principles of IFRS 10 - Consolidated Financial Statements.

By order of the Board

Mauritius - 28 October 2021

NOTES

Copies of this report are available to the public, free of charge, from the registered office of the Company, 7 Uniciti Office Park, Black River Road, Bambous, Republic of Mauritius or by sending an email to [e-mail].

Copies of the statement of direct or indirect interest of the Senior Officers of the Company pursuant to rule 8(2)(m) of the Securities (Disclosure of Obligations of Reporting Issuers) Rules 2007 are available to the public upon request to the Company Secretary from the Registered Office of the Company at 7 Uniciti Office Park, Black River Road, Bambous, Republic of Mauritius.

This announcement is issued pursuant to SEM Listing Rules 12.20 and 12.21 and section 88 of the Securities Act 2005 of Mauritius. The Board accepts full responsibility for the accuracy of the information in this announcement.

Designated Advisor	Company Secretary
Questco Corporate Advisory Proprietary Limited	Clermont Consultants (MU) Limited

• Earnings per share for comparative periods has been restated. Please refer to note 2 for further details.