Voluntary Announcement: Astoria sells its interest in CNA Holdings

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")

VOLUNTARY ANNOUNCEMENT: ASTORIA SELLS ITS INTEREST IN CNA HOLDINGS

In April 2020, Astoria purchased 70% of CNA Holdings (Pty) Ltd ("CNA Holdings"), the stationery and gift retailer. Astoria's total investment in CNA Holdings was USD 62 347 (ZAR1.2m) ("the Investment"). This amount was written off immediately, and the Investment was carried at nil value in Astoria's financial statements. No further equity or debt funding was provided to CNA Holdings.

Astoria has now agreed to sell its 70% shareholding in CNA Holdings to the current management team of CNA for an amount equivalent to Astoria's invested capital. The transaction is not categorised in terms of the JSE Listings Requirements.

This notice is issued pursuant to SEM Listing Rules 11.3 and 11.17, and Rule 5(1) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007. The Board accepts full responsibility for the accuracy of the information contained in this announcement.

By order of the Board

Mauritius

13 May 2021

JSE Designated Advisor

Questco Corporate Advisory Proprietary Limited

Company Secretary

Clermont Consultants (MU) Limited