Disposal of shares in Pension Insurance Corporation Group Limited

The board of directors of Reinet Investments Manager S.A. announces, on behalf of Reinet Investments S.C.A., that Reinet Fund S.C.A., F.I.S. (“Reinet”) has reached an agreement with Athora Holding UK Limited, a subsidiary of Athora Holding Ltd (together “Athora”), for the acquisition of its total shareholding in Pension Insurance Corporation Group Limited ("PICG"). Reinet currently holds 49.5% of PICG. Athora is a leading pan-European savings and retirement services group managing EUR 76 billion of assets on behalf of 2.8 million policyholders.

This acquisition by Athora forms part of a broader transaction structure involving the sale of all the shares in PICG held by entities controlled by the Abu Dhabi Investment Authority, CVC Capital Partners, and HPS Investment Partners, as well as employees and other shareholders.

The transaction, which is subject to regulatory approval, is expected to close in early 2026.

The agreed transaction mechanism provides for consideration payable for 100 per cent. of the fully diluted share capital of PICG of approximately GBP 5.7 billion, as at the date of this announcement, which is expected to accrue to approximately £5.9 billion, including expected dividends, ahead of closing.

A further market announcement will be published once regulatory approval has been obtained and all other steps to completion have been finalised.

Reinet first invested in PICG in 2012 by way of an initial GBP 400 million commitment. Through participation in subsequent primary and secondary share purchases Reinet's total investment in PICG currently totals some GBP 1.1 billion. To date, Reinet has received GBP 426 million in dividends from PICG.

Interested parties may also refer to the public announcements made today by PICG, available at www.pensioncorporation.com, and by Athora Holding Ltd, available at www.athora.com.

Reinet Fund S.C.A., F.I.S. intends using the proceeds from this transaction for its ongoing investment activity.

Inside information
This announcement contains inside information in relation to Reinet for the purposes of Article 7 of the EU Regulation 596/2014 on market abuse. Caroline Apostol, Company Secretary, is the person responsible for arranging the release of this announcement.

Important notices
This announcement is for information purposes only and does not constitute a recommendation to acquire or sell any securities in Reinet.

The issue of this announcement shall not, for the avoidance of doubt, in any circumstances, create any implication that Reinet shall be required to provide further updates on the status of any matters contemplated in this announcement (save as may be required by law or regulation).

Forward-looking statements
This announcement includes statements that are, or may be deemed to be, forward-looking statements. No assurances can be given that the forward-looking statements in this announcement will be realised. As a result, no undue reliance should be placed on these forward-looking statements as a prediction of actual events or otherwise.

Reinet Investments S.C.A.
R.C.S. Luxembourg B 16 576
Legal Entity Identifier : 222100830RQTFVV22S80
Registered office: 35, boulevard Prince Henri, L-1724 Luxembourg, Tel. (+352) 22 42 10, Fax (+352) 22 72 53
Email: info@reinet.com, website: www.reinet.com