Warrant Conversion Procedures

Warrant to Warrant Receipt and Warrant Receipt to Warrant Conversion Procedures for Market Participants

Reinet warrants trade on the basis of one warrant to one warrant receipt. Reinet warrant receipts are issued by Richemont Securities AG, a company jointly owned by Compagnie Financière Richemont SA (‘CFR’) and Reinet, which also issues Richemont DRs in the South African market. Richemont Securities has appointed Computershare Limited as its agent in South Africa.

Following the established practice for the conversion of the former Richemont ‘A’ equity units into Richemont DRs and vice versa, which was established in 1988 and operated up until the separation of CFR and Reinet, Richemont Securities operates programmes designed to allow market participants to convert both CFR shares into CFR DRs and Reinet shares into Reinet DRs and vice versa. Conversions of DRs into Reinet shares are subject to compliance with relevant South African securities and exchange control regulations.

Reinet shares for conversion into DRs should be delivered to the suspense account of Richemont Securities AG at UBS AG in Zurich and delivery instructions provided to Richemont Securities AG in Switzerland. For conversion of DRs into shares, DRs should be delivered to the account of Richemont Securities AG held at the Computershare CSDP and transfer instructions delivered to Computershare Limited.

In addition to the conversion process of Reinet shares into Depository Receipts, it is possible to convert Reinet warrants ISIN LU0392384540 into Reinet warrant receipts ISIN CH0046553175. The conversion period will operate from 17 November 2008 until 3 December 2008 13:00 Central European Time. The mechanism for the Reinet warrant conversion will follow that of the Reinet share/Depository Receipt process with one exception, our agents in South Africa, Computershare Limited, will carry out this process.

Therefore the warrant exchange request form must be faxed to (+27 11 688 5235) or emailed to either Melanie Swartz or June Grant at This email address is being protected from spambots. You need JavaScript enabled to view it.  or This email address is being protected from spambots. You need JavaScript enabled to view it.  at Computershare in South Africa.

If you have any questions please contact either Melanie Swartz or June Grant of Computershare Limited on:

+27 11 370 7770.