Trading Statement Trematon Capital Investments Limited (Incorporated in the Republic of South Africa) Registration number 1997/008691/06 Share code: TMT ISIN: ZAE000013991 ("Trematon" or "the Company") TRADING STATEMENT In terms of the listing requirements of the JSE, a listed company is required to publish a trading statement as soon as it becomes reasonably certain that the financial results for the next period to be reported on will show a 20% or more difference from those of the previous corresponding period. Shareholders are hereby advised that the Trematon group is currently finalising its interim financial results for the 6 months ended 28 February 2018. Trematon is an investment holding company and uses earnings, headline earnings and the intrinsic value model to provide management and investors with a realistic and transparent way of evaluating Trematon’s performance. Shareholders are advised that Trematon’s earnings per share for the 6-month period ended 28 February 2018 will decrease by approximately 85% and headline earnings per share will decrease by approximately 150% from the previous comparable interim period ended 28 February 2017 (“previous interim period”). Earnings are expected to be approximately 7.1 cents per share and a headline loss of approximately 0.9 cents per share, compared to earnings of 46.4 cents per share and headline earnings of 1.8 cents per share for the previous interim period. The decrease in earnings compared to the previous interim period is mainly a result of the disposal of the Company’s interest in the Mykonos Casino in the prior interim period which had resulted in a large once-off profit of R91.8 million. The decrease in headline earnings is mainly due to expenses related to the take-on and refurbishment of properties which were vacant during the period as well as increased school costs in preparation of the expansion of our current schools. The intrinsic net asset value (“INAV”)- which the directors consider to be the most important measure of shareholder value - is expected to increase by approximately 24% to 446 cents per share from 361 cents per share . The increase is mainly due to the the sale of mature properties within the Resi Investment Group and development sales at Club Mykonos Langebaan, both of which realised values in excess of the director’s valuations, as well as fair value adjustments on some of the remaining properties and investments. The book net asset value is expected to increase by approximately 30% to 389 cents per share from 299 cents per share at the previous interim period. The pro forma financial information included in INAV above has been compiled using a combination of listed market values, external professional valuations, and/or directors valuations, where applicable. The financial information in this trading statement has not been reviewed and reported on by the auditors of the Company. Trematon’s interim results will be published on or about 23 April 2018. Cape Town 13 April 2018 Sponsor Sasfin Capital A division of Sasfin Bank Limited Date: 13/04/2018 08:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.