Trading Update CALGRO M3 HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration Number 2005/027663/06) Share code: CGR ISIN: ZAE000109203 (“Calgro M3” or “the company”) TRADING UPDATE In accordance with paragraph 3.4 of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as it becomes aware, with a reasonable degree of certainty, that the financial results for the next period to be reported on are likely to vary by more than 20% from the previous corresponding period. In line with reporting at its interim period, August 2017, the Group’s profit after tax was impacted by the construction of units for the AFHCO Calgro M3 Consortium (Pty) Ltd (REIT JV), in which Calgro M3 has a 49% shareholding. The Group’s shareholding in the REIT JV has resulted in 49% of the development profit (construction and other services) being eliminated on consolidation as an unrealised profit. This unrealised profit is carried on the balance sheet until it realises in future financial years, once the units are completed, tenanted and the portfolio has been revalued in the hands of the REIT. The impact of this unrealised profit on the financial performance has necessitated the Group to institute new metrics to measure operational performance between reporting periods, as well as to give all stakeholders an indication of the Group’s performance that is consistent between periods. The below two metrics are described as follows: Core Earnings per share (“Core EPS”) – Earnings per share before elimination of unrealised profits from development of units for the REIT JV Core Headline Earnings per share (“Core HEPS”) – Headline Earnings per share before elimination of unrealised profits from development of units for the REIT JV. Calgro M3 wishes to advise shareholders that the company’s Headline earnings per share (“HEPS”) for the 12 months ended 28 February 2018, is expected to be between 87.46 cents per share and 92.78 cents per share, compared to 133.08 cents per share reported in the previous corresponding period. This equates to a decrease of between -30.28% and -34.28% Earnings per share (“EPS”) for the 12 months ended 28 February 2018, is expected to be between 91.25 cents per share and 96.57 cents per share, compared to 133.06 cents per share as reported in the previous corresponding period. This equates to a decrease of between -27.42% and -31.42%. Core headline earnings per share (“Core HEPS”) is expected to be between 140.79 cents per share and 146.15 cents per share, compared to 134.12 cents per share as reported in the previous corresponding period. This equates to an increase of between 4.97% and 8.97%. Core earnings per share (“Core EPS”), is expected to be between 144.58 cents per share and 149.95 cents per share, compared to 134.10 cents per share as reported in the previous corresponding period. This equates to an increase of between 7.81% and 11.81%. We believe current core earnings, despite challenges experienced during the year, are testament to the effectiveness and resilience of our strategy and proves that the variable operating model is efficient in uncertain times, as recently experienced during the financial year. As a Group we remain committed to methodically executing our overall strategy of shareholder wealth creation (30 % average return on equity) in the medium to long term and not through short- term gains and profit, while relying on the support and commitment of all our stakeholders. The company did not undertake any further corporate action during the current 12 months when compared to the previous year. The financial information on which this trading statement is based has not been reviewed or reported on by the company’s auditors. The final results for the year ended 28 February 2018 are expected to be released during the week of 14 May 2018. Johannesburg 4 May 2018 Sponsor Grindrod Bank Limited Date: 04/05/2018 03:45:00 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.