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 Trematon group") TRADING STATEMENT FOR THE YEAR ENDED 31 AUGUST 2020 In terms of the Listing Requirements of the JSE, a listed company is required to publish a trading statement as soon as it becomes satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported on next will differ by at least 20% from those of the previous corresponding period. Shareholders are hereby advised that the Trematon group is currently finalising its annual financial results for the year ended 31 August 2020. 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. Trematon’s earnings and headline earnings are inherently volatile and do not provide an accurate indication of the operations of the Trematon group. Management considers the intrinsic net asset value (“INAV”) to be the most important financial measure of value for shareholders. The INAV is compiled using a combination of listed market prices, external professional valuations and/or directors valuations, where applicable and reflects the realisable value of the company based on an efficient disposal of the assets. The Trematon group expects: • basic loss per share for the year ended 31 August 2020 to be between 1.8 cents and 2.2 cents, as compared to basic earnings of 10.2 cents for the year ended 31 August 2019 ("the previous comparable period”) ; • headline loss per share for the year ended 31 August 2020 to be between 3.1 cents and 3.5 cents, as compared to headline earnings of 2.0 cents in the previous comparable period. The group as a whole achieved operating profits and is cash flow positive which is reflected in increased cash on hand at year end. However, due to various non-cash IFRS adustments, the group’s final results reflected an accounting loss. • intrinsic net asset value per share for the year ended 31 August 2020 to be between 517 cents and 521 cents, which is between 0.7% and nil% lower than the previous comparable period’s 521 cents; and • net asset value per share for the year ended 31 August 2020 to be between 414 cents and 418 cents, which is between 0.7% and 1.7% higher than the previous comparable period’s 411 cents. Further details will be provided in the final Trematon group results for the year ended 31 August 2020, due to be published on SENS on or about 24 November 2020. The financial information on which this trading statement is based has not been reviewed or reported on by the Trematon group's auditors in accordance with either 3.4b(viii)(1)(aa) or 3.4b(viii)(1)(bb) of the Listings Requirements of the JSE Limited. Cape Town 12 November 2020 JSE Sponsor Sasfin Capital (a division of Sasfin Bank Limited) Date: 12-11-2020 03:00:00 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.