TRUSTCO GROUP HOLDINGS LIMITED - CANCELLATION OF S438232 Global Credit Rating Announcement

CANCELLATION OF S438232 Global Credit Rating Announcement

Trustco Group Holdings Limited
Incorporated in the Republic of Namibia
(Registration number 2003/058)
NSX share code: TUC
JSE share code: TTO
OTCQX share code: TSCHY
ISIN Number: NA000A0RF067
(“Trustco” or "the Group")

Global Credit Rating Announcement

Trustco Shareholders (“Shareholders”) are referred to the SENS announcement dated 28 December
2018 where shareholders were informed that the Global Credit Rating Company (“GCR”) has published
the Company’s long term credit rating of CCC (NA) and its short term rating of C (NA) with the outlook as
evolving.

Trustco is pleased to announce that GCR has subsequently upgraded Trustco’s national long term
rating to B+ (NA))/ and its short term rating to B (NA) with a positive outlook.

GCR notes the following in its rating rationale:

•     The ratings on Trustco are supported by the group’s relatively strong corporate profile, sectoral
      diversification and burgeoning international exposure.
•     As at 31 December 2018, Trustco became the largest Namibian corporate by market
      capitalisation. This was achieved largely by significantly diversifying its operations within
      Namibia and now also selected exposures in the rest of Africa. The anticipated superior growth
      of the resources segment, specifically in the production and sale of diamonds in the international
      markets, is expected to neutralise the impact of the exposure on the country risk.
•     All of Trustco’s legacy debt has been restructured, without any haircut on the original principal,
      or settled early at an appropriate discount.
•     A significant improvement in Trustco’s cash flow is anticipated with funds from operations
      expected to improve to close to 20% of net debt in the next two years. A strong earnings profile
      is further anticipated during the same period with EBITDA margins of over 50%.

The   ratings    are valid until 31 August 2020 and the full report                 is available    at
https://gcrratings.com/announcements/trustco-group-holdings-ratings-upgraded-to-bna-
bna-positive-outlook-on-expected-improvement-in-financial-performance/ and on Trustco’s
website at https://www.tgh.na/investors/global-credit-rating/

Windhoek
27 September 2019

Amanda Bruyns
Company Secretary
Trustco Group Holdings Limited

JSE Sponsor
Vunani Corporate Finance

NSX Sponsor
Simonis Storm Securities Proprietary Limited

OTCQX Sponsor
J.P Galda & Co

Date: 03-11-2020 07:09:59
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