TRENCOR LIMITED - Net asset value (NAV) of Trencor

Net asset value (“NAV”) of Trencor

TRENCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 1955/002869/06)
Share Code: TRE
ISIN: ZAE000007506
("Trencor")

NET ASSET VALUE ("NAV") OF TRENCOR

Based on the relevant spot exchange rates and the listed share prices of Textainer Group
Holdings Limited (NYSE: TGH) ("Textainer"), the NAV of Trencor at these dates were as
follows:

                                             31 December 2017         30 September 2017
  Textainer share price                           US$21,70                 US$17,15
  Spot exchange rate US$1 equals                   R12,37                    R13,52
                                                             R per                    R per
                                                           Trencor                  Trencor
                                             R million       share   R million        share
  Beneficiary interest in Textainer              7 323       41,35       6 325        35,72
  Beneficiary interest in TAC Limited
  (“TAC”) (US GAAP NAV)                          1 004        5,67       1 095         6,18
  Cash (excluding in Textainer and
  TAC)                                           1 095        6,19       1 235         6,98
  Other net assets (refer to note below)           195        1,10         245         1,38
  Total NAV                                      9 617       54,31       8 900        50,26

Note: All numbers at 31 December 2017 are actuals with the exception of the provisional R195
million described as "Other net assets". Included in this number is the IFRS adjustment
required to convert the results of TAC from US GAAP into IFRS. Any change to this
provisional number is expected to be immaterial.

These numbers have been prepared by management and are unaudited.

Trencor Services (Pty) Ltd
Secretaries
8 May 2018

Sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited)

www.trencor.net

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