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

Following requests from investors that Trencor provides a breakdown of its NAV, it is
Trencor’s intention to in future publish such a breakdown, calculated as at the end of each
calendar quarter.

Based on the spot exchange rate and the price of Textainer’s shares listed on the NYSE on
30 September 2017, the NAV of Trencor at that date was as follows:

                                          30 September 2017            30 June 2017
 Textainer share price                         US$17,15                 US$14,50
 Spot exchange rate US$1 equals                 R13,52                    R12,99
 Number of Textainer shares held by
 Halco Holdings Inc                            27 278 802               27 278 802
                                         R million         R per   R million       R per
                                                         Trencor                 Trencor
                                                           share                   share
 Beneficiary interest in Textainer          6 325          35,72       5 138        29,02
 Beneficiary interest in TAC (US
 GAAP NAV)                                  1 095           6,18       1 025         5,79
 Cash (excluding in Textainer and
 TAC)                                       1 235           6,98       1 243         7,02
 Other net assets                             245           1,38         224         1,26
                                            8 900          50,26       7 630        43,09

It is pointed out that at any time between the quarterly dates on which Trencor publishes the
above NAV table, investors may readily calculate changes in Trencor’s NAV caused by
variations in the Textainer share price and/or the spot exchange rate used to translate same
into Rand. For example, using the Textainer share price of US$23,55 at 10 November 2017
and the spot exchange rate of R14,36 ruling on that date, the value of Trencor’s beneficiary
interest in Textainer will be 27 278 802 shares X US$23,55 X R14,36 = R9 225million in
total or R52,10 per Trencor share, and the total NAV values in the table above will change to
R11 799 million in total or R66,64 per Trencor share. Note that the calculation in this
example assumes that all other elements remain the same as at 30 September 2017.

These amounts have been prepared by management and are unaudited.

Trencor Services (Pty) Ltd
Secretaries
13 November 2017

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

www.trencor.net

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