General SENS Submitter Company - GEN General Trustco Group Holdings Limited

GEN – General – Trustco Group Holdings Limited

GEN – General – Trustco Group Holdings Limited

Update in the JSE’s decision on its proactive monitoring review for Trustco Group Holdings
Limited (“Company” or “Trustco”) financial results.

We refer to the JSE’s SENS announcements of 14 July 2022, 8 August 2022 and
11 November 2022, which informed stakeholders that following the JSE's decision to
suspend the listing of the Trustco's securities ("the Suspension Decision"), the following
occurred:

   1. On 13 July 2022, the Financial Services Tribunal ("the Tribunal") dismissed
       Trustco’s application for a suspension of the Suspension Decision ("the Suspension
       Application"), pending the outcome of its reconsideration application in respect of
       the same decision ("the Suspension Reconsideration Application");

   2. On the same date, Trustco indicated its intention to re-enrol its urgent application in
       the High Court ("the Urgent Application") in which it asked for an interim interdict
       against the enforcement of the following decisions pending a review thereof initiated
       in the High Court ("the Review Application"):

   2.1.     the Suspension Decision;

   2.2.     the JSE's decision of 11 November 2020, in which the JSE, first, found that
            Trustco did not comply with the Listings Requirements in relation to its Annual
            Financial Statements for the year ended 31 March 2019 and interim results for
            the 6 months ended 30 September 2019, and, second, directed Trustco to take
            steps to rectify its non-compliance ("the JSE Decision"); and

   2.3.     the ruling of the Tribunal of 22 November 2021, which dismissed Trustco's
            application for reconsideration of the JSE's Decision ("the Tribunal's Ruling");

   3. On 28 July 2022, the Urgent Application was argued before the Honourable Judge
       Janse van Nieuwenhuizen and her judgment was delivered on 8 August 2022, in
       terms of which she ordered that the JSE is interdicted and restrained from
       implementing the JSE Decision, the Tribunal's Ruling and the Suspension Decision
       pending the outcome of the Review Application.

   4. The Review Application was argued before the Honourable Judge Potterill on
       7 September 2022 and her judgment was delivered on 11 November 2022, in terms
       of which she dismissed the Review Application with costs. As a consequence, the
       JSE suspended trading in the shares of Trustco on 11 November 2022.
                                                                                       2

The hearing of the Suspension Reconsideration Application took place before the Tribunal
on 21 October 2022. The Tribunal reserved its decision.

On 18 November 2022, the Tribunal delivered its ruling in the Suspension Reconsideration
Application, in terms of which it dismissed the application and directed Trustco to pay half
of the JSE's costs.

The Suspension Decision in terms of which the suspension of trading in the shares of
Trustco was implemented, on 11 November 2022, was accordingly upheld by the Tribunal
and remains in place.

18 November 2022

Date: 18-11-2022 02:59:00
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.