TRUSTCO GROUP HOLDINGS LIMITED - Trading Statement for the 6 Months Ended 28 February 2022

Trading Statement for the 6 Months Ended 28 February 2022

TRUSTCO GROUP HOLDINGS LIMITED
Incorporated in the Republic of Namibia
(Registration number 2003/058)
Registered as an external company in South Africa
(External registration number 2009/002634/10)
NSX share code: TUC
JSE share code: TTO
OTCQX share code: TSCHY
ISIN Number: NA000A0RF067
(“Trustco” or “the Group”)

TRADING STATEMENT FOR THE 6 MONTHS ENDED 28 FEBRUARY 2022

Trustco shareholders (“Shareholders”) are advised that the Group is finalising its Interim Financial
Statements for the 6 month period ended 28 February 2022 (“Interim Results”).

In terms of the Listings Requirements of JSE Limited, companies are required to publish a trading
statement as soon as they become reasonably certain that the financial results for the period to be
reported on will differ by more than 20% from that of the previous corresponding period.

In this regard, comparisons for purposes of this trading statement are made against Trustco’s
unaudited results for the six month period ended 28 February 2021 (“Unaudited Results”).

With effect from 1 September 2021, Trustco Group, in consultation with its professional advisors,
concluded that it had to comply with the exception to IFRS 10 (International Financial Reporting
Standards), whereby investment entities are exempted from consolidation.

Trustco commenced with this transition in 2017 already, when it first sold a minority stake in part
of its financial services portfolio. As a result, the group transitioned from only managing fully-owned
and operated businesses, to evaluating each business portfolio for its investment returns to
shareholders instead. During the COVID-19 pandemic, this process accelerated, as each portfolio
was assessed in terms of its returns, as well as when the group should exit each investment to
maximise shareholder value.

This has resulted in Trustco Group as an entity having to value its portfolio of investments in terms
of IFRS 13. Valuations were done via the income approach, with differing discount rates relative to
the portfolio companies’ activities, all applied from a market participants’ perspective. However,
Trustco continues to consolidate its shared services subsidiaries. These entities provide investment
related services to Trustco’s investment portfolios.
Accordingly, a review by management of the financial results for the Interim Results has indicated
that Trustco expects to report:

• Net Asset Value (“NAVPS”) for the Interim Results of between 3.95 and 4.25 cents per share,
  compared to the NAVPS of 1.48 cents reported on in respect of the 31 August 2021 Audited
  Results;
• Basic earnings per share (“EPS”) for the Interim Results of between 34.83 and 38.19 cents per
  share, compared to the loss per share (“LPS”) of (16.84) cents reported on in respect of the
  Unaudited Results; and
• Headline earnings per share (“HEPS”) for the Interim Results of between 0.01 and 3.37 cents per
  share, compared to the headline loss per share (“HLPS”) of (16.82) cents reported on in respect
  of the Unaudited Results.

Trustco is expecting to release its Interim Results on or about 30 June 2022.

The financial information of this trading statement has not been reviewed or reported on by
Trustco’s auditors.


Windhoek, Namibia,
29 June 2022

Komada Holdings (Pty) Ltd
Company Secretary and Investor Relations Services to Trustco Group Holdings Limited

JSE Sponsor
Vunani Sponsors

NSX Sponsor
Simonis Storm Securities Proprietary Limited – Windhoek

OTCQX Sponsor
J.P Galda & Co – New York

Date: 29-06-2022 01:26:00
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