TREMATON CAPITAL INVESTMENTS LIMITED - Trading Statement for the Year Ended 31 August 2025

Trading Statement for the Year Ended 31 August 2025

Trematon Capital Investments Limited
(Incorporated in the Republic of South Africa)
Registration number 1997/008691/06
Share code: TMT
ISIN: ZAE000013991
Main Board – General Segment
("Trematon" or "the Trematon group")

TRADING STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025

In terms of the Listing Requirements of the JSE Limited ("Listings
Requirements"), a listed company is required to publish a trading
statement as soon as it becomes satisfied that a reasonable degree of
certainty exists that the financial results for the period to be
reported on next will differ by at least 20% from those of the previous
corresponding period.

Shareholders are hereby advised that the Trematon group is currently
finalising its annual financial results for the year ended 31 August
2025 ("the current period").

Trematon is an investment holding company and uses earnings, headline
earnings and the intrinsic value model to provide management and
investors with a realistic and transparent way of evaluating
Trematon's performance. Trematon's earnings and headline earnings are
inherently volatile and do not provide an accurate indication of the
operations of the Trematon group. Management considers the intrinsic
net asset value ("INAV") to be the most important financial measure
of value for shareholders. The INAV is compiled using a combination
of listed market prices, external professional valuations and/or
directors valuations, where applicable and reflects the realisable
value of the company based on an efficient disposal of the assets.

During the year, Trematon disposed of its interest in Aria Property
Group Proprietary Limited, a 60% held subsidiary of the group. The
annual financial results for the year ended 31 August 2024 ("prior
period") will accordingly be restated to disclose discontinued
operations separately from continuing operations.

The Trematon group expects to report the following:

                     Current period     Prior period      % change
                     Expected range       Restated
Earnings Per         (31.0) to (32.0)       (7.9)        (292 – 305)
Share for
Continuing
operations
(cents)

Headline Earnings     (1.8) to (2.5)        (5.3)           66 - 53
Per   Share   for
Continuing
Operations
(cents)

Net Asset Value           140 to 145               322     (57 – 55)
per share (cents)

INAV per     share       165 to   175              355     (54 – 51)
(cents)




Further details will be provided in the Trematon group results for
the year ended 31 August 2025, due to be published on SENS on or about
5 December 2025.

The financial information on which this trading statement is based
has not been reviewed or reported on by the Trematon group's auditors
in accordance with either 3.4b(viii)(1)(aa) or 3.4b(viii)(1)(bb) of
the Listings Requirements.

Cape Town
26 November 2025

JSE Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 26-11-2025 03:35:00
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