TREMATON CAPITAL INVESTMENTS LIMITED - Trading Statement for the Six Months ended 28 February 2023

Trading Statement for the Six Months ended 28 February 2023

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

TRADING STATEMENT FOR THE SIX MONTHS ENDED 28 FEBRUARY 2023

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 interim financial results for the period ended 28
February 2023.

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.

The Trematon group expects:

  •   basic earnings per share for the period ended 28 February 2023
      to be between 1.2 cents and 1.5 cents as compared to basic
      earnings of 0.5 cents for the previous comparable interim period
      ended 28 February 2022 (" previous interim period”);
  •   headline earnings per share for the period ended 28 February
      2023 is expected to be between 11.0 cents and 11.5 cents as
      compared to headline earnings of 2.2 cents in the previous
      interim period.
  •   net asset value (“NAV”) per share for the period ended 28
      February 2023 to be between 330 cents and 340 cents, which is
      between 8% and 5% lower than the previous interim period’s 359
      cents, mainly due to the capital distribution of 40 cents per
      share paid in December 2022; and
  •   INAV per share for the period ended 28 February 2023 to be
      between 418 cents and 422 cents, which is between 11% and 10%
      lower than the previous comparable period’s 469 cents, mainly
      due to the capital distribution of 40 cents per share paid in
      December 2022.

Further details will be provided in the interim Trematon group results
for the period ended February 2023, due to be published on SENS on or
about 24 May 2023.

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
11 May 2023

JSE Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 11-05-2023 08:30:00
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