TRENCOR LIMITED - Third quarter update

Third quarter update

TRENCOR LIMITED
Incorporated in the Republic of South Africa
Registration No 1955/002869/06
Share Code: TRE
ISIN: ZAE000007506
(“Trencor”)


THIRD QUARTER UPDATE


Holders of securities in Trencor are advised that Textainer Group Holdings Limited
(NYSE: TGH), in which Trencor has a 48,41% (30 September 2012: 48,93%) beneficiary
interest, has announced net profit attributable to its shareholders in US GAAP of
US$137,3 million for the nine months ended 30 September 2013 compared with
US$146,4 million for the same period in 2012. Textainer’s results may be viewed on its
website www.textainer.com.

Adjusted to conform with IFRS, Textainer’s net profit for the nine months ended
30 September 2013 was US$142,0 million (same period in 2012: US$147,7 million).

Trencor’s earnings for the nine months to 30 September 2013 are as follows:

                                                  9 months ended          Year ended
                                                   30 September          31 December
                                                    2013         2012           2012
                                                Cents per   Cents per      Cents per
                                                   share        share          share
                                               Unaudited    Unaudited        Audited
HEADLINE EARNINGS                                  461,4        405,4          559,6
Deduct:
Unrealised foreign exchange translation
gains                                               54,5          3,3           13,5
ADJUSTED HEADLINE EARNINGS                         406,9        402,1          546,1
SA rand to US dollar:
- Period-end rate of exchange                    R10,07         R8,21          R8,48
- Average rate of exchange for period             R9,51         R8,02          R8,16

COMMENTS

    -   Adjusted headline earnings exclude the effect of net unrealised foreign exchange
        gains arising on the translation of the long-term receivables and related valuation
        adjustment.
    -   Textainer:
        o Recorded a US$4,7 million impairment charge in the third quarter for
            containers expected to be economically unrecoverable from a limited group of
           small shipping lines that account for less than 0,5% of the fleet, and a US$4,3
           million bad debt expense for a customer that filed for bankruptcy;
       o   Average fleet utilisation was 94,7% for the nine months to 30 September of
           2013 (same period in 2012: 97,4%);
       o   Acquired US$629 million of new and used containers in the first nine months
           of 2013;
       o   Fleet size increased by more than 7% in the nine months to 2 971 589 TEU of
           which the percentage of owned containers was 75%;
       o   Established a US$300 million asset-backed revolving credit facility and issued
           US$300,9 million asset-backed term notes. The company’s average interest
           rate stands at 3,55% p.a. compared to 4,76% p.a. a year ago;
       o   Declared a dividend of US$0,47 per share in respect of the third quarter.

The financial information on which this trading update is based has not been reviewed or
reported on by Trencor’s independent auditors.

On behalf of the Board

NI Jowell Chairman

6 November 2013

Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)

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