TRENCOR LIMITED - Trencors Textainer completes US$500 million term loan and announces redemption of asset-backed term notes

Trencor’s Textainer completes US$500 million term loan and announces redemption of asset-backed term notes

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

TRENCOR’S TEXTAINER COMPLETES US$500 MILLION TERM LOAN AND
ANNOUNCES REDEMPTION OF ASSET-BACKED TERM NOTES

We draw attention to the following news release issued by Textainer Group Holdings
Limited, in which Trencor has a 48,2% beneficiary interest:

“Hamilton, Bermuda - (Business Wire) - May 1, 2014 - Textainer Group Holdings
Limited (NYSE: TGH) (“Textainer” or the “Company”), the world’s largest lessor of
intermodal containers based on fleet size, today announced that Textainer Limited, which
is a wholly-owned subsidiary of the Company, will be entering into a $500 million, five-
year term loan with a group of financial institutions led by Union Bank, N.A. as Arranger
and ING Belgium SA/NV as Joint Lead Arranger and Joint Bookrunner and including
ABN Amro Capital USA LLC; BB&T Capital Markets; BNP Paribas; BBVA Compass
Bank; Credit Industriel et Commercial; DBS Bank Ltd.; HSBC Bank USA, N.A.;
Santander Bank, N.A.; and Wells Fargo Bank, N.A.

The interest rate under the term loan is a spread over the London Interbank Offered Rate
(“LIBOR”) which varies based on leverage. At the closing, the initial interest rate will be
LIBOR plus 150 basis points. Including the cost of interest rate hedging for this facility
and with consistent corporate leverage, the Company anticipates an effective annual
interest rate of less than three percent for the term loans drawn under this facility. The
term loan partially amortizes and remaining principal is due in full in five years. The
proceeds from borrowings under the credit agreement are expected to be used to purchase
containers and for general corporate purposes, including the redemption of debt.

Textainer Limited’s wholly-owned subsidiary, Textainer Marine Containers Limited
(“TMCL”) also announced that it has called for full redemption its three outstanding
series of asset-backed term notes with aggregate unpaid principal of $662 million. The
redemption will occur at par on May 15. Proceeds from the term loan, Textainer
Limited’s working capital and borrowings from other debt facilities will fund the
redemption of the TMCL notes.

“This new term loan and redemption of the TMCL notes will lower Textainer’s funding
costs and free up cash for additional container investments,” commented Hilliard C.
Terry, III, Textainer Executive Vice President and Chief Financial Officer, “The closing
of these transactions mark the completion of a multi-year plan to restructure the
Company’s financing facilities which included: establishing a new series allocation trust,
creating a financing facility for older containers, and terminating TMCL, our oldest and
least flexible financing entity. All of these actions serve to provide Textainer more
financial flexibility, enabling us to better meet our customers’ container needs.”

“We appreciate the participation of new and existing banks and believe this is a clear
indication of their confidence in our business model, disciplined operating philosophy and
growth opportunities,” concluded Mr. Terry.

Textainer Group Holdings Limited
Hillard C. Terry, III, +1 415-658-8214
Executive Vice President and Chief Financial Officer
ir@textainer.com”

Trencor Services (Pty) Ltd
Secretaries
2 May 2014

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

www.trencor.net

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