Trading Update CALGRO M3 HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration Number 2005/027663/06) Share code: CGR ISIN: ZAE000109203 (“Calgro M3” or “the company”) TRADING UPDATE In accordance with paragraph 3.4 of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as it becomes aware, with a reasonable degree of certainty, that the financial results for the next period to be reported on are likely to vary by more than 20% from the previous corresponding period. Further to the trading update released on SENS on 5 December 2014, the company wishes to advise shareholders that the headline earnings per share (“HEPS”) for the year ended 28 February 2015 is expected to be 109.69 cents per share compared to 83.16 cents per share as reported in the previous corresponding period. This equates to an increase of 31.90%. Earnings per share (“EPS”) for the year ended 28 February 2015, is expected to be 114.65 cents per share compared to 83.16 cents per share as reported in the previous corresponding period. This equates to an increase of 37.87%. The financial information on which this trading statement is based has not been reviewed or reported on by the company’s auditors. Johannesburg 6 May 2015 Sponsor Grindrod Bank Limited Date: 06/05/2015 02:55:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.