Trading Update CALGRO M3 HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration Number 2004/030045/06) 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. Calgro M3 wishes to advise shareholders that the company’s Headline earnings per share (“HEPS”) for the 12 months ending 29 February 2016, is expected to be between 128.00 cents per share and 149.94 cents per share compared to 109.69 cents per share reported in the previous corresponding period. This equates to an increase of between 16.69% and 36.69%. Earnings per share (“EPS”) for the 12 months ending 29 February 2016, is expected to be between cents 141.31 cents per share and 164.24 cents compared to 114.65 cents per share as reported in the previous corresponding period. This equates to an increase of between 23.25% and 43.25%. The differences in HEPS and EPS is due to a fair value adjustment that originated from the buyout of the minority shareholders (30%) in the Fleurhof project, as was announced on SENS on 26 February 2016. Shareholders are reminded that in 2015, the remaining 26% of the Summerset project was bought back by Calgro M3. The company did not undertake any further corporate action during the current 12 months when compared to the prior year. The financial information on which this trading statement is based has not been reviewed or reported on by the company’s auditors. The final results for the year ended 29 February 2016 are expected to be released during the week of 9 May 2016. Johannesburg 19 April 2016 Sponsor Grindrod Bank Limited Date: 19/04/2016 08:50:00 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.