Trading update and Set Point minorities adjustment obligation TORRE INDUSTRIES LIMITED Incorporated in the Republic of South Africa (Registration number: 2012/144604/06) Share code: TOR ISIN: ZAE000188629 ("Torre" or "the Group") TRADING UPDATE AND SET POINT MINORITIES ADJUSTMENT OBLIGATION Shareholders are advised that earnings per share for the financial year ending 30 June 2016 are expected to be lower than the corresponding period in 2015. This expectation is based on the disappointing trading results for the four months ended 30 April 2016, which include the traditional slow month of January as well as the Easter period. The weaker trading performance is primarily due to the challenging operational environment for industrial groups similar to Torre including weak commodity prices, low business confidence and a volatile exchange rate. In addition Torre has focused on the consolidation of its business and has not completed any material acquisitions in the current financial year. Unit sale volumes in the consumer businesses are also down compared to prior periods. Accordingly cost-optimisation measures have been implemented across the Group, especially in the under-performing business units. The African business units continue to perform ahead of expectations. Based on the anticipated lower earnings Torre is expected to have an upward adjustment obligation of 456 151 Torre shares (approximately R1,3 million) to the previous Set Point minority shareholders as set out in the Adjustment Notice contained in the Combined Circular to Set Point shareholders dated 13 April 2015. The upward adjustment obligation must be settled by latest 31 October 2016. The four previous majority Set Point shareholders are excluded from the upward adjustment obligation in terms of their agreement with Torre to waive these rights to facilitate an immediate integration of Set Point with Torre. To the extent required, a trading statement will be released in terms of paragraph 3.4(b) of the JSE Listings Requirements, once greater certainty is obtained regarding earnings for the financial year ending 30 June 2016. The forecast financial information on which this trading update is based, has not been reviewed or reported on by Torre’s external auditors. Johannesburg 10 May 2016 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 10/05/2016 04:06:00 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.