Disposal of interest in Mykonos Casino to Tsogo Sun Holdings Limited and withdrawal of cautionary announcement TREMATON CAPITAL INVESTMENTS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1997/008691/06) JSE share code: TMT ISIN: ZAE000013991 (“Trematon” or the “Company” or “the Group”) DISPOSAL OF INTEREST IN MYKONOS CASINO TO TSOGO SUN HOLDINGS LIMITED AND WITHDRAWAL OF CAUTIONARY 1. Introduction Trematon shareholders are referred to the cautionary announcements released on SENS on 14 July, 29 August, 17 October and 31 October 2016 and are advised that Trematon has, via Club Mykonos Langebaan Proprietary Limited, its wholly owned subsidiary (“CML”), entered into informal heads of agreement (“Heads of Agreement”) with Tsogo Sun Holdings Limited, a gaming, hotel and entertainment company listed on the JSE Limited (“Tsogo”) in terms of which CML undertakes to dispose of the 29 640 (twenty nine thousand six hundred and forty) ordinary no par value shares in West Coast Leisure Proprietary Limited (“WC Leisure”) held by CML, representing its 29.64% interest in WC Leisure, for an aggregate consideration of R190 million (“the Disposal”). The Disposal will be effected by means of a share repurchase of CML’s shares such that Tsogo will acquire all of the issued shares in WC Leisure . WC Leisure holds the West Coast casino license operated by Tsogo at the Mykonos Casino (“the Casino”). 2. Rationale for the Disposal Trematon is an investment holding company that invests in assets and businesses which management believes are undervalued and have the potential to achieve targeted internal rates of return. The Casino has proven to be an excellent investment for the Group but it is not managed by Trematon and, as such, is a passive investment in which the Group has limited opportunities to add significant value and realised returns are mainly in the form of dividends. The Group has a current investment pipeline which is better positioned to achieve the internal rate of return targets and the equity realised will be redeployed in those investments. CML will continue to own all of the remaining development land at the resort and all of the commercial income producing assets on the Mykonos resort. This includes restaurants and conference facilities, a marina with 188 berths, a boat and general storage facility with 251 storage units, and other shops and commercial assets. The entire resort currently consists of 361 residential units with development potential for a further 300 holiday units and/or standalone homes and commercial property. 3. Consideration for the Acquisition The aggregate consideration for the Disposal is R190 000 000, payable in cash (the “Consideration”) and will be utilised to grow current business operations as well as retain cash reserves to enable the Group to take advantage of any investment opportunities that may arise in the near future. 4. Details of the Disposal In terms of the Heads of Agreement WC Leisure will effect a specific repurchase of its shares held by CML for the amount of R190 million, which will be funded by Tsogo to the extent necessary. 5. Condition precedent In terms of the Heads of Agreement the Disposal will be subject to the fulfilment or waiver of the sole condition precedent that a definitive formal disposal agreement (“Formal Agreement”) is concluded between the parties. 6. Effective date The effective date of the Disposal will be the date of fulfilment of the condition precedent to the Disposal, being the date of signature of the Formal Agreement. 7. Profits attributable to and/or value of the net assets that are the subject of the Disposal The profits attributable to the Casino net assets as at 31 August 2016 was R37.8 million. The value of the net assets held by WC Leisure as at 31 August 2016 was R116.8 million. 8. Warranties The parties have undertaken to give each other the warranties and indemnities that are usual in transactions of this nature. 9. Categorisation The Disposal is categorised as a Category 2 transaction in terms of the Listings Requirements of the JSE and does not require the approval of Trematon shareholders. 10. Withdrawal of the Cautionary Announcement Shareholders are advised that with reference to the information in this announcement shareholders need no longer exercise caution when dealing in the Company’s securities. Cape Town 14 November 2016 Sponsor Sasfin Capital (a division of Sasfin Bank Limited) Legal Advisor: Bernadt Vukic Potash & Getz Date: 14/11/2016 11:30:00 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. 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