Voluntary 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”) VOLUNTARY TRADING UPDATE Calgro M3 wishes to advise shareholders that the company’s Headline earnings per share (“HEPS”) for the 12 months ended 28 February 2017, is expected to be between 131.69 cents per share and 134.47 cents per share compared to 138.96 cents per share reported in the previous corresponding period. This equates to a decrease of between -3.23% and -5.23% Earnings per share (“EPS”) for the 12 months ended 28 February 2017, is expected to be between 131.53 cents per share and 134.59 cents per share compared to 152.77 cents per share as reported in the previous corresponding period. This equates to a decrease of between -11.90% and -13.90%. The Group has strategically repositioned itself in the anticipation of tough economic conditions by diversifying into other sectors within the Integrated Residential Development business, as well as advancing the Memorial Parks business and establishing the Real Estate Investment Trust (“REIT”). This was done to ensure that risk is optimally mitigated and managed in these uncertain times, setting a solid foundation for future growth. While navigating the current business landscape, as well as diversifying risk across sectors and businesses, the Group has remained focused on maintaining the underlying theme of property development that is synonymous with Calgro M3. The Integrated Residential Development business experienced a challenging year, which resulted in lower than expected growth. Private sector exposure was increased to enhance flexibility. This increase has resulted in a temporary delay in combined revenue and profit as the Group does not start construction on any open market units unless they are sold. In late 2016, Calgro M3 joined forces with SA Corporate Real Estate to build what we believe is set to become one of the biggest residential REIT’s in South Africa in the coming five to six years, with a planned asset base of R10 billion to R15 billion. This will yield annuity income to the Group in future which will stabilise “lumpy” cash flows generally associated with property development. The differences in HEPS and EPS in the prior year 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. 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 28 February 2017 are expected to be released during the week of 15 May 2017. Johannesburg 8 May 2017 Sponsor Grindrod Bank Limited Date: 08/05/2017 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.