Trading statement - six months ended 30 June 2017 TRENCOR LIMITED (Incorporated in the Republic of South Africa) (Registration No 1955/002869/06) Share Code: TRE ISIN: ZAE000007506 (“Trencor”) TRADING STATEMENT - SIX MONTHS ENDED 30 JUNE 2017 Despite strong improvements in container leasing market conditions, Trencor will be reporting losses for the six months ended 30 June 2017. International Financial Reporting Standards require Trencor to further impair the container fleets owned by Textainer and TAC. These non-cash impairments are as a result of future cash flows associated with the container fleets being discounted at a higher weighted average cost of capital, increased from when the containers were last tested for impairment at 31 December 2016. No such discounting is required in terms of US GAAP under which Textainer and TAC report. Shareholders are advised that Trencor’s headline loss per share, adjusted headline loss per share and loss per share for the six months ended 30 June 2017 are expected to be within the ranges set out below: 2017 2016 2017 30 June 30 June 30 June Expected Actual Decrease in loss cps cps % Headline loss per share (125) – (155) (324,1) 61 - 52 Adjusted headline loss per share (which excludes net unrealised foreign exchange gains on translation of long- term receivables) (125) – (155) (314,6) 60 - 51 Loss per share (440) – (530) (1 337,7) 67 - 60 The financial information on which this trading statement is based has not been reviewed and reported on by Trencor’s independent auditors. The Interim Results in respect of the six months ended 30 June 2017 are expected to be published on SENS on or before 29 September 2017. On behalf of the Board Hennie van der Merwe Chief Executive Officer 21 September 2017 Sponsor: Rand Merchant Bank (A division of FirstRand Bank Limited) www.trencor.net Date: 21/09/2017 10:53:00 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.