Net asset value (“NAV”) of Trencor TRENCOR LIMITED (Incorporated in the Republic of South Africa) (Registration No 1955/002869/06) Share Code: TRE ISIN: ZAE000007506 (“Trencor”) NET ASSET VALUE (“NAV”) OF TRENCOR Following requests from investors that Trencor provides a breakdown of its NAV, it is Trencor’s intention to in future publish such a breakdown, calculated as at the end of each calendar quarter. Based on the spot exchange rate and the price of Textainer’s shares listed on the NYSE on 30 September 2017, the NAV of Trencor at that date was as follows: 30 September 2017 30 June 2017 Textainer share price US$17,15 US$14,50 Spot exchange rate US$1 equals R13,52 R12,99 Number of Textainer shares held by Halco Holdings Inc 27 278 802 27 278 802 R million R per R million R per Trencor Trencor share share Beneficiary interest in Textainer 6 325 35,72 5 138 29,02 Beneficiary interest in TAC (US GAAP NAV) 1 095 6,18 1 025 5,79 Cash (excluding in Textainer and TAC) 1 235 6,98 1 243 7,02 Other net assets 245 1,38 224 1,26 8 900 50,26 7 630 43,09 It is pointed out that at any time between the quarterly dates on which Trencor publishes the above NAV table, investors may readily calculate changes in Trencor’s NAV caused by variations in the Textainer share price and/or the spot exchange rate used to translate same into Rand. For example, using the Textainer share price of US$23,55 at 10 November 2017 and the spot exchange rate of R14,36 ruling on that date, the value of Trencor’s beneficiary interest in Textainer will be 27 278 802 shares X US$23,55 X R14,36 = R9 225million in total or R52,10 per Trencor share, and the total NAV values in the table above will change to R11 799 million in total or R66,64 per Trencor share. Note that the calculation in this example assumes that all other elements remain the same as at 30 September 2017. These amounts have been prepared by management and are unaudited. Trencor Services (Pty) Ltd Secretaries 13 November 2017 Sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited) www.trencor.net Date: 13/11/2017 11:02:00 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.