Update on Restructure of Tradehold’s Non-Property Businesses and a Proposed Listing in Namibia Tradehold Limited (Registration number: 1970/009054/06) Incorporated in the Republic of South Africa JSE Share code: TDH ISIN: ZAE000152658 ("Tradehold" or "the Company") UPDATE ON RESTRUCTURE OF TRADEHOLD’S NON-PROPERTY BUSINESSES AND A PROPOSED LISTING IN NAMIBIA 1. Restructure of Tradehold’s non-property businesses Tradehold shareholders (“Shareholders”) are referred to the announcement released on the Stock Exchange News Service (“SENS”) on 9 January 2018 in which Tradehold advised that the reorganisation of its group through the separation of its property interests from its non-property interests (“the Restructure”) had been delayed, but that the Restructure was expected to be effective on 1 March 2018. Pursuant to the above, Shareholders are advised that the effective date of the Restructure is now expected to be by no later than 31 May 2018. 2. Listing of a Subsidiary Shareholders are furthermore referred to the announcement released on SENS on 29 November 2017 in which the Company advised that its wholly-owned subsidiary, Nguni Property Fund Limited, the name of which has been changed to Frontier Property Fund Limited, had postponed a private placement that was to precede the listing of the company on the Namibian Stock Exchange. Shareholders are advised that the Company has resolved to not proceed with such listing. Cape Town 28 February 2018 JSE Sponsor to Tradehold Mettle Corporate Finance Proprietary Limited Date: 28/02/2018 05:00:00 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.