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 Based on the relevant spot exchange rates and the listed share prices of Textainer Group Holdings Limited (NYSE: TGH) ("Textainer"), the NAV of Trencor at these dates were as follows: 31 December 2017 30 September 2017 Textainer share price US$21,70 US$17,15 Spot exchange rate US$1 equals R12,37 R13,52 R per R per Trencor Trencor R million share R million share Beneficiary interest in Textainer 7 323 41,35 6 325 35,72 Beneficiary interest in TAC Limited (“TAC”) (US GAAP NAV) 1 004 5,67 1 095 6,18 Cash (excluding in Textainer and TAC) 1 095 6,19 1 235 6,98 Other net assets (refer to note below) 195 1,10 245 1,38 Total NAV 9 617 54,31 8 900 50,26 Note: All numbers at 31 December 2017 are actuals with the exception of the provisional R195 million described as "Other net assets". Included in this number is the IFRS adjustment required to convert the results of TAC from US GAAP into IFRS. Any change to this provisional number is expected to be immaterial. These numbers have been prepared by management and are unaudited. Trencor Services (Pty) Ltd Secretaries 8 May 2018 Sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited) www.trencor.net Date: 08/05/2018 01:08:00 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.