Trading Statement Trematon Capital Investments Limited (Incorporated in the Republic of South Africa) Registration number 1997/008691/06 Share code: TMT ISIN: ZAE000013991 ("Trematon" or "the Company") TRADING STATEMENT In terms of the listing requirements of the JSE, a listed company is required to publish a trading statement as soon as it becomes reasonably certain that the financial results for the next period to be reported on will show a 20% or more difference from those of the previous corresponding period. Shareholders are hereby advised that Trematon is currently finalising its interim financial results for the 6 months ended 28 February 2019. Trematon is an investment holding company and uses earnings, headline earnings and the intrinsic value model to provide management and investors with a realistic and transparent way of evaluating Trematon’s performance. Shareholders are advised that Trematon’s earnings per share for the 6-month period ended 28 February 2019 will decrease by approximately 101% and headline earnings per share will increase by approximately 89% from the previous comparable interim period ended 28 February 2018 (“previous interim period”). Earnings loss is expected to be approximately 0.1 cents per share and headline loss to be approximately 0.1 cents per share, compared to earnings of 7.1 cents per share and a headline loss of 0.9 cents per share for the previous interim period. The decrease in earnings compared to the previous interim period is mainly a result of an accounting loss on disposal of a joint venture within Resi Investment Group which owned a residential complex in Sanddrift, Cape Town and the impairment of the investment in Cloudberry Investments which holds shares in Mazor Group Limited. Increased operating costs were also experienced at Generation Schools which related to the opening of new schools, which was in line with the company’s projections. The improvement in headline earnings is mainly a result of increased annuity income within Generation Schools and Aria Propery Group. The intrinsic net asset value (“INAV”)- which the board of directors of Trematon (“directors”) considers to be the most important measure of shareholder value - is expected to increase by approximately 8% to 482 cents per share from 446 cents per share at the previous interim period. The increase is mainly due to the sale of mature properties within Aria Property Group and Resi Investment Group and development sales at Club Mykonos Langebaan, which realised values in excess of the directors’ valuations. There was also an increase in the value of ASK Partners which is based in the United Kingdom. The book net asset value is expected to increase by approximately 4% to 403 cents per share from 389 cents per share at the previous interim period. The pro forma financial information included in INAV above has been compiled using a combination of listed market values, external professional valuations and/or directors’ valuations, where applicable. The financial information in this trading statement has not been reviewed and reported on by the auditors of the Company. Trematon’s interim results will be published on or about 29 April 2019. Cape Town 16 April 2019 Sponsor Sasfin Capital A division of Sasfin Bank Limited Date: 16/04/2019 10:30:00 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.