Voluntary Announcement: Trustco's Banking Portfolio Investee ("Trustco Bank") and Bank of Namibia in Legal Battle TRUSTCO GROUP HOLDINGS LIMITED Incorporated in the Republic of Namibia (Registration number 2003/058) Registered as an external company in South Africa (External registration number 2009/002634/10) NSX share code: TUC JSE share code: TTO OTCQX share code: TSCHY ISIN Number: NA000A0RF067 (“Trustco” or “the Group”) VOLUNTARY ANNOUNCEMENT: TRUSTCO'S BANKING PORTFOLIO INVESTEE TRUSTCO BANK NAMIBIA LIMITED ("TRUSTCO BANK") AND BANK OF NAMIBIA ("BON") IN LEGAL BATTLE Shareholders are advised that: 1. On 31 May 2022, the Group resolved to bring Trustco Bank out of business incubation. The Group proposed to BON to capitalize Trustco Bank with a capital injection of up to N$ 1 billion (One Billion Namibia Dollars) supported by a business plan. This fact was reported to shareholders in the interim results, dated 29 June 2022 on page 4. 2. The proposal by Trustco Bank, a 100% subsidiary of Trustco Group, was subsequently refused by BON, without providing satisfactory reasons for such refusal. 3. Notwithstanding the above-mentioned request BON proceeded to issue its final directives. Trustco and its banking portfolio investee Trustco Bank brought an application for review in the High Court of Namibia against BON and others to set aside the directives BON made against Trustco Bank. In addition, an order was requested declaring certain sections of the Banking Institutions Act of Namibia, 1998 and the Bank of Namibia Act, 2020 unconstitutional. 4. BON retaliated by threatening to bring an application for liquidation against Trustco Bank. The assumed application for liquidation has not been served on Trustco Bank as of yet. 5. The current value of the investment into Trustco Bank represents 1% of the Group’s Net Assets of N$ 6.5 billion. Trustco Bank is a 100% percent Namibian owned bank with limited deposits and a small loan book, but with immense potential. 6. All of Trustco Bank’s client’s deposits are fully guaranteed as Trustco Bank holds more than 100% cash to cover deposits. As at 31 August 2022 Trustco Bank’s total assets exceeded its total liabilities by N$ 69 million and its Capital adequacy ratio was 90.36% (regulatory requirement is 15%). Shareholders are referred to the press release which can be viewed at https://www.tgh.na/medianews-centre/media-releases and are also welcomed to contact the company secretary for more information at komada@tgh.na. Windhoek, Namibia, 30 September 2022 Komada Holdings (Pty) Ltd Company Secretary and Investor Relations Services to Trustco Group Holdings Limited JSE Sponsor Vunani Sponsors (Pty) Ltd – Johannesburg NSX Sponsor Simonis Storm Securities Proprietary Limited – Windhoek OTCQX Sponsor J.P Galda & Co – New York Date: 30-09-2022 09:08:00 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.