Further Trading Update CALGRO M3 HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration Number 2004/030045/06) Share code: CGR ISIN: ZAE000109203 (“Calgro M3” or “the company”) FUTHER TRADING UPDATE In accordance with paragraph 3.4 of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as it becomes aware, with a reasonable degree of certainty, that the financial results for the next period to be reported on are likely to vary by more than 20% from the previous corresponding period. Further to the trading update published on 23 June 2012, the company expects headline earnings per share (“HEPS”) and earnings per share (“EPS”) to improve by between 80% and 90% for the 6 months ended 31 August 2012, from a HEPS of 17,03 cents and EPS of 17,03 cents reported for the six months ended 31 August 2011. Taking into account a pipeline in excess of R 8 billion over the next 6 years the group is well positioned for sustainable growth. The company did not undertake any corporate action during the current financial year when compared to the prior year. The financial information on which this trading statement is based has not been reviewed or reported on by the company’s auditors. Johannesburg 20 September 2012 Sponsor Grindrod Bank Limited Date: 20/09/2012 01:23:00 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.