Trading Update CALGRO M3 HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration Number 2005/027663/06) Share code: CGR ISIN: ZAE000109203 (“Calgro M3” or “the Company”) 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. Calgro M3 wishes to advise shareholders that the Company’s headline earnings per share (“HEPS”) for the six months ending 31 August 2018, is expected to be 3.11 cents per share compared to 47.71 cents per share reported in the previous corresponding period. This equates to a decrease of 93.48%. Earnings per share (“EPS”) for the six months ending 31 August 2018, is expected to be 23.78 cents per share compared to 47.71 cents per share as reported in the previous corresponding period. This equates to a decrease of 50.16%. The period under review was one of the most difficult ever experienced due to: 1) Macro and micro economic uncertainty coupled with uncertainty pertaining to land expropriation; 2) Scottsdene and Fleurhof projects being shut down as a result of “illegal occupation” with additional security and repair cost, which was slightly offset by a variation order received on Fleurhof; 3) Major electrification challenges on Fleurhof which resulted in standing time cost; 4) Impact of the adoption of IFRS 15; 5) Drought in the Western Cape; and 6) Cancellation of the Executive share scheme and corresponding fast-tracked expense. Furthermore, this had a negative impact on our operational cash flow, leading to the deliberate slowdown in levels of activity on other sites. Despite these uncertainties and challenges, management has worked tirelessly to ensure that the Company has: - A healthy Balance Sheet; - 10 projects in the ground at various phases to mitigate risk; and - Expanded its Memorial Parks business An analysis on the impact of all extraordinary items (including the impact of the adoption of IFRS 15) during the period will be detailed in the interim results announcement. The Company did not undertake any corporate action during the current six months when compared to the prior period. The financial information on which this trading statement is based has not been reviewed or reported on by the Company’s auditors. Johannesburg 18 October 2018 Sponsor Grindrod Bank Limited Date: 18/10/2018 10:50:00 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.