Trading statement for the year ended 31 August 2019 Trematon Capital Investments Limited (Incorporated in the Republic of South Africa) Registration number 1997/008691/06 Share code: TMT ISIN: ZAE000013991 ("Trematon" or "the Trematon group") TRADING STATEMENT FOR THE YEAR ENDED 31 AUGUST 2019 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 the Trematon group is currently finalising its annual financial results for the year ended 31 August 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. The pro forma financial information has been compiled using a combination of listed market values, external professional valuations, and/or directors valuations, where applicable. The Trematon group expects: - basic earnings per share for the year ended 31 August 2019 to be between 10 cents and 11 cents, which is between 39.3% and 33.3% lower than that for the year ended 31 August 2018 ("the previous comparable period”) of 16.5 cents; - headline earnings per share (“HEPS”) for the year ended 31 August 2019 to be between 1.8 cents and 2.2 cents, which is between 35.7% and 21.4% lower than that of the previous comparable period's HEPS of 2.8 cents; - intrinsic net asset value per share for the year ended 31 August 2019 to be between 518 cents and 522 cents, which is between 10.6% and 11.5% higher than that of the previous comparable period’s 468 cents; and - net asset value per share for the year ended 31 August 2019 to be between 410 cents and 412 cents, which is between 0.7% and 1.2% higher than that of the previous comparable period’s 407 cents. This decrease in earnings and headline earnings was mainly due to an increase in the effective tax rate in the current year as a result of property sales within companies where their assessed losses were fully utilised in prior years. Trematon’s earnings and headline earnings are inherently volatile and do not provide an accurate indication of the operations of the Trematon group. Management considers the intrinsic net asset value to be the most important financial measure of value for shareholders. Further details will be provided in the final Trematon group results for the year ended 31 August 2019, due to be published on SENS on or about 19 November 2019. The Financial information on which this trading statement is based has not been reviewed or reported on by the Trematon group's auditors in accordance with either 3.4b(viii)(1)(aa) or 3.4b(viii)(1)(bb) of the Listings Requirements of the JSE Limited. Cape Town 5 November 2019 JSE Sponsor Sasfin Capital (a division of Sasfin Bank Limited) Date: 05/11/2019 04:30:00 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.