Trading statement

17 February 2015

(Incorporated in the Republic of South Africa)
(Registration No 1955/002869/06)
Share Code: TRE
ISIN: ZAE000007506


Shareholders are advised that earnings per share (“EPS”) and headline earnings per share (“HEPS”) and Adjusted HEPS for the year ended 31 December 2014 are expected to be within the ranges set out below:

blank 2014 2013
blank Expected   Change% Actual
BASIC EPS 540 – 545 -31 to -30 785,7
HEPS 578 – 583 -27 to -26 792,6
Deduct: blank blank blank
• Once-off gain on modification of debt terms blank 97,2
• Net unrealised foreign exchange translation gains 25 – 30 -61 to -54 64,7
ADJUSTED HEPS (including the value of the TAC option held by Halco) 550 – 555 -13 to -12 630,7
• Deduct once-off gain on value of the TAC option blank 82,9
ADJUSTED HEPS (excluding the value of the TAC option) 550 – 555 0,4 to 1,3 547,8
Year-end rate of exchange: SA rand to US dollar 11,54 blank 10,46
Average rate of exchange for the year 10,78 blank 9,67

The results of Textainer Group Holdings Limited (NYSE: TGH), in which Trencor has a 48% beneficiary interest, can be accessed on its website

The financial information on which this trading statement is based has not been reviewed and reported on by Trencor’s independent auditors. The reviewed results in respect of the year ended 31 December 2014 are expected to be published on SENS on or about 20 February 2015.

On behalf of the Board

NI Jowell Chairman

17 February 2015

Sponsor: Rand Merchant Bank (A division of FirstRand Bank Limited)