ABRIDGED AUDITED GROUP RESULTS FOR THE YEAR ENDED 31 MARCH 2015, NOTICE OF AGM AND FINAL DIVIDEND DECLARATION

TRUSTCO GROUP HOLDINGS LIMITED Incorporated in the Republic of Namibia (Registration number 2003/058) NSX Share code: TUC JSE share code: TTO ISIN Number: NA 000A0RF067 ("the Group") ABRIDGED AUDITED GROUP RESULTS FOR THE YEAR ENDED 31 MARCH 2015, NOTICE OF AGM AND FINAL DIVIDEND DECLARATION CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 31 March 2015 12 Months 12 Months 12 Months 31 Mar 31 Mar 31 Mar 2014 2013 2015 Audited Audited % Audited Reclassified Reclassified Notes change NAD'000 NAD'000 NAD'000 ASSETS Cash and cash equivalents (10%) 118 700 131 606 46 924 Advances 4 15% 806 965 699 932 360 713 Trade and other receivables 5 149% 574 390 230 774 271 182 Current income tax assets 175% 12 982 4 716 860 Amounts due by related parties - - - 8 482 Inventories 6 (6%) 323 917 343 850 10 420 Property, plant and equipment 7 33% 269 329 203 111 179 266 Investment property 8 32% 708 835 537 330 344 247 Intangible assets 9 (7%) 197 623 212 391 232 650 Deferred income tax assets 32% 146 359 110 774 78 183 Total assets 28% 3 159 100 2 474 484 1 532 927 EQUITY AND LIABILITIES Capital and reserves Share capital - 177 595 177 595 169 545 Share premium - 46 300 46 300 24 600 Put options - - - (52 832) Deemed treasury shares 10 17% (57 043) (69 026) - Shares for vendors - 14 976 14 976 14 976 Contingency reserve (25%) 2 250 2 983 4 610 Revaluation reserves 70% 52 083 30 641 21 797 Foreign currency translation reserve (186%) (5 936) (2 075) 1 869 Distributable reserves 29% 1 319 941 1 022 961 783 565 Attributable to equity holders of the parent 27% 1 550 166 1 224 355 968 130 Liabilities Overdraft 100% 15 020-564 Borrowings 43% 1 045 641 730 369 329 481 Trade and other payables 146% 78 891 32 131 129 154 Current income tax liabilities 43% 7 945 5 561 29 116 Amounts due to related parties 99% 527 265 -

Other liabilities (56%) 92 750 212 449 6 106 Deferred income tax liabilities 44% 304 441 210 721 33 231 Technical provisions (6%) 18 880 20 113 20 558 Policyholders' liability under insurance contracts 16% 44 839 38 520 16 587 Total liabilities 29% 1 608 934 1 250 129 564 797 Total equity and liabilities 28% 3 159 100 2 474 484 1 532 927 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the period ended 31 March 2015 12 Months 12 Months 31 Mar 31 Mar 2015 2014 % Audited Audited Notes change NAD'000 NAD'000 Total Revenue 21% 1 017 073 843 554 Interest expense (141%) (105 496) (57 075) Investment income (2%) 136 127 139 103 Net Insurance benefits and claims 23% (42 616) (54 996) Income from operations (12%) 1 005 088 870 566 Operating expenses (2%) (608 693) (570 328) Profit before taxation 14 100% 396 395 300 238 Taxation (96%) (93 157) (47 566) Profit for the period 101% 303 238 252 672 Other comprehensive income, net of tax 243% 18 540 5 409 Items that will not be subsequently reclassified to profit or loss - Revaluation of property, plant and equipment 140% 22 401 9 353 Items that may be subsequently reclassified to profit or loss - Foreign currency translation adjustment 2% (3 861) (3 944) Total comprehensive income for the period 106% 321 778 258 081 CONSOLIDATED STATEMENT OF CASH FLOWS for the period ended 31 March 2015 12 Months 12 Months 31 Mar 31 Mar 2014 2015 Audited % Audited NAD'000 change NAD'000 Restated Cash flow from operating activities Cash generated by operations (7%) 171 134 183 508 Interest received 107% 6 421 3 095 Finance costs (85%) (105 596) (57 095) Net loans advanced 65% (98 215) (278 454) Proceeds from funding liabilities for student advances (8%) 220 000 240 000 Taxation paid (55%) (25 014) (16 146) Net cash flow from operating activities 125% 168 830 74 908 Net cash flow from Investing activities 63% (7 988) (21 348) Net cash flow from financing activities (288%) (189 768) 100 712 Net change in cash and cash equivalents (133%) (27 926) 85 246 Cash and cash equivalents at beginning of period 184% 131 606 46 360

Cash and cash equivalents at end of period (21%) 103 680 131 606 CONSOLIDATED STATEMENT OF MOVEMENTS IN EQUITY for the period ended 31 March 2015 12 Months 12 Months 31 Mar 31 Mar 2015 2014 % Audited Audited change NAD'000 NAD'000 Balance at the beginning of the period 26% 1 224 355 968 130 Issue of shares (100%) - 29 750 Sale of deemed treasury shares - 46 711 (16 194) Deemed treasury shares purchased (85%) (1 861) - Dividends for the period - (40 817) (15 412) Total comprehensive income for the period 371% 321 778 258 081 Balance at the end of the period 46% 1 550 166 1 224 355 CONDENSED SEGMENT ANALYSIS as at 31 March 2015 Insurance Banking & Insurance Insurance (Emerging Total Finance (Namibia) (Investments) Markets) NAD'000 NAD'000 NAD'000 NAD'000 NAD'000 31 March 2015 Revenue 1 017 073 173 114 167 912 660 884 15 163 Income from operations - external 1 156 645 186 910 169 056 697 395 103 284 Income from operations - internal (137 785) (12 008) (1 144) (104 749) (19 884) Net profit after tax 303 238 52 528 87 959 266 162 (103 411) Total assets 3 159 100 1 521 863 131 994 1 214 626 290 617 Total liabilities 1 608 935 465 309 66 926 1 034 119 42 581 31 March 2014 Revenue 843 554 108 640 223 659 467 468 43 787 Income from operations - external 355 280 47 676 114 150 168 225 25 229 Income from operations - internal 408 752-109 509 299 243 - Net profit after tax 252 672 47 009 103 120 237 454 (134 911) Total assets 2 474 484 740 289 122 523 1 365 981 245 691 Total liabilities 1 250 129 282 912 59 787 811 341 96 089 NOTES TO THE AUDITED ABRIDGED ANNUAL FINANCIAL STATEMENTS as at 31 March 2015 1. Basis of preparation The abridged annual group financial statements, which comprise the abridged group statement of financial position as at 31 March 2015, and the abridged group statement of comprehensive income, changes in equity, cashflow statement for the year ended 31 March 2015, and related notes are derived from the audited financial statements of Trustco Group Holdings Ltd for the year ended 31 March 2015 which have been audited by the group's independent auditors, BDO Namibia. This abridged report is therefore extracted from the audited information, but is itself not audited. The directors take full responsibility for this abridged report and the financial information has been correctly extracted from the underlying annual financial statements.

The auditor's unmodified report is available for inspection at Trustco's registered offices. The group's audited financial statements are available for inspection at the company's registered office. Electronic copies of the integrated report and the financial statements will be available on the company's website (www.tgh.na), on 29 June 2015. The abridged group financial statements have been prepared in accordance with the framework concepts and measurement and recognition criteria of International Financial Reporting Standards (IFRS) and comply with IAS 34 Interim Financial Reporting and are in accordance with the SAICA Financial Reporting Guides as issued by the Accounting Practice and Financial Pronouncements as issued by Financial Reporting Standards Council, and the Namibian Companies' Act. no.28 of 2004 (as amended) and JSE Listings Requirements.The accounting policies are consistent with the group's accounting policies and are consistent with the previous annual financial statements. The abridged consolidated financial information was compiled under the supervision of the Group Financial Director, Ryan McDougall, CA(SA), CA(Namibia). 12 Months 12 Months 31 Mar 31 Mar 2015 2014 Audited Audited 2. Headline earnings per share Profit attributable to ordinary shareholders 20% 303 238 252 672 Adjustments: 75% (27 494) (111 150) Loss on disposal of property, plant & equipment 248% 2 098 603 Loss on disposal of intangible assets (100%) - 1 336 Fair value adjustments on investment properties 100% 400 (120 423) Gain on bargain purchase (878%) (29 244) (3 000) Impairment of intangible assets (100%) - 15 241 Tax effect 85% (748) (4 907) Headline earnings 95% 275 744 141 522 3. Earnings per share Basic earnings per share (cents) 30% 43.59 33.57 Diluted earnings per share (cents) 30% 43.29 33.35 Headline earnings per share (cents) 111% 39.64 18.80 Diluted headline earnings per share (cents) 111% 39.36 18.68 Dividends per share (cents) 39% 5.75 4.15 Shares Total number of ordinary shares in issue - 772 142 772 142 Weighted number of ordinary shares in issue (8%) 695 582 752 771 Contingently issuable shares as a result of business acquisition - 4 922 4 922 Weighted number of ordinary shares for diluted earnings per share (8%) 700 504 757 693 4.1 Advances Total advances 15% 806 965 699 932 806 965 699 932 4.2 Total loans advanced 11% 832 516 752 853 Provision for bad debts 561% (25 551) (52 921)

15% 806 965 699 932 Less: Short-term portion (9%) (199 062) (182 499) 17% 607 903 517 433 5. Trade and other receivables Trade receivables 66% 56 290 33 902 Property sales receivables 232% 501 489 150 900 Other receivables (1%) 45 402 45 972 149% 574 390 230 774 6. Inventories During the year the group's aquired inventories relating to real estate were carried at a cost of NAD 316.1 m (2014: 336.1 m) and inventories relating to finished goods at a cost of NAD 7.8 m (2014: 7.7 m) No inventories are required to be written down to net realisable value. 7. Property, plant and equipment During the year the group aquired property, plant & equipment at a cost of NAD 8.6 m (2014: 10.4 m) and recognised a revaluation gain of NAD 23.5 m (2014: 13.5 m). The carrying value of property, plant & equipment as at 31 March 2015 was NAD 269.3 m (2014: 203.1 m). Disposals at carrying value of NAD 12.2 m (2014: 1.5 m) were made. 8. Investment property During the year the group acquired investment property at a cost of NAD 13.3 m (2014: 0.0 m) and recognised a revaluation gain of NAD 103.2 m (2014: 120.4 m). The fair value of investment property as at 31 March 2015 was NAD 708.8 m (2014:537.3 m). Disposals at carrying value of NAD 2.2 m (2014: 0.0 m) were made. 9. Intangible assets During the year the group acquired intangible assets at a cost of NAD 11.7 m (2014: 8.2 m). The carrying value of intangible assets as at 31 March 2015 was NAD 197.6 m (2014: 212.4 m). Disposals at carrying value of NAD 0.02 (2014: 3.0 m) were made. 10. Deemed treasury shares The carrying value of treasury shares as at 31 March 2015 is NAD 57.0 m (2014: 69.0 m). The group purchased 1.1 m (2014: 1.6m) shares during the year. Disposals of NAD 15.2 m (2014: 0.0 m) were made. 11. Reclassifications and restatements of 2014 and 2013 comparatives Reclassification of 2014 cash flow statement On 6 November 2014 the JSE notified Trustco that as a result of the JSE's pro-active monitoring of annual financial statements it had identified two misclassifications in the statement of cash flows as reported in the group's 2014 annual financial statements. These misclassifications, although considered immaterial by Trustco due to the detailed nature of the disclosure in the 2014 annual financial statements, were deemed by the JSE to be individually and collectively misleading to users of the financial statements, hence the JSE requested that Trustco reclassify the items in this set of results. Where appropriate, financial institutions can present net cash flows from advances and loans made to customers and the repayment of those advances and loans. This has been adopted in the 2015 financial year due to the acquisition of the banking subsidiary. Extract of the condensed consolidated statement of cash flows: 12 Months 12 Months 31 Mar 31 Mar 2014 2014 Audited Audited Reclassified Cash from operating activities 74 908 52 975

Cash generated by operations 183 508 161 575 Included in the restatement of cash generated by operations is the effect of the increase in policyholders' liabilities under insurance contracts 21 933 - Cash flow from investing activities (21 348) (90 374) Purchase of deemed treasury shares - (69 026) Cash flow from financing activities 31 686 122 645 Purchase of deemed treasury shares (69 026) - Increase in policyholders' under insurance contracts - 21 933 Net change in cash and cash equivalents 85 246 85 246 The change had no impact on the cash and cash equivalents, Statement of Financial Position, Statement of Comprehensive Income, Statement of Changes in Equity, Earnings per share, Headline earnings per share or diluted earnings per share. Reclassification of the statement of financial position and statement of comprehensive income The group has elected to present its statement of financial position on the 'order of liquidity' basis as opposed to the current versus no-current classification previously used. Furthermore certain items presented on the face of the statement of comprehensive income are now aggregated. These changes were made due to the group's operations which closely mirror other financial institutions and hence allow better comparability in the industry. NAD 62.8 million was reclassified in the 2014 results to trade and other receivables from trade and other payables in order to adopt group accounting policies previously not corrected in the consolidation of acquired entities. 12. Fair Value hierarchy Level 1 Financial assets - - - Level 2 Investment property 32% 708 835 537 330 Property, Plant and Equipment 33% 269 329 203 111 Level 3 Advances 15% 806 965 699 932 Trade and other receivables 161% 603 131 230 774 Cash and cash equivalents (10%) 118 700 131 606 Bank overdrafts 100% (15 020) - Trade and other payables 235% (107 632) (32 131) Other liabilities (56%) (92 750) (212 449) Borrowings 43% (1 045 642) (730 369) Technical provisions (6%) (18 880) (20 113) Policyholders' liability under insurance contracts (16%) (44 838) (38 520) 13. Transactions with related parties Next Investments (Pty) Ltd Management fees (491%) (38 141) (26 110) Interest paid - - (2 854) Charter income 742% 202 24 Other transactions (481%) (11 130) (238) Northern Namibia Development Company (Pty) Ltd Charter income 477% 1 278 367

14. Profit before taxation This is arrived at after taking into account the following: Profit on foreign exchange differences 8 640 5 544 Gain on bargain purchase 29 244 3 000 Fair value gains on investment property 103 200 120 423 Audit fees (2 283) (2 930) Impairment of loans and receivables and bad debts written off (25 828) (52 972) Increase in provision for doubtful debts relating to advances (9 274) (4 743) 15.1 Business Combination On 30 June 2014, the group acquired control by way of the purchase of all the ordinary shares of Farm Herboths (Proprietary) Limited. The current operations of the acquiree include renting of farmland, sale of zoned residential estates, operation and management of water supply to third parties and the management of neighbouring residential estates. The assets and resources acquired include staff and office buildings related to the operations. The group has taken over the management of the operations of the entity, but also intends to expand the existing residential estate to more significant levels. This expansion will augment the existing investment and property development operations of the group and extend the foreseeable development timetable. Gain on bargain purchase of NAD 18 million was raised on purchase and included in the profit for the period. This gain arose as a result of the revalued identifiable fair value of assets acquired exceeding the purchase price. The large tracts of undeveloped land on the estate were not previously valued independently by the sellers. The following table summarises the consideration paid at fair value of assets acquired and liabilities assumed at the acquisition date: Fair value Book value adjustment Fair value NAD '000 NAD '000 NAD '000 Investment property 52 224 7 776 60 000 Bank and cash 7-7 Other liabilities (106) - (106) Net assets 52 125 7 776 59 901 Purchase consideration (41 860) Gain on bargain purchase 18 041 Cash flow on acquisition Cash and cash equivalents 7 Bank overdraft - Net cash acquired 7 Consideration paid* (5 000) Cash outflow on acquisition, net of cash acquired (4 993) A portion of the consideration for the purchase of Farm Herboths (Pty) Ltd was deferred. The purchase consideration is payable by the group in 18 monthly instalments of NAD 2 222 222 beginning July 2014 and an initial lumpsum payment. The deferred purchase consideration bears no interest. Acquisition-related costs of NAD 525 641 have been charged to administrative expenses in the consolidated income statement for the period ended 31 September 2014. The revenue from this acquisition included in the consolidated statement of comprehensive income since acquisition is NAD 0.52 million and a net loss of NAD 2.42 million was incurred during the same period.

Had the business been consolidated from 1 April 2014, the consolidated statement of income would show pro forma revenue of NAD6.83 million and pro forma loss of NAD6.19 million. 15.2 Business Combination On 1 September the group acquired control of Fides Bank Namibia Limited by way of the purchase of all the ordinary shares in the entity. Fides Bank Namibia Ltd is one of only seven commercial licensed banks in Namibia. The acquisition of the bank, now re-named to Trustco Bank Namibia Limited, represents a natural progression of the group's Bank & Finance segment strategy. The acquisition offers a best fit strategic opportunity to complement the current student lending, mortgage lending, property development and insurance businesses of the group. Gain on bargain purchase of NAD 21,5 million was raised on purchase and included in the profit for the period. The total fair value of the entity exceeded the purchase price, predominantly due to the group's identification that the assessed loss residing in the bank could now be recognised as a result of the purchase. This resulted in a gain on bargain purchase as fairly valued and recognised assets exceeded the purchase consideration. The following table summarises the consideration paid at fair value of assets acquired and liabilities assumed at the acquisition Fair value Book value adjustment Fair value NAD '000 NAD '000 NAD '000 Bank and cash 25 312-25 312 Other assets 2 330-2 330 Loan portfolio 10 212-10 212 Property plant and equipment 2 155-2 155 Funding Liabilities (34 436) - (34 436) Deferred tax asset - 16 670 16 670 Other liabilities (4 040) - (4 040) Net assets 1 533 16 670 18 203 Purchase consideration (7 000) Gain on bargain purchase 11 203 Cash flow on acquisition Cash and cash equivalents 25 312 Bank overdraft - Net cash acquired 25 312 Consideration paid (7 000) Cash outflow on acquisition, net of cash acquired 18 312 On 1 September 2013, the gross loan portfolio was N$12.151 million with a provision for doubtful debts of NAD 1.232 million raised for both specific customer advances which were fully impaired and a portfolio impairments against loans which are doubtful but recovery is still not considered remote. Acquisition-related costs of NAD 250 000 have been charged to administrative expenses in the consolidated income statement for the period ended 31 March 2015. The revenue from these acquisitions included in the consolidated statement of comprehensive income since acquisition was NAD 7 million and a net loss of NAD 1.639 million was incurred during the same period. Had the business been consolidated from 1 April 2014, the consolidated statement of income would show pro forma revenue of NAD 6.83 million and pro forma loss of NAD 6.19 million.

16. Subsequent events Option agreement On 22 June 2015, the group announced that it had entered into an option agreement with Huso Investments (Pty) Ltd ('Huso') to secure the rights to acquire Huso and its two subsidiaries, namely Northern Namibia Development Corporation (Pty) Ltd and Morse Investments (Pty) Ltd. The operations of Huso include a diamond mining operation and a diamond polishing factory - both located in Namibia. The option will be exercisable by the group should the shareholders of Huso be able to demonstrate various contingent actions as detailed in the SENS announcement issued to the market on 22 June 2015. At the time of publication of the Annual financial statements, the group was unable to determine whether the transaction would have any financial effects. 17. Directorate Mrs Veronica de Klerk resigned as a director on 1 September 2014. DIVIDEND DECLARATION During the year under review dividends of 5.75 cents per share (2014: 2 cents) amounting to a total of NAD 44.39 million (2014: NAD 15.4 million) were declared and paid by the group. The directors of Trustco (the Board) are pleased to announce that the Board passed a resolution on 26 June 2015 to pay a dividend of 4 cents per share for the financial year ended 31 March 2015. The following information is provided to shareholders in respect of dividend tax: - The dividend has been declared from income reserves; - Shareholders are advised that Namibian non-resident shareholders' tax ('NRST') of 20% on the declared dividend will be applicable to all shareholders with addresses outside Namibia (unless any specific rules relating ot double tax treaties apply); - The Namibian NRST rate for South African residents is 15% resulting in a net dividend of 3,4 cents per share (South African dividend witholding tax is not applicable to Namibian dividends); and - Trustco Group Holdings Limited's Namibian Income Tax Reference Number is 3356338011 - The number of shares in issue at the date of declaration is 772 142 090 The salient dates for the payment of this dividend are set out below: Last day to trade cum-dividend Friday, 24 July 2015 Trading ex dividend commences Monday, 27 July 2015 Record Date Friday, 31 July 2015 Payment Date Friday, 21 August 2015 Share certificates may not be dematerialised or rematerialised between Monday, 27 July 2015 and Friday, 31 July 2015 both days included. The dividend is declared in Namibia Dollars and payable in currencies of the Republics of South Africa and Namibia which are pegged 1:1. NOTICE of AGM The full integrated report including a notice of annual general meeting will be uploaded on the company's website and posted to shareholders of the company who were recorded as such in the company's securities register on Friday, 19 June 2015. Notice is hereby given to shareholders that the annual general meeting of the shareholders of the company will be held in the boardroom, 3rd floor, Trustco House, 2 Keller street, Windhoek on Thursday 24 September 2015 at 10:00 to deal with such business as may lawfully be dealt with at the meeting in the manner required by the Companies Act, 28 of 2004 (as amended), as read with the Listings Requirements of JSE Limited ('JSE Listings Requirements'), which meeting is to be participated in and voted at by shareholders recorded in the company's securities register on the record date of Friday, 11 September 2015. Shareholders are advised of the following applicable dates: last date for lodging forms of proxy for South African shareholders is Friday, 18 September 2015 at 17H00 and Monday, 21 September 2015 at 12H00 for all other shareholders. The last date to trade to be eligible to vote is Friday, 4 September 2015.

By order of the board S Miller Company Secretary 29 June 2015 JSE Sponsor Sasfin Capital (a division of Sasfin Bank Limited) NSX Sponsor IJG (Pty) Limited