Middle East Investors Summit November 2015 – Dubai

1. Middle East Investors Summit November 2015 – Dubai JSE Share code: TTO

2. Our history Trustco is a JSE-listed Namibian based Insurance and Banking group. The group also has investments in education, property, media and resources. Established in 1992 Headquartered in Namibia with operations in South Africa, Namibia and Mauritius Listed on the main board of the Johannesburg Stock Exchange (Ticker: TTO) with a secondary listing on the Namibian Stock Exchange, and has an ADR program in the USA (OTC Ticker: TSCHY)

3. Economic snapshot of Namibia • 25th year of independence with 3rd democratically elected president in office • Population of 2.1 million • GDP growth and forecast – 5.5% 12-month lagging as at 30 June 2015 • Inflation remains within target at 3.4% (as at 31 March 2015) • Interest rates remain high for both borrowers and lenders • Prime banking rate 10.25% • 5 year on-the-run Namibian government bond yielding 8.67% • GDP per capita $5,467

4. Trustco was ranked 2nd in the South African Sunday Times Top 100 Companies • Upgraded to BBB with positive outlook by Global Credit Ratings • PMR Diamond Arrow Award for Business Excellence Other highlights in 2015 included… • 1st place in Deloitte’s 2015 Best company to work for Survey in Namibia (2014 – 3rd place)

5. Our products Insurance (short-term & Life) • Free life cover on all non-life products • No blood tests for term life • Low premiums and one policy usually covers the whole family (up to 7 insured) • Internet or cell-phone primary contact – no printed policy docs • Insurance products such as free Life cover and salary/funeral protector cater for loer LSM’s Identify products that can create group synergies Must be accessible to the man on the street Affordable & understandable Banking Investment portfolio • Providing developed land and housing to middle income segment • Free newspaper to the public with readership >100,000 on Facebook • IOL (a division of Trustco) is an accredited educational institute offering courses from to school leaving certificates up to honour degrees • Lending products: • SME lending • Residential mortgages • Student loans • eWallet transactions • Deposit offering (call/notice/term) • Premium-freebancassurance • Responsible consumer education programmes with vocational training being rolled out

6. Trustco strives to increase opportunities for customers by creating financial products with vertical integration Supporting division Product • Sale of serviced land • Finance for property developer • Finance for ultimate home owner • Life insurance for home owner • Children attend IOL to obtain diploma/ degree • Student loans provided by Trustco Bank

7. Traditional product lines continue to grow and segments are starting to support similar contributions to the group’s earnings Selected key data on banking and insurance

8. Whilst the investment portfolio - driven by insurance investment spread requirements - remains balanced with rental properties, unlisted investments, smaller business lines contributing, the residential property sales remain a key driver of the non-financial services returns Investment portfolio • Property prices in Namibia continue to grow in response to a growing demand whilst supply remains historically low • The group has over 4,200 hectares of developable land in/around Windhoek • Mix of commercial, industrial, low and high density residential estates planned and being sold Namibian property prices

9. Investment portfolio – real estate investment trust Whilst property is booming in Namibia, the JSE property segment still continues to deliver excellent returns • The FTSE/JSE South Africa listed property index is up 56% in 3 years • The monthly value traded in listed real-estate investment trusts averaged R10.3bn over the last 12 months. This is a 25% increase over the preceding 12-month period and 220% higher than five years ago

10. Resources The group recently invested $260m into a diamond mining and cutting operation

11. Profits and balance sheet trend • JSE stock price reached all time high of R5.40 in November 2015 (lowest was R0.25 on 27 August 2010) • Assets have grown through a contribution of acquisitions and organic growth • Tangible assets make up 87% of the Total assets

12. Historical earnings and metrics USD’00s • Revenues exceeded ZAR 1 billion in FY2015 – approx. $90m • Consistent growth in NAV and Total assets was offset by a fall in earnings in 2013 due to the closure of our underwriting manager in South Africa – a pre-emptive move to avoid future losses • Leverage ratio remains prudent at 105%

13. Corporate governance • King III Report on Corporate Governance, 2009 has been adopted by the Group and is committed to the principles of openness, integrity and accountability as advocated in the code. The application of the Code is mandatory for NSX and JSE listed companies. • Each segment has its own management structure which drives operational strategy and controls; whilst also implementing Group strategy, each management structure has formal management meetings, and each segment has at least one member on the Group EXCO; which ensures both a bottom up and top down reporting structure. • The Group EXCO in turn has various Independent Committees that include the Group Credit Committee, Group Tax Committee, Group Financial Review Committee and ALCO. • Monitoring the Group’s compliance with the code forms part of the mandate of the Group’s audit and risk management committee, that has delegated its functions to the group Chief Risk officer and the Head of Internal Audit. • The Board of directors (chaired by an independent non-executive with a balance of independent non-executives) has established 3 committees to enable it to properly discharge its duties and responsibilities and effectively fulfill its mandate. The 3 Board Committees, each with a formal charter, are: • Audit and Risk Committee • Remuneration Committee • Board Lending Committee The Board meets on a quarterly basis with the calendar set at the beginning of the financial year.

14. The executive team

15. Through its partnerships with international and local development funders, Trustco remains committed to ES&G and CSI initiatives CSI initiatives • In 2015, CSI spend rose to 2.5% of Net Profit after Tax

16. Investment case • STRONG GROUP: Trustco is a well established business in Namibia and has a track record of earnings and asset growth • MARKET DOMINANCE: Trustco has established dominant positions in its target sectors in Namibia where it has capitalized on market opportunities and has been successful in harnessing the significant cross-selling opportunities within the Group. • STRONG MARKET DEMAND: The Group is focused on the underserved lower LSM groups. In the insurance market in which they operate there is limited competition and still room for growth; while the significant pent-up demand for continuing education and affordable education finance ensures continued growth for the Group over the next decade. • STRONG BRAND EQUITY: Legal Shield, IOL and Trustco are well known and respected domestic brands in Namibia with strong brand equity value. • COMMITTED AND CAPABLE MANAGEMENT TEAM: Trustco is run by a professional and experienced management team that has overseen significant Group growth while maintaining robust operating margins. • TECHNOLOGY LEADERSHIP: The Group has a well established IT platform that it developed in-house and into which it has built SMS services to facilitate communication with clients. • MULTIPLE INTERNATIONAL DUE DILIGENCES PERFORMED ON THE GROUP Existing strong international DFI funding relationships with financial, corporate governance and Environment and Social covenant regimes in place

17. Structure of the capital raise • USD 50 m • Corporate bond/note programme • Listed on JSE / unlisted • Benchmark rate – 3MLIBOR + (325bps-425bps) • & • USD 50 m • Direct investment into Trustco Property Unit Trust • Property exposure only

18. Structure of the Note

19. Structure of the Unit Trust Investment

20. Like to know more? www.tgh.na or Ryan McDougall - Group Financial Director Tel: +264 61 275 4501 Email: RyanM@tgh.na