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Title: TRUSTCO SHARES SURGE 49% FOLLOWING POSITIVE TRADING UPDATE RELEASE

Windhoek, Khomas, Namibia, 31st May 2024 – Trustco Group Holdings Ltd continues to demonstrate its ability to generate above-average investment returns. During the interim review period, Trustco's Net Asset Value (NAV) increased by 9.5% from NAD 1.15 billion (USD 62 million) to NAD 1.26 billion (USD 68 million) during the last six months. The NAV per share similarly grew to 128.2 cents, from 117.1 cents. The Group's profit for the 6 months ended 29 February 2024 was NAD 110 million (USD 6 million), compared to a loss of NAD 250 million (USD 13 million) in the previous corresponding period. Basic and headline earnings per share were 11.17 cents, a significant improvement from the previous interim period.Trustco’s portfolio valuations showed mixed performance across various sectors. The micro-finance portfolio reduced by NAD 90.7 million (USD 4.8 million), while the commercial banking and education portfolios decreased by NAD 1.3 million (USD 70 thousand) and NAD 20.7 million(USD 1.1 million), respectively. The insurance portfolio also recorded a decline of NAD 50.9 million (USD 2.7 million), primarily due to market volatility and higher interest rates. However, the real estate portfolio increased by NAD 70.7 million (USD 3.8 million), driven by rising demand for prime real estate in Namibia. The mining portfolio grew by NAD 154.5 million (USD 8.3 million), thanks to sector resilience, increased commercial production, and favourable exchange rates. Quinton Z van Rooyen, Deputy CEO - Trustco Group Holdings Ltd"The past period demonstrated why we pursue a generational multi-sector investment strategy.  When one portfolio faced challenges, other portfolios compensated for it," said Quinton Z van Rooyen, Deputy CEO of Trustco Group. "This balanced approach is key to...

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