Market Update and Director Resignation

TRS: Market Update and Director Resignation Following completion of the HuaHan International Holdings (Hong Kong) Co Ltd ("HuaHan") transactions in 2016; TRS Investments Limited ("TRS") wishes to update the market on developments with its forward business intentions. TRS has, in consultation with HuaHan investigated potential property transactions in New Zealand since their investment in TRS. The investigated transactions have not however been pursued. The nature of these intended transactions was consistent with the nature of transactions disclosed in the shareholder documentation circulated at the time of HuaHan's investment in TRS. HuaHan has now advised that it no longer wishes to pursue these types of transactions in New Zealand with TRS. HuaHan's nominee to the TRS Board, Hao Sun, has accordingly resigned with immediate effect. However with assistance from HuaHan, TRS has been introduced to a Chinese company with an established business and are interested in reverse listing that business into TRS. The directors need to undertake further due diligence but believe the opportunity appears very good. TRS is looking to finalise and agree a term sheet for the transaction and will then be in a position to update the market more fully. In light of the change of direction and HuaHan's intentions, TRS has not received funds from a requested drawdown from the HuaHan Working Capital Facility (as was approved by shareholders last year). TRS relies on this facility for working capital and accordingly this has placed cashflow pressure on TRS. TRS will continue working with HuaHan in this respect but notes that any new transaction will likely involve upfront payments which would improve TRS' cash position. For further information contact: - Joe van Wijk Managing Director TRS Investments Limited Telephone: 027 300 9291 Email: josephvanwijk@xtra.co.nz End CA:00297522 For:TRS Type:GENERAL Time:2017-02-28 09:36:33