Market Update and Director Resignation

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TRS INVESTMENTS LTD


Correspondence: Registered Office:
PO Box 26448 Level 2
Epsom Tower Building
Auckland 1344 50 Customhouse Quay
Wellington





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