HUDACO INDUSTRIES LIMITED - Update on dividend declaration

Update on dividend declaration

Hudaco Industries Limited
(“Hudaco” or “the company”)
Incorporated in the Republic of South Africa
Registration number: 1985/004617/06
Share code: HDC
ISIN code: ZAE000003273

UPDATE ON DIVIDEND DECLARATION

Following the increase in the dividend withholding tax rate as announced
during the budget speech by the Minister of Finance on Wednesday, 22 February
2017, shareholders are advised of the following changes to the dividend
declaration which was announced by Hudaco on 2 February 2017:

The dividend will now be subject to dividend withholding tax at a rate of
20%, up from 15%. In accordance with paragraphs 11.17(a)(i) to (ix)and
11.17(c) of the JSE Listings Requirements, the following additional
information is disclosed:
   - The dividend withholding tax rate is 20%;
   - The net local dividend amount is 284 cents per share for shareholders
     liable to pay the Dividend Tax and 355 cents per share for shareholders
     exempt from the Dividend Tax.

The remainder of the dividend declaration is unchanged.

Edenvale
27 February 2017

Nedbank Corporate and Investment Banking
Sponsor

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