Bell - Director dealings in shares

Bell - Director dealings in shares                                              
Bell Equipment Limited                                                          
(Incorporated in the Republic of South Africa)                                  
(Registration number 1968/013656/06)                                            
Share code: BEL      ISIN: ZAE000028304                                         
("Bell")                                                                        
In compliance with Rules 3.72 - 3.75 of the JSE Listings Requirements, the      
following share transaction is disclosed:                                       
The following shares were allotted to directors in terms of the Bell Employee   
Share Option Scheme No 1.                                                       
Chairman              H J Buttery      75 000 (option price R2,50)              
Executive director    G W Bell         75 000 (option price R2,50)              
Executive director    P C Bell         75 000 (option price R2,50)              
Executive director    M A Campbell     17 500 (option price R2,40)              
Alternate director    P A Bell         17 500 (option price R2,40)              
Alternate director    D I Campbell     17 500 (option price R2,40)              
Nature of Interest:      Direct beneficial                                      
Date:                    In all of the above cases the options were exercised   
                         and the shares allotted today, 20 December 2002. The   
gain is calculated on the closing price on 19 December 

                         2002 of R9,50 less the option price.                   
Class of Shares     :         Ordinary                                          
20 December 2002                                                                
Date: 20/12/2002 04:00:00 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department