Results of annual general meeting - Comments by the CEO on first quarter trading HUDACO INDUSTRIES LIMITED (Incorporated in the Republic of South Africa) Registration Number 1985/004617/06 Share Code: HDC ISIN: ZAE000003273 ("Hudaco" or "the company") Results of annual general meeting Comments by the CEO on first quarter trading Results of annual general meeting Shareholders are advised that, at the annual general meeting of Hudaco held at the corporate office of the company today, the following resolutions were passed by the requisite majority of shareholders present or represented by proxy: 1. Ordinary resolution numbers 1.1 to 1.2 : re-election of directors retiring by rotation; 2. Ordinary resolution number 2 : to elect the director appointed since the previous annual general meeting; 3. Ordinary resolution number 3 : reappointment of external auditors; 4. Ordinary resolution number 4.1 to 4.3 : appointment of the members of the audit and risk management committee; 5. Special resolution number 1 : approval of non- executive directors’ remuneration; 6. Non-binding resolution number 1 : endorsement of Hudaco’s remuneration policy; 7. Special resolution number 2 : authority to provide financial assistance to subsidiaries; 8. Special resolution number 3 : general authority to repurchase shares – up to 5% of the shares in issue; 9. Ordinary resolution number 5 : general authority to allot and issue authorized but unissued shares – up to 5% of shares in issue; 10. Ordinary resolution number 7 : signature of documents. Ordinary resolution number 6 : general authority to issue shares for cash, was withdrawn. Comments by the CEO on 2014 first quarter trading During the meeting, Stephen Connelly, chief executive of Hudaco, made the following comments on trading for the first quarter: “In our 2013 financial year results presentation we indicated that we were optimistic about our ability to grow comparable earnings in 2014. This optimism was based on: cost reductions effected in 2013 in Bearings International and Deutz Dieselpower; the positive (for Hudaco) effect of the depreciation of the Rand over the past year; growth in mining activity in neighbouring countries; and the expected contribution to earnings from acquisitions which are settling in well. We remain optimistic that these factors will be positive for earnings over the full 2014 financial year. “The first quarter of Hudaco’s financial year includes two holiday months, December and January, and only one full month of trading in February. Unfortunately, in February the underground platinum mines in Rustenburg were not operating due to the AMCU strike. We estimate that between 7% and 8% of group sales go directly and indirectly into the platinum mines with the Rustenburg area accounting for a large part thereof. “Notwithstanding this setback we are pleased to report that Hudaco’s first quarter trading results reflect comparable earnings broadly in line with those of 2013.” Johannesburg 27 March 2014 Sponsor Nedbank Capital Date: 27/03/2014 12:06:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.