Trading statement BELL EQUIPMENT LIMITED (Incorporated in the Republic of South Africa) Registration number 1968/013656/06 ISIN: ZAE000028304 Share Code: BEL ("the Company") TRADING STATEMENT In terms of the JSE Limited Listing Requirements ("Listings Requirements"), companies are obliged to publish a trading statement as soon as they are satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported upon next will differ by at least 20% from the financial results for the previous corresponding reporting period. Shareholders are accordingly advised that the Company's earnings per share ("EPS") and headline earnings per share ("HEPS") for the year ending 31 December 2014 are expected to be at least 30% (58 cents) lower than the EPS and HEPS of 193 cents and 192 cents, respectively, for the year ended 31 December 2013. This expected difference is mainly due to a reduction in demand from the mining sector, which has had a negative impact on production volumes at the Company's production facilities. In view of the volatility in exchange rates and uncertainty as to the timing of the finalisation and delivery of certain sales orders the Company cannot, with reasonable certainty, quantify the extent of its results for the year ending 31 December 2014 within the 20% range required by the Listings Requirements. A further trading statement for the year ending 31 December 2014 will be released on SENS once more certainty exists. The forecast financial information on which this trading statement is based has not been reviewed and reported on by the Company's external auditors. Shareholders are reminded that the Company is still trading under a cautionary, per the announcement released on SENS on 31 October 2014. Richards Bay 13 November 2014 Sponsor: RAND MERCHANT BANK (A division of FirstRand Limited) Date: 13/11/2014 11:35:00 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.