Trading statement Hulamin Limited (Incorporated in the Republic of South Africa) (Registration number 1940/013924/06) Share code: HLM ISIN: ZAE000096210 ("Hulamin" or “the Company”) TRADING STATEMENT Manufacturing output in the first quarter was severely impacted by electricity supply curtailments and quality issues on two product lines. Hulamin operates a complex serial manufacturing process that runs on a continuous basis and, as a result, lost production cannot subsequently be recovered. Product temperatures must be carefully maintained within certain parameters throughout the manufacturing process and power shortages impact exponentially on the quantum of production lost. When load curtailment is enforced, Eskom currently provides Hulamin with an instruction to curtail its average power demand to between 90% (stage 1) or 80% (stage 2) of its baseline demand. Eskom is unable to provide advance notice of load curtailment and the frequency of curtailments has increased significantly in the last thirty days. Hulamin are installing generating sets which will largely mitigate the future impact of stage 1 or 2 load shedding. The installation will take place during a planned maintenance shut in early May. It is not possible to forecast with any certainty the extent of electricity curtailment that will take place over the remainder of the year. However, it is already clear that both earnings per share (EPS) and headline earnings per share (HEPS) for the six months ending 30 June 2015 will be more than 20% lower than those of the previous corresponding reporting period. A further trading statement will be issued as soon as management are able to quantify the expected range of earnings for the six months ending 30 June 2015 with the reasonable certainty required by the rules of the Johannesburg Stock Exchange. The forecast financial information on which this trading statement is based has not been reviewed and reported on by the Company’s external auditors. Hulamin's results for the six months ending 30 June 2015 are expected to be released on SENS on or about 27 July 2015. Shareholders’ attention is drawn to the Chairmans Statement that was presented at the AGM, which has been posted on the Hulamin website. Pietermaritzburg 24 April 2015 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 23/04/2015 02:58:00 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.