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 (“JSE”) 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”) is expected to be at least 100% higher (67 cents higher) and headline earnings per share (“HEPS”) is expected to be at least 160% higher (78 cents higher) for the year ended 31 December 2015 when compared to the EPS and HEPS of 67 cents and 49 cents, respectively, for the year ended 31 December 2014. Commodity and construction industry related demand for equipment has contracted further in 2015 and the expected increase in earnings is mainly due to right-sizing and cost reduction initiatives, foreign currency gains during the year and increased penetration of the North American market. 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 the expected improvement in its results for the year ending 31 December 2015. A further trading statement for the year ending 31 December 2015 will be released on the Stock Exchange News Service of the JSE 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. Richards Bay 20 November 2015 Sponsor: RAND MERCHANT BANK (A division of FirstRand Limited) Date: 20/11/2015 10:02:00 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.