Trading statement Hudaco Industries Limited (“Hudaco” or “the company”) Incorporated in the Republic of South Africa Registration number: 1985/004617/06 Share code: HDC ISIN code: ZAE000003273 TRADING STATEMENT In terms of the Listings Requirements of the JSE Limited, companies are required 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 on next will be more than 20% different from those of the previous corresponding period. The company’s financial results for the year ended 30 November 2014 were severely impacted by a charge for a tax settlement amounting to R312 million, which approximated the company’s earnings for that year. As a result, basic and headline earnings per share for 2014 were only 8 cents and 6 cents respectively, whereas comparable earnings per share, which excluded the impact of the tax settlement, were 986 cents. Earnings and headline earnings per share for the company’s financial year ended 30 November 2015 have not been similarly impacted by the one-off charge. Basic, headline and comparable earnings per share for the year ended 30 November 2015 are all expected to be within a range of 1140 cents and 1185 cents per share. Comparable earnings per share will, therefore, increase by between 16% and 20%. Because the 2014 basic and headline earnings were so small for the reason set out above, the percentage increases are too large to be meaningful. Hudaco’s results for the year ended 30 November 2015 will be released on SENS on 29 January 2016. Johannesburg 25 January 2016 Sponsor Nedbank Corporate and Investment Banking Date: 25/01/2016 07:39:00 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.