Dealing in securities by directors 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 DEALING IN SECURITIES BY DIRECTORS Chief executive: GR Dunford Date of transaction: 27 February 2017 Nature of transaction: Exercise of 8 666 share appreciation rights with a strike price of R81.05 under the Hudaco Industries Limited Share Appreciation Plan at a VWAP price of R137.93 settled by the delivery of 3 573 shares (on market). Exercise price per share: R139.70 Value of the transaction: R499 148.10 Nature of interest: Direct beneficial Written clearance obtained: Yes Group financial director: CV Amoils Date of transactions: 27 February 2017 Nature of transaction no 1: Exercise of share appreciation rights under the Hudaco Industries Limited Share Appreciation Plan at a VWAP price of R137.93 as follows: 1. 41 946 share appreciation rights with a strike price of R50.50; 2. 10 000 share appreciation rights with a strike price of R68.09 Settled by the delivery of 31 651 Hudaco ordinary shares (on market) Exercise price per share: R139.70 cents Deemed value of transaction 1: R4 421 644.70 Date of transaction 2: 27 February 2017 Nature of transaction no 2: Sale of 12 979 ordinary shares at the current market price of R139.70 per share (on market). These shares were acquired by exercising the share appreciation rights referred to above and were sold to fund the tax liability arising from the exercise of those rights. Value of transaction no 2: R1 813 166.30 Nature of interest: Direct beneficial Written clearance obtained: Yes Edenvale 28 February 2017 Nedbank Corporate and Investment Banking Sponsor Date: 28/02/2017 04:19:00 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.