Chairman’s Statement at the Annual General Meeting HULAMIN LIMITED Incorporated in the Republic of South Africa (Registration number 1940/013924/06) ISIN: ZAE000096210 JSE Code: HLM (“Hulamin”) Chairman’s Statement at the Annual General Meeting of Shareholders Hulamin concluded 2016 with a strong performance in the final quarter in all operations, particularly Hulamin Rolled Products. This momentum is continuing in the current year with a full order book for the balance of the current year and buoyant customer demand. Local packaging and engineering markets have improved slightly since late 2016 and are somewhat stronger than the first quarter of 2016. Local sales of can stock, which are usually seasonally-lower in the first quarter, increased measurably in March of the current year after an expected slow start. Our expectation remains for reasonably strong growth in local sales in 2017, underpinned by increasing can stock demand. In our international markets for rolled products we see steady demand, although US Dollar prices continue to be subdued. Our focus remains on improving the extent of higher-margin products in our sales mix. It was particularly noteworthy that the United States filed anti-dumping and countervailing duty petitions in March against the import of aluminium foil products from China – the first such action in the association’s near 85-year history. On 21 April 2017, the US International Trade Commission (ITC) made an affirmative preliminary injury determination regarding imports of aluminium foil from China. This action should serve to strengthen realised foil prices in the US. The London Metals Exchange (LME) price of aluminium has risen notably since early 2016 and remained firmer into 2017 following concerns about global supply. Analysts are now predicting that aluminium’s 10-year down-cycle may be over. This prediction is based on declining supply out of Asia on the basis of capacity closures being driven by poor returns and new pollution controls in China that are affecting its aluminium smelting industry. As global supply is dominated by Chinese capacity, these changes are predicted to have a material impact on global supply. The LME Aluminium price has risen to approximately USD 1,900 per ton since the US Dollar 1,700 close at the end of 2016. Hulamin benefits from a rising aluminium price via the unhedged portion of its aluminium inventory pool known as the metal price lag effect, which is expected to provide positive support to Hulamin’s financial performance in the six months to June 2017. The Hulamin board succession process is well advanced. Four Hulamin board members have been on the board since the company’s listing on the JSE in 2007 and are now coming to the end of their tenure. In order to ensure a smooth transition, a number of new directors have been appointed prior to the departure of retiring directors. I would thus like to welcome Dr Boni Mehlomakulu, Naran Maharajh, Tandi Nzimande, Charles Boles and Bob Larson in this regard, who have joined the board since the 2016 Annual General Meeting. In particular, and on behalf of the Board, I would specifically like to thank Mrs. Zee Cele, who retires today from the Hulamin board, for her ten years of passionate service to the board and company. A stronger product mix, increased utilisation of scrap metal and efficiency improvements, supported by a solid manufacturing performance are expected to benefit profits for the first half of 2017. This together with the benefit of a stronger US Dollar LME aluminium price, are expected to offset the negative impact on Hulamin’s conversion margins (in Rand terms) of the prevailing significantly stronger ZAR-USD exchange rate average recorded in the current period to date, over the corresponding period in 2016. Pietermaritzburg 28 April 2017 Sponsor Questco Corporate Advisory (Proprietary) Limited Date: 28/04/2017 08:47:00 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.