Trading statement for the six months ended 30 June 2017 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 FOR THE SIX MONTHS ENDED 30 JUNE 2017 Hulamin has continued to build on the strong operating performance delivered in the 2016 financial year, achieving a sales volume of 110,000 tons in its rolled products business in the first half of 2017, an 8% increase on the comparative period. Combined with the second half of 2016, Hulamin Rolled Products has delivered a 12-month sales volume of in excess of 220,000 tons, the highest level achieved to date. Hulamin’s operating profit in the first half of 2017 has exceeded that of the comparative period, despite the significant strengthening of the Rand (average exchange rate of R13.22/US Dollar in the current period versus an average of R15.46 in the comparative period). The conversion margins of Hulamin’s rolled products business are largely foreign denominated and the strengthening of the currency has had a dampening effect on profitability. However, the impact of the strengthening currency on Hulamin’s profitability has been offset by the improved manufacturing, cost and sales performance and an increase in conversion margins. Local market sales (with reduced distribution costs) increased in the period and there was an improvement in the mix of high value products sold. The business continues to focus on cost reduction which has seen a further improvement in unit costs. An increase in can body stock sales has permitted an increase in the utilisation of market can scrap inputs, which contributes positively to recycling and sustainability. A rising US Dollar aluminium price has resulted in a positive metal price lag impact on Hulamin’s profits. Hulamin continues to hedge 50% of the fluctuation in the US Dollar aluminium price from the date of purchase of aluminium to the date of sale thereof. Hulamin Extrusions and Containers have performed in line with the comparative period. Consequently, shareholders are advised that Hulamin expects earnings per share (“EPS”), headline earnings per share (“HEPS”) and normalised EPS for the six months ended 30 June 2017 to be within the ranges shown below: 30 June 2017 30 June 2016 Expectation (cents) and Reported (cents) percentage increase EPS 54 (13%) – 58 (21%) 48 HEPS 54 (13%) – 58 (21%) 48 Normalised EPS 54 (13%) – 58 (21%) 48 Despite continued improvement in working capital efficiencies and maintenance of capital discipline, Hulamin’s net borrowings increased by approximately R80 million on the 2016 year- end balance of R577 million due to the impact of the increase in the aluminium price on Hulamin’s working capital. Hulamin retains a strong liquidity position with adequate headroom in its borrowing facilities and has retained a low level of gearing (15% net debt to equity). Hulamin remains focused on its strategies to improve its sales mix of high value products, to build on its improved manufacturing performance, drive working capital efficiencies and make further reductions in manufacturing costs. The 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 ended 30 June 2017 are expected to be released on the Stock Exchange News Service on or about 31 July 2017. Pietermaritzburg 19 July 2017 Sponsor Questco Corporate Advisory (Proprietary) Limited Date: 19/07/2017 04:00:00 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.