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 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”) and headline earnings per share (“HEPS”) are both expected to be at least 150 cents for the year ended 31 December 2017 when compared to the EPS and HEPS of 39 cents for the year ended 31 December 2016. A further trading statement for the year ended 31 December 2017 will be released on SENS once the Company has reasonable certainty regarding the extent of the expected increase in its results for the year ended 31 December 2017. The expected increase in earnings is mainly due to the following: - An improvement in demand in the markets in which the group is active. - Certain once-off recoveries during 2017, including the recovery of a substantial customer account provided for in a prior period. - Good cost containment. - An improvement in the financial results of the Company’s subsidiary in the Democratic Republic of Congo in 2017 compared with 2016 when significant losses were incurred as previously reported on. - The depreciation in the Rand in the second half of 2017. The financial information on which this trading statement is based has not been reviewed and reported on by the Company’s external auditors. The results for the year ended 31 December 2017 are expected to be announced on SENS on or about 16 March 2018. Richards Bay 28 November 2017 Sponsor: INVESTEC BANK LIMITED Date: 28/11/2017 01:45:00 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.