Dealing in securities by director 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 DIRECTOR Group financial director: CV Amoils Date of transactions: 27 February 2018 Nature of transaction no 1: Exercise of share appreciation rights under the Hudaco Industries Limited Share Appreciation Plan at a VWAP price of R163.84 as follows: 1. 20 000 share appreciation rights with a strike price of R68.09; 2. 9 000 share appreciation rights with a strike price of R81.05 Settled by the delivery of 16 235 Hudaco ordinary shares (on market) Exercise price per share: R160.50 cents Deemed value of transaction 1: R2 605 717.50 Date of transaction 2: 27 February 2018 Nature of transaction no 2: Sale of 7 307 ordinary shares at the current market price of R160.50 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 172 773.50 Nature of interest: Direct beneficial Written clearance obtained: Yes Edenvale 28 February 2018 Nedbank Corporate and Investment Banking Sponsor Date: 28/02/2018 12:46:00 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.