Updated Trading Statement BELL EQUIPMENT LIMITED (Incorporated in the Republic of South Africa) Registration number 1968/013656/06 ISIN: ZAE000028304 Share Code: BEL (“Bell Equipment” or “the Company”) UPDATED TRADING STATEMENT Shareholders are referred to the trading statement released on SENS on 2 March 2018 wherein it was reported that the Company’s earnings per share (“EPS”) and headline earnings per share (“HEPS”)were both expected to be at least 240 cents (at least 201 cents and at least 192 cents higher, respectively) for the year ended 31 December 2017 (“the period”), when compared to the EPS and HEPS of 39 cents and 48 cents, respectively, for the year ended 31 December 2016. Bell Equipment herewith reports that it expects EPS and HEPS for the period to be between 255 and 275 cents (or between 216 cents and 236 cents higher and between 207 and 227 cents higher respectively), compared with EPS and HEPS of 39 cents and 48 cents, respectively, for the year ended 31 December 2016. Audited results for the period are expected to be announced on SENS on or about 16 March 2018. The financial information on which this trading statement is based has not been reviewed and reported on by the Company's external auditors. Richards Bay 9 March 2018 Sponsor INVESTEC BANK LIMITED Date: 09/03/2018 02:45:00 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.