Changes To The Board Of Directors BELL EQUIPMENT LIMITED (Incorporated in the Republic of South Africa) Registration number 1968/013656/06 ISIN: ZAE000028304 Share Code: BEL (“the Company” or “Bell”) CHANGES TO THE BOARD OF DIRECTORS Further to the announcement released on SENS on 8 June 2017 in respect of the Company’s succession plans, the shareholders are advised that Gary Bell will step down from his role as chief executive officer but will remain with the group, having been appointed by the board of directors (“the board”) as the non- executive chairman of the board effective 1 June 2018. Gary Bell is the son of the founders of the company, having steered the group to becoming an internationally recognised global articulated dump truck manufacturing specialist and a full range material handling distributor in Southern Africa. As part of the Company’s orderly succession plan, with effect from 1 June 2018, Leon Goosen, the current chief executive designate, will assume the position of chief executive officer and John Barton will step down as chairman of the board, having been appointed by the board as the lead independent non-executive director to ensure adherence to good governance principles. The board would like to thank Gary for his exemplary service, dedication and commitment to the Company since 1971. The board looks forward to Gary’s continued contribution as the non- executive chairman. The Company will continue to benefit from his industry experience and intimate knowledge of Bell. The board would like to thank John for his chairmanship during the 3 years of his tenure, having served on the board since 2009, overseeing the significant growth and transformation of the Company, and wishes him well in his new role. The Board congratulates Leon on his appointment as chief executive officer, enjoying the full support of the board, and is confident that he, together with senior management, will continue to grow and build the Bell core business and deliver the right outcomes for the Company and its stakeholders. Following these changes, the composition of the board remains compliant with the King IV requirement that a board of directors should comprise a balance of power, with a majority of non- executive directors, the majority of whom should be independent. Commenting on behalf of the board on Gary Bell’s appointment as chairman, John Barton expressed confidence in the board’s decision: “No director will have unfettered powers of decision- making and the responsibility for running the board and the executive responsibility for the business are clearly differentiated. The board has put in place well considered and adequate processes, including the appointment of a lead independent non-executive director, to uphold and safeguard adherence to good governance at all times.” Richards Bay 15 March 2018 Sponsor: INVESTEC BANK LIMITED Date: 15/03/2018 12:00:00 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.