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. Bell Equipment herewith reports that it expects earnings per share (“EPS”) and headline earnings per share (“HEPS”) for the half year ended 30 June 2019 to be between 160 and 170 cents (or between 21% and 30% higher), compared with EPS and HEPS of 132 cents and 131 cents respectively for the half year ended 30 June 2018. The expected increase in earnings is mainly due to the following: - A modest increase in revenue in most markets. - Net foreign currency gains during the current period compared with foreign currency losses in the comparative period due to a sharp weakening of the Rand against the Euro and the USD in the month of June 2018 which had a negative impact on the revaluation of foreign currency payables. - Certain once-off recoveries during the current period. 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 half year ended 30 June 2019 are expected to be announced on SENS on or about 9 September 2019. Richards Bay 5 September 2019 Sponsor: INVESTEC BANK LIMITED Date: 05/09/2019 08:48:00 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.