Updated Trading Statement BELL EQUIPMENT LIMITED (Incorporated in the Republic of South Africa) Registration number 1968/013656/06 ISIN: ZAE000028304 Share Code: BEL (“the Company”) UPDATED TRADING STATEMENT Shareholders are referred to the trading statement released on SENS on 16 March 2020 wherein it was reported that the Company’s earnings per share (“EPS”) and headline earnings per share (“HEPS”) were expected to be at least 70% lower (198 cents lower) for the year ended 31 December 2019 when compared to the EPS and HEPS of 283 cents and 278 cents respectively for the year ended 31 December 2018. Shareholders are advised that the Company’s EPS and HEPS for the year ended 31 December 2019 are now expected to be between 75 cents and 85 cents per share (or between 193 cents and 208 cents lower), compared with EPS and HEPS of 283 cents and 278 cents, respectively, for the year ended 31 December 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 27 May 2020 Sponsor: INVESTEC BANK LIMITED Date: 27-05-2020 11:28:00 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.