Bell Equipment Limited - Voluntary Announcement BELL EQUIPMENT LIMITED (Incorporated in the Republic of South Africa) Registration number 1968/013656/06 ISIN: ZAE000028304 Share Code: BEL (“the Company”) BELL EQUIPMENT LIMITED VOLUNTARY ANNOUNCEMENT Shareholders are referred to the voluntary announcement released on the Stock Exchange News Service (“SENS”) on 20 January 2021 and to a further media article published in the Sunday Times on 14 February 2021. The Company wishes once again to clarify the following: 1. The previous SENS announcement made by the Company on 6 November 2020 still remains applicable; specifically that the Company had been informed that a formal binding agreement for the acquisition by I A Bell of John Deere’s shareholding in the Company had been concluded subject to certain conditions precedent. 2. The Company has not received any notification of the fulfilment of the conditions precedent but was advised on 18 February 2021 by Bravura Capital (Pty)Limited, who render Corporate and Advisory Services to IA Bell, that the price payable by IA Bell to John Deere is R10 a share subject to the fulfillment of the said conditions precedent. 3. Shareholders will be informed if and when the Company is advised that the conditions precedent have been fulfilled. If the Company receives notification of an offer regarding the acquisition of the minorities’ shareholding in Bell Equipment, it will comply with the Takeover Regulation Panel requirements, to the extent relevant, and the JSE Listings Requirements in this regard. To date no such notice of any offer has been received. 4. Shareholders are reminded of the JSE’s listings requirements and in particular shareholders are referred to paragraphs 1.14 to 1.17 which should reassure shareholders on the issue of delisting and remove the element of uncertainty and concern which has been created by certain minority shareholders in the press. 5. The Company has fulfilled all its legal obligations in respect of the Annual General Meeting held on 15 July 2020. All resolutions received the overwhelming support of shareholders present. 6. The net asset value per share of R35.95 was disclosed in the Company’s audited annual financial statements at 31 December 2019 as considered by shareholders at the Annual General meeting on 15 July 2020. Furthermore, a net asset value per share of R38.58 was subsequently disclosed in the Company’s interim results for the six months ended 30 June 2020 which were released on SENS on 7 September 2020. Richards Bay 18 February 2021 Sponsor: INVESTEC BANK LIMITED Date: 18-02-2021 11:33:00 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.