Trading statement

Hulamin Limited
(Incorporated in the Republic of South Africa)
(Registration number 1940/013924/06)
Share code: HLM
ISIN: ZAE000096210
("Hulamin" or "the Company")


Manufacturing output in the first quarter was severely impacted by
electricity supply curtailments and quality issues on two product

Hulamin operates a complex serial manufacturing process that runs
on a continuous basis and, as a result, lost production cannot
subsequently be recovered. Product temperatures must be carefully
maintained within certain parameters throughout the manufacturing
process and power shortages impact exponentially on the quantum of
production lost.

When load curtailment is enforced, Eskom currently provides
Hulamin with an instruction to curtail its average power demand to
between 90% (stage 1) or 80% (stage 2) of its baseline demand.
Eskom is unable to provide advance notice of load curtailment and
the frequency of curtailments has increased significantly in the
last thirty days.

Hulamin are installing generating sets which will largely mitigate
the future impact of stage 1 or 2 load shedding. The installation
will take place during a planned maintenance shut in early May.

It is not possible to forecast with any certainty the extent of
electricity curtailment that will take place over the remainder of
the year. However, it is already clear that both earnings per
share (EPS) and headline earnings per share (HEPS) for the six
months ending 30 June 2015 will be more than 20% lower than those
of the previous corresponding reporting period.

A further trading statement will be issued as soon as management
are able to quantify the expected range of earnings for the six
months ending 30 June 2015 with the reasonable certainty required
by the rules of the Johannesburg Stock Exchange.

The forecast financial information on which this trading statement
is based has not been reviewed and reported on by the Company's
external auditors.

Hulamin's results for the six months ending 30 June 2015 are
expected to be released on SENS on or about 27 July 2015.

Shareholders' attention is drawn to the Chairmans Statement that
was presented at the AGM, which has been posted on the Hulamin

24 April 2015

RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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