BARLOWORLD LIMITED - Further general share repurchases by Barloworld

Further general share repurchases by Barloworld

Barloworld Limited
(Incorporated in the Republic of South Africa)
(Registration number 1918/000095/06)
(Income Tax Registration number 9000/051/71/5)
(Share code: BAW)
(JSE ISIN: ZAE000026639)
(Share code: BAWP)
(JSE ISIN: ZAE000026647)
(Bond issuer code: BIBAW)
(Namibian Stock Exchange share code: BWL)
("Barloworld" or the “Group” or the "Company")

FURTHER GENERAL SHARE REPURCHASES BY BARLOWORLD

1. INTRODUCTION

Shareholders are referred to the General Share Repurchase announcement published on 9 March 2020.
The board of directors of the Company (“Board”) is pleased to inform shareholders that Barloworld has
now repurchased a further 7 611 394 of its ordinary shares (“Buyback”) in terms of the general authority
granted by shareholders at the annual general meeting of Barloworld held on 12 February 2020. Between
5 February 2020 and 16 March 2020 the Company has now repurchased a total of 18 245 058 of its own
ordinary shares (“Cumulative Repurchases”).

2. DETAILS OF THE BUYBACK

The Buyback was conducted in compliance with paragraph 5.72 (a) of the Listings Requirements of the
JSE Limited (“JSE”), was funded from available cash resources and was effected through an intermediary
via the order book operated by the JSE trading system without any prior understanding or arrangement
between Barloworld and the counterparties.

Buyback information

 Dates of Buyback:                                          Between 9 and 16 March 2020
 Lowest price paid per ordinary share:                      R74.47
 Highest price paid per ordinary share:                     R84.37
 Number of ordinary shares repurchased:                     7 611 394
 Total value of ordinary shares repurchased:                R607 million

 Number of treasury shares after the Cumulative
 Repurchases:                                               Nil
 Remaining number of ordinary shares available to be        3 024 200 (1.4% of ordinary shares in issue
 repurchased:                                               on 1 October 2019)
 Remaining ordinary shares in issue after the Cumulative
 Repurchases:                                               201 025 646

The ordinary shares repurchased under the Cumulative Repurchases will be delisted and cancelled on or
about 31 March 2020.

3. STATEMENT BY THE DIRECTORS

Having considered the effect of the Cumulative Repurchases, the Board is of the opinion that, for a period
of 12 months after the date of this announcement:
   •   The Company and the Group will be able to pay its debts in the ordinary course of business;
   •   The assets of the Company and the Group will be in excess of the liabilities of the Company and
       the Group. For this purpose, the assets and liabilities were recognised and measured in
       accordance with the accounting policies used in the latest audited annual group financial
       statements;
   •   The share capital, reserves and working capital of the Company and the Group will be adequate
       for ordinary business purposes; and
   •   The Company and the Group have passed the solvency and liquidity test and since the test was
       performed there have been no material changes in the financial position of the Group.

4. IMPACT OF THE BUYBACK ON THE FINANCIAL INFORMATION OF THE COMPANY

The Company’s cash balances decreased by R607 million (before transaction costs) as a result of the
Buyback. The Buyback will also impact the Group’s per ordinary share metrics by reducing the number of
ordinary shares in issue.

As a result of the Cumulative Repurchases, the Company’s cash resources decreased by R1 558 million
(before transaction costs).

Sandton

18 March 2020

Corporate Advisor and Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 18-03-2020 10:47:00
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