BOWLER METCALF LIMITED - TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT

BOWLER METCALF LIMITED - TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT             
BOWLER METCALF LIMITED                                                          
Reg. No.: 1972/005921/06                                                        
JSE Share Code: BCF                                                             
ISIN Code: ZAE000030797                                                         
TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT                                      
In terms of the Listing Requirements of the JSE Securities Exchange South Africa
("JSE"), a listed company is required to publish a trading statement as soon as 
it becomes aware that its financial results for the next reporting period will  
be materially different from those of the previous corresponding period.        
As Bowler Metcalf"s year end has changed to 30 June 2004, the period covered by 
our next report will be for the eighteen months then ended and the previous     
corresponding period will be the audited figures for the twelve months ended 31 
December 2002.                                                                  
Accordingly, shareholders are advised that it is anticipated that Bowler        
Metcalf"s results for the eighteen months ending 30 June 2004 will be           
materially* higher than those of the corresponding eighteen month period ended  
30 June 2003. Anticipated results for the six months ending 30 June 2004 will be
substantially** higher than those of the six months ended 30 June 2003, both of 
which periods form part of the eighteen month period next to be reported on.    
As the trading update has not been reviewed or reported on by Bowler Metcalf"s  
auditors, shareholders are advised to exercise caution when dealing in the      
shares of Bowler Metcalf until the release of the final results for the eighteen
months ended 30 June 2004, which are due to be released early in September 2004.
*    "materially" is defined by the JSE listings requirements as a difference of
     between 10% and 30%.                                                       
**   "substantially is defined by the JSE listings requirements as a difference 
of greater than 30%.                                                       
Ottery, Cape Town                                                               
4 June 2004                                                                     
Sponsor                                                                         
LPC MANHATTAN                                                                   
LPC Manhattan Sponsors (Pty) Ltd                                                
Registration number 1999/012479/07                                              
Date: 04/06/2004 10:11:07 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department