Cancellation and delisting of repurchased shares BOWLER METCALF LIMITED Incorporated in the Republic of South Africa (Registration number: 1972/005921/06) Share code: BCF ISIN: ZAE000030797 (“Bowler Metcalf” or “the Company”) CANCELLATION AND DELISTING OF REPURCHASED SHARES Shareholders are referred to the announcement dated 30 May 2019 regarding the general repurchase by a wholly owned subsidiary of the Company of 2 824 943 Bowler Metcalf ordinary shares in the aggregate, representing 3.22% of the Company's issued share capital in accordance with the general authority granted by shareholders at the Company’s annual general meeting held on 7 November 2018 (“General Authority”). On 31 May 2019, a further 25 838 Bowler Metcalf ordinary shares were repurchased by a wholly owned subsidiary of the Company in accordance with the General Authority. Shareholders are hereby advised that an application has been made to the JSE Limited for the cancellation and delisting of the 2 850 781 repurchased shares referred to above (“Delisting”), which is expected to occur on or before 19 June 2019. The number of issued Bowler Metcalf shares after the Delisting will be 84 773 327 ordinary shares of no par value. Cape Town 14 June 2019 Sponsor Arbor Capital Sponsors Proprietary Limited Date: 14/06/2019 10:00:00 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.