Audited Group Financial Results for the year ended 30 June 2019 and Dividend Declaration Bowler Metcalf Limited REG NO : 197 2/005921106 ALPHA CODE : BCF ISIN CODE : ZAE000030797 SUMMARY OF AUDITED GROUP FINANCIAL RESULTS AND DIVIDEND DECLARATION for the year ended 30 June 2019 % 2019 Change 2018 Net asset value • R'mil 679.1 -11 766.1 Earnings - R'mil Continuing operations Revenue 542.1 -6 577.3 Profit from operations 63.6 -34 95.8 Net profit before tax 100.0 -8 109.1 Net profit after tax 71.9 -8 78.3 Discontinued operations Share of profit of associate -100 22.7 - share of post-tax profit before impairments -100 13.3 - net finance income from associate -100 9.4 Reversal of impairment of investment in associate 57.7 Profit on disposal of associate 180.1 +100 Net profit before tax 180.1 +324 80.4 Net profit after tax 140.0 +326 61.9 Attributable to parent - total Net profit before tax 280.1 +48 189.3 Total comprehensive income 211.9 +251 140.3 Earnings • cents per share Continuing operations Earnings 88.09 -8 95.50 Headline earnings 88.10 -8 95.36 Discontinued operations Earnings 171.32 75.58 Headline earnings 20.98 Attributable to parent - total Earnings 259.41 +252 171.08 Headline earnings 88.10 - 24 116.34 Dividends - cents per share Final previous year paid 21.54 -5 22.70 Special dividend paid 305.00 100 Interim this year paid 15.00 - 27 20.48 Final this year proposed 25.00 + 16 21.54 A final gross cash dividend, as defined by the Income Tax Act, of 25.00 cents per share ("cps") for the year ended 30 June 2019 (2018: 21.54 cps) has been declared and is payable to shareholders on Monday, 4 November 2019. The last day to trade will be Tuesday, 29 October 2019, the ex date is Wednesday, 30 October 2019 and the record date will be Friday, 1 November 2019. Share certificates may not be dematerialised or re-materialised between Wednesday, 30 October 2019 and Friday, 1 November 2019, both days inclusive. The short-form announcement is the responsibility of the directors and is only a summary of the information in the full announcement and does not contain full or complete details. The full announcement can be found on the Company's website at www.bowlermetcalf.co.za and also at the following link: https://senspdf.jse.co.za/documents/2019/JSE/ISSE/BCF/BCFLV2019.pdf Copies of the full announcement may also be requested at the Company's registered office and at the offices of the sponsor, at no charge, during office hours. Any investment decision should be based on the full announcement released on SENS on 12 September 2019 and published on the company's website at www.bowlermetcalf.co.za as a whole, copies of which may be requested at the company's registered office, and the offices of the sponsors, Arbor Capital, at no charge, by phoning the company during office hours on +27 21 704 2223. Prepared by: AC September CA(SA) 12 September 2019 Date: 12/09/2019 07:05:00 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.