Summary of Condensed Unaudited Conssolidated Results & Dividend Declaration for 6 months ended 31 Dec 2019 Bowler Metcalf Limited REG NO: 1972/005921/06 SHARE CODE: BCF ISIN CODE: ZAE000030797 SUMMARY OF THE CONDENSED UNAUDITED CONSOLIDATED RESULTS & DIVIDEND DECLARATION for the six months ended 31 December 2019 % R'mil 31/12/2019 Change 31/12/2018 Revenue - Continuing operations 296.8 11 267.7 Operating profit - Continuing operations 44.8 41 31.9 - Discontinued operations 180.1 Attributable profit - Continuing operations 42.8 16 36.8 - Discontinued operations -100 138.9 Cents per share Earnings - Continuing operations 53.5 19 44.9 - Discontinued operations -100 169.4 Headline earnings - Continuing operations 53.5 19 44.9 Dividends per share - 2019 final paid 25.00 16 21.50 - 2019 special dividend paid 305.00 - 2020 interim payable 09 March 2020 17.00 13 15.00 31/12/2019 30/06/2019 Net asset value - Continuing operations 663.0 674.1 CASH DIVIDEND DECLARATION An ordinary interim gross cash dividend as defined by the Income Tax Act, of 17.00 cents per share ("cps") (2018: 15.00 cps) for the six months ended 31 December 2019 and is payable to shareholders on Monday, 9 March 2020. The last day to trade will be Tuesday, 3 March 2020. "Ex" dividend trading begins on Wednesday, 4 March 2020 and the record date will be Friday, 6 March 2020. Share certificates may not be dematerialised or re-materialised between Wednesday, 4 March 2020 and Friday, 6 March 2020, both days inclusive. The directors confirm that the solvency and liquidity test is satisfied at the date of this report. This dividend will be made from income reserves. The gross dividend is 17.00 cps. Dividend Withholding Tax (DWT) is 20%. The net local cash dividend to shareholders liable for DWT will therefore be 13.60 cps. The number of shares in issue (including treasury shares) at the date of declaration is 80 114 674. This 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/2020/JSE/ISSE/BCF/BCFLV2020.pdf Copies of the full announcement may be requested at the Company's registered office and at the office of the sponsor, at no charge, during office hours. Any investment decision should be based on the full announcement released on SENS on 12 February 2020 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 at the office of the sponsors, Arbor Capital, at no charge by phoning the company during office hours on +27 021 704 2223. Prepared by: AC September (CA) SA By order of the Board Cape Town 12 February 2020 Sponsor: Arbor Capital Sponsors Date: 12-02-2020 05:30:00 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.