Closed Period Share Repurchase Programme BOWLER METCALF LIMITED Incorporated in the Republic of South Africa (Registration number: 1972/005921/06) Share code: BCF ISIN: ZAE000030797 (“the Company” or “Bowler Metcalf”) CLOSED PERIOD SHARE REPURCHASE PROGRAMME Shareholders are advised that the Company has, in compliance with paragraph 5.69(h) of the Listings Requirements of the JSE Limited (“JSE”), established a share repurchase programme in terms of which the Company, through its subsidiary company, may repurchase up to 1 760 881 ordinary shares during its closed period (“Repurchase Programme”). This closed period commences on 30 June 2020 and terminates on or about 30 September 2020, when the Company is scheduled to publish its financial results for the year ended 30 June 2020. Such repurchase will be effected pursuant to and in accordance with the general authority to repurchase shares granted by shareholders at the Company’s annual general meeting held on 7 November 2019. Shares purchased in terms of the Repurchase Programme may not be made at a price greater than 10% above the volume weighted average trading price of Bowler Metcalf shares over the five trading days immediately preceding any particular repurchase and will be effected through the order book operated by the JSE, without any prior understanding or arrangement between the Company and/or its subsidiaries and the counterparties. The Company has entered into an agreement with an independent broker to conduct the Repurchase Programme. Any repurchases will be effected within certain pre-set parameters of the Repurchase Programme and the Listings Requirements of the JSE. Cape Town 30 June 2020 Sponsor Arbor Capital Sponsors Date: 30-06-2020 02:17:00 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.