BOWLER METCALF LIMITED
                          (Registration number 1972/005921/06)
                    Share code: BCF        ISIN number: ZAE000030797



                              SHORT FORM ANNOUNCEMENT
SUMMARY OF CONDENSED UNAUDITED GROUP FINANCIAL RESULTS FOR THE SIX MONTHS
            ENDED 31 DECEMBER 2022 AND DIVIDEND DECLARATION



                                           31 December                       31 December
                                                  2022           %                  2021
 R’mil                                        Unaudited        Change           Unaudited

 Earnings
 Revenue                                              358.3        +13                316.6
 Profit from operations                                38.5        -25                 51.2
 Net profit before tax                                 47.1        -20                 59.1
 Net profit after tax                                  33.9        -20                 42.5

 Attributable to parent
 Net profit after tax and total
 comprehensive income                                  33.9         -20                42.5

 Earnings – cents per share

 Earnings                                             48.39         -18               59.37
 Headline earnings                                    48.39         -18               59.37

 Dividends – cents per share
 Final previous year paid                             27.00         -16               32.00
 Interim- payable 27 March 2023                       15.80         -19               19.40
 Special previous year                                    -        -100               84.00


                                          31 December                         31December
                                                 2022            %                  2021
 R’mil                                       Unaudited         Change           Unaudited

 Net asset value                                   708.1            -                 704.3

An interim gross cash dividend, as defined by the Income Tax Act, of 15.80 cents per
share ("cps") for the six months ended 31December 2022 (2021: 19.40 cps) has been
declared and is payable to shareholders on Monday, 27 March 2023. The last day to
trade will be Monday, 20 March 2023, the ex date is Wednesday, 22 March 2023 and the
record date will be Friday, 24 March 2023. Share certificates may not be dematerialised
or re-materialised between Wednesday, 22 March 2023 and Friday, 24 March 2023, both
days inclusive. The directors confirm that at the date of this report they are satisfied with
the solvency and liquidity test.
This dividend will be made from income reserves. The gross dividend is 15.80 cps. Dividend
Withholding Tax (DWT) is 20%. The net local cash dividend to shareholders liable for DWT
will therefore be 12.64 cps.

The number of shares in issue (including treasury shares) at the date of declaration is
76 132 087.

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.
Any investment decisions by investors and/or shareholders should be based on
consideration of the full announcement released on SENS on 7 February 2023 and
published on the Company’s website as a whole. 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/2023/JSE/ISSE/BCF/BCFIR22.pdf

Copies of the full announcement may also be requested at the Company’s registered
office and at the office of the sponsor, at no charge, during office hours by phoning the
Company on +27 21 704 2223.

Cape Town                                                                  Prepared by:
7 February 2023                                                    AC September CA(SA)


                                     Sponsor
                         AcaciaCap Advisors Proprietary Limited