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 2023 AND DIVIDEND DECLARATION



                                     31 December                 31December
                                            2023         %             2022
R’mil                                   Unaudited      Change      Unaudited

Earnings
Revenue                                       434.0      +21           358.3
Profit from operations                         56.6      +47            38.5
Net profit before tax                          69.2      +47            47.1
Net profit after tax                           50.5      +49            33.9

Attributable to parent
Net profit after tax and total
comprehensive income                           50.5      +49            33.9

Earnings – cents per share

Earnings                                      73.49      +52           48.39
Headline earnings                             73.49      +52           48.39

Dividends – cents per share
Final previous year paid                      24.60       -9           27.00
Interim- payable 25 March 2024                24.00      +52           15.80

Net asset value                               761.7       +8           708.1
An interim gross cash dividend, as defined by the Income Tax Act, of 24.00 cents per
share ("cps") for the six months ended 31 December 2023 (2022: 15.80 cps) has been
declared and is payable to shareholders on Monday, 25 March 2024. The last day to
trade will be Monday, 18 March 2024, the ex-date is Tuesday, 19 March 2024 and the
record date will be Friday, 22 March 2024. Share certificates may not be dematerialised
or re-materialised between Tuesday, 19 March 2024 and Friday, 22 March 2024, 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 24.00 cps. Dividend
Withholding Tax (DWT) is 20%. The net local cash dividend to shareholders liable for DWT
will therefore be 19.20 cps.

The number of shares in issue (including treasury shares) at the date of declaration is
74 703 569.

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 6 February 2024 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/2024/JSE/ISSE/BCF/BCFIR23.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:
6 February 2024                                                     AC September CA(SA)


                                     Sponsor
                         AcaciaCap Advisors Proprietary Limited