Finalisation Announcement in Respect of Special Dividend Declaration BOWLER METCALF LIMITED (Registration number 1972/005921/06) Share code: BCF ISIN number: ZAE000030797 (“Bowler Metcalf” or “the Company”) FINALISATION ANNOUNCEMENT IN RESPECT OF SPECIAL DIVIDEND DECLARATION Shareholders are referred to the announcement published on SENS on 13 November 2018 regarding the extension of dates relating to the special dividend declaration and are advised that the requisite approval from the South African Reserve Bank in respect of foreign shareholders has now been received. The dates relating to the declaration of the special dividend, as set out in the announcement are now final and are as follows: 2018 Finalisation date Tuesday, 4 December Last day to trade in Bowler Metcalf ordinary shares in order to qualify to participate in the Special Dividend Declaration on Tuesday, 11 December Shares start trading “ex” dividend on Wednesday, 12 December Record date for participation in the Special Dividend Declaration at the close of trade on Friday, 14 December Special Dividend payable to shareholders on Tuesday, 18 December Share certificates may not be dematerialised or re-materialised between Wednesday, 12 December 2018 and Friday, 14 December 2018, both days inclusive. CAPE TOWN 4 December 2018 SPONSOR Arbor Capital Sponsors Proprietary Limited Date: 04/12/2018 01:51:00 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.