Dealings in Bowler Metcalf Securities by an Associate of a Director Bowler Metcalf Limited (Incorporated in the Republic of South Africa) (Registration number 1972/005921/06) Share code: BCF ISIN code: ZAE 000030797 (“Bowler Metcalf”) DEALINGS IN BOWLER METCALF SECURITIES BY AN ASSOCIATE OF A DIRECTOR In compliance with paragraphs 3.63 to 3.74 of the JSE Listings Requirements, shareholders are advised of the following information relating to dealings in Bowler Metcalf securities by an associate of a director of Bowler Metcalf: Name of director: PF Sass Status of director: Executive Name of associate: The Sass Trust Relationship with director: The director is a trustee and discretionary beneficiary of the associate Date of transaction: 14 November 2019 Class and type of securities: Ordinary shares Number of securities transacted: 2 413 227 Price per security: 715 cents Total value of securities: R17 254 573 Nature of transaction: Acquisition of shares by an associate of the director (off-market transaction). It should be noted that the transaction was merely a transfer of the above number of shares previously held by the Estate late HW Sass (as disclosed in the Company’s 2019 Integrated Annual Report) to The Sass Trust at the prevailing market share price. Nature and extent of director’s Indirect, beneficial interest: Clearance to deal in these shares was obtained in accordance with paragraph 3.66 of the JSE Listings Requirements. Cape Town 18 November 2019 Sponsor Arbor Capital Sponsors Proprietary Limited Date: 18/11/2019 05:01:00 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.