DISTRIBUTION AND WAREHOUSING NETWORK LIMITED - REPURCHASE OF ORDINARY SHARES

DISTRIBUTION AND WAREHOUSING NETWORK LIMITED - REPURCHASE OF ORDINARY SHARES    
Distribution and Warehousing Network Limited                                    
(Incorporated in the Republic of South Africa)                                  
(Registration number 1984/008265/06)                                            
JSE Share code: DAW                                                             
ISIN code: ZAE000018834                                                         
("DAWN")                                                                        
REPURCHASE OF ORDINARY SHARES IN DAWN                                           
1.   Introduction                                                               
     Bishop Corporate Finance (Proprietary) Limited is authorised to announce   
     that DAWN has acquired a further 7 552 400 ordinary shares in the issued   
share capital of DAWN on the open market for a purchase consideration in   
     aggregate of R8 375 423 ("the general repurchase"). The general repurchase 
     is in addition to the 9 044 548 shares acquired by DAWN on the open market 
     during the period 11 November 2002 until 5 May 2003, which repurchase was  
announced to shareholders on 8 May 2003. The general repurchase was        
     effected in terms of a general authority to DAWN"s directors ("the         
     directors") and comprises 4% of the total issued ordinary shares of DAWN at
     the end of the previous financial year being 30 June 2003.                 
2.   Implementation                                                             
     The general repurchase commenced on 14 May 2003 and continued on a day-to- 
     day basis as market conditions allowed and in accordance with paragraph    
     5.72(a) of the JSE Securities Exchange South Africa ("JSE") Listings       
Requirements until 13 May 2004. The lowest and highest prices paid by DAWN 
     for the ordinary shares were 72 cents and 180 cents per share respectively.
3.   Extent Of General Authority Outstanding                                    
     The extent of the general authority outstanding is approximately 30 244 337
ordinary shares, representing approximately 16% of the total issued        
     ordinary share capital of DAWN at the end of the previous financial year   
     being 30 June 2003.                                                        
4.   Sources Of Funds                                                           
The general repurchase has been funded from available cash resources and   
     existing funding facilities.                                               
5.   Opinion Of Directors                                                       
     The directors have considered the effect of the general repurchase and are 
satisfied as to the following for a period of 12 months from the date of   
     this announcement:                                                         
     *    DAWN and DAWN"s subsidiaries ("the DAWN group") will be able in the   
          ordinary course of business to pay its debts;                         
*    the assets of DAWN and the DAWN group will be in excess of the        
          liabilities of DAWN and the DAWN group, having been recognised and    
          measured in accordance with the accounting policies used in the       
          audited financial results for the year ended 30 June 2003;            
*    the adequacy of ordinary capital and reserves of DAWN and the DAWN    
          group; and                                                            
     *    the adequacy of working capital of DAWN and the DAWN group.           
6.   Financial Effects                                                          
The pro forma financial effects on the earnings, headline earnings, net    
     asset value and net tangible asset value per ordinary share, before and    
     after the general repurchase are set out below:                            
     Per ordinary share               Notes       Before     After  Change      
(cents)   (cents)     (%)      

     Headline Earnings                1            14,31     14,59    1,96      
     Earnings                         1            14,00     14,27    1,93      
     Net asset value                  2            70,26     69,46  (1,14)      
Net tangible asset value         2            70,26     69,46  (1,14)      
     Notes:                                                                     
     1.   The amounts in the "Before" column represent the unaudited headline   
          earnings and earnings per share disclosed in the financial results for
the six months ended 31 December 2003. The amounts in the "After"     
          column represent the unaudited headline earnings and earnings per     
          share after the general repurchase based on the following assumptions:
          *    the general repurchase was effective 1 July 2003; and            
*    an after tax funding cost of 9,1% per annum on the borrowings    
               required to fund the general repurchase.                         
     2.   The amounts in the "Before" column represent  the unaudited net asset 
          value and net tangible asset value per share as disclosed in the      
financial results for the six months ended 31 December 2003. The      
          amounts in the "After" column represent the unaudited net asset value 
          and net tangible asset value based on the financial results for the   
          six months ended 31 December 2003 adjusted for the general repurchase,
had it been effected on 31 December 2003.                             
7.   Cancellation Of Shares                                                     
     The shares acquired through the general repurchase will be cancelled and an
     application for their delisting will be made to the JSE.                   
Johannesburg                                                                    
18 May 2004                                                                     
Corporate adviser                                                               
Bishop Corporate Finance                                                        
Sponsor                                                                         
D & T Sponsor Services                                                          
Date: 18/05/2004 11:30:03 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department