DAWN - TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT

DAWN - TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT                            
Distribution and Warehousing Network Limited                                    
(Incorporated in the Republic of South Africa)                                  
(Registration number 1984/008265/06)                                            
Share code: DAW, ISIN code: ZAE000018834                                        
("Dawn" or "the company")                                                       
TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT                                   
Shareholders are advised that earnings per share and headline earnings per share
for the year ended 30 June 2004 will be substantially higher than those of the  
prior comparative period ("substantially" being a change equal to or greater    
than 30%, as defined by the Listings Requirements of the JSE Securities Exchange
South Africa).                                                                  
As a result of the above and due to the fact that the earnings estimate has not 
been reviewed and reported on by DAWN"s auditors, shareholders are advised to   
exercise caution when dealing in the company"s shares until the aforementioned  
results are published.                                                          
Johannesburg                                                                    
5 August 2004                                                                   
Sponsor                                                                         
Deloitte & Touche Sponsor Services                                              
Date: 05/08/2004 02:53:03 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department