IMPORTANT DATES & TIMES REGARDING THE MANDATORY OFFER Dorbyl Limited (Incorporated in the Republic of South Africa) Registration Number: 1911/001510/06 Share Code: DLV ISIN: ZAE000002184 ("Company" or "Dorbyl") IMPORTANT DATES & TIMES REGARDING THE MANDATORY OFFER BY AFRICAN DUNE INVESTMENTS 311 (PROPRIETARY) LIMITED (“AFRICAN DUNE”) Shareholders are referred to the announcement on SENS on 16 November 2012 in which shareholders were advised that the circular relating to the mandatory offer being made by African Dune (“the Mandatory Offer”) had been posted. African Dune acquired 41,69% in Dorbyl for a maximum consideration of R0,65 (sixty five cents) per share and in terms of the Takeover Regulation Panel they must proceed with a mandatory offer of sixty five cents as setout in the circular posted to shareholders. In addition thereto, shareholders are provided with an updated timetable for participation in the Mandatory Offer set out as follows: 2012 / 2013 Mandatory Offer document posted to Dorbyl minorities on Friday, 16 November Mandatory Offer opened at 09:00 on Monday, 19 November Last day to trade in Dorbyl shares in order to settle by the record date and to qualify to participate in the Mandatory Offer Wednesday, 19 December Shares trade “ex” the Mandatory Offer Thursday, 20 December Record date to determine which shareholders are eligible to accept the Mandatory Offer Friday, 28 December Mandatory Offer closes provisionally at 12:00 on Friday, 28 December Results of the Mandatory Offer to be released on SENS on Monday, 31 December Mandatory Offer consideration credited to the offer participant’s accounts at his CSDP or stockbroker (as the case may be) in cases where the shares surrendered in terms hereof are held by such CSDP or stockbroker as nominee for the offer participant on Monday, 31 December Results of the Mandatory Offer to be published in the press on Wednesday, 2 January Notes: 1. The above dates and times are subject to amendment by African Dune subject to the prior written approval of the Takeover Regulation Panel. Any such amendment will be released on SENS and published in the press. 2. The abovementioned salient dates and times include amendments to the salient dates and times as set out in the Mandatory Offer circular which was posted to shareholders. 3. All times indicated above are South African times. UPDATE ON RECORD DATES RELATING TO THE NOTICE OF ANNUAL GENERAL MEETING (“Notice of AGM”) In addition to the above, shareholders are referred to the announcement on SENS on 19 November 2012 advising shareholders of the Notice of AGM which was distributed to shareholders together with the abridged annual financial statements. Shareholders are advised that date on which shareholders must be recorded in the share register of the Company for purposes of being entitled to attend and vote at the AGM is Friday, 1 February 2013, with the last date to trade being Friday, 25 January 2013. Johannesburg 29 November 2012 Sponsor to Dorbyl: PSG Capital Proprietary Limited Date: 29/11/2012 05:45:00 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.