Posting of the independent board's response circular in response to the African Dune mandatory offer circular Dorbyl Limited (Incorporated in the Republic of South Africa) Registration Number: 1911/001510/06 Share Code: DLV ISIN: ZAE000002184 ("Company" or "Dorbyl") POSTING OF THE INDEPENDENT BOARD’S RESPONSE CIRCULAR IN RESPONSE TO THE MANDATORY OFFER CIRCULAR DISTRIBUTED BY AFRICAN DUNE INVESTMENTS 311 (PROPRIETARY) LIMITED (“AFRICAN DUNE”) Shareholders are referred to the announcement on SENS on 29 November 2012 in which shareholders were advised of the salient dates and times relating to the mandatory offer being made by African Dune (“the Mandatory Offer”) following the posting of the African Dune circular which was distributed to shareholders on 16 November 2012 (the African Dune Circular”). Further to the above, shareholders are advised that the Independent Board’s circular (“the Response Circular”) in response to the African Dune Circular was posted to shareholders today. The Response Circular includes, inter alia, the Independent Board’s views and recommendation regarding the Mandatory Offer as well as an independent expert’s opinion thereon. Shareholders are further advised that the salient dates and times as previously announced on SENS remain unchanged and the Mandatory Offer will close on Friday, 28 December 2012. As the Mandatory Offer is unconditional, payment of the Mandatory Offer consideration to shareholders who elected to participate in the Mandatory Offer will be made on Monday 31 December 2012. Shareholders are further referred to the Joint Announcement regarding the revised offer being made by The Industrial Development Corporation of Southern Africa Limited (on behalf of Naledi Foundry of Republic of South Africa Proprietary Limited) released on SENS on 7 December 2012 and in the press on 10 December 2012 (“the Revised Offer”) and are advised that the joint circular setting out the full details of the Revised Offer will be posted in due course. Johannesburg 13 December 2012 Sponsor to Dorbyl: PSG Capital Proprietary Limited Date: 13/12/2012 12:50:00 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.