Results of Mandatory Offer Dorbyl Limited (Incorporated in the Republic of South Africa) Registration Number: 1911/001510/06 Share Code: DLV ISIN: ZAE000002184 ("Company" or "Dorbyl") RESULTS OF MANDATORY OFFER Shareholders are referred to the firm intention announcement published on SENS on 21 September 2012, wherein shareholders were advised that African Dune Investments 311 (Pty) Limited (“African Dune”) would make a mandatory offer to all ordinary shareholders of Dorbyl (“Mandatory Offer”) to acquire all Dorbyl ordinary shares held by Dorbyl ordinary shareholders in exchange for the mandatory offer consideration of R0.65 (sixty five cents) per ordinary share (“Mandatory Offer Consideration”), the full details of which were contained in the mandatory offer circular that was posted to Dorbyl shareholders on 16 November 2012. The aforementioned Mandatory Offer closed at 12h00 on Friday, 28 December 2012 and shareholders are hereby advised that in terms of the Mandatory Offer, African Dune received acceptances from Dorbyl ordinary shareholders holding 86 453 Dorbyl ordinary shares, constituting approximately 0.25% of the issued ordinary shares in Dorbyl. Prior to the Mandatory Offer, African Dune held, directly and indirectly, 14 203 424 Dorbyl ordinary shares, constituting approximately 41.69% of the issued ordinary shares in Dorbyl. As a result of the Mandatory Offer, African Dune has increased its shareholding in Dorbyl to approximately 41.94% of the issued ordinary shares in Dorbyl. Johannesburg 3 January 2013 Corporate advisor to African Dune: Reign Capital Proprietary Limited Corporate advisor and sponsor to Dorbyl: PSG Capital Proprietary Limited Date: 03/01/2013 10:10:00 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.