Third quarterly update regarding the suspension of Dorbyl Dorbyl Limited (Incorporated in the Republic of South Africa) Registration Number: 1911/001510/06 Share Code: DLV ISIN: ZAE000002184 ("Company" or "Dorbyl") THIRD QUARTERLY UPDATE REGARDING THE SUSPENSION OF DORBYL Shareholders are referred to the announcements on SENS on: - 1 November 2012 in which shareholders were advised that the listing of Dorbyl’s securities have been suspended following the Company’s failure to comply with JSE Limited’s (“JSE”) Listings Requirements (“the Listings Requirements”) by not submitting its annual financial statements timeously (“the Suspension Announcement”); - 5 April 2013 and 9 July 2013, in which shareholders were provided with a first and quarterly update, respectively, regarding the suspension (“the Quarterly Updates”); and - 24 June 2013 in which shareholders were advised of the posting of a notice in terms of section 60 of the Companies Act, 2008, as amended, containing an ordinary resolution proposed by the board of directors of Dorbyl (“the Board”) in respect of an increase in the borrowing powers of the Company (“the Section 60 Notice”). As indicated in the Quarterly Updates, subsequent to the release of the Suspension Announcement, Dorbyl submitted its annual financial statements (“AFS”) to the JSE and distributed same to shareholders on 19 November 2012 which AFS contained an adverse audit opinion (“Adverse Audit Opinion”). The Adverse Audit Opinion was based on the outcome of a going concern assessment of Dorbyl at the time which assessment indicated that the Company would be dependent upon a recapitalisation during 2013 to continue its operations (“the Recapitalisation”). The Adverse Audit Opinion further indicated non-compliance with the International Financial Reporting Standards and thus non- compliance with paragraph 8.62(b) of the Listings Requirements, which non-compliance must be remedied in order to pursue the lifting of Dorbyl’s suspension. In pursuance of, inter alia, the Recapitalisation, the Company distributed the Section 60 Notice to shareholders to seek their approval of the ordinary resolution proposed by the Board to increase Dorbyl’s borrowing powers which approval was obtained by the requisite majority of shareholders as announced on SENS on 31 July 2013. Accordingly, shareholders are advised that the Company is still engaged in the process of pursuing the Recapitalisation which is required to simultaneously address the Adverse Audit Opinion and the lifting of the suspension. Discussions relating to the Recapitalisation remain ongoing and shareholders will be kept duly informed of any further developments insofar as the lifting of the suspension is concerned. Johannesburg 18 November 2013 Sponsor to Dorbyl: PSG Capital Proprietary Limited Date: 18/11/2013 08:48:00 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.