DISTRIB. AND WAREHOUSING NETWORK LD - Directors dealing in securities

Director’s dealing in securities

Distribution and Warehousing Network Limited
(Incorporated in the Republic of South Africa)
(Registration number 1984/008265/06)
Share code: DAW & ISIN code: ZAE000018834
("DAWN")

DIRECTOR’S DEALING IN SECURITIES

In compliance with rule 3.63 to 3.74 of the JSE Limited`s Listings Requirements, the
following should be noted:

Name of director:      JAI Ferreira
Date of transaction: 2 December 2015
Nature of transaction: Sale
Price paid:            R5.20
Number of shares:       834,294
Transaction value:     R4,338,328.80
Class of security:     Ordinary shares
Nature of interest:     Direct, beneficial
Chairman’s approval: Yes
The sale was on market.

The DAWN board wishes to clarify the reason for these share transactions:

As announced in the publication of Dawn’s interim results in November 2015, the board and
management have agreed that special bonuses amounting to R7 million, paid to the CEO,
Mr Derek Tod and the CFO, Mr Dries Ferreira in December 2014, would be repaid to the
group as earnings did not perform in line with expectations.

The sale of 834 294 shares by Mr Ferreira on 2 December 2015 was necessary mainly to
assist him in funding the repayment of the bonus and the tax payment related to the sale of
the shares. Mr Ferreira remains a shareholder with 372,333 DAWN shares.

3 December 2015
Johannesburg

Sponsor
Deloitte & Touche Sponsor Services (Pty) Ltd
(Registration number 1996/000034/07)

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