Updated trading statement Distribution and Warehousing Network Limited (Incorporated in the Republic of South Africa) (Registration number 1984/008265/06) Share code: DAW & ISIN code: ZAE000018834 (“DAWN”) UPDATED TRADING STATEMENT The operational update provided on SENS on 3 May 2016 and trading statement released on SENS on 30 June 2016 and bear context to this updated trading statement. In compliance with section 3.4 (b) of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as it becomes reasonably certain that the financial results for the period to be reported on next will show a 20% or more difference from the previous corresponding period. Following a year-end change from June to March in the previous reporting period, shareholders are advised that for the twelve months ended 31 March 2016: * Headline earnings per share will be 157% lower than those achieved for the nine months ended 31 March 2015. This translates to a Headline loss per share of 65.55 cents compared to the Headline loss per share of 25.48 cents for the comparative nine months ended 31 March 2015, largely due to once-off asset write-downs necessitated by the current economic environment as well as the poor performance of certain DAWN business units. Not all of the once-off asset write-downs qualify for headline earnings add-back and accordingly they had a negative impact on the headline loss per share calculation. *Earnings per share (“EPS”) will be 256% lower than those achieved for the nine months ended 31 March 2015, largely due to the once off net gain on the Grohe transaction included in the comparative period as well as the once-off impairments and asset write-downs in the current period necessitated by the current economic environment and poor performances of certain DAWN business units. This translates to a loss per share of 318.31 cents compared to the EPS of 204.69 cents per share for the comparative nine months ended 31 March 2015. The financial information in this trading statement has not been reviewed and reported on by DAWN’s auditors. Further information will be provided in the results announcement for the period ended 31 March 2016 which will be published on SENS on or about 14 July 2016. 14 July 2016 Johannesburg Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd Date: 14/07/2016 11:33:00 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.