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” or “the Company” or “the Group”) TRADING STATEMENT Following the operational update published on 31 August 2016, and in compliance with section 3.4 (b) of the Listings Requirements of the JSE Limited, DAWN shareholders are advised that for the six months ended 30 September 2016: . Headline earnings per share (“HEPS”) will be more than 20% lower than those achieved for the six months ended 30 September 2015. A headline loss per share of 125 cents to 145 cents is expected compared to HEPS of 29,8 cents for the comparative six-month period. This is largely due to once-off asset write-downs and impairments in a number of businesses, necessitated by the current economic environment, as well as the poor performance of certain DAWN businesses. . Earnings per share (“EPS”) will also be more than 20% lower than those achieved for the six months ended 30 September 2015, again largely due to the once-off impairments and asset write-downs in the current period, as mentioned above. This translates to a loss per share of 145 cents to 165 cents compared to EPS of 29,6 cents per share for the comparative six months ended 30 September 2015. The impact of these losses on the financial position of the Group has resulted in a reduction of between 66% and 68% in Net Asset Value from between 265 to 285 cents per share compared to 826.24 cents per share at 30 September 2015. The financial results on which this trading statement has been based have not been reviewed or reported on by DAWN’s auditors. The full results and commentary thereon for the six months ended 30 September 2016 will be published on SENS on or about 16 November 2016. 14 November 2016 Johannesburg Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd Date: 14/11/2016 05:15:00 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.