Disposal of minority investment in Heunis Steel Proprietary Limited 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”) DISPOSAL OF MINORITY INVESTMENT IN HEUNIS STEEL PROPRIETARY LIMITED INTRODUCTION DAWN is pleased to announce that the Group has entered into an agreement to dispose of the 49% equity stake held in the issued share capital of Heunis Steel (Proprietary) Limited (“Heunis”), an associate investment. NATURE OF HEUNIS BUSINESS Heunis is a steel fabrication business specialising in corrugated roof sheeting and rainwater solutions with exposure mainly to the building and construction markets in South Africa. RATIONALE As stated at the release of the unaudited interim results for the six months ended 30 September 2016, the Group wishes to exit certain assets deemed to be of a non-core nature. Furthermore, the Group will be realising cash from this transaction which will be used to reduce the Group’s net debt position. SALE CONSIDERATION The Group’s total cash proceeds from realising this investment shall be an all-inclusive amount of R50 million. The sale of shares consideration of R27 million is to be in cash by no later than 30 January 2017. In addition to the sale of shares consideration the Group will be receiving a dividend of R23 million by no later than 30 January 2017. CONDITIONS PRECEDENT AND EFFECTIVE DATE The Disposal is subject to the fulfilment of, inter alia, the declaration and payment of a dividend (as outlined earlier in this announcement) by no later than 30 January 2017. The effective date will be no later than 31 January 2017. CATEGORISATION The Disposal falls below the threshold of the categorisation of transactions which require disclosure in terms of the JSE Limited’s Listings Requirements. Nevertheless, the board of DAWN deemed it necessary to inform shareholders of the disposal. Johannesburg, 15 December 2016 Sponsor: Deloitte & Touche Sponsor Services Proprietary Limited Legal Advisor: Webber Wentzel Inc. Date: 15/12/2016 05:23:00 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.