Finalisation announcement of the DAWN renounceable rights offer 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”) NOT FOR DISTRIBUTION TO ANY PERSON LOCATED OR RESIDENT IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT FINALISATION ANNOUNCEMENT OF THE DAWN RENOUNCEABLE RIGHTS OFFER DAWN shareholders (“Shareholders”) are referred to the declaration announcement released on the Stock Exchange News Service (“SENS”) of the JSE Limited (“JSE”) on Monday, 13 March 2017 wherein Shareholders were advised of DAWN’s intention to raise R350 million by way of a partially underwritten renounceable rights offer (“Rights Offer”) of 350 million Rights Offer shares (“Rights Offer Shares”) (excluding the c.8 million Rights Offer Shares attached to DAWN’s treasury shares) at a price of R1.00 per Rights Offer Share (“Rights Offer Issue Price”), in the ratio of 147.83904 Rights Offer Shares for every 100 existing DAWN ordinary shares (“DAWN Shares”) held on the record date for the Rights Offer, being Friday, 24 March 2017. Shareholders are advised that the Company has now received all necessary approvals and the Rights Offer is unconditional and accordingly the Rights Offer may now be implemented. The salient dates and times of the Rights Offer will be the same as those published in the declaration announcement released on SENS on Monday, 13 March 2017 and appeared in the press on Tuesday, 14 March 2017. Shareholders may commence trading the Rights Offer Shares on Wednesday, 5 April 2017 and trading the letters of allocation on the JSE on Wednesday, 22 March 2017. Further details of the Rights Offer will be set out in the Rights Offer Circular which is expected to be distributed to certificated Shareholders on Thursday, 23 March 2017 and to dematerialised shareholders on Tuesday, 28 March 2017. The Rights Offer Circular will be made available on the Company’s website www.dawnltd.co.za from Monday, 20 March 2017. Germiston 15 March 2017 Financial advisor and transaction sponsor Investec Bank Limited Legal Advisor White & Case LLP Sponsor Deloitte & Touche Sponsor Services (Pty) Ltd Underwriter RECM and Calibre Limited Date: 15/03/2017 09:00:00 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.