Results of the 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”) RESULTS OF THE RIGHTS OFFER DAWN shareholders (“Shareholders”) are referred to the circular dated Monday, 20 March 2017 regarding the renounceable rights offer for up to R358 million (“Rights Offer”). The Rights Offer consisted of an offer of 358 129 576 million ordinary shares (“Rights Offer Shares”) in the ratio of 147.83904 Rights Offer Shares for every 100 ordinary shares held by shareholders on the record date (“Rights”) of the Rights Offer, at a subscription price of R1.00 per Rights Offer Share. We are pleased to note that the Rights Offer closed at 12h00 on Friday, 7 April 2017 pursuant to which and in accordance with the terms of the underwritten agreement with RECM and Calibre Limited (“Underwritten Shares”), the results are set out below: Percentage of Number of shares Value Rights Offer Subscriptions for Rights Offer Shares 257 489 559 71.9% R257 489 559 Subscription for Underwritten Shares 100 640 017 28.1% R100 640 017 Total 358 129 576 100.0% R358 129 576 Share certificates will be posted to certificated shareholders, at their risk, who followed their Rights, on Monday, 10 April 2017. Dematerialised shareholders who subscribed for Rights Offer Shares will have their accounts debited and updated by their CSDP or broker on Monday, 10 April 2017. Following the conclusion of the Rights Offer, the total issued share capital of the Company will increase to 600 372 480 shares. The 358 129 576 million Rights Offer Shares were listed on the JSE on Wednesday, 5 April 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 Johannesburg 10 April 2017 Date: 10/04/2017 08:30:00 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.