Cautionary announcement 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”) Cautionary announcement DAWN wishes to advise shareholders in terms of section 3.9 of the JSE Listings Requirements, that the Group today concluded a non-binding Memorandum of Understanding with the controlling shareholders of GDW (Grohe DAWN Watertech) for the potential disposal of DAWN’s 49% holding in the company to that shareholder, which if concluded, may have a material effect on the price of the Company’s securities. No price has been agreed for the transaction as yet. There is no certainty that the negotiations will lead to definitive and binding agreements and therefore no certainty that the transaction will ultimately be concluded and implemented. The intention of both parties is that DAWN remains the long term master distributor for the GDW product range in Southern Africa. It is the view of the DAWN board that this transaction would be a positive step in the turnaround process of the Group. Shareholders are therefore advised to exercise caution in their dealings in DAWN shares until a further announcement is made. Germiston 11 July 2017 Sponsor Deloitte & Touche Sponsor Services (Pty) Ltd Date: 11/07/2017 10:30:00 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.