Updated 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 Group”) UPDATED TRADING STATEMENT Shareholders are referred to the trading statement issued on SENS on Monday, 13 November 2017 and are hereby advised of the updated trading statement in compliance with paragraph 3.4(b)(iv) of the JSE Listings Requirements. Dawn expects to report for the six months as follows: . Headline earnings per share (“HEPS”) - The HEPS loss will reflect an improvement of between 91% to 89% compared to the HEPS loss reported for the half year ended 30 September 2016. This translates to a HEPS loss of between 12.5 and 15.0 cents compared to the HEPS loss of 136.7 cents for the half year ended 30 September 2016. ? . Earnings per share (“EPS”) - The EPS loss will reflect an improvement in the EPS loss of between 88% and 87% compared to the EPS loss reported for the half year ended 30 September 2016. This translates to an EPS loss of between 18.0 and 21.0 cents compared to the EPS loss of 155.9 cents for the half year ended 30 September 2016. ? The weighted average number of shares in H1 F2018 is 572 713 348 compared to 236 743 967 in H1 F2017. The increase is attributable to the rights issue and the resultant bonus shares in April 2017. The financial results on which this trading statement has been based have not been reviewed or audited. The Group's results for the half year to 30 September 2017 will be published on the JSE SENS on or about 20 November 2017. 16 November 2017 Germiston Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd Date: 16/11/2017 05:00:00 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.