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”) TRADING STATEMENT In compliance with section 3.4 (b) of the Listings Requirements of the JSE Limited (“Listings Requirements”), a listed company is required to publish a trading statement as soon as it becomes reasonably certain that the financial results for the period to be reported on next will show a 20% or more difference from the previous corresponding period. DAWN shareholders are advised that, with a reasonable degree of certainty , the Group expects results for the 6 months to 30 September 2018 to be as follows: Headline loss per share (“HLPS”) will reflect a deterioration of between 174% and 188% compared to the HLPS achieved for the half year reported ended 30 September 2017. This translates to a HLPS of between 37.6 and 39.5 and cents per share compared to the HLPS of 13.73 cents per share for the half year ended 30 September 2017. The loss per share (“LPS”) will reflect a deterioration of between 98% and 112% compared to the LPS incurred for the half year reported ended 30 September 2017. This translates to a LPS of between 38.5 and 41.2 cents per share compared to the LPS of 19.45 cents per share for the comparative half year ended 30 September 2017. The financial results on which this trading statement has been based, have not been reviewed and reported on by DAWN's auditors. The trading statement has been reviewed by SNG Grant Thornton, a JSE accredited auditor in compliance with section (111)(9) of the Companies Regulation, 2011 and paragraph 3.4(b)(viii)(1)(aa) of the Listings Requirements. Their unmodified report is available for inspection at DAWN registered address. The results are expected to be released on or about 7 December 2018. Germiston Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd 7 December 2018 Date: 07/12/2018 11:31:00 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.