Further Update Regarding The Scheme Distribution and Warehousing Network Limited Polanofield Proprietary Limited (Incorporated in the Republic of South Africa) (Incorporated in the Republic of South Africa) (Registration number 1984/008265/06) (Registration number 2018/556404/07) Share code: DAW & ISIN code: ZAE000018834 (“Offeror”) (“DAWN” or “the Company”) FURTHER UPDATE REGARDING THE SCHEME Unless otherwise indicated, capitalised words and terms contained in this announcement shall bear the same meanings ascribed thereto in the circular to Shareholders, dated Thursday, 20 December 2018 (“Circular”). 1. INTRODUCTION Shareholders are referred to the Circular in terms of which Shareholders were advised of the terms and conditions of the Offer by the Offeror to acquire all of the issued ordinary shares in DAWN, excluding the Excluded Shares for an Offer Price of R0,01 per DAWN Share, via a scheme of arrangement in terms of sections 114 and 115 of the Companies Act. In addition, Shareholders were advised of the proposed delisting of DAWN from the Main Board of the securities exchange operated by the JSE on the occurrence of the Scheme becoming operative. DAWN Shareholders are advised that the remaining condition precedent to the Proposed Transaction, being the issue of compliance certificate by TRP, has to date not been fulfilled. Shareholders will be informed once the condition precedent has been fulfilled and the Proposed Transaction is completed. The new dates will be announced at the same time. 2. THE INDEPENDENT BOARD AND BOARD RESPONSIBILITY STATEMENT The Board and the Independent Board (to the extent the information relates to DAWN) collectively and individually, accept responsibility for the information contained in this announcement and confirm that, to the best of each member’s respective knowledge and belief, the information contained in this announcement is true and does not omit anything likely to affect the importance of such information. 3. OFFEROR RESPONSIBILITY STATEMENT The Offeror (to the extent the information relates to Offeror) accepts responsibility for the information contained in this announcement and confirms that, to the best of its knowledge and belief, the information contained in this announcement is true and does not omit anything likely to affect the importance of such information. Germiston 5 February 2019 Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd Legal Advisors to DAWN: ENSafrica (Edward Nathan Sonnenbergs Inc.) Legal Advisor to the Offeror: Alex May Incorporated Date: 05/02/2019 05:39:00 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.