Trading update AFRICAN DAWN CAPITAL LIMITED (Incorporated in the Republic of South Africa) (Registration number 1998/020520/06) JSE code: ADW ISIN: ZAE000060703 ("Afdawn" or "the company") TRADING STATEMENT In compliance with paragraph 3.4 of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists, that the financial results for the next period to be reported on are likely to vary by more than 20% from the previous corresponding period. Afdawn advise shareholders that the company expects a decrease in the Earnings per share ("EPS") and Headline Earnings per share ("HEPS") to a Loss per share (“LPS”) and Headline Loss per share (“HLPS”), for the year ended 28 February 2013. The reported EPS and HEPS for the previous corresponding period were 3.23 cents and 3.06cents respectively. The company expects EPS to decrease between 122% and 102% and HEPS to decrease between 121% and 101% from the previous corresponding period. Shareholders attention is drawn to the SENS issued on 10 April 2013, which stated Afdawn’s change of vision to become an active investment holding company acquiring shareholding in entrepreneurial companies, with strong innovation drive which are in proven growth phases, by enhancing the capabilities of these entities to accelerate long term sustainable growth. The audited results for the year ended 28 February 2013 will be released on SENS during the last week of May 2013. The information in this trading statement has not been reviewed or reported on by Afdawn`s auditors, Grant Thornton. Johannesburg 17 May 2013 Designated Advisor Sasfin Capital A division of Sasfin Bank Limited Date: 17/05/2013 02:00:00 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.