Changes to the Board African Dawn Capital Limited Incorporated in the Republic of South Africa (Registration Number:1998/020520/06 ) JSE share code: ADW ISIN: ZAE000060703 (“Afdawn” or the “company") CHANGES TO THE BOARD In terms of paragraph 3.59 of the Listings Requirements of the JSE Limited, the board of Afdawn wishes to advise of the following changes to the board of directors which are in line with the ongoing operational and strategic repositioning of the company. This is another step towards the new announced vision of becoming an active investment holding company and these appointments are building capabilities to enable the vision. The Board will pursue a re-engineering phase that will see the establishment of a platform based on capabilities, resources and entrepreneurial acumen. The Board members have the strategic skills to evaluate proposals of the acquisition of new investments, consider management’ endeavours towards adding value to these investees as well as the strategic ability needed to guide the tactics of unlocking of value. APPOINTMENTS TO THE BOARD Afdawn wishes to announce the following appointments: WENDY (“WENDY”) LUHABE as independent non-executive director, effective immediately and who will be appointed to the audit committee of the company. Wendy is a social entrepreneur activist who has extensive board experience in Corporate Strategy, Marketing, Corporate Governance and Human Capital Development in both the private and public sectors. Wendy was recognised by the World Economic Forum in Switzerland as a Global Leader for Tomorrow, the Osaka Junior Chamber in Japan as an Outstanding Young Person and by Unisa Business School in South Africa for Leadership in Practise. She was featured in a Sunday Times survey as one of South Africa’s 20 most powerful women she was also honoured as one of 50 Leading Women Entrepreneurs of the World. She is a recipient of 3 honorary doctorates and a member of the International Council of Business Women Leaders initiated by Ms Hilary Clinton, on the Economic Empowerment of Women. She is currently an advisor to The Big Break Legacy TV production, an initiative to make South Africa an Entrepreneurial nation. She is also on the Supervisory Board of the IMD business school in Lausanne, Switzerland VANYA (“VANYA”) LESSING as independent non- executive director, effective immediately and who will be appointed to the audit committee of the company. Vanya is the CEO of the Sure Travel Group; she is also the Vice-President of (Association of South African Travel Agents). In this position Ms Lessing was responsible for looking after the broader interests of the travel industry, liaising and negotiating with many Government and world body travel organizations. This was a time of change management for the travel industry, in that a new business model was introduced. Ms Lessing led travel companies and suppliers through a series of sensitive negotiations, resulting in a successful transition to the new model. Board positions held during this period were ASATA, Tourism Business Council of South Africa, THETA (now Cathsseta) and the United Federation of Travel Agents Associations (global body) Vanya has extensive experience in collaboration interaction with related SMEs and expediting turn-around strategies. The Sure Group has more than 100 franchisees. Her strong negotiating abilities will bring ‘on the ground’ expertise to the Board. KEET (“KEET”) VAN ZYL as independent non-executive director, effective immediately. Keet is a ‘Venture Catalyst’ with extensive high-growth investment experience. He structured various private equity funds in Southern Africa for a US fund-of-funds investor and worked in growth finance at industry-leading companies such as Procter & Gamble, Investec Bank and Here Be Dragons (HBD) Venture Capital – the fund managers behind SA internet billionaire Mark Shuttleworth's successful venture capital fund. He co-founded growth equity fund manager: Knife Capital (where he is a partner and board member of various portfolio investments) to fund and support knowledge-enabled entrepreneurs. Keet is passionate about building the early-stage funding ecosystem in Sub-Saharan Africa. He co-founded business angel investment group AngelHub as well as the new Grindstone business accelerator that will assist SA technology SMEs to become sustainable and fundable. Keet has expansive experience in the total Venture Capital value chain and will bring VC experiences and skills that will reduce risk and improve desired outcomes in line with the new vision of the company. The appointment of Keet van Zyl also establishes a bilateral relationship with Knife Capital that will result in strong operational synergies between the entities. The board wishes Wendy, Vanya and Keet well in their new roles with the company. The additional technical and financial skills which they bring will benefit the company as it progresses in implementing its growth strategy. RESIGNATION FROM THE BOARD Mrs Lynnette (“Lyn”) Taylor, resigns as an independent non-executive member the board effective immediately. The board wishes to thank Lyn for her valuable contribution to the board and the company during her tenure on the board. Johannesburg 29 May 2013 Designated Advisor Sasfin Capital (a Division of Sasfin Bank Limited) Date: 29/05/2013 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.