Cautionary announcement AFRICAN DAWN CAPITAL LIMITED Incorporated in the Republic of South Africa (Registration number: 1998/020520/06) Share code: ADW ISIN Code: ZAE000060703 (“Afdawn” or “the Company”) CAUTIONARY ANNOUNCEMENT Shareholders are hereby advised that it has come to the attention of the Afdawn board of directors (“Afdawn Board”), after instructing an independent third-party to perform a valuation of the collection and legal book of Elite Group (Proprietary) Limited (“Elite”), a wholly-owned subsidiary of Afdawn (“Elite Book”), that additional provisions and write- offs on the Elite Book are necessary. As a result, there are material prior period accounting errors in Elite (“Financial Events”) which are likely to have a substantial impact. Shareholders are hereby advised that the Afdawn Board has now initiated a complete investigation to ascertain the full scope of the Financial Events. This investigation will include a legal due diligence into the historic business operations of Elite. Shareholders should note that due to the Financial Events and legal due diligence, the Afdawn Board advises that the audit of the financial results for the year ended 28 February 2015 (“Financial Results”) is unlikely to be completed by the Company’s auditors prior to 30 June 2015. In this case, the JSE Limited will suspend trading in the Company’s shares until such time that the Financial Results are disclosed to shareholders. Accordingly, shareholders are advised to continue to exercise caution when dealing in the Company’s securities until a full announcement is made. 15 May 2015 Johannesburg Designated Advisor PSG Capital Date: 15/05/2015 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.