Trading Statement 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”) TRADING STATEMENT In terms of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as it becomes aware that the financial results for the financial period to be reported on next will vary by 20% or more from those of the previous comparable period. Shareholders are hereby advised that a reasonable degree of certainty exists that for the year ended 29 February 2016, the Company will report a basic loss per share of between 0.41 cents and 1.17 cents, being a reduction in basic loss per share of between 70% and 89%, and a headline loss per share of between 0.38 cents and 1.19 cents, being a reduction in headline loss per share of between 71% and 91%, compared to the basic loss per share of 3.84 cents and the headline loss per share of 4.08 cents published for the previous corresponding period. The financial information on which this trading statement is based has not been reviewed and reported on by the Company’s auditor. 27 May 2016 Johannesburg Designated Advisor PSG Capital Date: 27/05/2016 03:30:00 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.