Cash allocation payments for fractions of shares AFRICAN DAWN CAPITAL LIMITED Incorporated in the Republic of South Africa (Registration number: 1998/020520/06) Share code: ADW ISIN Code: ZAE000223194 (“Afdawn” or “the Company”) CASH ALLOCATION PAYMENTS FOR FRACTIONS OF SHARES Shareholders of Afdawn are referred to the circular issued by the Company on 16 September 2016 (“Circular”) relating to, inter alia, the proposed consolidation of the Company’s ordinary share capital on a 40 to 1 basis from an authorised share capital of 5 000 000 000 ordinary shares of 1 cent each to 125 000 000 ordinary shares of 40 cents each with effect from Wednesday, 30 November 2016 (“Consolidation”) and to the subsequent finalisation announcement released on SENS on 17 November 2016 in respect of the Consolidation. As set out in the Circular, fractions of consolidated shares will not be issued. In the case of fractional entitlements, all allocations of shares will be rounded down to the nearest whole number resulting in allocations of whole shares together with a cash payment for the fraction to be paid out to Afdawn shareholders. In accordance with the Listings Requirements of the JSE Limited (“JSE”), the cash value of allocation payments for fractions of shares has been calculated with reference to the volume weighted average price of an ordinary Afdawn share traded on the JSE on Wednesday, 30 November 2016 less a 10% discount. Shareholders are accordingly advised that the basis applicable in determining the gross cash payment for the fractional entitlement is 32.05732 cents, less a 10% discount resulting in a net cash payment of 28.85159 cents. This fractional entitlement payment will be subject to 15% dividend withholding tax, resulting in a net cash payment of 24.52385 cents. 1 December 2016 Cape Town Sponsor and Corporate Advisor PSG Capital Proprietary Limited Date: 01/12/2016 10:04:00 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.