Trading Statement And Restatement Of Prior Year Results 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 AND RESTATEMENT OF PRIOR YEAR RESULTS RESTATEMENT OF PRIOR YEAR RESULTS Shareholders are advised that due to the Company concluding agreements regarding the disposal of certain of the Company’s business’ Knife Capital /Grindstone and Candlestick, the prior year figures have been reclassified to take into account the discontinued operations in the prior year**. The reclassified numbers also include a prior period error reclassification between revenue and other income*. The total loss has not changed and has been reclassified to reflect the split between continued and discontinued operations. The reconciliation below provides a high-level overview of the impact of the aforementioned: Previously Reclassification Reclassification Restated reported Prior period Discontinued error* operation** Revenue 36 991 (904) (14 727) 21 360 Cost of sales (366) - 324 (42) Other income 1 387 904 (519) 1772 Operating expenses (44 880) - 15 403 (29 477) Investment income 84 - (54) 30 Impairment of goodwill (3 397) - 3 397 - Impairment to properties in (971) - 971 - possession Finance costs (3 245) - 685 (2 560) Taxation 632 - (606) 26 Net movement * 4 874 Loss from discontinued - - (4 874) (4 874) operations Basic loss per share (55.6) (55.6) Continuous operations (55.6) (33.4) Discontinued operations (22.2) Headline loss per share (40.1) (40.1) Continuous operations (40.1) (33.3) Discontinued operations (6.8) TRADING STATEMENT In terms of the Listings Requirements of the JSE Limited, companies are required to publish a trading statement as soon as they become reasonably certain that the financial results for the period to be reported on next will differ by more than 20% from those of the previous corresponding period. For purposes of this trading statement it is necessary to compare the loss per share and the headline loss per share for the year ended 28 February 2018 to the restated figures for the year ended 28 February 2017 as set out above. Afdawn shareholders are advised that a reasonable degree of certainty exists that the results for the year ended 28 February 2018 are expected to be as follows: Restated 28 February 2018 28 February 2017 expected range 28 February 2018 cents per share cents per share expected change Basic loss per share (55.6) (9.3) to (14.9) 73.2% to 83.2% Continuous operations (33.4) (4.2) to (7.6) 77.3% to 87.3% Discontinued operations (22.2) (5.1) to (7.3) 67.0% to 77.0% Headline loss per share (40.1) (5.9) to (9.9) 75.4% to 85.4% Continuous operations (33.3) (3.3) to (6.6) 80.1% to 90.1% Discontinued operations (6.8) (2.6) to (3.3) 52.1% to 62.1% The financial information on which this trading statement is based has not been reviewed and reported on by Afdawn’s external auditors. The financial results for the period ended 28 February 2018 will be published on or about 30 June 2018. Johannesburg 29 June 2018 Sponsor PSG Capital Date: 29/06/2018 04:11:00 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.