Trading Statement AFRICAN DAWN CAPITAL LIMITED Incorporated in the Republic of South Africa (Registration number: 1998/020520/06) Share code: ADW ISIN Code: ZAE000223194 (“the Company”) TRADING STATEMENT In terms of the JSE Limited Listings Requirements, a listed company is required to publish a trading statement as soon as it becomes reasonably certain that the financial results for the next period to be reported on will differ by 20% or more from the financial results for the previous corresponding period. The Company hereby advises that a reasonable degree of certainty exists that for the year ended 28th February 2019 - headline losses per share will be between (33.24) cents and (32.45) cents, representing an increase in losses as compared to the headline loss per share of (7.9) cents reported for the year ended February 2018; and - losses per share will be between (34.1) cents and (32.9) cents, representing an increase in losses as compared to the loss per share of (12.1) cents reported for the year ended February 2018. Headline loss per share increased mainly due to lack of new funding available to the Company and its subsidiaries during the period and once off benefit of the SARS settlement in the previous period and not repeated during this period. The weighted average shares in issue increased from 21,925 million to 28,019million after taking into consideration the partial dilution due to the specific issue of 26,8 million share for cash at 35 cent per share in December 2018. Loss per share increased by a smaller margin than headline loss per share mainly as a result of the prior year loss per share being significantly higher than the prior year headline loss per share due to goodwill written off. There are no discontinued operations reported on in this financial period. The financial information on which this trading statement is based has not been reviewed or reported on by the auditor of the Company. The audited results for the year ended 28 February 2019 are expected to be published on or about 31 May 2019. Johannesburg 29 May 2019 Designated Adviser PSG Capital Date: 29/05/2019 11:30:00 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.