Specific Issue Now Unconditional 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”) SPECIFIC ISSUE NOW UNCONDITIONAL SPECIFIC ISSUE UNCONDITIONAL Shareholders are referred to the SENS announcements released by Afdawn on 6 August 2018, 26 October 2018 and 26 November 2018, regarding the proposed specific issue for cash of 26 800 000 ordinary shares with a par value of 40 cents each in Afdawn’s share capital (“Issue Shares”) to Arvesco 153 Proprietary Limited (“Arvesco”), at an issue price of 35 cents per Issue Share (“Issue Price”) amounting to a total issue consideration of R 9.38 million (“Specific Issue”). The Specific Issue was subject to the fulfilment of certain conditions precedent, as detailed in the circular distributed to Afdawn shareholders, dated 26 October 2018 (“Circular”). Afdawn is pleased to announce that all conditions precedent to the Specific Issue have now been fulfilled and that implementation of the Specific Issue will, accordingly, now proceed on the basis detailed in the Circular. Afdawn will issue and allot the Issue Shares to Arvesco at the Issue Price per Issue Share on Friday, 7 December 2018, or as soon as possible thereafter. STATEMENT BY THE NON-EXECUTIVE BOARD The Specific Issue becoming unconditional marks a very significant milestone in Afdawn’s history. The non-executive directors wish to place on record their recognition of the contribution made by Jacques Groenewald, CEO, and Graham Hope, CFO, to reaching this milestone. Their unwavering commitment and loyalty, their unquestionable integrity and the very meaningful personal sacrifices made by them sets a very high standard of corporate leadership. Most of their contribution has been out of the public eye and with very little recognition. In making this statement the non-executive board wishes to place their contribution on record and express appreciation for it. Cape Town 5 December 2018 Corporate Adviser and Designated Adviser PSG Capital Date: 05/12/2018 08:50:00 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.