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AFRICAN DAWN ANNUAL REPORT 2020

Our past

African Dawn Capital Limited (the “Company” or “Afdawn”) was founded in 1998 as a micro finance
Business and listed on the AltX in 2004. Afdawn is a financial services provider and investment holding
company in South Africa. The Company, through its subsidiary Elite Group and its state of the art
technology, digital platform, call centre and strategic branch network, provides short term consumer
lending. YueDiligence is a wholly owned subsidiary of African Dawn and can help entrepreneurs,
investors, business finance providers and business consultants identify growth gaps via low cost, digital
methods in business which should be remedied to ensure a stable platform from which to launch growth.

Our journey during the past year
Since settling SARS in full during February 2019, the group was in a position to grow from its base.
During the year, capital was raised to assist with the repayment terms of Sandown Capital. At year end,
the majority of the loan from Sandown Capital had been extinguished, the remainder of which will be
settled in full during the next financial year. We could not however attract sufficient external funders
to grow Elite's book size during the year. Post February 2020 year end, Afdawn Group concluded a long
term funding commitment from a private equity firm, Caleo. These funds will be used predominantly to
extend loans through Elite's low cost distribution network.

Where are we now
We have two operational entities, Elite Group, our lending platform, and Yue Diligence, which helps
entrepreneurs to identify growth gaps to remedy, to ensure a stable platform from which to launch
growth. The strategy is to leverage the lending platform of Elite through access to lower cost distribution
channels other than a traditional branch network and to broaden the product range.

During this period, we had to tread carefully to ensure we cross this difficult hurdle to enable the Group
to access the capital markets again.

Our key objective for the near term
• To reposition Elite to leverage its lending platform and grow Elite's loan book.
• To grow the YueDiligence team and to roll out the YueDiligence platform to entrepreneurs, funders,
consultants and other stakeholders to ensure a growing and sustainable SME market.

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