www.dawnltd.co.za

1 PAGEC ertification by company secretary 1 Statement of responsibility and approval by the board of directors 2 Report of the audit committee 3 Directors report 6 Independent auditor s report 14 Consolidated and separate income statements 15 Consolidated and separate statements of comprehensive income 16 Consolidated and separate statements of financial position 17 Consolidated statement of changes in equity group 18 Consolidated statement of changes in equity company 19 Consolidated and separate statements of cash flows 20 Accounting policies 21 Notes to the annual financial statements 40 Interest in subsidiaries.

2 Associate companies and joint ventures127 Analysis of shareholding 129 Corporate information 131 CONTENTS TO THEANNUAL FINANCIAL STATEMENTS20161 LeveL Of aSSuranCeThese annual financial statements have been audited in compliance with the applicable requirements of the CompaniesAct of South AuditorsPreParerPrepared by Yolandi van den Berg (CA(SA)), senior group financial accountant, under the supervision of Hanr Bester (CA(SA)),acting financial July 2016In terms of Section 88(2)(e) of the Companies Act 71 of 2008, as amended, I certify that, to the best of my knowledge and belief, thecompany has, in respect of the financial year reported upon, lodged with the Companies and Intellectual Property Commission allreturns required of a public company in terms of the Act and that all such returns are true, correct and up to MiddlemissOn behalf of: iThemba Governance and Statutory Solutions (Pty) LtdCompany secretary14 July 2016 CERTIFICATION BYCOMPANY SECRETARY20162 The directors are required in terms of the Companies Act, No 71 of 2008 to maintain adequate accounting records and areresponsible for the content and integrity of the annual financial statements and related financial information included inthis report.

3 It is their responsibility to ensure that the annual financial statements fairly present the state of affairs of theGroup as at the end of the financial year and the results of its operations and cash flows for the period then ended, inconformity with International Financial Reporting Standards. The external auditors are engaged to express an independent opinion on the annual financial annual financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and arepresented in terms of the disclosure requirements as set out in the SAICA Financial Reporting Guides as issued by theAccounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting StandardsCouncil, the JSE Listings Requirements and the requirements of the Companies Act, 2008.

4 The annual financial statementsare based upon appropriate accounting policies consistently applied and supported by reasonable and prudentjudgements and directors acknowledge that they are ultimately responsible for the system of internal financial control established bythe group and place considerable importance on maintaining a strong control environment. To enable the directors tomeet these responsibilities, the board of directors sets standards for internal control aimed at reducing the risk of error orloss in a cost effective manner. The standards include the proper delegation of responsibilities within a clearly definedframework, effective accounting procedures and adequate segregation of duties to ensure an acceptable level of risk. Thesecontrols are monitored throughout the group and all employees are required to maintain the highest ethical standards in ensuring the group s business is conducted in a manner that in all reasonable circumstances is abovereproach.

5 The focus of risk management in the group is on identifying, assessing, managing and monitoring all knownforms of risk across the group. While operating risk cannot be fully eliminated, the group endeavours to minimise it byensuring that appropriate infrastructure, controls, systems and ethical behaviour are applied and managed within predetermined procedures and directors are of the opinion, based on the information and explanations given by management, that the system ofinternal control provides reasonable assurance that the financial records may be relied on for the preparation of the annualfinancial statements. However, any system of internal financial control can provide only reasonable, and not absolute,assurance against material misstatement or directors have reviewed the group s cash flow forecast for the next 12 months and, in the light of this review and thecurrent financial position, they are satisfied that the group has or has access to adequate resources to continue inoperational existence for the foreseeable future.

6 The going concern basis has therefore been adopted in preparing theannual financial external auditors are responsible for independently auditing and reporting on the group s annual financial statements. The annual financial statements have been examined by the group s external auditors and their report ispresented on page annual financial statements set out on pages 3 to 129, which have been prepared on the going concern basis, wereapproved by the board of directors on 14 July 2016 and were signed on its behalf by:Diederik fouch hanr besterChairman Acting financial directorSTATEMENT OF RESPONSIBILITYANDAPPROVALBY THE BOARD OF DIRECTORSfor the twelve months ended 31 March 201620163 The audit committee was established with terms of reference from the board.

7 The audit committee terms of reference was reviewed,updated and approved by the board on 14 July 2016 and is available for inspection at the company s registered The audit committee meets three times during the financial year to discuss issues of accounting, auditing, internal controls and financialreporting. The audit committee s terms of reference deals adequately with its membership, authority and committee has an independent role with accountability to both the board and shareholders. The committee does not assume thefunctions of management, which remain the responsibility of the executive directors, officers and other members of audit committee fulfils an oversight role regarding financial reporting risks, internal financial controls, fraud risk as it relates tofinancial reporting and information technology risks as it relates to financial committee considers whether or not the interim report should be subject to an independent review by the auditors.

8 Further information on risk policies, strategies, management and indicators appear in the corporate governance report of the integrated Osman Arbee s resignation as independent non-executive director and as chairman of the audit committee on 13 February2015, the lead independent director, Lou Alberts, in the interim assumed the role of chairman of the audit committee. Saleh Mayet wasappointed chairman of the audit committee on 29 May 2015. Tak Hiemstra s retirement as chairman of the board and member of theaudit committee took effect from 1 November 2015. Dinga Mncube was appointed as a member of the audit committee to replace TakHiemstra on his retirement. On 20 November 2015 shareholders approved the appointment of Saleh Mayet (chairman), Lou Alberts and Dinga Mncube as membersof the audit Mayet (Chairman), Lou Alberts and Dinga Mncube are proposed as members of the audit committee for the 2017 financial directors brief curriculum vitae can be found in the integrated report.

9 A resolution to this effect will be presented to shareholdersat the annual general meeting to be held on 18 November board is satisfied that the directors integrity, impartiality and objectivity are not in any way compromised and as such satisfies therequirements of section 94(4) of the Companies Act, at meetings held during the period 1 April 2015 to 31 March 2016 was as follows:19 Jun4 nov 20152015 Saleh Mayet (chairman) Lou Alberts Tak Hiemstra apologyn/aDinga Mncube Retired on 31 October external auditors and appropriate members of executive management attend the meetings by invitation. Internal auditattends audit committee meetings and provides reports to the OF THEAUDIT COMMITTEEfor the twelve months ended 31 March 201620164 Year unDer revIew The audit committee has met periodically to consider and to act upon its statutory duties and functions and the board confirms that thecommittee has during the review year performed the duties mandated to it by the committee oversaw the integrated reporting process in accordance with its terms of reference and, in particular, the committee.

10 Regarded all factors and risks that may impact on the integrity of the Integrated Report, including factors that may predisposemanagement to present a misleading picture, significant judgements and reporting decisions made, as well as any evidence thatbrings into question previously published information and forward-looking statements or information; reviewed the annual financial statements and summarised integrated information; reviewed the disclosure of sustainability issues in the sustainability report and in the Integrated Report to ensure that it is reliableand does not conflict with the financial information; recommended the Integrated Report for approval by the board; and reviewed the content of the summarised financial information for whether it provides a balanced board has assigned oversight of the group s risk management function to the risk committee.