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AFRICAN DAWN ANNUAL REPORT 14

Directors’ Report continued 6. Settlement of the National Housing Finance Corporation (“NHFC”) In terms of the settlement agreement with the NHFC that was signed on 30 May 2011, Nexus Personnel Finance’s (“Nexus”) (a wholly owned subsidiary of Afdawn) facility of R5 million became payable in October 2013. Nexus is currently negotiating extending the terms with the NHFC. 7. Dividends No dividends were declared or paid to shareholders' during the period. 8. SARS liability Afdawn continues to work closely with SARS on all aspects relating to its tax position in terms of the agreed action plan with SARS. Documentation as set out in Section 200 of the Income Tax Act, which enables companies to settle their tax obligations with SARS, has been submitted and queries raised by SARS answered. Afdawn has vigorously explored and consulted with various independent tax experts to ensure that a beneficial outcome for Afdawn could be achieved. The SARS liability has been fully provided for in our accounts with regards to returns that have been assessed, disagreements were provided for to the extent of the most likely outcome. 9. Directorate The directors in office at the date of this report are as follows: AFRICAN DAWN 2 9 ANNUAL REPORT 2014 Office Chief Executive Officer (CEO) and Acting Chairman Finance Director Chair Audit Committee Chairperson Finance Director Designation Executive xx Executive Executive Executive xxx Independent Non-executive Independent Non-executive Independent Non-executive Non-executive x Executive Independent Non-executive Executive Independent Non-executive Independent Non-executive Director WJ Groenewald EA van Heerden A Böhmert K van Zyl V Lessing HH Hickey SM Roper JS van der Merwe TF Kruger WN Luhabe GE Stoop L Taylor CF Wiese Changes Appointed 27 March 2014 Appointed 22 April 2014 Appointed 29 May 2013 Appointed 29 May 2013 Appointed 22 April 2014 Appointed 10 April 2013 and resigned on 2 June 2014 Resigned on 1 February 2014 Appointed 29 May 2013 and resigned on 30 September 2013 Resigned on 5 November 2013 Resigned on 29 May 2013 Resigned on 10 June 2013 x Changed from executive to non-executive on 24 February 2014. xx Changed from non- executive to acting CEO on 24 February 2014, to CEO on 28 March 2014 and to acting Chairman on 2 June 2014. xxx Changed from Non-executive to Executive on 28 March 2014.


AFRICAN DAWN ANNUAL REPORT 14
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