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Dawn Properties Limited

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Head Office 8th Floor Beverley Court 100 Nelson Mandela Avenue Harare, Zimbabwe Tel.: +263 4 733633/4; 733647; Fax: +263 4 796172

www.dawnproperties.co.zw

Postal address P. O. Box CY 1618 Causeway Harare Zimbabwe

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Investor fact sheet

As at 16 March 2010. Next update in June 2010

Salient data Incorporation : Incorporated in 2003; Registration number 9363/2003 Licensed business : Investment property holding company Representative body : Real Estate Institute of Zimbabwe Governing Act : Regional Town and Country Planning Act Listing exchange : Zimbabwe Stock Exchange Listing date : 9 September 2003 ISIN code : ZW000-901-188-4 Stock codes: ZSE code : DAWN Bloomberg : DAWN:ZH

Reuters code : DAWN.ZI Google : ZIM:DAWN

Year end : 31 March : Abridged results normally released in June : Annual report normally released in September : AGM normally held in September Half year-end : 30 September : Interim results normally released in December Auditors : PricewaterhouseCoopers Group company secretary : N M Tome (Mrs) Share capital

: Debentures Ordinary shares

Authorised 4,000,000,000 4,000,000,000 Issued at start of the year 2,403,535,019 2,403,535,019 Issued during the year 3,555,000 3,555,000 As at 31 March 2009 2,407,090,019 2,407,090,019 Bal. (in control of Directors)

1,592,909,981 1,592,909,981

Transfer secretaries : Corpserve (Private) Limited 2nd Floor, Intermarket Centre Kwame Nkrumah Avenue / First Street Harare, Zimbabwe Email: enquiries@corpserve.co.zw Tel : +263 4 751559/61 or +263 4 758193 Fax: +263 4 752629

Principal bankers : Barclays Bank of Zimbabwe

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Licensed business operations Investment thesis Dawn Properties Limited (Dawn) is an investment property holding company which owns properties in the tourism sector through its wholly-owned subsidiaries Dawn was the first VRLS investment property holding company to be listed on the Zimbabwe Stock Exchange

Through a diverse portfolio of hotel properties with a combined room capacity in excess of 1,070 in the major cities and resort areas of Zimbabwe, Dawn Properties Limited owns the largest portfolio of hospitality investment property in Zimbabwe

Group structure Our profile The Dawn Group comprises the following • CB Richard Ellis P/L (100%) • Dawn Real Estate P/L (100%) • Nhaka Properties P/L (100%) • CBRE (Pty) Ltd ta CBRE Regional (100%) • Laclede Investments P/L (100%) Holds 1 prop. • Gold Coast Properties P/L (100%) Holds 8 prop. • Calpine Investments P/L (100%) Holds 1 prop.

Our hotel properties

Hotel property Rooms Elephant Hills Resort and Conference Centre 276 Crowne Plaza Monomotapa 245 Hwange Safari Lodge 106 Express by Holiday Inn, Beitbridge 104 Holiday Inn Mutare 96 Carribea Bay Sun 83 Troutbeck Sun 70 Great Zimbabwe Hotel 56 Lake View Sun 42 Carribea Bay Marina n/a

. Key financial highlights* • Revenue : US$1,044,652 • Attributable earnings : US$769,977 • Full diluted & basic EPS : USc0,03 • Total assets : US$75,952,738 • Shareholders’ equity : US$59,803,041 • Shares in issue : 2,407,090,019 • Return on equity : 1% • Return on sales : 74% • Number of employees : 75 • Number of shareholders : 8,699 * For year ended 31 March 2009

Segmental contribution analysis

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Revenue Op. profit/(loss) CAPEX

US$000's

Dawn Properties Limited, formerly a wholly owned subsidiary of African Sun Limited, was incorporated as a variable rate loan stock (VRLS) company by converting its ordinary shares into linked units. African Sun now owns 17.72% of the company enabling it to have an independent mission. The core business of the company is that of an investment property holding company and through its wholly owned subsidiaries owns properties in the tourism sector. Dawn Properties provides investors with an opportunity to invest in a collection of sought after hotel properties. The counter is not only a good inflation and currency hedge but also has the potential to generate strong cash flows and high yields. The properties are professionally managed ensuring that the highest standards are maintained at all times. The Group is well represented in all major tourist destinations. Although the fact that the Group has a predominant tourism exposure is of concern to some investors, it is equally important to note that it is a sector that never ceases to attract the attention of international investors even in hard times. This probably gives the properties a premium ahead of other property classes such as industrial property, for example. Nevertheless, the Group has taken a view to further diversify the portfolio at the earliest opportune time. New developments Plans for the construction of 264 two-bed flats in Marlborough were approved by the Harare City Council. The group owns about 16 hectares of land along Harare Drive which is being rezoned for commercial use. Once rezoned a mixed use development will be embarked on. Interim land use The group has about 280 hectares of land in New Marlborough which is zoned for residential and commercial developments. Outlook The political environment has ushered in a wave of excitement in the market. The group will seize opportunities to grow and diversify revenues.

Review of 2009 performance

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Shareholding structure Management M Manyika – Chief Executive Officer • Chartered Accountant, BTech. Accountancy N M Tome (Mrs.) – Admin. & HR Executive • Masters in Business Leadership, BTech. Acc. B Magura – Finance Executive • Chartered Accountant T Matonda – MD: CB Richard Ellis (Zimbabwe) • BSc in Industrial Engineering S Hove - MD: CB Richard Ellis (Botswana) • MBA, LREIZ Dick Mupambireyi - Agronomist • BSc in Agric., MSc in Rural & Urban Planning

Directorate

Shareholder analysis by industry as at 31 July 09

Local companies,

41.00%

Other, incl. Fund

Managers, 10.32%

Insurance companies,

10.11%

Nominees local,

14.00%

Pension funds, 10.11%

Local individuals,

7.32%

Banks, 7.14%

Note: Dawn had 8,923 shareholders as at 31 July 2009 98.85% of Dawn’s shares were held by Zimbabweans The top 20 shareholders in Dawn held 76% of the total

shares as at 31 July 2009 Share performance

F Rwodzi – Non-Executive Chairman • BCompt, CA M Manyika – Chief Executive Officer • Chartered Accountant, BTech. Accountancy T P Chimuriwo – Non-executive Director • Chartered Quantity Surveyor, a Chartered Arbi

trator, Practicing Construction Arbitrator E I Manikai – Non-Executive Director • BL, LLB, CYLC C A Mataure – Non-executive Director • BSc in Mech. Eng., MI in Mech. Eng. S A Munyeza – Non-executive Director • BSc. Acc., Post-grad. Dip. in Applied Acc. C B Thorn – Non-executive Director • CA (Zim) and a CA (SA) D Goldwasser – Non-executive Director

Corporate governance Dawn Properties accepts and complies with the principles of the Code of Corporate Practices as enunciated in the King Report. The Directors are fully aware and cognisant of the importance of executing their duties in keeping with the principles of transparency, integrity, fairness and accountability and in accordance with accepted corporate practices in order to enhance the interests of its shareholders.

Investor relations

Dawn Properties encourages and values feedback from all stakeholders. Visitors to www.dawnproperties.co.zw are encouraged to register through the InvestorPass and opt-in to receive various e-mail alerts from Dawn. For more information contact the investor relations officer, Mr Bright Magura, on +263 4 733633, or through the ‘Contact us’ option available on our investor relations website, www.dawnproperties.co.zw

Below is the US$ six-month performance of the Dawn Properties share to 16 March 2010:

The red line depicts the share price performance, while the corresponding industrial index is shown by the continuous shade. The bar graph shows the daily traded volumes. The daily share trading data on Dawn Properties and the corresponding daily industrial index is available for download in Excel from our website, under ‘Downloads’. More on www.dawnproperties.co.zw This factsheet is provided on an “as is”, “as available” basis and we do not give or make any warranty or representation of any kind, whether express or implied in respect of information contained here-in. While every effort has been made to ensure that the content is accurate, Dawn Properties Limited, its employees and any third party here-referred, disclaim any warranty. The use of the factsheet or any website referred to in it is at the sole risk of the user.