SOUTHERN SUN LIMITED - General repurchase of shares

General repurchase of shares

SOUTHERN SUN LIMITED
(formerly Tsogo Sun Hotels Limited)
Incorporated in the Republic of South Africa
(Registration number 2002/006356/06
Share Code: SSU ISIN: ZAE000272522
(“Southern Sun” or “the Company” or “the Group”)

GENERAL REPURCHASE OF SHARES

Shareholders are advised that, in accordance with the general authority granted by shareholders at the Company’s Annual
General Meeting held on Tuesday, 20 September 2022 (“General Authority”), Southern Sun has cumulatively repurchased
50 604 422 ordinary shares (“Shares”), representing 3.4% of the Company’s issued share capital ("Repurchase”). Following
the Repurchase, the extent of the General Authority remaining from the authority granted by shareholders on
20 September 2022 is 244 976 717 shares, representing 16.6% of the total issued share capital of the Company at the time the
General Authority was granted.

Details of the Repurchase are as follows:

Period of Repurchase                        Number of Shares                                    Average              Aggregate
                                               Repurchased                           price per Share (R)              value (R)

2 December 2022 – 31 May 2023                     50 604 422             R4.47 (high: R4.50; low: R4.40)          R226 306 278

The board of the Company has considered the effect of the Repurchase and is of the opinion that:

-          the Company and its subsidiaries (“Group”) will be able, in the ordinary course of business, to repay its debts for a
           period of 12 months after the Repurchase is completed;
-          the assets of the Company and the Group, as fairly valued, will equal or exceed the liabilities of the Company and
           the Group, as fairly valued for a period of 12 months after the Repurchase is completed;
-          the Company’s and the Group’s share capital and reserves will be adequate for the ordinary business purpose of
           the Company and the Group for a period of 12 months following the date of the Repurchase;
-          The Company and the Group will have sufficient working capital for ordinary business purposes for 12 months
           following the date of the Repurchase.

The Repurchase was made within the pre-determined parameters for the Repurchase to not exceed 20% of the company’s
issued share capital and for the repurchase price to not be greater than 10% above the weighted average of the market value
of the Shares for the five business days immediately preceding the date of the Repurchase.

The Repurchase was funded from the Company’s available cash resources.

Following the repurchase, the Company now holds 51 219 636 treasury shares, which represents 3.5% of the Company’s issued
share capital.

The Repurchase was effected through the order book operated by the JSE and done without any prior understanding or
arrangement between the company and the counter parties. The Repurchase was not effected during any prohibited period.
Accordingly, the Company has complied with paragraph 5.72 (a) of the JSE Listings Requirements.

Sandton
1 June 2023

Sponsor
Investec Bank Limited

Date: 01-06-2023 02:02:00
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