SUN INTERNATIONAL LIMITED - Sun Internationals proposed R 3-billion investment in the City of Tshwane

Sun International’s proposed R 3-billion investment in the City of Tshwane

Sun International Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1967/007528/06)
Share code: SUI
ISIN:ZAE000097580
(“Sun International”)

Sun International’s proposed R 3-billion investment in the City of Tshwane

Sun International, through its wholly-owned subsidiary Sun International (South
Africa) Limited (“SISA”), is applying to the Gauteng Gambling Board for an amendment
of its Morula casino licence to relocate the casino (currently situated in
Mabopane)to Menlyn, Tshwane, in order to deliver the full potential of this casino
licence to the City of Tshwane and to the Gauteng Province. If successful in its
application this will give rise to the development by Sun International of a R3-
billion urban entertainment complex as the major component of a large mixed-use
precinct (“Menlyn Maine”) currently under development in Tshwane’s eastern suburbs.

The Sun International development, to be known as Time Square at Menlyn Maine (“Time
Square”) will provide local residents and visitors with a wide range of activities
and attractions and forms an integral part of what is envisaged in its final form to
be an R8-billion green mixed-use city precinct, with a new shopping mall, a high-end
residential component, an office park, hotels and an entertainment node.
Construction has already commenced at the wider precinct and R825-million of the
Menlyn Maine development is either already built or under construction.

It is proposed that the Time Square entertainment node will comprise of:
   -   a casino with initially 2000 slot machines and 60 tables with flexibility to
       increase to 3 000 slot machines and 100 tables;
   -   a 5-star hotel with 100 luxury rooms and 10 suites;
   -   a conference and exhibition centre;
   -   an indoor entertainment arena seating 8 000 people for international and
       local entertainment, concerts, and sports events; and
   -   entertainment facilities including a diverse range of retail shopping, bars
       and restaurants.

The development of Time Square is subject to a number of conditions precedent, which
include the approval by the Gauteng Gambling Board to: amend the Morula casino
licence in order to permit the relocation of the casino to the Menlyn Maine
precinct; permit the transfer of the casino licence from SISA to a “Newco” in order
to facilitate an enhanced and broad-based empowerment shareholding; and to increase
the number of gambling devices available at Time Square. The necessary applications
are being submitted to the Gauteng Gambling Board and Sun International awaits the
completion of the adjudication process.

Should the necessary approvals be granted, Sun International will commence planning
and construction of Time Square which is estimated to be completed within a period
of 36 months.

Sun International through group companies will have a management contract and hold
an effective 74.9% of Time Square. Effective BEE ownership is anticipated to be
25.1%. It is envisaged that Time Square will create as many as 10 000 jobs during
construction and 2 200 during operations. It is contemplated that Time Square will
generate considerably more revenue for both provincial and national government by
way of taxes and gaming levies and will generate far greater returns for
shareholders than the on-going operation of Morula in its current location.

Shareholders are referred to a more detailed press announcement to be published on
Wednesday 10 July 2013 for further information.

Sandton
9 July 2013
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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