Acquisition of remaining 23.2% Afrisun Leisure Investments Proprietary Limited ordinary shares Sun International Limited (Incorporated in the Republic of South Africa) (Registration number: 1967/007528/06) Share code: SUI ISIN:ZAE000097580 (“Sun International”) ACQUISITION OF REMAINING 23.2% AFRISUN LEISURE INVESTMENTS PROPRIETARY LIMITED ORDINARY SHARES 1. INTRODUCTION AND RATIONALE Sun International shareholders are hereby advised that an agreement has been reached between Real Africa Holdings Limited (“RAH”), a subsidiary of Sun International, and Wip Gaming Proprietary Limited (“Wip Gaming”) for the acquisition by RAH of the remaining 23.2% interest in Afrisun Leisure Investments Proprietary Limited (“Afrisun Leisure”) ordinary shares that it does not already own for a cash consideration of R120 million (“the Afrisun Leisure Acquisition”). Following the implementation of the Afrisun Leisure Acquisition, Afrisun Leisure will become a wholly owned subsidiary of RAH. The Afrisun Leisure Acquisition will be effective from 20 August 2013. Following implementation of the Afrisun Leisure Acquisition, Sun International’s effective shareholding in the underlying subsidiaries in which RAH, via Afrisun Leisure, holds an interest, will increase as follows: Sun International effective shareholding Before After Afrisun Afrisun Leisure Leisure Acquisition Acquisition Afrisun Gauteng (Pty) Limited operating as Carnival City 91.6% 93.6% Afrisun KZN (Pty) Limited operating as Sibaya 60.7% 61.6% Emfuleni Resorts (Pty) Limited operating as the Boardwalk 79.5% 81.6% SunWest (Pty) Limited which operates the GrandWest Casino and the Table Bay Hotel 70.5% 71.4% Worcester Casino (Pty) Ltd which operates as the Golden Valley Casino and Lodge 69.1% 71.4% Afrisun KZN Manco (Pty) Limited 35.2% 39.2% 2. FINANCIAL EFFECTS OF THE AFRISUN LEISURE ACQUISITION The Afrisun Leisure Acquisition will be settled with preference share funding and is not expected to have a significant effect (i.e. less than 3%) on Sun International’s earnings, headline earnings, adjusted headline earnings or net asset value per share. 3. SMALL RELATED PARTY TRANSACTION In terms of the Listings Requirements of the JSE Limited (“the JSE”) (the “Listings Requirements”), as Wip Gaming is a material shareholder in a Sun International subsidiary, it is deemed to be a related party to Sun International. Accordingly, in terms of section 10.7 of the Listings Requirements, as the value of the Afrisun Leisure Acquisition, in so far as it relates to Sun International, exceeds 0.25% but less than 5% of Sun International’s market capitalisation, it meets the definition of a small related party transaction. As a result, the directors are required to provide the JSE with written confirmation from an independent professional expert that the terms of the Afrisun Leisure Acquisition are fair insofar as the shareholders of Sun International are concerned (“the Fairness Opinion”). As required in terms of section 10.7 of the Listings Requirements of the JSE, and on 20 August 2013, Investec Bank Limited delivered to the JSE an opinion to the effect that, as of the date of the opinion and based upon and subject to the factors and assumptions detailed in its letter, the terms and conditions of the related party transaction are fair to the Sun International shareholders. The Fairness Opinion will be available for inspection at the registered offices of Sun International during normal business hours for 28 business days from the date of this announcement. By order of the board of directors Sun International Sandton 20 August 2013 Investment bank Sponsor Investec Bank Limited RAND MERCHANT BANK (a division of FirstRand Limited) Date: 20/08/2013 05:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.