Sun International’s proposed partnership with a strategic international hotel operator in its African Assets SUN INTERNATIONAL LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1967/007528/06) Share code: SUI ISIN: ZAE000097580 ("Sun International" or "Company") TRANSACTION UPDATE – SUN INTERNATIONAL'S PROPOSED PARTNERSHIP WITH A STRATEGIC INTERNATIONAL HOTEL OPERATOR IN ITS BOTSWANA, LESOTHO, NAMIBIA, SWAZILAND AND ZAMBIA OPERATIONS ("AFRICAN ASSETS") 1. INTRODUCTION Sun International shareholders ("Shareholders") are referred to the announcement dated 18 August 2014 (the "Announcement") regarding Sun International disposing of a significant portion of its interests in the African Assets to Minor International Public Company Limited ("MINT") ("Transaction"), the detail of which is set out in the Announcement. 2. FULFILMENT OF CERTAIN CONDITIONS PRECEDENT Shareholders were originally advised that the agreements to give effect to the Transaction were inter- conditional as the African Assets were being sold as a "portfolio" ("Original Terms"). All conditions precedent to the Transaction have now been fulfilled, save for certain of the regulatory conditions to the Namibia component of the Transaction, which is taking longer than expected. The parties have also decided to delay implementation of the Swaziland component of the Transaction. The Original Terms have now been amended to allow the Transaction to be implemented without the Swaziland component of the Transaction and without that portion of the Namibia-component of the Transaction which remains subject to regulatory approval ("Revised Terms"). The Revised Terms ensure that Sun International and MINT are able to execute earlier on their strategic rationale for the Transaction as detailed per the Announcement, whilst the parties continue to work towards completing the Namibia-and Swaziland components of the Transaction within a reasonable time period. As a result of the Revised Terms, the Transaction has become unconditional and will now be implemented in so far as it does not relate to Swaziland and the excluded portion of the Namibia- component of the Transaction. A further announcement will be released by Sun International to inform Shareholders once the balance of the Transaction is to be implemented. By order of the board of directors of Sun International Limited Sandton 22 December 2014 Investment Bank to Sun International Investec Bank Limited Sponsor to Sun International RAND MERCHANT BANK (A division of FirstRand Bank Limited) Legal advisor to Sun International Cliffe Dekker Hofmeyr Date: 22/12/2014 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.