TSOGO SUN HOLDINGS LIMITED - Trading Statement for the year ended 31 March 2017

Trading Statement for the year ended 31 March 2017

Tsogo Sun Holdings Limited
Incorporated in the Republic of South Africa
(Registration number 1989/002108/06)
Share code: TSH
ISIN: ZAE000156238
(“Tsogo Sun” or “the Company” or “the Group”)

TRADING STATEMENT FOR THE YEAR ENDED 31 MARCH 2017

Shareholders are advised that Tsogo Sun is scheduled to release its financial results for the year ended 31 March
2017 on or about 24 May 2017. In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, listed
companies are required to publish a trading statement as soon as they are satisfied that a reasonable degree of
certainty exists that the financial results for the period to be reported upon next will differ by 20% or more from
those of the prior comparative period.

In line with previous reporting periods, the Company intends publishing Earnings per share (“EPS”), Headline
earnings per share (“HEPS”) and Adjusted headline earnings per share (“Adjusted HEPS”) as well as Earnings before
interest, income tax, depreciation, amortisation, property rentals, long term incentives and exceptional items
(“EBITDAR”) for the year ended 31 March 2017 and for the prior corresponding reporting period. The Company is of
the opinion that the publication of Adjusted HEPS and EBITDAR are appropriate in understanding the Group’s trading
results.

Shareholders are advised that:

    -   Revenue is expected to be between 7% and 9% higher (R860 million and R1,105 million higher) compared to
        the prior comparative period of R12,283 million;

    -   EBITDAR is expected to be between 10% and 12% higher (R454 million and R545 million higher) compared to
        the prior comparative period of R4,543 million;

    -   EPS is expected to be between 37% and 41% higher (69.7 cents and 77.2 cents higher) compared to the prior
        comparative period EPS of 188.3 cents. EPS, previously reported as 186.8 cents, has been restated for a
        change in accounting policy as noted in the interim financial statements published for the six months ended
        30 September 2016;

    -   HEPS is expected to be between 12% and 14% higher (22.6 cents and 26.3 cents higher) compared to the
        prior comparative period HEPS of 188.1 cents; and

    -   Adjusted HEPS is expected to be between 5% and 7% higher (9.8 cents and 13.8 cents higher) compared to
        the prior comparative period Adjusted HEPS of 196.5 cents.

Revenue and EBITDAR results have been assisted by a 28% and 48% increase in Hotels SA performance respectively,
following Tsogo Sun’s acquisition of a controlling interest in Hospitality Property Fund Limited and a number of
additional hotel investments. The Group’s EBITDAR margin has improved to 38.2% from 37.0% in the prior
comparative period which reflects the effectiveness of cost control initiatives implemented during this protracted
period of muted economic growth.

Shareholders are to note that EPS includes the following exceptional items, net of tax and non-controlling interests,
which have been reversed in arriving at Adjusted HEPS:
       Fair value gains on revaluation of investment properties              R393 million
       Gains on bargain purchases                                            R 82 million
       Other exceptional gains and losses                                    R 45 million
       Total exceptional gains                                               R520 million

The financial information on which this trading statement is based has not been reviewed and reported on by the
Company’s external auditors, PricewaterhouseCoopers Inc.

Fourways
8 May 2017

Sponsor
Deutsche Securities (SA) Proprietary Limited

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