Potential capital raise exercise Sun International Limited (Incorporated in the Republic of South Africa) (Registration number 1967/007528/06) Share code: SUI & ISIN code: ZAE000097580 ("Sun International" or the "Company") POTENTIAL CAPITAL RAISE EXERCISE Background Shareholders are advised that in recent years, Sun International has undergone a significant growth phase which has included, among others, the expansion into Latin America, the merger of its Latin American operations with that of Dreams S.A. and the subsequent acquisition of a controlling interest in the merged entity, the construction of Time Square and the recapitalisation of a number of Sun International’s existing hotels and casinos, all of which have been funded through debt. At 30 June 2017, Sun International’s borrowings were R15.1 billion, of which R11.4 billion is attributable to the South African balance sheet. While the group’s operations continue to generate strong cash flows and Sun International has renegotiated its debt covenant levels for June 2017 and December 2017, the Company’s board of directors ('Board') has nevertheless deemed it prudent to consider raising additional capital in the market in order to de-risk the balance sheet. It is envisaged that any proceeds from such a capital raise exercise would be used to repay debt, thereby creating head room in relation to the relevant debt covenants. A stronger balance sheet and capital structure will also afford management greater operational freedom and the ability to focus its time and efforts on the stated 'back to basics' strategy as well as reducing Sun International’s interest charge, as rates are based on the Company’s prevailing debt metrics. Potential Capital Raise Exercise Under the circumstances, Sun International has canvassed the feasibility and timing of a rights offer with several of its major shareholders. While these shareholders are unanimous in their support for Sun International conducting a rights offer, the Board has decided that, due to the practicality of running a rights offer process over a December / January period, any decision regarding a potential capital raise exercise will be re-assessed early next year. Accordingly, a further announcement will be made to shareholders, providing them with information regarding the Board's intentions around any capital raise exercise for the Company in early 2018, and potentially only following the announcement of Sun International’s annual financial results for the year ending 31 December 2017, which are expected to be announced on or about 19 March 2018. 8 November 2017 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 08/11/2017 05:00:00 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.