Trading statement for the six months ended 30 September 2019 Tsogo Sun Gaming Limited Incorporated in the Republic of South Africa (Registration number 1989/002108/06) Share code: TSG ISIN: ZAE000273116 (“Tsogo Sun” or “the Company” or “the Group”) TRADING STATEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019 Shareholders are advised that Tsogo Sun is scheduled to release its financial results for the six months ended 30 September 2019 on or about 21 November 2019. 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 at least 20% 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 six months ended 30 September 2019 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: • Income is expected to be between 4% and 6% higher (R228 million and R342 million higher) compared to the prior comparative period of R5,696 million; • EBITDAR is expected to be between 3% and 5% higher (R58 million and R96 million higher) compared to the prior comparative period of R1,922 million; • EPS is expected to be between 60% and 66% higher (42.2 cents and 46.5 cents higher) compared to the prior comparative period EPS of 70.4 cents; • HEPS is expected to be between 11% and 15% lower (8.5 cents and 11.6 cents lower) compared to the prior comparative period HEPS of 77.2 cents; and • Adjusted HEPS is expected to be between 11% and 15% lower (8.7 cents and 11.8 cents lower) compared to the prior comparative period Adjusted HEPS of 78.8 cents. EPS has been assisted by a profit from discontinued operations of R564 million arising mainly from the realisation of reserves of R506 million on the unbundling of the hotels business. The realisation of reserves is excluded from HEPS and Adjusted HEPS. The decline in HEPS and Adjusted HEPS is attributable to the additional interest cost on increased debt taken on in the unbundling of Tsogo Sun Hotels Limited and additional depreciation on the Suncoast Casino. 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 13 November 2019 Sponsor Investec Bank Limited Date: 13/11/2019 09:01:00 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.