Acquisition by SISA of a 7.8% equity interest in Grand Parade Investments Limited from Value Capital Partners SUN INTERNATIONAL LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1967/007528/06) Share code: SUI ISIN: ZAE000097580 LEI: 378900835F180983C60 ("Sun International" or “the Company”) ACQUISITION BY SUN INTERNATIONAL (SOUTH AFRICA) LIMITED (“SISA”) OF A 7.8% EQUITY INTEREST IN GRAND PARADE INVESTMENTS LIMITED (“GPI”) FROM VALUE CAPITAL PARTNERS PROPRIETARY LIMITED (“VCP”) 1. BACKGROUND TO AND RATIONALE FOR THE TRANSACTION On 18 November 2022, and in line with the Company’s stated strategic objective of increasing its equity interest in its portfolio of South African operations where there are minority interests, SISA acquired 36 634 218 GPI ordinary shares from VCP (“the Transaction”), which represented 7.8% of GPI’s issued shares (“Sale Shares”), for a purchase consideration of R3.50 per GPI ordinary share, being R128.2 million in aggregate (“Purchase Price”). At present, Sun International, through its wholly owned subsidiary, SISA, holds, inter alia, a 70% equity interest in Sun Slots (RF) Proprietary Limited (“Sun Slots”), a 61.59% equity interest in SunWest International Proprietary Limited (“SunWest”) and a 61.40% equity interest in Worcester Casino Proprietary Limited (“Worcester”). GPI owns 15.10% equity interest in Worcester, whilst Grand Casino Investments Proprietary Limited, a wholly owned subsidiary of GPI, holds a 30% equity interest in Sun Slots and 15.10% equity interest in SunWest. Prior to the Transaction, SISA held a 13.3% equity interest in GPI and the effect of the Transaction is that SISA's equity interest in GPI increases to 21.1%. 2. SALIENT TERMS AND CONDITIONS OF THE TRANSACTION The salient terms of the Transaction are as follows: - • The Purchase Price for the Sale Shares will be settled by SISA entirely from available cash resources; • the Effective Date of the Transaction was 18 November 2022 (“Effective Date”); and • Sun International has obtained and provided the JSE Limited (“JSE”) with a fairness opinion from an independent professional expert (“Fairness Opinion”) (see paragraph 5 below). 3. NET ASSET VALUE AND PROFITS ATTRIBUTABLE TO THE SALE SHARES The value of the net assets attributable to the Sale Shares as at 30 June 2022 was R97.2m and the loss attributable to the Sale Shares for the year ended 30 June 2022 was R1.0 million. This information has been extracted from GPI’s 30 June 2022 audited annual financial statements, which were prepared in accordance with International Financial Reporting Standards (“IFRS”). 4. CATEGORISATION OF THE TRANSACTION As SISA recently acquired a 13.3% equity interest in GPI (10.6% of which was announced on SENS on Friday, 11 November 2022), Sun International has been required to apply the aggregation provisions of the JSE Listings Requirements for purposes of determining the categorisation of the Transaction. In this regard, the Transaction and the recent acquisitions of GPI shares by SISA, expressed as a percentage of Sun International’s market capitalisation (net of treasury shares), is less than 5%. The Transaction is therefore neither a category 1 nor a category 2 transaction in terms of the JSE Listings Requirements. 5. SMALL RELATED PARTY TRANSACTION AND FAIRNESS OPINION As VCP holds 20.9% of the issued share capital in Sun International, it is regarded as a ‘related party’ in terms of the JSE Listings Requirements. The Purchase Price expressed as a percentage of the market capitalisation (excluding treasury shares), exceeds 0.25% but is less than 5%, making the Transaction a ‘small- related party transaction’ in terms of the JSE Listings Requirements. Accordingly, this requires the publication of an announcement and in due course a Fairness Opinion. BDO Corporate Finance (Pty) Ltd (“BDO”) has been appointed as the independent professional expert to opine on the fairness of the Transaction. Shareholders will be notified via an announcement on SENS once the Fairness Opinion is finalised whereafter such Fairness Opinion will lie open for inspection for a period of 28 days. Sandton 21 November 2022 Financial Advisor and Transaction Sponsor Nedbank Corporate and Investment Banking, a division of Nedbank Limited Legal Advisor CDH Attorneys Independent Professional Expert BDO Corporate Finance (Pty) Ltd Date: 21-11-2022 12:16:00 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.