Tsogo Sun Hotels : Grant and Acceptance of Share Appreciation Rights by Directors

Tsogo Sun Hotels Limited

Incorporated in the Republic of South Africa

Registration number 2002/006356/06

Share Code: TGO ISIN:ZAE000272522

("Tsogo Sun Hotels" or the "Company" or the "Group")

GRANT AND ACCEPTANCE OF SHARE APPRECIATION RIGHTS BY DIRECTORS

In compliance with Paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, the following information is disclosed in relation to the granting and acceptance of Share Appreciation Rights ("SARs") in terms of the Tsogo Sun Hotels Share Appreciation Rights Plan by directors of the Company and its major subsidiaries.

Director			Laurelle McDonald
Designation			Chief Financial Officer
Company			Tsogo Sun Hotels Limited
Nature of transaction		Grant and acceptance of SARs, off market
Nature of interest			Direct, beneficial
Class of shares			Ordinary TGO shares
Date of grant of SARs		1 April 2022
Date of acceptance			18 July 2022
Clearance to deal			Yes
Number of SARs		SARs strike price		Value of transaction		Vesting date of SARs	Expiry Date of SARs
1 048 752		R3.3373		R3 500 000		31/03/2025	31/03/2028
Director			Lindelwa Isabelle
Designation			Director
Company			Southern Sun Hotel Interests Pty Ltd
Nature of transaction		Grant and acceptance of SARs, off market
Nature of interest			Direct, beneficial
Class of shares			Ordinary TGO shares
Date of grant of SARs		1 April 2022
Date of acceptance			18 July 2022
Clearance to deal			Yes
Number of SARs		SARs strike price		Value of transaction		Vesting date of SARs	Expiry Date of SARs
599 287		R3.3373		R2 000 000		31/03/2025	31/03/2028

Director		Jaco Boshoff
Designation		Director
Company		Southern Sun Hotel Interests Pty Ltd
Nature of transaction	Grant and acceptance of SARs, off market
Nature of interest		Direct, beneficial
Class of shares		Ordinary TGO shares
Date of grant of SARs	1 April 2022
Date of acceptance		18 July 2022
Clearance to deal		Yes
Number of SARs		SARs strike price	Value of transaction	Vesting date of SARs	Expiry Date of SARs
898 931		R3.3373	R3 000 000	31/03/2025	31/03/2028

Fourways

18 July 2022

Sponsor

Investec Bank Limited