Tsogo Sun Gaming : Annual Financial Statements for the year ended 31 March 2021

CONSOLIDATED ANNUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Contents

CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31 March 2021

Statement of responsibility by the board of directors

for the year ended 31 March 2021

The company's directors are required by the Companies Act of South Africa to maintain adequate accounting records and to prepare financial statements for each financial year which fairly present the state of affairs of the group at the end of the financial year and of the results of operations and cash flows for the year. In preparing the accompanying consolidated financial statements, the Listings Requirements of the JSE together with International Financial Reporting Standards ("IFRS") have been followed, suitable accounting policies have been used, applied consistently, and reasonable and prudent judgements and estimates have been made. Any changes to accounting policies are approved by the board of directors and the effects thereof are fully explained in the consolidated financial statements. The consolidated financial statements incorporate full and responsible disclosure. The directors have oversight for the information included in the integrated annual report and are responsible for both its accuracy and its consistency with the consolidated financial statements.

The directors considered the going concern status of the group taking into account the current financial position and their best estimate of the cash flow forecasts in terms of their current knowledge and expectations of ongoing developments of the Covid-19 pandemic. The cash flow and liquidity projections for the group have been prepared for a period exceeding 12 months from the reporting date and included performing sensitivity analyses. After taking the aforementioned factors, including the discussions with the lenders, into account, the directors consider the going concern method to be appropriate for the presentation of the financial statements. Refer note 3b Critical accounting estimates and judgements - Going concern in the notes to the consolidated financial statements.

The group's independent auditors, PricewaterhouseCoopers Inc., have audited the consolidated financial statements and their unqualified report appears on page 07. PricewaterhouseCoopers Inc. was given unrestricted access to all financial records and related data, including minutes of all meetings of shareholders, the board of directors and committees of the board. The directors believe that all representations made to the independent auditors during their audit are valid and appropriate.

The board recognises and acknowledges its responsibility for the group's systems of internal financial control. The group's policy on business conduct, which covers ethical behaviour, compliance with legislation and sound accounting practice, underpins its internal financial control process. The control systems include written accounting and control policies and procedures, clearly defined lines of accountability and delegation of authority, and comprehensive financial reporting and analysis against approved budgets. The responsibility for operating these systems is delegated by the directors who confirm that they have reviewed the effectiveness thereof.

The directors consider that the systems are appropriately designed to provide reasonable, but not absolute, assurance that assets are safeguarded against material loss or unauthorised use and that transactions are properly authorised and recorded.

The effectiveness of the internal financial control systems is monitored through management reviews, comprehensive reviews and testing by internal auditors and the independent auditors' testing of appropriate aspects of the internal financial control systems during the course of their statutory examinations of the company and the underlying subsidiaries.

COMPETENCE OF THE COMPANY SECRETARY

The directors have considered the competence, qualifications and experience of the employees of the Company Secretary, Tsogo Sun Casino Management Company Proprietary Limited, who perform the company secretarial services on its behalf, and are satisfied that such employees are suitably competent, qualified, experienced and independent, and have adequately and effectively performed the roles and duties of a company secretary. None of the employees of the Company Secretary are directors of the company.

Directors' approval of the consolidated financial statements

for the year ended 31 March 2021

The preparation of the consolidated financial statements set out on page 05 to page 87 have been supervised by the Chief Financial Officer ("CFO"), A Hoyer CA(SA). These consolidated financial statements were approved by the board of directors on 30 July 2021 and are signed on its behalf by:

Chief Executive Officer and Chief Financial Officer responsibility statement

for the year ended 31 March 2021

The directors, whose names are stated below, hereby confirm that:

• The annual financial statements, set out on pages 05 to 87, fairly present in all material respects the financial position, financial performance and cash flows of Tsogo Sun Gaming Limited in terms of IFRS;
• No facts have been omitted or untrue statements made that would make the annual financial statements false or misleading;
• Internal financial controls have been put in place to ensure that material information relating to Tsogo Sun Gaming Limited and its consolidated subsidiaries have been provided to effectively prepare the financial statements of Tsogo Sun Gaming Limited; and
• The internal financial controls are adequate and effective and can be relied upon in compiling the annual financial statement, having fulfilled our role and function within the combined assurance model pursuant to principle 15 of the King Code. Where we are not satisfied, we have disclosed to the audit committee and the auditors the deficiencies in design and operational effectiveness of the internal financial controls and any fraud that involves directors, and have taken the necessary remedial action.

Declaration by the Company Secretary

In terms of section 88(2)(e) of the Companies Act of South Africa ("the Act"), we confirm that for the year ended 31 March 2021, Tsogo Sun Gaming Limited has lodged with the Companies and Intellectual Property Commission all such returns and notices as are required of a public company in terms of the Act and that all such returns and notices are true, correct and up to date.

Tsogo Sun Casino Management Company Proprietary Limited

Company Secretary

30 July 2021

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