Integrated Annual Report 2015

Integrated Annual Report 2015

INTRODUCTION 01

Contents

OUR BUSINESS OVERVIEW

05 Group overview 08 Our strategy and performance highlights 10 Our business model 19 Our materiality, material risks and opportunities 22 Our key relationships

INTRODUCTION

03 About this report

OUR PERFORMANCE AND OUTLOOK

26 Chairman's and Chief Executive Officer's review 32 Chief Financial Officer's review 36 Our strategy in action

' Sustainability ? Deliver to our beneficiaries ? Financial strength and durability ? Product relevance to customer experience ? Regulatory compliance ? Human resources

' Growth ? Organic growth ? Inorganic growth

GOVERNANCE AND REMUNERATION

63 Corporate governance 71 Remuneration report

77 PAGE

SUMMARISED CONSOLIDATED FINANCIAL STATEMENTS

SHAREHOLDER INFORMATION AND ADMINISTRATION

86 Analysis of shareholdings 87 Glossary 88 Corporate information 88 Shareholders' diary 89 Notice of Annual General Meeting 95 Form of proxy

TSOGO SUN Integrated Annual Report 2015

02 INTRODUCTION

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Further reading relevant within this report.

Find more detailed information on our website relating to Tsogo Sun and our integrated annual report.

Scan the QR code to download the integrated report to your smartphone, tablet or e-reader.

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INTRODUCTION 03

Welcome to Tsogo Sun

ABOUT

THIS REPORT

Reporting approach

We are pleased to present our integrated annual report to our stakeholders. This report is primarily written for our shareholders but it is also helpful to our other stakeholders interested in our ability to ensure a sustainable business into the future. This report provides a consolidated review of our financial, economic, social and environmental performance on matters material to our strategy, our ability to create and sustain value and of interest to our key stakeholders.

The financial and other information has been prepared in accordance with the requirements of IFRS, the South African Companies Act 2008, the JSE Listings Requirements, King III and the international framework as applicable. The sustainability information included in this report has been guided by the GRI guidelines.

The group is continuously improving its combined assurance model. Assurance for elements of this integrated annual report has been provided through a combination of external and internal sources which will become more formalised in line with future guidance from the IIRC. Our internal auditors, KPMG, provided us with guidance regarding the principles and practices around King III and integrated reporting.

Scope and boundaries

The contents of this document address material issues for all our subsidiaries, associates and joint ventures and covers the period from 1 April 2014 to 31 March 2015 except where material transactions have occurred post-year end. The process we utilised in determining and applying materiality is included on page 19 of the report. Non-financial disclosures, except for environmental disclosures, focus on the South African operations, which generate 95% of our earnings. The scope and boundaries of environmental disclosures are defined on page 43.

Financial statements

We have provided summarised financial statements in the integrated annual report. The full set of consolidated annual financial statements, including the report from our audit and risk committee and directors' report, are available online or can be requested directly from our Company Secretary.

Board approval

The board, assisted by the audit and risk committee, is ultimately responsible for overseeing the preparation, presentation and integrity of the integrated annual report. This was achieved through the setting up of a sub-committee of the audit and risk committee to oversee the reporting process. The directors confirm that they have collectively reviewed the output of the reporting process and the content of the integrated annual report. The directors believe that this integrated annual report addresses the material issues and is a fair presentation of the integrated performance of the group in accordance with the international framework, and therefore approve the report for release. We welcome any feedback at investors@.

John Copelyn Chairman

Marcel von Aulock Chief Executive Officer

Forward looking statements Certain statements in this document may constitute `forward looking statements'. Such forward looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Tsogo Sun Holdings Limited and its subsidiaries to be materially different from the future results, performance or achievements expressed or implied by such forward looking statements. The company undertakes no obligation to update publicly or release any revisions to these forward looking statements to reflect events or circumstances after the date of this document, or to reflect the occurrence of anticipated events. These have not been reviewed or reported on by the group's auditors.

TSOGO SUN Integrated Annual Report 2015

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