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Stefanutti Stocks Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 1996/003767/06) Share code: SSK ISIN: ZAE000123766 (Stefanutti Stocks or the group) KUSILE POWER PROJECT UPDATE Stefanutti Stocks hereby provides shareholders with an update on the Kusile Power Project as reported in the Unaudited Condensed Consolidated Results of Stefanutti Stocks for the 6 months ended 31 August 2022 (the Results) released on 24 November 2022. As stated in the Results the group has submitted an overarching preliminary and general cost claim and a subcontractor overarching preliminary and general cost claim of R337 million and R194 million respectively. As mentioned in the Results, the group on 20 December 2022, submitted the following provisional claims to the experts: 1. a construction cost claim of R438 million; and 2. a finance cost claim of R171 million. Therefore, the total of all provisional claims submitted to the experts is R1,140 billion. In terms of the process as outlined in the Results, the experts will review all claims, draft agreements and narrow issues of difference for referral to the DAB for a decision. It is intended that the group will submit the remaining claims relating to commissioning costs and interest to the experts in the new year. The group envisages that the DAB will issue its binding decision during the second quarter of 2023, at which point either party may issue a notice of dissatisfaction and refer the dispute to arbitration. At this stage, the group’s claims team is unable to quantify the value of the potential awards as the claims must follow due process. Therefore, these provisional claims have not been recognised in the financial statements. Johannesburg 21 December 2022 Sponsor: Bridge Capital Advisors Proprietary Limited
