STEFANUTTI STOCKS HOLDINGS LIMITED - Kusile Power Project Update

Kusile Power Project Update

Stefanutti Stocks Holdings Limited
(Registration number 1996/003767/06)
Share code: SSK      ISIN: ZAE000123766
(Main Board – General Segment)
(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
Reviewed Condensed Consolidated Results of Stefanutti Stocks for the 12 months ended 28 February 2025
released on 27 May 2025.

Shareholders are hereby advised that the Dispute Adjudication Board (DAB) has issued their Sub-clause 20.4
decision with respect to Claim 5. In terms of the award, Stefanutti Stocks is entitled to additional payment in
the total amount of R685 million (excluding VAT). Both parties have the right to refer the decision to arbitration,
however, in terms of the Contract the decision is binding and must be given effect to, unless and until it is
revised by amicable settlement or an arbitral award.

Once Eskom has made payment, Stefanutti Stocks will utilise the funds received to settle costs associated
with claim 5 and make a capital repayment towards the loan.

The group has submitted its claim 6, for delay events after 31 December 2019, through the contractual
process. Eskom has also submitted its delay damages claim for late completion, which Stefanutti Stocks is
defending through the contractual process. Should claim 6 and/or the delay damages claims not be resolved
through the contractual processes, these will be referred to the DAB for resolution.

Shareholders will be updated as to the progress of these processes.

Johannesburg
17 October 2025
Sponsor: Bridge Capital Advisors Proprietary Limited

Date: 17-10-2025 05:17:00
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