TOURIST OF NIGERIA : TCN EGM RESOLUTION (28 OCT 2022) - REDUCTION OF SHARES

6 - 8 Ahmadu Bello Way

Victoria Island Lagos Nigeria

Telephone [phone]

Websites: www.tcn.com.ng

www.suninternational.com

Lagos, Nigeria, 02 November 2022

RESOLUTIONS PASSED AT THE EXTRAORDINARY GENERAL MEETING OF THE TOURIST COMPANY OF NIGERIA PLC

At the Extraordinary General Meeting of the Tourist Company of Nigeria Plc (TCN or the Company) held on Friday, October 28, 2022, at the Federal Palace Hotel & Casino, 6 - 8 Ahmadu Bello Way, Victoria Island, Lagos, by 2:30 pm, the following resolutions were considered and passed by the shareholders.

SPECIAL BUSINESS

1. To reduce the authorized but unissued share capital of the company, in accordance with the company's memorandum and articles of association and the requirements of the Companies and Allied Matters Act of 2020 from N2,000,000,000 (two billion naira) dividend into N4,000,000,000 (four billion) ordinary shares of N0.50 (fifty kobo) each to N1,123,218,736 (One Billion, One Hundred and Twenty-Three Million, Two Hundred and Eighteen Thousand, Seven Hundred and Thirty-Six Naira) divided into 2,246,437,472 (Two Billion, Two Hundred and Forty Six Million, Four Hundred and Thirty Seven Thousand, Four Hundred and Seventy Two) ordinary shares of N0.50 kobo (fifty kobo) each by cancelling a total of N876,781,264 (Eight Hundred and Seventy Six Million, Seven Hundred and Eighty- One Thousand, Two Hundred and Sixty Four Naira) Divided into 1,753,562,528 (One Billion, Seven Hundred and Fifty-Three Million, Five Hundred and Sixty-Two Thousand and Five Hundred and Twenty-Eight) ordinary shares of N0.50 kobo (fifty kobo) each from the total existing share capital of the Company.
2. The Directors were authorized to take steps to give effect to the foregoing and to ensure compliance with all necessary statutory requirements and relevant regulatory approvals including, without limitation, obtaining the appropriate court sanctions from the Federal High Court of Nigeria.

FOR: THE TOURIST COMPANY OF NIGERIA PLC

Florence Ojewumi

FRC/2020/002/NBA/00000020640

For PUNUKA NOMINEES LIMITED

Company Secretary

The Tourist Company of Nigeria Plc (trading as Federal Palace Hotel & Casino) Directors Chief A Idigbe SAN A Bulama U Ibru

AG Johnston* DR Mokhobo* GI Wood* TJD Kliegl* ** (*South African) (**Executive)

Company Registration No.: RC3781; TIN No.: 00275919-0001

Company Secretary: Punuka Nominees Limited