TOURIST OF NIGERIA : TCN NOTICE OF SUSPENSION OF EGM

6 - 8 Ahmadu Bello Way

Victoria Island Lagos Nigeria

Telephone [phone]

Websites: www.tcn.com.ng

www.suninternational.com

Lagos, 16 March 2023

NOTICE OF SUSPENSION OF THE EXTRAORDINARY GENERAL MEETING

NOTICE IS HEREBY GIVEN that the Extraordinary General Meeting of The Tourist Company of Nigeria Plc ("EGM") which was scheduled to hold at the Federal Palace Hotel & Casino, 6 - 8 Ahmadu Bello Way, Victoria Island, Lagos on Friday, March 17, 2023, at 12pm has been suspended due to an order of interim injunction from the Federal High Court which was served on the Company in suit FHC/L/CS/260/2023 - Omamo Investments Corporation v The Tourist Company of Nigeria & Ors.

Omamo Investments Corporation ("the Plaintiff") filed the lawsuit, claiming to be a creditor with a secured charge over the Company's property and sought an injunction restraining the defendants from selling the property at No. 6-8 Ahmadu Bello Way, Victoria Island, Lagos, also known as The Federal Palace Hotel and Casino. The other claims include orders for foreclosure, the appointment of a receiver over the assets and the sale of the assets in exclusive repayment of debts alleged to be owed to the Claimant/Plaintiff.

Additionally, the Plaintiff sought interim court orders to freeze TCN's bank accounts, restrict the movement of funds from those accounts, and prohibit all Defendants from discussing the sale of the property. However, asides from the injunction restraining the sale of the property, the court did not issue any further ex parte orders.

The lawsuit's basis is the claim that TCN had received various loan facilities from the Plaintiff totalling USD21,614,000 (Twenty One Million, Six Hundred and Fourteen Thousand US Dollars) and failed to repay the loan and intended to sell the property in question.

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

The purpose of the suit is to restrain the Company from having an EGM pertaining to the approval of an asset sale.

The Company is in the process of filing a response and counterclaim to the originating summons.

Consequently the notice of any subsequent EGM would be circulated to the shareholders of the Company subject to the outcome of the Court hearing and determination of the motion for injunction.

BY ORDER OF THE BOARD

PUNUKA NOMINEES LIMITED

FRC/2022/COY/160581

For: PUNUKA NOMINEES LIMITED

Company Secretary

Lagos