Dealings in securities City Lodge Hotels Limited "City Lodge" (Reg. No. 1986/002864/06) (Incorporated in the Republic of South Africa) Share Code: CLH ISIN Code: ZAE000117792 Dealings in securities – exercise of Share Appreciation Rights (“SARs”) In compliance with Rule 3.63 - 3.74 of the JSE Listings Requirements, the following information is disclosed: Company Secretary: M.C. van Heerden Name of company: City Lodge Hotels Limited Class of securities: SARs in respect ordinary shares Number of SARS: 8,333 SARs to be settled by the purchase of 3,837 City Lodge ordinary shares Grant Price: R85.66 Grant Date: 3 September 2012 Nature of Transaction: On market purchase of ordinary shares pursuant to the off-market exercise of SARs awarded in 2012, which vested on 3 September 2015 Date of transaction: 20 November 2015 Number of shares: 3,837 Price: R155.00 Value of transaction: R594,735.00 Nature and extent of interest in the transaction: Direct beneficial Company Secretary: M.C. van Heerden Name of company: City Lodge Hotels Limited Class of securities: Ordinary shares Number of shares: 1,615 Nature of Transaction: On market sale of ordinary shares to settle the tax obligation that arose following the off-market exercise of 8,333 SARs awarded in 2012 and which vested on 3 September 2015 Date of transaction: 20 November 2015 Sale Price: R155.00 Value of transaction: R250,325.00 Nature and extent of interest in the transaction: Direct beneficial Prior clearance to deal has been obtained from Mr B.T. Ngcuka, Chairman of the Board of City Lodge, in accordance with Section 3.66 of the JSE Listings Requirements. Bryanston 23 November 2015 Sponsor JP Morgan Equities South Africa Proprietary Limited Date: 23/11/2015 05:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.