Trading statement HOSPITALITY PROPERTY FUND LIMITED (Incorporated in the Republic of South Africa) (Registration number 2005/014211/06) Share code for A shares: HPA ISIN for A shares: ZAE000203022 Share code for B shares: HPB ISIN for B shares: ZAE000203030 ("Hospitality" or "the Company") TRADING STATEMENT In terms of the Listings Requirements of the JSE Limited, property entities are required to publish a trading statement as soon as they are satisfied that a reasonable degree of certainty exists that the distribution for the next distribution period, will differ by at least 15% from that of the previous corresponding period or from a profit forecast previously issued to the market, in relation to such period. The combined A and B share distribution for the 6 months ended 31 December 2014 amounted to 82.45 cents made up of 73.33 cents per A share and 9.12 cents per B share. The 2014 interim distribution (“previous corresponding period”) forms the basis for the purpose of this trading statement. The A share distribution for the 6 months ended 31 December 2015 will be in accordance with the Company’s distribution policy, at 77.00 cents per A share and the B share distribution is expected to be between 80% and 90% higher than the previous corresponding period or between 16.42 and 17.33 cents per share. Although trading conditions in the hotel sector remain challenging, good occupancy levels were experienced over November and December, specifically in the Cape Town and Sandton nodes. This was driven mainly by an increase in both local and international travellers, as a result of the weakening rand. The financial information on which this trading statement is based has not been reviewed or reported on by the Company’s external auditors. Johannesburg 4 February 2016 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 04/02/2016 08:45:00 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.