TRP Waiver Proceedings HOSPITALITY PROPERTY FUND LIMITED (Incorporated in the Republic of South Africa) (Registration number 2005/014211/06) JSE share code: HPA ISIN: ZAE000203022 JSE share code: HPB ISIN: ZAE000203030 (Approved as a REIT by the JSE) (“Hospitality” or “the company”) TRP WAIVER PROCEEDINGS Shareholders are referred to the announcement released on SENS on 13 April 2016 advising them that Hospitality had informed the Takeover Regulation Panel (“TRP”) that the waiver resolution had been passed in terms of Regulation 86(4) of the Companies Act, 71 of 2012 (the “Companies Act”) and had accordingly requested an exemption from the obligation of Tsogo Sun Holdings Limited and/or Southern Sun Hotels Proprietary Limited (the “mandatory offerors”) to make a mandatory offer, as set out in the circular to Hospitality shareholders dated 8 March 2016. Unless otherwise defined, words defined in such announcement bear the same meaning in this announcement. Having considered Hospitality’s application for exemption, the TRP has made a ruling that the mandatory offerors be exempted from the obligation to make a mandatory offer (the “ruling”), as required in terms of the Companies Act. The reasons for the ruling are available to any shareholder of the company upon receipt by the TRP of a request therefor. Any such request must be made in writing and addressed to “the Executive Director, Takeover Regulation Panel” at any of the addresses indicated below. In addition, any shareholder may request the Takeover Special Committee to review the ruling within five business days of this announcement (i.e. until 17h00 on 21 April 2016). Any such application must be made in writing and addressed to “the Executive Director, Takeover Regulation Panel” at any of the following addresses: If delivered by hand or courier: If posted: If faxed: The Executive Director The Executive Director The Executive Director Takeover Regulation Panel Takeover Regulation Panel Takeover Regulation Panel 1st Floor, Building B PO Box 91833 +27 11 642 9284 Sunnyside Office Park Auckland Park 32 Princes of Wales Terrace 2006 Parktown 2193 After the expiry of the aforementioned five business day period, and providing that no shareholder requests a review of the ruling, the TRP waiver proceedings shall be regarded as completed. 14 April 2016 Corporate advisor and transaction sponsor to Hospitality Java Capital Investment bank and transaction sponsor to Tsogo Investec Securities Bank Corporate law and tax advisors to Hospitaty ENS Africa Corporate law advisor to Tsogo TABACKS Date: 14/04/2016 05:00:00 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.