Director’s dealings in securities – exercise of Share Appreciation Rights City Lodge Hotels Limited "City Lodge" (Reg. No. 1986/002864/06) (Incorporated in the Republic of South Africa) Share Code: CLH ISIN Code: ZAE000117792 Director’s 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: Director: C. Ross Office held: Chief Executive Name of company: City Lodge Hotels Limited Class of securities: SARs in respect ordinary shares Number of SARS: 39,929 SARs to be settled by the purchase of 9,269 City Lodge ordinary shares Grant Price: R120.83 Grant Date: 2 September 2013 Number of SARS: 42,108 SARs to be settled by the purchase of 9,149 City Lodge ordinary shares Grant Price: R123.17 Grant Date: 1 September 2014 Date of transaction: 8 June 2018 Number of shares: 6 Price: R155.00 Value of transaction: R900.00 Date of transaction: 12 June 2018 Number of shares: 12,888 Price range: R154.99 - 155.00 VWAP: R154.9996 Value of transaction: R1,997,634.36 Nature of Transaction: On market purchase of ordinary shares pursuant to the off-market exercise of SARs awarded in 2013 and 2014, which respectively vested on 2 September 2016 and 1 September 2017 Nature and extent of Director’s 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 12 June 2018 Sponsor Nedbank Corporate & Investment Banking Date: 12/06/2018 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.