HPAI - Notification of the Waiver of Financial Covenant Testing by Noteholders Hospitality Property Fund Limited (Incorporated in the Republic of South Africa) (Registration No. 2005/014211/06) Company code: HPAI (Approved as a REIT by the JSE) (“Hospitality” or the “Issuer”) NOTIFICATION OF THE WAIVER OF FINANCIAL COVENANT TESTING BY NOTEHOLDERS 1. Hospitality’s financial covenant requirements in respect of the interest cover ratio for all of the listed notes in issue being: 1.1 ZAR600,000,000 Senior Secured Floating Rate Notes due 31 March 2023 with stock code HPF11; 1.2 ZAR300,000,000 Senior Secured Floating Rate Notes due 31 March 2024 with stock code HPF12; and 1.3 ZAR800,000,000 Senior Secured Floating Rate Notes due 30 September 2024 with stock code HPF13, (collectively, the “Senior Secured Notes”), as measured at 30 September and 31 March of each year, is required to be as follows: Interest Cover Ratio is not less than 2:1 (two is to one). The Issuer confirms that the financial covenant testing and any non-compliance in respect of the interest cover ratio for the period ending 31 March 2021 has been waived by the noteholders of the Senior Secured Notes. The financial covenant testing in respect of the interest cover ratio for the Senior Secured Notes will resume for the period ending 30 September 2021. 21 December 2020 Debt Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 21-12-2020 08:00:00 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.