HOSPITALITY PROPERTY FUND LIMITED - Extension of the General Offer

Extension of the General Offer

HOSPITALITY PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/014211/06)
Company code: HPAI
(Approved as a REIT by the JSE)
JSE share code: HPB
ISIN: ZAE000214656
(“Hospitality”)


EXTENSION OF THE GENERAL OFFER

Unless otherwise defined, all capitalised terms have the same meanings as defined in the joint offer circular issued by the
Company and Tsogo Sun Hotels Limited (“Tsogo Sun Hotels”), dated 21 October 2020 (“Circular”).

Hospitality shareholders (“Shareholders”) are referred to announcement by Hospitality on SENS on 17 December 2020 in respect
of the implementation of the General Offer. In accordance with Takeover Regulation 103(1)(b)(i), Tsogo Sun Hotels has decided
to extend the General Offer Period until 29 January 2021.

The revised salient dates and times in relation to the implementation of the General Offer are as detailed below.

     Last day to trade to take up the General Offer                                                                           Tuesday, 26 January 2021
     Suspension of trading in Hospitality                                                                                   Wednesday, 27 January 2021
     General Offer Record Date                                                                                                 Friday, 29 January 2021
     General Offer Closing Date. Dematerialised shareholders to communicate                                                    Friday, 29 January 2021
     instructions to your CSDP or Broker by 12:00. Certificated shareholders to
     submit forms by 12:00.
     Last date on which General Offer participants are expected to have their                                                  Monday, 1 February 2021
     accounts with their Broker or CSDP credited with the General Offer
     Consideration, on or about
     General Offer Payment Date                                                                               Every Monday(1) during the General Offer
                                                                                                                                                Period
     Expected last General Offer Payment Date                                                                                  Monday, 1 February 2021
     Expected termination of the listing of the Hospitality Shares at commencement                                            Tuesday, 2 February 2021
     of trade on the JSE
Notes:
1.    The General Offer Consideration will be settled by the Transfer Secretaries every Monday on the applicable General Offer Consideration Payment Date which
      shall be within six (6) Business Days of acceptance. If the Offer Consideration Payment Date is a public holiday, then settlement of the Offer Consideration will
      be made on the first Business Day following the public holiday.

Tsogo Sun Hotels reserves the right to amend the above dates, including the General Offer Closing Date. Any such amendments
will be published on SENS.

As at 24 December 2020, Tsogo Sun Hotels had received acceptances in respect of 106 242 251 Hospitality Shares such that
the total interest in the ordinary shares of Hospitality held by Tsogo Sun Hotels now amounts to 93.8% of the total issued ordinary
shares of Hospitality.

The Independent Board and Tsogo Sun Hotels accepts responsibility for the information contained in this announcement and
confirm that to the best of their respective knowledge and belief, the information set out herein is true and this announcement
does not omit anything likely to affect the importance of the information included.


Fourways
28 December 2020

Legal adviser to Tsogo Sun Hotels and Hospitality
Edward Nathan Sonnenbergs Incorporated


Sponsor to Tsogo Sun Hotels and Transaction Sponsor to Hospitality
Investec Bank Limited

Date: 28-12-2020 02:27:00
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