Update regarding acquisition of casino precincts HOSPITALITY PROPERTY FUND LIMITED (Incorporated in the Republic of South Africa) (Registration number 2005/014211/06) JSE share code: HPB ISIN: ZAE000214656 Company code: HPAI (Approved as a REIT by the JSE) ("Hospitality" or the "company") UPDATE REGARDING ACQUISITION OF CASINO PRECINCTS Shareholders are referred to the Tsogo Sun Holdings Limited ("Tsogo") announcement published on SENS on 23 October 2018 regarding the adjournment of the general meeting convened to consider Tsogo's proposed disposal of a portfolio of seven mixed-use casino properties to Hospitality ("transaction") and the subsequent distribution by Tsogo, of its entire Hospitality shareholding to Tsogo shareholders ("unbundling"). Shareholders are further referred to the Tsogo announcement published on SENS on 12 November 2018 and are advised that, following engagement with certain Tsogo investors, the transaction and the unbundling did not enjoy support of sufficient Tsogo shareholders for their implementation. Accordingly, the Tsogo board of directors had withdrawn the resolutions that were to have been considered at the reconvened general meeting scheduled for 09:00 on Monday, 12 November 2018 ("reconvened general meeting") and the sale of shares and subscription agreement has been terminated by agreement between Tsogo, Hospitality and the remaining parties to that agreement. As such, no resolutions were proposed for consideration at the reconvened general meeting and the meeting terminated. Accordingly, the transaction detailed in the circular issued to Hospitality shareholders on 21 September 2018 will not be implemented. 12 November 2018 Corporate advisor and sponsor Java Capital Date: 12/11/2018 12:44:00 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.