HPAI - Financial Covenant Notification HOSPITALITY PROPERTY FUND LIMITED (Incorporated in the Republic of South Africa) (Registration number 2005/014211/06) Bond company code: HPAI (Approved as a REIT by the JSE) (“Hospitality” or the “Group”) FINANCIAL COVENANT NOTIFICATION Hospitality’s financial covenant requirement for the secured notes in issue, as measured for the period ending 30 September 2020 (“Measurement Period”), is as follows: The Loan to Value Ratio does not exceed 45%. The financial covenant as at 30 September 2020, was as follows: Covenant Secured Property Portfolio Value Loan to Value Ratio 25.8% The following additional conditions apply: A cross-default level of R50 million or 0.75%, whichever is the greater, of the total assets of the Group is in place. Pursuant to the announcement released on SENS on 16 July 2020, noteholders granted Hospitality a waiver with regard to the testing and compliance of the interest cover ratio for the Measurement Period. Hospitality therefore confirms that the financial covenant testing in relation to the Loan to Value Ratio for the Measurement Period has been completed and successfully passed. The compliance certificate is available for inspection on the Issuer’s website, http://www.hpf.co.za/investors/regulatory-documents . 25 November 2020 Debt Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 25-11-2020 03:25:00 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.