STRICTLY PRIVATE AND CONFIDENTIAL

PPHE Group Limited

County Hall - Riverside Building

Belvedere Road

SE1 7GP

London

27 February 2020

Dear Sirs

Recommended proposal for a Related Party Transaction for PPHE Group Limited ("PPHE")

We refer to the Related Party Circular to be posted by PPHE on 27 February 2020. The Related Party Circular includes certain references to J.P. Morgan Securities plc (which conducts its UK investment banking business as J.P. Morgan Cazenove) ("J.P. Morgan").

J.P. Morgan, in our capacity as UK Sponsor and Financial Advisor to PPHE, hereby gives its consent to the publication of the Related Party Circular with the inclusion therein of references to its name in the form and context in which they appear.

This letter is for your information only and should not be relied upon by any other person.

Yours faithfully,

Virginia Khoo

Managing Director

For and on behalf of J.P. Morgan Securities plc

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PPHE Hotel Group Limited published this content on 27 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 February 2020 15:11:02 UTC