Temple Hotels Inc. Announces Normal Course Issuer Bid

MISSISSAUGA, ON, March 8, 2018

The notice provides that Temple may, during the twelve month period commencing March 15, 2018 and ending on March 14, 2019, purchase for cancellation up to 1,263,495 common shares ("Common Shares") in total, being approximately 5% of the issued and outstanding Common Shares.  The daily repurchase restriction for the Common Shares, other than block purchases, is 5,945.

Additionally, Temple may purchase for cancellation up to $4,183,800 aggregate principal amount of Series E convertible redeemable debentures (the "Series E Debentures") (TPH.DB.E) representing 10% of the public float of the Series E Debentures.  The daily repurchase restriction is $15,725 aggregate principal amount of Series E Debentures.

The price which Temple will pay for any such Common Shares and Series E Debentures will be the market price at the time of acquisition.  The actual number of Shares and Series E Debentures which may be purchased and the timing of any such purchases will be subject to compliance with the TSX guidelines.

Under its previous normal course issuer bid, Temple was approved to purchase up to 7,580,983 Common Shares and $4,404,000 aggregate principal amount of Series E Debentures through the facilities of the TSX and/or alternative trading systems.  During the last 12-month period no Common Shares or debentures were purchased for cancellation pursuant to Temple's normal course issuer bids.  As at March 2, 2018, there were 25,269,913 Common Shares outstanding.  Temple's average daily trading volume for the prior six months is 23,792.

As at March 2, 2018, there were $42,905,000 aggregate principal amount of Series E Debentures (42,905 Series E Debentures) outstanding.

The average daily trading volume for the prior six months in respect of the Series E Debentures was $62,900 aggregate principal amount.