HOSPITALITY PROPERTY FUND LIMITED - HPAI - Financial Covenants Notification

HPAI - Financial Covenants Notification

Hospitality Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2005/014211/06)
Company code: HPAI
(Approved as a REIT by the JSE)
Bond code: HPF06         ISIN: ZAG000123738
Bond code: HPF11         ISIN: ZAG000149287
Bond code: HPF12         ISIN: ZAG000158338
(“Hospitality” or “the Issuer”)

FINANCIAL COVENANTS NOTIFICATION

Hospitality’s (“the Group”) financial covenant requirements, as measured at 30 September and 31
March, for the corporate notes in issue, is required to be as follows:

    1.   Loan to Value Ratio does not exceed 50% for the Group;
    2.   Interest Cover Ratio is not less than 1.5:1 for the Group;
    3.   Loan to Value Ratio does not exceed 45% for secured notes; and
    4.   Interest Cover Ratio is not less than 2:1 for secured notes.

The financial covenants as at 31 March 2019, were as follows:


 Covenant                                        Group                      Secured Notes


 Loan to Value Ratio (%)                         16.3%                              16.4%

 Interest Cover Ratio (times)                     4.50                               4.56

The following additional conditions apply:

    -    A Cross-default level of R50m or 0.75% of the total assets of the Group is in place.

The Issuer further confirms that the financial covenant testing for the period, 31 March 2019, has been
completed and has been successfully passed. The compliance certificate is available for inspection on
their website http://www.hpf.co.za/investors/regulatory-documents.

28 June 2019

Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 28/06/2019 08:00:00 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.