HYPROP INVESTMENTS LIMITED - Credit rating notification

Credit rating notification

HYPROP INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/005284/06)
JSE share code: HYP ISIN: ZAE000190724
JSE bond issuer code: HYPI
(Approved as a REIT by the JSE)
("Hyprop" or "the Company")


CREDIT RATING NOTIFICATION


Shareholders and holders of Hyprop's debt securities issued under its Domestic Medium-Term Note Programme
are advised that GCR Ratings ("GCR") has affirmed Hyprop's long-term international and national issuer ratings
of BB- and A+(ZA) respectively, with a stable outlook. The short term international and national issuer ratings
were also affirmed at B and A1(ZA) respectively, also with a stable outlook.

GCR note in their rating notification:
  - The rating affirmation and stable outlook reflect the strong performance of Hyprop's property portfolio
    in both South Africa and Eastern Europe, combined with an improvement in gearing metrics;
  - Hyprop's success in repositioning and re-tenanting its portfolio was evident in financial 2025, as both its
    South Africa and Eastern Europe portfolios reported strong performance metrics;
  - Hyprop has a strong liquidity position, with ZAR1.2 billion in cash at 30 June 2025 and ZAR2.5 billion
    in unutilised committed facilities;
  - The stable outlook reflects GCR's expectation that Hyprop's operational performance will remain strong,
    whilst the LTV will remain around 35% level and that interest coverage will be between 2.5x and 3.0x.

The full GCR notification is available at https://hyprop.co.za/pdf/investors/gcr-rating/2025.pdf.

30 October 2025


Sponsor

Java Capital
Debt sponsor

Date: 30-10-2025 03:15:00
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