Moody’s Recalibrates South Africa’s National Rating Scale and Repositions National Scale Ratings of Non-Financial Co HYPROP INVESTMENTS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1987/005284/06) Instrument Code ISIN Code HILB02 ZAG000099748 HILB03 ZAG000105149 HILB04 ZAG000110420 HILC28 ZAG000133174 HILC29 ZAG000133182 HILC30 ZAG000135286 HILC31 ZAG000136235 (Approved as a REIT by the JSE) (“Hyprop” or “the Company”) Moody’s Recalibrates South Africa’s National Rating Scale and Repositions National Scale Ratings of Non-Financial Corporates Noteholders are advised of Moody’s Investor Services (“Moody’s”) recent decision to recalibrate the National Scale Rating (“NSR’s”) of 17 South African non-Financial corporates in conjunction with the recalibration of the South African national rating scale. In addition to the above, Moody’s has also assigned global scale ratings (GSR’s) to these issuers for the first time. As a consequence to this methodology adjustment, Hyprop’s NSR Issuer Rating (local currency) has been repositioned from A3.za to Aa3.za and P-1.za from P-2.za. In addition to the above, Moody’s has stated that ratings of P-3 and Baa3 have been newly assigned as local global scale ratings and are supported by the high quality retail portfolio which benefits from active management producing solid, recurring rental income, supported by low vacancies and well-positioned retail assets. The ratings also incorporate relatively strong credit metrics as measured by total debt-to-gross assets and factor in Hyprop's conservative approach to development risk. The principal methodology used in rating Hyprop was Global Rating Methodology for REITS and other Commercial Property Firms published in July 2010. The detailed press release regarding this is available for viewing on the Moody’s website: https://www.moodys.com/research/Moodys-recalibrates-South-Africas- national-rating-scale-and-repositions-national--PR_348432 Johannesburg 13 May 2016 Debt Sponsor The Standard Bank of South Africa Limited (Debt Sponsor) Kea Sape Tel: 011 344 7654 Email: kea.sape@standardbank.co.za Date: 13/05/2016 08:57:00 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.