HOSPITALITY PROPERTY FUND LIMITED - Notification of a Change to the Credit Rating of the Issuers New and Existing Senior Secured Notes

Notification of a Change to the Credit Rating of the Issuer’s New and Existing Senior Secured Notes

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)
(“Hospitality” or “the Issuer”)

NOTIFICATION OF A CHANGE TO THE CREDIT RATING OF THE ISSUER’S NEW AND EXISTING SENIOR
SECURED NOTES

Bondholders are advised that the Issuer has formally accepted the ratings as assigned by Global Credit
Rating Co. (“GCR”) in respect of New Senior Secured Note HPF11 and Existing Secured Notes HPF06
and HPF09 on 19 February 2018. GCR has upgraded the Issuer’s New and Existing Senior Secured
Notes with the following ratings:

Type of Rating            Stock Code              Previous Rating          New Rating
Senior Secured            HPF11                   None - New issue         AA-(za)
Floating Rate Note
Senior Secured            HPF06                   A+(za)                   AA-(za)
Floating Rate Note
Senior Secured            HPF09                   A+(za)                   AA-(za)
Floating Rate Note

The outlook has been accorded as stable.

The rationale for the upgraded rating is that HPF11, a new Note, was issued on 19 February 2018, to
refinance the HPF10 Note, which was settled on 19 February 2018. Concurrently, GCR upgraded the
rating accorded to the existing Notes issued by the Issuer.

The full report of the rating assigned by GCR has been made available at the below link
http://www.hpf.co.za/wp-content/uploads/2018/02/GCRFeb18.pdf.

21 February 2018

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

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