HOSPITALITY PROPERTY FUND LIMITED - Financial Covenants Notification

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: HPF09 ISIN: ZAG000135336
Bond code: HPF11 ISIN: ZAG000149287
(“Hospitality” or “the Issuer”)

FINANCIAL COVENANTS NOTIFICATION

Bondholders are advised of the following financial covenant report.

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 2018, were as follows:

 Covenant                                        Group                        Secured Notes
 Loan to Value Ratio                             15.4%                        19.9%
 Interest Cover Ratio                            5.00                         3.88

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 has been completed and
has been successfully passed and the compliance certificate is available for inspection on their
website, www.hpf.co.za.

27 June 2018

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

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