Upgrade of Hospitality’s National Scale Issuer rating HOSPITALITY PROPERTY FUND LIMITED (Incorporated in the Republic of South Africa) (Registration number 2005/014211/06) JSE share code: HPB ISIN: ZAE000214656 Company code: HPAI (Approved as a REIT by the JSE) ("Hospitality") UPGRADE OF HOSPITALITY'S NATIONAL SCALE ISSUER RATING Shareholders and bondholders are advised that on 27 September 2018 Global Credit Ratings Co. ("GCR") upgraded the national scale issuer ratings assigned to Hospitality to A-(za) and A1-(za) in the long-term and short-term respectively. The outlook on the rating is accorded as Positive, recognising Hospitality's enlarged and more diversified portfolio of hotels as a result of two significant property transactions concluded with Tsogo Sun Holdings Limited ("Tsogo Sun") ("the Transactions") and the successful refinancing and lengthening of debt maturities, with Hospitality displaying no material debt maturities over the next two years. The Transactions increased Hospitality's portfolio to 53 properties at a combined value of R12.6 billion at FY2018 from R5.3 billion in FY2016. In addition, GCR noted the recently announced transaction to acquire seven casino precincts from Tsogo Sun, will materially transform Hospitality and further improve its business risk profile by enhancing its scale and diversifying its assets and revenue sources and is expected to strengthen Hospitality's credit risk profile. Hospitality's rating could potentially be upgraded by multiple notches post the acquisition of the seven casino precincts, depending on the degree of strengthening of its credit risk profile. The full GCR rating report on Hospitality is available online at http://www.hpf.co.za/investors/credit-rating. 28 September 2018 Sponsor Java Capital Debt Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 28/09/2018 01:08:00 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.