HPAI - Notification of a change to the Credit Rating of the Issuer's 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 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 Senior Secured Notes HPF06, HPF09 and HPF11 on 15 November 2018. GCR has upgraded the Issuer’s Senior Secured Notes with the following ratings: Type of Rating Stock Code Previous Rating New Rating Senior Secured HPF06 AA-(za) AA(za) Floating Rate Note – Ratings upgrade Senior Secured HPF09 AA-(za) AA(za) Floating Rate Note – Ratings upgrade Senior Secured HPF11 AA-(za) AA(za) Floating Rate Note – Ratings upgrade The outlook has been accorded as stable. The rationale for the upgraded rating In September 2018, GCR upgraded the Issuer’s rating from ‘BBB+(ZA)’ to ‘A-(ZA)’ and maintained a ‘Positive’ outlook. As GCR still deems a rating uplift of four national scale notches appropriate for the Senior Secured Notes, given the ‘Excellent Recovery Prospects’ modelled, the ratings of the Senior Secured Notes have forthwith been upgraded. A Stable outlook was accorded to the ratings of the Notes, as no material change to the factors underlying the rating is immediately foreseen. The full report of the rating assigned by GCR has been made available at the following link: www.hpf.co.za 19 November 2018 Debt Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 19/11/2018 05:03:00 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.