Affirmation of HPF's long-term national scale issuer rating and revised short-term national scale rating HOSPITALITY PROPERTY FUND LIMITED (Incorporated in the Republic of South Africa) (Registration number 2005/014211/06) JSE share code: HPB ISIN: ZAE000214656 Bond company code: HPAI (Approved as a REIT by the JSE) ("HPF" or "the company") AFFIRMATION OF HPF's LONG-TERM NATIONAL SCALE ISSUER RATING AND REVISED SHORT-TERM NATIONAL SCALE RATING Securityholders are advised that on 12 September 2019 GCR Ratings ("GCR") affirmed the long-term national scale Issuer rating assigned to Hospitality of A-(za) and revised the short-term Issuer rating to A2(za). The outlook has been revised to Stable, as the previous Positive Outlook was predicated on the finalisation of the acquisition of the portfolio of seven mixed-use casino properties from Tsogo Sun Holdings Limited, which did not proceed. The full GCR rating report on HPF is available online at http://www.hpf.co.za/investors/credit-rating. 13 September 2019 Sponsor Java Capital Debt Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 13/09/2019 12:00:00 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.