HYPROP INVESTMENTS LIMITED - Credit rating notification

Credit rating notification

HYPROP INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/005284/06)
JSE share code: HYP ISIN: ZAE000190724
JSE bond issuer code: HYPI
(Approved as a REIT by the JSE)
("Hyprop" or "the Company")


CREDIT RATING NOTIFICATION


Shareholders and noteholders are advised that GCR Ratings ("GCR") has upgraded Hyprop’s long term and short
term national scale issuer ratings to AA-(ZA) and A1+ (ZA), respectively, with a stable outlook. GCR also
affirmed the long term and short term international scale issuer ratings at BB- and B respectively, with a stable
outlook.

GCR note in their rating notification:
  -  The rating upgrade and stable outlook reflect Hyprop’s notable improvements in its capital structure and
     gearing metrics over the past 24 months;
  -  Hyprop’s robust liquidity position, with ZAR1.7 billion in cash at 30 June 2026 and ZAR2.1 billion in
     unutilised committed facilities;
  -  The strong performance of the SA and EE property portfolios, increase in property valuations and further
     international diversification following the Galleria Burgas acquisition; and
  -  The stable outlook reflects GCR’s expectation that Hyprop’s operational performance will remain strong,
     the LTV will remain around 30% and that interest coverage will be above 3.0 times.

The full GCR notification is available at https://www.hyprop.co.za/pdf/investors/gcr-rating/gcr-rating-2026.pdf

29 October 2026


Sponsor
Java Capital

Debt sponsor
The Standard Bank of South Africa Limited
Date: 29/10/2026 01:50:00
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