GDF - Gold Reef Resorts Limited - Trading Statement

GDF - Gold Reef Resorts Limited - Trading Statement                             
Gold Reef Resorts Limited                                                       
Incorporated in the Republic of South Africa                                    
(Registration number 1989/002108/06)                                            
Share code: GDF ISIN: ZAE000028338                                              
("Gold Reef" or "the Company")                                                  
TRADING STATEMENT                                                               
In terms of the JSE Limited Listings Requirements, companies are required to    
publish a trading statement as soon as they are satisfied that a reasonable     
degree of certainty exists that the financial results for the period to be      
reported upon next will differ by at least 20% from the previous comparative    
period.                                                                         
In addition to earnings per share ("EPS") and headline earnings per share       
("HEPS"), the Company intends publishing adjusted headline earnings per         
share ("Adjusted HEPS") and adjusted earnings before interest, tax,             
depreciation, amortisation and rentals ("Adjusted EBITDAR") for the twelve      
months ended 31 December 2010 and for the prior corresponding reporting         
period. The Company is of the opinion that the publication of Adjusted HEPS     
and Adjusted EBITDAR will assist the understanding of year-on-year trading      
results. Adjusted HEPS and Adjusted EBITDAR were not previously published at    
31 December 2009.                                                               
In arriving at Adjusted HEPS and Adjusted EBITDAR, adjustments were made to     
headline earnings and earnings before interest, tax, depreciation,              
amortisation and rentals ("EBITDAR") to eliminate non-recurring transactions    
relating to corporate activity, primarily advisory fees and legal costs.        
Gold Reef expects EPS and HEPS for the twelve months ended 31 December 2010     
to be 20% to 25% lower than that of the prior comparative period while          
Adjusted HEPS is expected to be 12% to 17% lower than the prior comparative     
period. EBITDAR and Adjusted EBITDAR are expected to be 7% to 12% and 5% to     
10% lower, respectively, than that of the prior corresponding period.           
The above information relates to Gold Reef prior to the merger of the           
respective Tsogo Sun Holdings (Proprietary) Limited and the Gold Reef gaming    
and hotel businesses and has not been reviewed or reported on by the            
Company`s auditors. The Company`s results for the twelve months ended 31        
December 2010 are expected to be published on or about 17 March 2011.           
Johannesburg                                                                    
2 March 2011                                                                    
Sponsor                                                                         
Deutsche Securities (SA) (Proprietary) Limited                                  
Date: 02/03/2011 15:54:00 Supplied by www.sharenet.co.za                     
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