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HPA/HPB - Hospitality - Revised Trading Statement HOSPITALITY PROPERTY FUND LIMITED (Incorporated in the Republic of South Africa) (Registration number 2005/014211/06) Share code for A-linked units: HPA ISIN for A-linked units: ZAE000076790 Share code of B-linked units: HPB ISIN for B-linked units: ZAE000076808 ("Hospitality" or "the Company" or "the Fund") REVISED TRADING STATEMENT In terms of the Listings Requirements of the JSE Limited, property entities are required to publish a trading statement as soon as they are reasonably certain that the distribution for the next distribution period will differ by at least 15% from that of the previous corresponding period. Hospitality included an early trading statement in its interim results announcement, released on 17 February 2011, advising unitholders that according to information available to directors at the time, "distributions per B-linked unit for the 6 months ending 30 June 2011 were expected to be at least 34% down on the previous corresponding period." Unitholders are reminded that the Fund`s units in issue comprise A- and B- linked units. The Fund`s distribution policy dictates that the A-linked units have a preferential claim to distributions, which distributions are set to escalate at 5% per annum up to the period ending 31 December 2011. Thereafter, the distributions will escalate at the lesser of 5% or CPI. The B-linked units receive the balance of the distributable earnings after deduction of the A- linked unit distributions. Trading conditions in the hotel industry remain challenging due to the continuing effects of restrained demand and oversupply of available room stock resulting in widespread discounting of rates. Substantial increases in overhead costs arising mainly from administered prices further continue to erode margins. In addition, the number of public holidays in April, and to a lesser extent May, severely impacted on corporate and conferencing business during these months. Given that the prior year comparative included the World Cup period in June 2010, and based on information currently available, the directors expect the Fund`s total distributions for the six months to 30 June 2011 to be at least 25% lower than the distributions in the previous year. While the A-linked unit distribution remains unaffected, the B-linked unit distribution is consequently likely to be at least 60% lower than the previous corresponding period. This distribution forecast has not been reviewed and reported on by the Company`s auditors and the Company`s results for the year ending 30 June 2011 are expected to be released on SENS on or about 17 August 2011. Johannesburg 10 June 2011 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 10/06/2011 15:15:01 Supplied by www.sharenet.co.za 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.
