Sharenet Sites 
Sharenet Sites
HPA/HPB - Hospitality Property Fund Limited - 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") 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`s distributable earnings per combined A and B unit for the six months ending 31 December 2011 are expected to be at least 28% lower than the corresponding period in the previous financial year. This is primarily due to the subdued economy reflecting in low levels of demand and intense competition, together with higher than inflationary increases in municipal rates and electricity costs. The previous corresponding period also included the last 11 days of the Fifa Soccer World Cup 2010 during when the Company reaped the benefits of higher demand. Additionally, the Arabella portfolio which was transferred to the Company during May 2011, was impacted by particularly poor winter trading conditions in the Western Cape during the initial take-on period. While these properties have since shown strong recovery, it is not sufficient to make up the initial trading deficit. Furthermore, the profits from the Courtyard Joint Venture have been significantly lower than the previous year. Due to its preferential claim to earnings with growth of 5% per linked unit, the A-linked unit distributions for this period will remain unaffected Unitholders are advised that distributable earnings per B-linked unit for the six months ending 31 December 2011 are expected to be at least 80% lower than the corresponding period in the previous year. This distribution forecast has not been reviewed or reported on by the Company`s auditors. The Company`s interim results for the six months ending 31 December 2011 are expected to be released on SENS on or about 22 February 2012. Johannesburg 5 December 2011 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 05/12/2011 09:37:00 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.
