Restatement of results due to pro-active monitoring process of the JSE IFA Hotels & Resorts Limited (Incorporated in the Republic of South Africa) (Registration number 1919/001318/06) Share code: IFH ISIN: ZAE000075669 (“IFA” or “the Group”) Restatement of results due to pro-active monitoring process of the JSE Shareholders are advised that the restatement of the annual financial statements of the Group for the 18 months ended 31 December 2011, as set out below, arises from the pro active monitoring process by the JSE and achieves improved compliance with IFRS by the Group. The pro active monitoring process identified that the deferred tax adjustment of R282 512 to the revaluation reserve reported in the statement of changes in equity and disclosed in note 17 on page 53 of the annual financial statements, was not reported as part of other comprehensive income in the statement of comprehensive income. The result of this correction is a decline in the basic and diluted loss per share and the basic and diluted headline loss per share of 0.13 cents per share. The pro active monitoring process also identified that impairments in loans to associates in the sum of R101 750 768 were excluded from the calculation of headline earnings per share in error as the loans to associates are reported as financial assets. This impairment amount was included in the line described as “Add impairment of shares in associate” as disclosed in note 28 on page 57 of the annual financial statements. The net result of this correction is an increase in the basic and diluted headline loss per share of 46.63 cents per share. Below is a table reconciling the various line items affected by the restatement of the financial statements. Comparative figures for the prior reporting period are disclosed, but there are no restatements to these figures: Statement of comprehensive income 18 Months 12 Months ended ended 31 December 30 June 2011 2010 R R Other comprehensive income Restated 282 512 0 Reported 0 0 Movement 282 512 0 Total comprehensive income Restated (135 966 710) (68 298 321) Reported (136 279 222) (68 298 321) Movement 282 512 0 Attributable to equity holders of the parent Restated (135 966 710) (68 298 321) Reported (136 279 222) (68 298 321) Movement 282 512 0 Basic and diluted (loss) per share (cents) Restated (62.32) (31.24) Reported (62.45) (31.24) Movement 0.13 0.00 Earnings per ordinary share (note 28 on pages 56 and 57 of the annual financial statements) 18 Months 12 Months ended ended 31 December 30 June 2011 2010 R R Headline and diluted headline (loss) per share (HEPS)(cents) Restated (64.61) (26.59) Reported (18.11) (26.59) Movement (46.50) 0.00 (Loss) attributable to ordinary shareholders Restated (135 966 710) (68 298 321) Reported (136 279 222) (68 298 321) Movement 282 512 0 Add impairment of shares in associate Restated 6 176 430 9 361 602 Reported 107 927 198 9 361 602 Movement (101 750 768) 0 Headline (Loss) Restated (140 989 942) (58 020 377) Reported (39 521 686) (58 020 377) Movement (101 468 256) 0 These restatements will be incorporated in the condensed consolidated results for the six month period ended 30 June 2012 which is to be published and circulated on or about 28 September 2012 Zimbali 26 September 2012 Sponsor: Sasfin Capital (a division of Sasfin Bank Limited) Date: 26/09/2012 04:29:00 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.