HOSPITALITY PROPERTY FUND LIMITED - Trading statement

Trading statement

HOSPITALITY PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/014211/06)
JSE share code: HPB
ISIN for ordinary shares: ZAE000214656
(Approved as a REIT by the JSE)
(“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 satisfied that a reasonable degree of certainty exists that the financial results 
for the next period to be reported on, will differ by at least 15% from that of the previous corresponding period.
Given the nature of its business, Hospitality uses distribution/dividend per share as its key performance measure.

The distribution for the previous corresponding period, being the year ended 30 June 2016 (the “previous
corresponding period”), was 155.62 cents per A-share and 34.81 cents per B-share.

The distribution for the period ended 31 March 2017 (the “current period”) is not comparable to the previous
corresponding period due to the following factors:

     -   Hospitality changed its year end from June to March in order to align its financial reporting period
         with that of its controlling shareholder, Tsogo Sun Holdings Limited. As a result, the distribution for
         the previous corresponding period was for a twelve month period, whereas the distribution for the
         current period is in respect of a nine month period; and

     -   with effect from 31 August 2016, the Company’s dual-class share capital structure was restructured
         into a single-class share capital structure, in the ratio of one ordinary share for every A-share held and
         one ordinary share for every 3.5 B-shares held.

An interim distribution of 56.09 cents per ordinary share was declared for the four months ended
31 December 2016.

In these circumstances, the Board believes it to be appropriate to provide shareholders with guidance on the
expected distribution for the three months ended 31 March 2017 being between 42 and 46 cents per ordinary
share, implying a total distribution for the current period of between 98.09 and 102.09 cents per ordinary share.

The forecast financial information on which this trading statement is based has not been reviewed or reported
on by the Company’s auditors. The financial results for the year ended 31 March 2017 will be published on or
about 24 May 2017.

18 May 2017



Sponsor
Java Capital

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