Sharenet Sites 
Sharenet Sites
HPAI - Availability of the Annual Financial Statements of the Guarantors
Hospitality Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2005/014211/06)
Company code: HPAI
(Approved as a REIT by the JSE)
(“Hospitality” or “the Issuer”)
AVAILABILITY OF THE ANNUAL FINANCIAL STATEMENTS OF THE GUARANTORS
Bondholders are advised that the annual financial statements* of each of the subsidiary guarantors to the
Hospitality secured notes in issue, being HPF Properties Proprietary Limited (“HPF Properties”), Fezisource
Proprietary Limited (“Fezisource”), Cullinan Hotel Proprietary Limited (“Cullinan”) and Merway Fifth
Investments Proprietary Limited (“Merway”) (collectively, “the Guarantors”), (collectively “the current and
historical financial statements”) are available for inspection at the Issuer’s registered office.
The audit reports issued on these current and historical financial statements of the Guarantors were
unqualified, with no modifications applicable.
Bondholders are also advised that other than the following, there were no other restatements included in the
current and historical annual financial statements for HPF Properties, Fezisource, Cullinan and Merway:
1. to the previously produced annual financial statements for the year ended 31 March 2017 for
Cullinan^: restatements in respect of the reclassification of treasury deposits from loans and
receivables to cash and cash equivalents were included in the annual financial statements for the year
ended 31 March 2018, due to the alignment of Cullinan’s accounting policies to that of Hospitality;
2. to the previously produced annual financial statements for the year ended 31 March 2017 for
Merway^: restatements in respect of the reclassification of fair value gains and losses from retained
earnings to the fair value reserve were included in the annual financial statements for the year ended
31 March 2018, due to a change in Merway’s accounting policies.
3. to the previously produced annual financial statements for the year ended 31 March 2018 for HPF
Properties: restatements in respect of an intercompany loan has been included in the annual financial
statements for the year ended 31 March 2019, due to the correction of the interest rate applicable on
such loan.
Bondholders are referred to the respective annual financial statements for further details in relation to the
above-mentioned restatements.
* annual financial statements for the years ended 31 March 2017 to 31 March 2019 for HPF Properties and annual financial statements
for the years ended 31 March 2018 and 31 March 2019 for Fezisource, Cullinan and Merway are available as set out above.
^ Cullinan and Merway were included as guarantors in Hospitality’s Note Programme, subsequent to the financial year ended 31 March
2017.
31 July 2019
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 31/07/2019 04:05:00
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