As a result of apparent confusion around Hospitality's A-linked unit distribution profile and certain comments in the press in this regard, this SENS announcement is being issued for clarification purposes only. Unitholders are referred to Hospitality’s trust deed and supplementals for clarity on the distribution policy of the A-linked units. The A-linked unitholders' rights are governed by the terms of the debenture trust deed. Specifically concerning the distribution profile, clause 5.4 of the first supplemental debenture trust deed provides that "In determining the interest distributions with reference to a prior period's distribution, the prior period's distribution shall be the determined or calculated distribution for the equivalent period in the prior year, whether or not such amount was paid having regard to the availability of funds." The effect of this is that if the actual distribution to A-linked unitholders falls below their preferential entitlement to interest in any one distribution period, the distribution entitlement continues to grow at the lower of CPI and 5% from the entitlement in the prior comparable period and not from the actual amount received for such period. It should further be noted that there is no clawback in subsequent periods in respect of any variance between preferential distribution entitlement and actual distributions in any one period. Copies of the debenture trust deed and supplementals are available for download from the company's website http://www.hpf.co.za/investor-centre/regulatory- documents