RESULTS PRESENTATION 2013

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1 RESULTS PRESENTATION 2013

2 AGENDA The Year in Review Financial Features Linked Unit Performance Property Portfolio Market Outlook Fund Strategy Distribution Time Frame Westin Cape Town August

3 THE YEAR IN REVIEW Global economy showing signs of recovery Eurozone showing signs of recovery with annualized GDP growth of 1.1% in Q2 2013; Growth expectations of BRIC economies better than rest of the world but slowing; US timing & strategy of unwinding its quantitative easing will be crucial to global financial markets; Global GDP forecasts lowered to 3.1% and 3.8% for 2013 and 2014 respectively. GDP Growth* 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% e 2014e World Developed Emerging * IMF Forecasts July 2013 August

4 THE YEAR IN REVIEW Outlook on domestic economic conditions GDP growth expectation for 2013 lowered to 2.2% (Reuters consensus) Service delivery protests Electricity supply challenges Inflationary pressures due to depreciating rand and potentially high wage settlements Rand depreciation benefiting foreign inbound travel Interest rates likely to remain low until mid 2014 August

5 THE YEAR IN REVIEW SA Economic Indicators 12.00% 10.00% 9.5% 8.00% 6.00% 4.00% 2.00% 3.1% 6.3% 2.8% 4.3% 3.9% 5.0% 2.5% 5.7% 2.0% 6.0% 5.8% 5.9% 3.2% 3.6% 0.00% -2.00% -4.00% -2.0% e 2014e 2015e Real GDP CPI Sources: Stats SA & Nedbank Forecasts August

6 THE YEAR IN REVIEW South African tourism market SA Tourism 2020 Vision aims to increase international tourist arrivals to 15 million by 2020 International Tourist Arrivals (growth %) 20.00% 15.00% 15.1% 10.00% 5.00% 0.00% 2.1% 5.7% -3.8% 3.8% 6.4% 10.2% 4.6% 3.3% 4.0% 3.5% 9.0% -5.00% e Global South Africa Sources: Stats SA & UNWTO HPF estimate August

7 INDUSTRY TRENDS March 2012 April 2013: Source Market Overseas Arrivals Overseas Arrivals Mar 2012 Apr 2013 Overseas Arrivals Growth Mar 2012 Apr % % 45% 44% % % % 25% 27% % 15% 10% 15% 10% 19% 14% 14% 11% 18% % 4% - 0% Sources: Stats SA August

8 INDUSTRY TRENDS March 2012 April 2013: Source Market Tourist Arrivals Tourist Arrivals Mar 2012 Apr 2013 Tourist Arrivals Growth Mar 2012 Apr % 45% 40% 35% 45% 44% % 25% 20% 15% 10% 5% 4% 15% 10% 19% 14% 14% 27% 11% 18% 6% - 0% Sources: Stats SA August

9 INDUSTRY TRENDS 2012 Tourism Bednight Market Mix South Africa Tourist Bednights in SA non-hotel vs. Hotel stays HPF Market Mix 89% 11% 75% 25% Bednights non-hotel Bednights Hotel Domestic Overseas 2011: 91% bednights non-hotel 9% bednights Hotel *Source: SA Tourism Annual Report and HPF August

10 INDUSTRY TRENDS Nominal GDP and South Africa RevPAR growth rates 40% 30% 20% WSSD, ZAR depreciation FIFA World Cup 2010 % Change 10% 0% -10% -20% Global Recession Q1 Q2 GDP Growth RevPAR August

11 DIVIDER SLIDE LAYOUT August

12 THE YEAR IN REVIEW Strategic Achievements 2013 Highlights Distribution growth YE June 2013 ahead of rights issue forecast Successful launch of Domestic Medium-Term Note Programme Acquisition of Radisson Blu Gautrain Hotel REIT status approval Implementation of staff long-term incentive scheme New independent Non-Executive Board Members August

13 THE YEAR IN REVIEW Strategic Achievements Domestic Medium-Term Note ( DMTN ) Programme Registered a R2 billion DMTN Programme Secured notes rating of A3(za)(sf) from GCR On 10 April 2013, Hospitality concluded its debut auction of R150 million secured notes (maturity 3 years); and R120 million unsecured notes (maturity 2 & 3 years). Secured Notes were 2.6x oversubscribed Margins: Secured Note: 3 month Jibar plus 182bps; Unsecured notes (2 years): 3 month Jibar plus 240bps for R40 million; Unsecured notes (3 years): 3 month Jibar plus 270bps for R80 million. August

14 THE YEAR IN REVIEW Strategic Achievements Radisson Blu Gautrain Hotel Acquisition Purchase Consideration R443 million 5-Star business & conferencing hotel 216 keys Close proximity to Gautrain Sandton Strategic fit: transport hub, major metropolitan area, global brand Revenue underpin from vendor & management company Anticipated forward yield of 8.15% (year 1) Radisson Blu Gautrain Hotel Estimated rental growth 15% (year 2) August

15 THE YEAR IN REVIEW Strategic Achievements Sustainable Development Radisson Blu Waterfront received Think Planet Recognition; 230 staff received a bicycle Holiday Inn & Carte Blanche Making A Difference Trust; Utility saving interventions continue to yield significant reductions: 11% decrease in KWH/RNS and a 6% increase in Litres/RNS. KWH per RNS 11% Litres per RNS 6% August

16 THE YEAR IN REVIEW Strategic Achievements Competitive Advantage Largest multi-branded hotel property portfolio in South Africa Strong partnerships with local and international hotel operators Benefits of global brands: Loyalty programs Distribution platforms Strategic alliances car hire & airlines Training programs & staff development Strong financial controls & risk management August

17 THE YEAR IN REVIEW Corporate Social Investment No. Amount UJ Bursary Students 9 R 240k Traineeships, internship program ±100 R 660 k Habitat for Humanity R 94k Container Library Donation R 208k Number of employees 2735* *excl. Radisson Blu Gautrain Hotel Container Library Donation Habitat for Humanity Hospitality Bursary Students August

18 THE YEAR IN REVIEW Awards and accolades Arabella Hotel and Spa No1 ranked Golf Course in the Western Cape and 4th in SA for 2012 by Golf Digest Winner of the Lilian Terry Spa of the Year Award for 2102 Radisson Blu Gautrain Hotel Business Traveller Awards 2013: Winner Best Business Hotel in South Africa Mount Grace Country House & Spa Finalist in the Resort / Hotel Spa Category Les Nouvelle 2012 World Luxury Hotel Awards Country Winner: 2012 Best Luxury day spa Best Conference Venue 2012 by West Rand Tourism Best Fine Dining Restaurant SA by Eat Out August

19 DIVIDER SLIDE LAYOUT August

20 THE YEAR IN REVIEW Competitive Advantage Highly diversified in terms of: star grading; Gross rental income by province fixed and variable income; market mix. 48% 2% 16% 31% 4% August

21 THE YEAR IN REVIEW Trading figures in line with the overall market (July 2012 June 2013) Occupancy HPF vs STR ADR HPF vs STR 80.0% R % 60.0% 57.5% 58.3% 60.1% 61.2% R R 974 R 871 R R % R % R % R % 10.0% R % HPF'12 STR'12 HPF'13 STR'13 R 0 HPF'12 STR'12 HPF'13 STR'13 August

22 THE YEAR IN REVIEW HPF s occupancy cycle on the up 80.0% 70.0% 60.0% 50.0% 66.3% 66.0% 68.3% 55.6% 53.4% 51.4% 57.5% 60.1% Peak Occupancy 40.0% 30.0% 20.0% 10.0% 0.0% August

23 THE YEAR IN REVIEW Westin Performance compared to CompSet (July June) Par vs. Competitor set Occupancy Index (MPI) ADR Index (AGI) RevPAR Index (RGI) FY 2011 FY 2012 FY 2013 Comp Set: The Mount Nelson Hotel, Southern Sun Cape Town Waterfront Hotel, Sun International Table Bay Hotel, Radisson Blu Hotel Waterfront, Legacy The Commodore, Southern Sun the Cullinan, Hilton Cape Town City Centre August

24 THE YEAR IN REVIEW Radisson Blu Waterfront Performance compared to CompSet (July June) Par vs. Competitor set Occupancy Index (MPI) ADR Index (AGI) RevPAR Index (RGI) FY 2011 FY 2012 FY 2013 Comp Set: The Mount Nelson Hotel, Cape Grace Hotel, Sun International Table Bay Hotel, The Westin Cape Town, Legacy The Commodore, Victoria & Alfred Hotel, Cape Royale Luxury Hotel & Resort August

25 THE YEAR IN REVIEW Holiday Inn Sandton Performance compared to CompSet (July June) Par vs. Competitor set Occupancy Index (MPI) ADR Index (AGI) RevPAR Index (RGI) FY 2011 FY 2012 FY 2013 Comp Set: Sun International The Maslow Hotel, Garden Court Sandton, Protea Hotel Balalaika Sandton, Courtyard Hotel Sandton, Southern Sun Katherine Street Sandton, Protea Hotel Wanderers, Park Inn Sandton August

26 THE YEAR IN REVIEW Crowne Plaza Rosebank Performance compared to CompSet (July June) Par vs. Competitor set Occupancy Index (MPI) ADR Index (AGI) RevPAR Index (RGI) FY 2011 FY 2012 FY 2013 Comp Set: Legacy Sunnyside Park, Courtyard Hotel Rosebank, Courtyard Hotel Sandton, Protea Hotel Wanderers, Southern Sun Hyde Park, Protea Hotel Fire & Ice Melrose Arch, Holiday Inn Johannesburg Rosebank August

27 THE YEAR IN REVIEW Mount Grace Performance compared to CompSet (July June) Par vs. Competitor set Occupancy Index (MPI) ADR Index (AGI) RevPAR Index (RGI) FY 2011 FY 2012 FY 2013 Comp Set: The Westcliff,, 54 On Bath, Kwa Maritane Bush Lodge, Legacy Bakubung Bush Lodge, African Pride Melrose Arch Hotel August

28 THE YEAR IN REVIEW PH Victoria Junction Performance compared to CompSet (July June) Par vs. Competitor set Occupancy Index (MPI) ADR Index (AGI) RevPAR Index (RGI) FY 2011 FY 2012 FY 2013 Comp Set: Southern Sun Cape Town Waterfront Hotel, City Lodge Victoria & Alfred Waterfront, Legacy The Commodore, Cape Royale Luxury Hotel & Resort, Park Inn by Radisson Cape Town Foreshore August

29 THE YEAR IN REVIEW Consolidated Income Statement Rooms Revenue 66% 61% 63% 64% F&B Revenue 27% 27% 29% 29% Other Revenue 8% 12% 8% 7% Total Revenue 100% 100% 100% 100% Rooms 79% 76% 77% 77% F&B 26% 26% 33% 33% Other 63% 72% 45% 38% Departmental Profit 63% 62% 61% 62% Total Other Expenses 26% 28% 27% 27% MCP 37% 34% 34% 35% Fixed expenses 4% 6% 5% 5% Mgmt & Incentive fee 5% 5% 5% 5% EBITDA 29% 24% 24% 25% August

30 THE YEAR IN REVIEW Lease expiry profile Weighted average expiry 9.04 years Mount Grace Country House & Spa Courtyard Cape Town Inn on the Square Premier Hotel King David Champagne Sports Resort Protea Hotel - The Winkler Protea Hotel - The Richards The Bayshore Inn Protea Hotel Imperial Kopanong Hotel & Conference Centre Protea Hotel Hazyview Protea Hotel Hluhluwe & Safaris Holiday Inn Sandton - Rivonia Road Crowne Plaza Johannesburg - The Rosebank Protea Hotel Edward Protea Hotel Marine Protea Hotel Richards Bay Courtyard Arcadia Courtyard Eastgate Courtyard Rosebank Courtyard Sandton Arabella Hotel and Spa Birchwood Executive Hotel & OR Tambo Protea Hotel Victoria Junction Radisson Blu Gautrain Radisson Blu Waterfront Westin Cape Town Initial Period Option Period(s) * Birchwood to convert from fixed lease to F&V lease on 1 July 2014 August

31 AGENDA The Year in Review Financial Features Linked Unit Performance Property Portfolio Market Outlook Fund Strategy Distribution Time Frame Champagne Sports Resort August

32 FINANCIAL FEATURES Year End 30 June 2013 YE2012 YE2013 YE2012 YE2013 Gross Rental Income R 326 million 9.1% R 356 million Portfolio Value R 3,86 billion 18.3% R 4,57 billion Weighted Average Cost of Debt 9.74% -12.1% 8.56% Total Debt R 1,36bn 15.4% R 1,57bn Net Asset Value per Linked Unit cents 7.9% 1 095cents Distributable Debenture Interest R125 million 59.8% R200 million Gearing (% of asset value) 35.2% -2.3% 34.4% Interest Cover Ratio 1.61x 53.4% 2.47x August

33 FINANCIAL FEATURES Year End 30 June A Linked Unit Distribution 200 B Linked Unit Distribution c 61.79c 49.74c 68.12c 57.46c 60.32c 63.34c 66.51c Final 100 Interim c 8.89c 20.45c 0.00c 9.19c 36.30c 38.45c 7.91c % 10% 0% -10% 5% 5% Y-on-Y Growth -7% 19% 150% 100% 50% 0% -50% -42% -33% Y-on-Y Growth -87% 129% -20% -100% August

34 FINANCIAL FEATURES Year End 30 June A Linked Unit Distribution Forecast 58.84c 61.79c 49.74c 68.12c c 57.46c 60.32c 63.34c 66.51c e Fcst Total Final Interim B Linked Unit Distribution Forecast 51.68c 8.89c 20.45c 0.00c 9.19c 36.30c 38.45c 7.91c 26.72c e 20% Y-on-Y Growth 150% Y-on-Y Growth 10% 0% -10% 5% 5% -7% 19% 5% 100% 50% 0% -50% -42% -33% -87% 129% 48% -20% -100% August

35 AGENDA The Year in Review Financial Features Linked Unit Performance Property Portfolio Market Outlook Fund Strategy Distribution Time Frame Arabella Hotel & Spa August

36 LINKED UNIT PERFORMANCE Linked unit price performance Jul-09 Nov-09 Mar-10 Jul-10 Dec-10 Apr-11 Aug-11 Jan-12 May-12 Sep-12 Feb-13 Jun-13 HPA HPB August

37 LINKED UNIT PERFORMANCE Linked unit price relative to Listed Property Sector Feb-06 Aug-06 Feb-07 Aug-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 HPA/J253 HPB/J253 August

38 LINKED UNIT PERFORMANCE Linked unit price relative to Tourism & Leisure Index 200% 180% 160% 140% 120% 100% 80% 60% Jul-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Combined Unit Tourism & Leisure Index August

39 AGENDA The Year in Review Financial Features Linked Unit Performance Property Portfolio Market Outlook Fund Strategy Distribution Time Frame Westin Cape Town August

40 PROPERTY PORTFOLIO Radisson Blu Cape Town The refurbishment of 106 standard rooms was completed in August 2012; The 71 business class suites were refurbished during first phase of the renovation; 2013 Introduction of Amani Spa and upgrade of spa facilities; 2014 Consideration been given to upgrade public areas. Standard Room August

41 PROPERTY PORTFOLIO Westin Cape Town Conversion of administration office into revenue generating meeting rooms Small Boardroom Public Area Outside Swimming Pool Construction of outside swimming pool to enhance leisure offering to be completed in Q August

42 PROPERTY PORTFOLIO Arabella Hotel & Spa Upgrade of the irrigation system for a total consideration of R10,5 million; Water savings due to more efficient watering programs; Administration areas converted to revenue generating conference facilities; Restaurant upgrade. August

43 PROPERTY PORTFOLIO Protea Hotel Hluhluwe Hotel & Safaris (KwaZulu Natal) Soft refurbishment of the 76 bedrooms as well as a complete bathroom fit out for a total consideration of R6 million Renovation introduces a number of new innovations into the bedrooms adopting most of the environmental best practices To be completed in September 2013 Before refurbishment After refurbishment August

44 PROPERTY PORTFOLIO Protea Hotel The Richards (KwaZulu Natal) Soft refurbishment exercise of the initial 97 bedrooms for a total consideration of R4 million To be completed in September 2013 Before refurbishment After refurbishment August

45 DISPOSALS Properties held for sale 7 non-core properties at total of R319 million (excl. break fees) Bayshore Inn PH Hazyview Kopanong PH The Winkler PH Imperial PH Hluhluwe PH The Richards August

46 AGENDA The Year in Review Financial Features Linked Unit Performance Property Portfolio Market Outlook Fund Strategy Distribution Time Frame Radisson Blu Waterfront Cape Town August

47 MARKET OUTLOOK SA Hospitality outlook Overseas Arrivals YTD April up 5.5%; Non-traditional source markets continue above average growth; Domestic demand volume based growth; Hotel oversupply diminishing paving way for next development cycle; Travellers remain rate sensitive and techno-savy; 65% occupancies trigger point for above inflation rate increases. August

48 AGENDA The Year in Review Financial Features Linked Unit Performance Property Portfolio Market Outlook Fund Strategy Distribution Time Frame Holiday Inn Sandton Trip Advisor Certificates of Excellence in 2013 August

49 FUND STRATEGY Bedding down all properties in the Fund; Focus on optimization of hotel revenues; Driving value of existing portfolio; Financing strategy: Hedging; Debt maturity policy. Crowne Plaza Rosebank Trip Advisor Certificates of Excellence in 2013 August

50 FUND STRATEGY Hedging Strategy R million or 44% of total liabilities are fixed through interest rate swaps Current swap agreements: R million Nominal Rate Maturity Swap 2 R % June 2014 Swap 3 R % June 2015 Hedging strategy: fixed interest rates for 50% of total liabilities August

51 FUND STRATEGY Debt Maturity Profile Absa Nedbank Secured Note Unsecured Note August

52 AGENDA The Year in Review Financial Features Linked Unit Performance Property Portfolio Market Outlook Fund Strategy Distribution Time Frame Mount Grace Country House and Spa August

53 DISTRIBUTION TIMEFRAME September S M T W T F S November S M T W T F S Last day to trade cum interest Linked units trade ex-interest Record date Payment date Annual general meeting 6 September 9 September 13 September 16 September 8 November August

54 RESULTS PRESENTATION 2013

55 DISCLAIMER The announcements and information in this presentation do not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities of Hospitality Property Fund (Pty) Ltd ('Hospitality') or any of its affiliates in any jurisdiction or an inducement to enter into investment activity. This presentation may include "forward-looking statements". These statements may contain the words "anticipate", "believe", "intend", "estimate", "expect" and words of similar meaning. All statements other than statements of historical facts included in these announcements, including, without limitation, those regarding Hospitality's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to Hospitality's products and services) are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Hospitality to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are based on numerous assumptions regarding Hospitality's present and future business strategies and the environment in which Hospitality will operate in the future. These forward-looking statements speak only as at the date of these announcements. Neither Hospitality nor any affiliate, nor any of their respective officers, directors, partners, or employees claim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in these announcements to reflect any change in Hospitality's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Any information contained in these announcements on the price at which Hospitality's securities have been bought or sold in the past, or on the yield on such securities, should not be relied upon as a guide to future performance. August

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