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<SEC-DOCUMENT>0001047469-03-019319.txt : 20030520
<SEC-HEADER>0001047469-03-019319.hdr.sgml : 20030520
<ACCEPTANCE-DATETIME>20030520160628
ACCESSION NUMBER:		0001047469-03-019319
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030620
FILED AS OF DATE:		20030520
EFFECTIVENESS DATE:		20030520

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INNSUITES HOSPITALITY TRUST
		CENTRAL INDEX KEY:			0000082473
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				346647590
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07062
		FILM NUMBER:		03712631

	BUSINESS ADDRESS:	
		STREET 1:		INNSUITES HOTELS CENTRE
		STREET 2:		1625 E NORTHERN AVE STE 201
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85020
		BUSINESS PHONE:		2166220046

	MAIL ADDRESS:	
		STREET 1:		925 EUCLID AVENUE
		STREET 2:		SUITE 1750
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	REALTY REFUND TRUST
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>a2111666zdef14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#03MOC1357_1">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="CENTER"><FONT SIZE=2><B>SCHEDULE 14A<BR>
(Rule&nbsp;14a-101)<BR>
INFORMATION REQUIRED IN PROXY STATEMENT  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> SCHEDULE 14A INFORMATION</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Proxy
Statement Pursuant to Section&nbsp;14(a)<BR>
of the Securities Exchange Act of 1934 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="79%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Filed by the Registrant <FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
Filed by a Party other than the Registrant <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
Check the appropriate box:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2><BR>
Preliminary Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e) (2))</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2>Definitive Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2>Definitive Additional Materials</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2>Soliciting Material Under Rule&nbsp;14a-12<BR></FONT>
</TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="83%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER"><FONT SIZE=2><BR>
InnSuites Hospitality Trust</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER"><HR NOSHADE><FONT SIZE=2> (Name of Registrant as Specified In Its Charter)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER"><HR NOSHADE><FONT SIZE=2> (Name of Person(s) Filing Proxy Statement if other than the Registrant)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5><FONT SIZE=2>Payment of Filing Fee (Check the appropriate box):</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
No fee required.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)&nbsp;(1)&nbsp;and 0-11.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(1)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Title of each class of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(2)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Aggregate number of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule&nbsp;0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Proposed maximum aggregate value of transaction:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(5)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Total fee paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Fee paid previously with preliminary materials:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or
schedule and the date of its filing.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
(1)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2><BR>
Amount previously paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(2)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Form, Schedule or Registration Statement No.:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Filing Party:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Date Filed:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
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<!-- TOC_END -->

<P><FONT SIZE=2>
[TRUST LOGO] </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="be1357_notice_of_annual_meeting_of_shareholders"> </A>
<A NAME="toc_be1357_1"> </A>
<BR></FONT><FONT SIZE=2><B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice is hereby given that the 2003 Annual Meeting of Shareholders of InnSuites Hospitality Trust will be held in the Kachina Room at the InnSuites Hotels
Phoenix Best Western, 1615 E. Northern Avenue, Phoenix, Arizona 85020 (phone: 602-997-6285) on Friday, June&nbsp;20, 2003, at 11:00&nbsp;a.m., local time, for the purpose
of considering and acting upon: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>The
election of one Trustee to hold office until the 2006 Annual Meeting of Shareholders and until his successor shall be elected and qualified; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>The
transaction of any other business which properly may come before the meeting and any adjournments thereof. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
of InnSuites Hospitality Trust of record at the close of business on April&nbsp;21, 2003 are entitled to vote at the 2003 Annual Meeting of Shareholders and any
adjournments thereof. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="65%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2>By&nbsp;order&nbsp;of&nbsp;the&nbsp;Board&nbsp;of&nbsp;Trustees</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="65%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="33%" ALIGN="CENTER"><FONT SIZE=2><BR>
MARC E. BERG<BR></FONT> <FONT SIZE=2><I>Secretary</I></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="65%"><FONT SIZE=2><BR>
Phoenix, Arizona<BR>
May&nbsp;19, 2003</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><B>Shareholders are requested to complete, date, sign and return the enclosed Proxy Card in the envelope provided which requires no postage if mailed in the United States.  </B></FONT></P>

<HR NOSHADE>
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<BR>
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="page_bf1357_1_1"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2>
May&nbsp;19, 2003 </FONT></P>

<P><FONT SIZE=2>[TRUST
LOGO] </FONT></P>

<P><FONT SIZE=2>InnSuites
Hotels Centre<BR>
1615 E. Northern Avenue<BR>
Suite 102<BR>
Phoenix, Arizona 85020 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bf1357_proxy_statement"> </A>
<A NAME="toc_bf1357_1"> </A>
<BR></FONT><FONT SIZE=2><B>PROXY STATEMENT    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying proxy is solicited by the Trustees of InnSuites Hospitality Trust (the "Trust") for use at the 2003 Annual Meeting of Shareholders to be held on
June&nbsp;20, 2003 and any adjournments thereof. </FONT></P>

<P><FONT SIZE=2><B>General Information  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders of record at the close of business on April&nbsp;21, 2003 (the record date) will be entitled to vote at the 2003 Annual Meeting and at any
adjournments thereof. At that date, the Trust had 1,995,701 Shares of Beneficial Interest ("Shares") issued and outstanding. Each Share is entitled to one vote on all matters that properly come before
the 2003 Annual Meeting. At least 997,851 Shares must be represented at the 2003 Annual Meeting in person or by proxy in order to constitute a quorum for the transaction of business. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
represented by properly executed proxy cards will be voted in accordance with the specifications made thereon. If no specification is made, proxies will be voted for the election
of the Trustee nominee named herein. The election of Trustees requires the affirmative vote of a majority of the outstanding Shares entitled to vote present in person or by proxy at the Annual
Meeting. Abstentions and broker non-votes, unless a broker's authority to vote on a particular matter is limited, are
tabulated in determining the votes present at a meeting. Consequently, an abstention or a broker non-vote (assuming a broker has unlimited authority to vote on the matter) has the same
effect as a vote against a Trustee, as each abstention or broker non-vote would be one less vote for a Trustee nominee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Proxy Statement and the accompanying form of proxy were first mailed to shareholders on or about May&nbsp;23, 2003. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

<HR NOSHADE>
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<BR>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_de1357_1_2"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1357_election_of_trustee_(item_1_on_the_proxy_card)"> </A>
<A NAME="toc_de1357_1"> </A>
<BR></FONT><FONT SIZE=2><B>ELECTION OF TRUSTEE<BR>  (Item 1 on the Proxy Card)    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Annual Meeting, one Trustee is to be elected to a term of three years and until his respective successor is duly elected and qualified. Accordingly, Marc
E. Berg will stand for re-election as Trustee to a term expiring at the 2006 Annual Meeting. Unless a shareholder requests that voting of the proxy be withheld for the nominee for Trustee
in accordance with the instructions set forth on the proxy, it presently is intended that Shares represented by proxies solicited hereby will be voted </FONT> <FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2> the election of Marc E. Berg as Trustee to a
term expiring at the 2006 Annual Meeting. The nominee has consented to being named in this Proxy
Statement and to serve if elected. Should the nominee subsequently decline or be unable to accept such nomination or to serve as a Trustee, an event which the current Trustees do not now expect, the
persons voting the Shares represented by proxies solicited hereby may vote such Shares for one person as a substitute nominee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust's Board of Trustees currently has five members and is divided into three classes, as follows: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>one
Trustee in the class whose term expires at the 2003 Annual Meeting of Shareholders;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>two
Trustees in the class whose terms expire at the 2004 Annual Meeting of Shareholders; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>two
Trustees in the class whose terms expire at the 2005 Annual Meeting of Shareholders. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>Each
of the Trustees serves for three years and until his successor is duly elected and qualified. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marc
E. Berg, whose term as Trustee expires at the 2003 Annual Meeting, has chosen to stand for re-election as Trustee to a term expiring at the 2006 Annual Meeting. The
biography of Mr.&nbsp;Berg, and each of the Trustees whose term in office will continue after the 2003 Annual Meeting, is set forth below. </FONT><FONT SIZE=2><B>The Board of Trustees of the Trust
recommends a vote FOR Marc E. Berg as Trustee.</B></FONT></P>

<P><FONT SIZE=2><B>Nominees, Trustees and Executive Officers  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information concerning the Trustees and executive officers of the Trust set forth in the following table is based in part on information received from the
respective Trustees and executive officers and in part on the Trust's records. The following table sets forth the name, age, term of office </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
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<A NAME="page_de1357_1_3"> </A>
<BR>

<P><FONT SIZE=2>and
principal business experience for each Trustee, nominee for Trustee and executive officer of the Trust, as applicable. </FONT></P>

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<TABLE WIDTH="81%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="20%" ALIGN="CENTER"><FONT SIZE=1><B>Name</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="54%" ALIGN="CENTER"><FONT SIZE=1><B>Principal Occupations<BR>
During Past Five Years,<BR>
Age as of April 21, 2003<BR>
and Directorships Held</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="21%" ALIGN="CENTER"><FONT SIZE=1><B>Trustee<BR>
Since</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="20%" VALIGN="TOP"><BR><FONT SIZE=2><B>Nominee for a Term Expiring in 2006</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="54%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="20%"><FONT SIZE=2><BR>
Marc E. Berg(1)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
Executive Vice President, Secretary and Treasurer of the Trust since February&nbsp;10, 1999. Vice President&#151;Acquisitions of the Trust from December&nbsp;16, 1998 to February&nbsp;10, 1999. Consultant to InnSuites Hotels since 1989. Self-employed
as a Registered Investment Advisor since 1985. Age: 50.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2><BR>
January&nbsp;30, 1998</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="20%" VALIGN="TOP"><BR><FONT SIZE=2><B>Trustees Whose Terms Expire in 2005</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="54%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="20%"><FONT SIZE=2><BR>
Edward G. Hill(1)(2)(3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
President of E. G. Hill &amp; Associates, a management consulting company, since 1999. Former President of ABCO Foods, a division of Fleming Companies, Inc., an owner and operator of grocery stores, from 1984 to 1998. Age: 58.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2><BR>
January 30, 1998</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="20%"><FONT SIZE=2><BR>
Steven S. Robson(2)(3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
President of Robson Communities, Inc. and Scott Homes and Scott Multifamily, Inc., residential real estate developers, since 1979. Age: 47.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2><BR>
June 16, 1998</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="20%" VALIGN="TOP"><BR><FONT SIZE=2><B>Trustees Whose Terms Expire in 2004</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="54%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="20%"><FONT SIZE=2><BR>
James F. Wirth(1)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
Chairman, President and Chief Executive Officer of the Trust since January 30, 1998. President and owner of Suite Hotels LLC and affiliated entities, owners and operators of hotels, since 1980. President of Rare Earth Development Company, a real
estate investment company owned by Mr. Wirth, since 1973. Age: 57.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2><BR>
January 30, 1998</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="20%"><FONT SIZE=2><BR>
Peter A. Thoma(2)(3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
Owner and operator of A&amp;T Verleigh, Hamburg, Germany, a hospitality service and rental company, since 1997. Owner and operator of Thoma Zeltsysteme, Hamburg, Germany, an import and sales company, since 1997. Age: 37.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2><BR>
April 13, 1999</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Member
of the Executive Committee.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Member
of the Audit Committee.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Member
of the Compensation and Nominating Committee. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<A NAME="page_de1357_1_4"> </A>

<P><FONT SIZE=2><B>Other Executive Officers  </B></FONT></P>

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<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
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<TD WIDTH="21%"><FONT SIZE=2>Anthony B. Waters</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>Chief Financial Officer of the Trust since February 29, 2000. Controller of the Trust from June 17, 1999 to February 29, 2000. Accountant and auditor with Michael Maastricht, CPA from June 16, 1998 to June 15, 1999,
performing audits for InnSuites Hotels, Inc. Self-employed, concentrating in computerized accounting and information systems, from 1990 to June 1998. Age: 56.</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustees held two meetings during fiscal year 2003. The nominee for Trustee, Mr.&nbsp;Berg, was a member of the Board of Trustees during fiscal year 2003. </FONT></P>

<P><FONT SIZE=2><B>Board Committees  </B></FONT></P>

<UL>

<P><FONT SIZE=2><I> Audit Committee  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee has the responsibility of recommending to the Trustees the selection of the Trust's independent auditors, reviewing the scope and results of
audit and non-audit services and reviewing internal accounting controls. The Audit Committee is also responsible for assessing the independence of the Trust's auditors. The Audit Committee
met three times during fiscal year 2003. </FONT></P>

<UL>

<P><FONT SIZE=2><I> Compensation and Nominating Committee  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation and Nominating Committee has the responsibility of determining the compensation of senior management, advising the Trustees on the adoption and
administration of employee benefit and compensation plans, administering the Trust's 1997 Stock Incentive and Option Plan, screening and nominating candidates for election as Trustees and recommending
committee members for appointment by the Board of Trustees. A shareholder who wishes to suggest a Trustee candidate for consideration by the Nominating Committee should send a resume of the
candidate's business experience and background to James F. Wirth at the Trust. The Compensation and Nominating Committee met twice during fiscal year 2003. </FONT></P>

<UL>

<P><FONT SIZE=2><I> Executive Committee  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive Committee has the responsibility of exercising all of the powers of the Board of Trustees in the management of the business and affairs of the
Trust, other than filling vacancies in the Board of Trustees or in any committee of the Board of Trustees, during intervals between meetings of the Board of Trustees. The Executive Committee met twice
during fiscal year 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Trustees attended at least 75% of the aggregate number of meetings held by the Board of Trustees and all committees on which the Trustee served. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
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<A NAME="page_de1357_1_5"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1357_audit_committee_report"> </A>
<A NAME="toc_de1357_2"> </A>
<BR></FONT><FONT SIZE=2><B>AUDIT COMMITTEE REPORT    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee of the Board of Trustees has reviewed and discussed the audited financial statements of the Trust for the fiscal year ended January&nbsp;31,
2003 with the management of the Trust. In addition, the Audit Committee has discussed with McGladrey&nbsp;&amp; Pullen, LLP, the independent auditors of the Trust, the matters required by Codification
of Statements on Auditing Standards No.&nbsp;61. The Audit Committee has also received the written disclosures and the letter from McGladrey&nbsp;&amp; Pullen required by Independence Standards Board
Standard No.&nbsp;1 and has discussed with McGladrey&nbsp;&amp; Pullen its independence from the Trust, including the compatibility of non-audit services with McGladrey&nbsp;&amp; Pullen's
independence. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on the foregoing, the Audit Committee recommended that such audited financial statements be included in the Trust's Annual Report on Form&nbsp;10-K for the fiscal
year ended January&nbsp;31, 2003. The Trust's Form&nbsp;10-K was filed with the Securities and Exchange Commission on May&nbsp;1, 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Trustees of the Trust has adopted a written charter for the Audit Committee of the Trust, which was attached as an Appendix to the Trust's Proxy Statement for the 2002
Annual Meeting of Shareholders filed with the Securities and Exchange Commission on May&nbsp;4, 2001. The members of the Audit Committee of the Trust are "independent," as such term is defined by
Section&nbsp;121(A) of the American Stock Exchange listing standards. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
the Audit Committee of the Board of Trustees: </FONT></P>

<UL>

<P><FONT SIZE=2>Edward
G. Hill, Chairman<BR>
Steven S. Robson<BR>
Peter A. Thoma </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dg1357_1_6"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1357_compensation_of_trustees_and_executive_officers"> </A>
<A NAME="toc_dg1357_1"> </A>
<BR></FONT><FONT SIZE=2><B>COMPENSATION OF TRUSTEES AND EXECUTIVE OFFICERS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal year 2004, the Trust will issue 9,600 Shares to each Trustee, other than Messrs.&nbsp;Wirth and Berg, as compensation for services rendered as a
Trustee of the Trust during fiscal year 2003. During fiscal year 2005, the Trust intends to issue 9,600 Shares to each Trustee, other than Messrs.&nbsp;Wirth and Berg, as Trustee compensation for
services rendered during fiscal year 2004. </FONT></P>

<P><FONT SIZE=2><B>Summary Compensation Table  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below shows individual compensation information for the Trust's Chief Executive Officer and any other executive officer whose total annual salary and
bonus for the fiscal year ended January&nbsp;31, 2003 exceeded $100,000. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="86%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="55%" ALIGN="LEFT"><FONT SIZE=1><B>Name and Principal Position<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><B>Fiscal<BR>
Year</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Annual Salary</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="20%" ALIGN="CENTER"><FONT SIZE=1><B>Securities<BR>
Underlying Options</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="55%"><FONT SIZE=2>James F. Wirth<BR>
President and Chief Executive Officer(1)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>2003<BR>
2002<BR>
2001</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR><BR></FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>95,936<BR>
90,940<BR>
130,000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>(2)<BR>(3)<BR></FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>N/A<BR>
N/A<BR>
N/A</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="55%"><FONT SIZE=2><BR>
Anthony B. Waters<BR>
Chief Financial Officer</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2003<BR>
2002<BR>
2001</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
129,392<BR>
121,477<BR>
104,500</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>(4)<BR></FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2><BR>
N/A<BR>
N/A<BR>
N/A</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>The
terms of Mr.&nbsp;Wirth's Employment Agreement are summarized below.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Although
Mr.&nbsp;Wirth's annual salary for fiscal year 2003 was set at $126,000, Mr.&nbsp;Wirth agreed to a salary reduction that resulted in an annual salary of $95,936 for
fiscal year 2003.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>During
fiscal year 2002, Mr.&nbsp;Wirth was paid $90,940 and agreed to defer the payment of an additional $20,923 until a future date mutually agreeable to Mr.&nbsp;Wirth and the
Trust. The deferred salary payment of $20,923 was waived and forfeited by Mr.&nbsp;Wirth during fiscal year 2003.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>During
fiscal year 2002, Mr.&nbsp;Waters was paid $117,115 and agreed to defer the payment of an additional $4,362 until March&nbsp;31, 2002. In March&nbsp;2002,
Mr.&nbsp;Waters was paid the deferred salary payment of $4,362. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1357_aggregated_option_exercises_in__agg02965"> </A>
<A NAME="toc_dg1357_2"> </A>
<BR></FONT><FONT SIZE=2><B>Aggregated Option Exercises in Fiscal Year<BR>  2003 and Fiscal Year-End Option Values    <BR>    </B></FONT></P>

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<TR VALIGN="BOTTOM">
<TH WIDTH="26%" ALIGN="CENTER"><FONT SIZE=1><B>Name</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" ALIGN="CENTER"><FONT SIZE=1><B>Shares Acquired<BR>
On Exercise(#)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Value<BR>
Realized($)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="21%" ALIGN="CENTER"><FONT SIZE=1><B>Number of Securities<BR>
Underlying Unexercised<BR>
Options At Fiscal Year-<BR>
End(#)<BR>
Exercisable/<BR>
Unexercisable</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="20%" ALIGN="CENTER"><FONT SIZE=1><B>Value of Unexercised<BR>
In-The-Money Options<BR>
At Fiscal year-End($)<BR>
Exercisable/<BR>
Unexercisable</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2>James F. Wirth</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER"><FONT SIZE=2>N/A</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="CENTER"><FONT SIZE=2>N/A</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER"><FONT SIZE=2>50,000/0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="CENTER"><FONT SIZE=2>N/A*</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2><BR>
Anthony B. Waters</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER"><FONT SIZE=2><BR>
N/A</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="CENTER"><FONT SIZE=2><BR>
N/A</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER"><FONT SIZE=2><BR>
13,333/6,667</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="CENTER"><FONT SIZE=2><BR>
N/A*</FONT></TD>
</TR>
</TABLE>
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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>As
of April&nbsp;21, 2003, none of the options held by such individuals were in-the-money. </FONT></DD></DL>
<BR>

<P><FONT SIZE=2><B>Compensation and Nominating Committee Report  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the supervision of the Compensation and Nominating Committee of the Board of Trustees, the Trust has developed and implemented compensation policies, plans
and programs that seek to enhance the Trust's ability to recruit and retain qualified management and other personnel, including a </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
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<A NAME="page_dg1357_1_7"> </A>
<BR>

<P><FONT SIZE=2>stock
option program that seeks to create long-term incentives for management and other personnel. In developing and implementing compensation policies and procedures, the Compensation and
Nominating Committee seeks to provide rewards for the long-term value of an individual's contribution to the Trust. The Compensation and Nominating Committee seeks to develop policies and
procedures that offer both recurring and non-recurring, and both financial and non-financial, incentives. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James
F. Wirth, Chairman, President and Chief Executive Officer of the Trust, has an Employment Agreement with the Trust expiring in December&nbsp;2007. Pursuant to the terms of the
Employment Agreement, upon the termination of the Advisory Agreement with Mid-America ReaFund Advisors,&nbsp;Inc. ("MARA"), a company owned by Mr.&nbsp;Wirth and his spouse, which
termination occurred effective January&nbsp;1, 1999, Mr.&nbsp;Wirth is to receive, each year through 2007, up to the amount MARA would have received for advisory and management services under the
Advisory Agreement, but in no event will his compensation exceed $160,000 per year. Based upon a review of the performance of the Trust and upon the recommendation of the Compensation and Nominating
Committee, during fiscal year 2003, Mr.&nbsp;Wirth's annual salary was set at $126,000, which is less than he is entitled to receive under the terms of his Employment Agreement. Mr.&nbsp;Wirth
agreed to reduce his annual salary for fiscal year 2003 from $126,000 to $95,936. Mr.&nbsp;Wirth also agreed to forfeit, during fiscal year 2003, $20,923 of deferred compensation that was earned
during fiscal year 2002 and to be paid at a future date mutually agreeable to Mr.&nbsp;Wirth and the Trust. The Compensation and Nominating Committee does not rely on any particular set of financial
or non-financial factors, measures or criteria when determining the compensation offered to Mr.&nbsp;Wirth. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
fiscal year 2003, the Compensation and Nominating Committee did not award any stock options to employees or executive officers of the Trust. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
the Compensation and Nominating Committee of the Board of Trustees: </FONT></P>

<UL>

<P><FONT SIZE=2>Edward
G. Hill, Chairman<BR>
Steven S. Robson<BR>
Peter A. Thoma </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

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<A NAME="page_dg1357_1_8"> </A>

<P><FONT SIZE=2><B>Trust Performance Graph  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following graph compares total shareholder returns from the Trust over the last five fiscal years to the Standard&nbsp;&amp; Poor's 500 Stock Index ("S&amp;P 500")
and the National Association of Real Estate Investment Trusts,&nbsp;Inc.'s Total Return Indexes for equity real estate investment trusts ("NAREIT"). Total return values for the S&amp;P 500, NAREIT and
the Trust were calculated based upon market weighting at the beginning of the period and include reinvestment of dividends. The shareholder returns shown on the following graph are not necessarily
indicative of future performance. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following graph shall not be deemed incorporated by reference by any general statement incorporating by reference this Proxy Statement into any filing under the Securities Act of
1933 or under the Securities Exchange Act of 1934, except to the extent the Trust specifically incorporates this information by reference, and otherwise shall not be deemed filed under such Acts. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g118733.jpg" ALT="GRAPHIC" WIDTH="480" HEIGHT="294">
  </B></FONT></P>

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<TABLE WIDTH="91%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="44%"><FONT SIZE=2>Trust</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>100.00</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>72.34</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>67.52</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>74.42</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>36.02</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>50.69</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="44%"><FONT SIZE=2>NAREIT</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>100.00</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>81.20</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>79.37</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>101.00</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>114.11</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>120.61</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="44%"><FONT SIZE=2>S&amp;P 500</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>100.00</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>132.49</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>146.20</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>144.88</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>121.49</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>93.52</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="44%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1/31/98</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1/31/99</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1/31/00</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1/31/01</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1/31/02</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1/31/03</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><B>Certain Transactions  </B></FONT></P>

<UL>

<P><FONT SIZE=2><I> Employment Agreement with Mr.&nbsp;Wirth  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Wirth has an Employment Agreement with the Trust, expiring in December&nbsp;2007. See "Compensation and Nominating Committee Report" above. </FONT></P>

<UL>

<P><FONT SIZE=2><I> Acquisition of InnSuites Hotels by the Trust  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;2000, InnSuites Hotels,&nbsp;Inc. ("InnSuites Hotels") and the Trust established independent review groups to consider altering the structure
of the management and operations of the Trust's hotels pursuant to the provisions of the REIT Modernization Act (the "RMA"). The RMA, among other things, permits the Trust to own the stock of a
taxable REIT subsidiary ("TRS") that may engage in businesses previously prohibited to the Trust, including leasing hotels, provided that such hotels are managed and operated by independent third
parties, as defined by the RMA. Effective February&nbsp;1, 2001, the Trust acquired all of the issued and outstanding common and preferred equity stock of InnSuites Hotels for $11,531 in cash
consideration and the assumption of approximately </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
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<A NAME="page_dg1357_1_9"> </A>

<P><FONT SIZE=2>$1.6&nbsp;million
of net liabilities. Prior to the acquisition, InnSuites Hotels was owned 23% by Marc E. Berg, Executive Vice President, Secretary, Treasurer and Trustee of the Trust, 9.8% by
InnSuites Innternational Hotels,&nbsp;Inc. ("InnSuites Innternational"), a wholly-owned affiliate of Mr.&nbsp;Wirth and his spouse, and 67.2% by unrelated parties. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the acquisition, InnSuites Hotels elected to be treated as a TRS under the RMA. As a result, the management contracts between InnSuites Hotels and InnSuites Innternational
relating to the Trust's eleven hotels were terminated effective January&nbsp;31, 2001 and new management contracts were entered into on substantially similar terms with Suite Hospitality
Management,&nbsp;Inc. (the "Management Company"), 9.8% of which is owned by Mr.&nbsp;Wirth and which qualifies as an independent third party manager and operator of the Trust's hotels under the
RMA. There were no termination fees charged in connection with the cancellation of the old management contracts. In exchange for its assumption of the management agreements, the Management Company
agreed to pay $911,320 to InnSuites Innternational in order for InnSuites Innternational to satisfy its liabilities. Effective February&nbsp;1, 2001, RRF Limited Partnership, the Trust's operating
partnership (the "Partnership"), InnSuites Hotels and the Management Company entered into an amended Intercompany Agreement whereby, subject to certain terms and conditions, the Partnership granted
InnSuites Hotels a right a first refusal to lease, and the Management Company a right of first refusal to operate, any real property acquired by the Partnership. In return, the Partnership was granted
a right of first refusal to pursue opportunities presented to InnSuites Hotels or the Management Company to purchase investments in real estate, hotel properties, real estate mortgages, derivatives or
entities that invest in any of the foregoing. In connection with the acquisition, the rate structures of the percentage leases for the Trust's hotels were amended to reflect current economic and
market conditions and the employees of InnSuites Hotels became employees of the Management Company. The acquisition of InnSuites Hotels by the Trust resulted in the following benefits: (1)&nbsp;a
more direct relationship between the Trust's hotels and the Trust, (2)&nbsp;the inclusion of InnSuites Hotels' revenues in excess of required rent payments in the Trust's consolidated financial
reports, (3)&nbsp;the elimination of potential conflicts of interest and (4)&nbsp;the reduction of certain administrative costs relative to the operation of the Trust's hotels and the
administration of the percentage leases. </FONT></P>

<UL>

<P><FONT SIZE=2><I> Management of Hotel Properties and Licensing Agreements  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Wirth derived, and in the future will derive, benefits from the management of the Trust's hotel properties by the Management Company and the license
agreements with the InnSuites Licensing Corp. (the "Licensing Corp."), an entity owned by Mr.&nbsp;Wirth. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to February&nbsp;1, 2001, InnSuites Hotels operated and managed all of the Trust's hotels, with the assistance of InnSuites Innternational. Pursuant to management contracts,
InnSuites Hotels paid InnSuites Innternational an annual management fee of 2.5% of gross revenues for property management services. Following the acquisition of InnSuites Hotels by the Trust effective
February&nbsp;1, 2001, InnSuites Hotels operates and manages the Trust's hotels with the assistance of the Management Company, pursuant to substantially the same terms as the InnSuites
Innternational management agreements. Effective February&nbsp;1, 2003, the annual management fee charged by the Management Company to InnSuites Hotels was reduced to 2.0% of gross room revenues.
This reduction will be effective through January&nbsp;31, 2005, when the annual management fee will return to the level stated in the original agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InnSuites
Hotels pays the Licensing Corp. an annual licensing fee of 2.5% of gross revenues (1.25% for those hotel properties which also carry a third-party franchise, such as Best
Western&reg; or Holiday Inn&reg;) for trademark and licensing services relating to the use of the InnSuites&reg; name and marks. The agreements were modified on
November&nbsp;1, 2002 to reduce the annual licensing fee to 2.0% of gross room revenues (1.0% for those properties which also carry a third-party franchise). The modification is in effect until
January&nbsp;31, 2005, when the trademark and licensing fees will return to the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
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<A NAME="page_dg1357_1_10"> </A>
<BR>

<P><FONT SIZE=2>levels
stated in the original agreement. Due to certain restrictions relating to the Trust's line of credit and term loan, the Management Company agreed to waive management fee payments and the
Licensing Corp. agreed to waive licensing fee payments for a period of five months from May&nbsp;1, 2002 through September&nbsp;30, 2002. The waived management and licensing fees were expensed and
recorded as a capital contribution due to the related party relationship between the Trust and the Management Company and the Licensing Corp. Subsequent to September&nbsp;30, 2002, the Trust made
payments for one month to the Management Company and made no payments to the Licensing Corp. </FONT></P>

<UL>

<P><FONT SIZE=2><I> Sale of Scottsdale, Arizona Property  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequent to fiscal year 2003, the Trust sold its Scottsdale, Arizona property to an affiliate of Mr.&nbsp;Wirth, Scottsdale Eldorado Resort, LLC, for its
February&nbsp;2003 appraised value of $3.1&nbsp;million. Scottsdale Eldorado Resort, LLC assumed $1.1&nbsp;million of the Trust's notes payable to Rare Earth
Financial, L.L.C., an affiliate of Mr.&nbsp;Wirth, assumed the Trust's $500,000 note payable to Capital Resource Lenders-I, L.L.C., an affiliate of Mr.&nbsp;Wirth, and paid the
$1.5&nbsp;million balance on the Trust's term loan with the lender to satisfy the purchase price. </FONT></P>

<UL>

<P><FONT SIZE=2><I> Related Party Loans and Advances to the Trust  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes and advances payable to related parties consist of funds provided by Mr.&nbsp;Wirth and other related parties to repurchase Partnership units and to fund
working capital and capital improvement needs. The aggregate amount outstanding was approximately $9.9&nbsp;million as of January&nbsp;31, 2003. The notes and advances payable to related parties
are as follows: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;27, 2000, the Trust purchased 311,326 of the Partnership's Class&nbsp;A limited partnership units from Steve Robson, Trustee of the Trust, for $750,000. The Trust made
an initial payment of $5,000 and issued a promissory note in the amount of $745,000. The promissory note is secured by the purchased Partnership units and bears interest at 7% per year. The unpaid
principal balance and accrued interest is amortized over 36&nbsp;months. The final payment is due August&nbsp;27, 2003. Beginning June&nbsp;1, 2001, the Trust and Mr.&nbsp;Robson agreed to
defer payments until March&nbsp;2002, when payments resumed as scheduled. Beginning May&nbsp;1, 2002, the Trust and Mr.&nbsp;Robson again agreed to defer payments until February&nbsp;2003,
when payments resumed as scheduled. The principal balance as of January&nbsp;31, 2003 was $553,449. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Wirth
made an unsecured loan to the Trust in the amount of $2&nbsp;million, bearing interest at 7% per year, effective March&nbsp;15, 1999. Interest only payments were due
annually beginning March&nbsp;15, 2000. A principal payment of $500,000 is due on March&nbsp;1, 2004. The remaining unpaid principal balance and accrued interest is due on March&nbsp;15, 2005.
The Trust used the proceeds to purchase general partner units in the Partnership. On September&nbsp;10, 2002, Mr.&nbsp;Wirth assigned his interest in this note to Rare Earth Financial, L.L.C., an
affiliate of Mr.&nbsp;Wirth. The principal balance as of January&nbsp;31, 2003 was $2,000,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Wirth
made a secured loan that replaced four outstanding unsecured loans to the Trust totaling $600,000. The promissory note is secured by second and third mortgages on the
Flagstaff and Scottsdale, Arizona hotels, respectively, as well as the Partnership's equity holdings in Baseline Hospitality Properties Limited Partnership, which owns the Tempe, Arizona hotel. The
secured consolidated promissory note from the Trust in the amount of $600,000, bearing interest at 7% per year, became effective August&nbsp;1, 2000. The unpaid principal balance and accrued
interest on the secured consolidated promissory note is due on July&nbsp;15, 2006. On September&nbsp;10, 2002, Mr.&nbsp;Wirth assigned his interest in this note to Rare Earth Financial, L.L.C.,
an affiliate of Mr.&nbsp;Wirth. The principal balance as of January&nbsp;31, 2003 was $600,000. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Wirth
made nine secured loans to the Trust in the total amount of $2,066,000, all bearing interest at 7% per year, effective varying from August&nbsp;15, 2000 to
April&nbsp;27, 2001. The Trust used the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
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<A NAME="page_dg1357_1_11"> </A>
<BR>

<P><FONT SIZE=2>proceeds
to acquire the Albuquerque, New Mexico hotel and to fund operations. The promissory note is secured by second and third mortgages on the Flagstaff and Scottsdale, Arizona hotels,
respectively, as well as the Partnership's equity holdings in Baseline Hospitality Properties Limited Partnership, which owns the Tempe, Arizona hotel. The unpaid principal balance and accrued
interest on the unsecured promissory note is due on July&nbsp;15, 2006. On September&nbsp;10, 2002, Mr.&nbsp;Wirth assigned his interest in this note to Rare Earth Financial, L.L.C., an
affiliate of Mr.&nbsp;Wirth. The principal balance as of January&nbsp;31, 2003 was $1,347,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;27, 2000, the Partnership repurchased 300,000 of the Trust's Shares of Beneficial Interest from Mr.&nbsp;Wirth and/or his affiliates, issuing ten secured promissory
notes in the aggregate amount of $720,000 and $3,000 cash. The promissory notes are secured by the repurchased shares and bear interest at 7% per year. The unpaid principal balances and accrued
interest are due at various dates ranging from August&nbsp;27, 2000 to July&nbsp;27, 2003. Beginning June&nbsp;1, 2001, the Trust and the noteholders agreed to defer payments until
March&nbsp;2002, when payments resumed as scheduled. Beginning March&nbsp;2002, the Trust and the noteholders again agreed to defer payments until May&nbsp;2003 when payments will resume as
scheduled. The principal balance as of January&nbsp;31, 2003 was $282,454. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rare
Earth Development Company, an affiliate of Mr.&nbsp;Wirth, made fifteen unsecured loans to the Trust in the total amount of $3,802,500, all bearing interest at 7% per year. The
Trust used the proceeds to fund operations. The unpaid principal balances and accrued interest were due on July&nbsp;15, 2002. However, the term of the loans were extended to July&nbsp;15, 2007.
On September&nbsp;10, 2002, Rare Earth Development Company assigned its interest in the note to Rare Earth Financial, L.L.C., an affiliate of Mr.&nbsp;Wirth. The principal balance as of
January&nbsp;31, 2003 was $3,802,500. Subsequent to fiscal year 2003, the Trust sold its Scottsdale, Arizona property to an affiliate of Mr.&nbsp;Wirth. In connection with the sale of the
Scottsdale property, $1.1&nbsp;million of this note was paid off using proceeds from such sale. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;1, 2002, Mr.&nbsp;Wirth received an unsecured promissory note from the Trust for interest due and payable totaling $158,667. The unsecured promissory note bears interest
at 7% per year and matures on March&nbsp;15, 2004. On January&nbsp;31, 2003, Mr.&nbsp;Wirth forgave the note and the Trust recognized a capital contribution of $158,667. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;15, 2002, Mr.&nbsp;Wirth received an unsecured promissory note from the Trust for interest due and payable totaling $200,153. The unsecured promissory note bears
interest at 7% per year and matures on July&nbsp;15, 2006. On January&nbsp;31, 2003, Mr.&nbsp;Wirth forgave the note and the Trust recognized a capital contribution of $200,153. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;15, 2002, Rare Earth Development Company, an affiliate of Mr.&nbsp;Wirth, received an unsecured promissory note from the Partnership for interest due and payable
totaling $311,809. The unsecured promissory note bears interest at 7% per year and matures on July&nbsp;15, 2007. On January&nbsp;31, 2003, Rare Earth Development Company forgave the note from the
Partnership and the Trust recognized its share of the $311,809 capital contribution. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;25, 2002, the Trust purchased 225,390 Class&nbsp;B Partnership Units in the Partnership from Hulsey Hotels Corporation, an affiliate of Mr.&nbsp;Wirth, for $439,511,
issuing a secured promissory note for $438,000 and $1,511 cash. The note is secured by the purchased units, bears interest at 7% per year and is amortized over 48&nbsp;months, with monthly principal
and interest payments beginning on April&nbsp;1, 2003. The principal balance as of January&nbsp;31, 2003 was $438,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;26, 2002, the Trust repurchased 118,513 Shares of Beneficial Interest in the Trust from Mr.&nbsp;Wirth for $231,100, issuing a secured promissory note for $230,000 and
$1,100 cash. The note is secured by the repurchased shares, bears interest at 7% per year and is amortized over 48&nbsp;months, with monthly principal and interest payments beginning on
April&nbsp;1, 2003. The principal balance as of January&nbsp;31, 2003 was $230,000. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
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<A NAME="page_dg1357_1_12"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;26, 2002, InnSuites Hotels purchased 65,000 Shares of Beneficial Interest in the Trust from Mr.&nbsp;Wirth for $126,750, issuing an unsecured promissory note for
$125,000 and $1,750 cash. The unsecured promissory note bears interest at 7% per year and is amortized over 48&nbsp;months, with monthly principal and interest payments beginning on April&nbsp;1,
2003. The principal balance as of January&nbsp;31, 2003 was $125,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;8, 2002, Capital Resource Lenders-I, L.L.C., an affiliate of Mr.&nbsp;Wirth, received a secured promissory note in the amount of $125,000 from the
Partnership. The promissory note is secured by the Scottsdale, Arizona hotel. The funds were used to pay down the term loan on the Scottsdale property. The secured promissory note bears interest at
the greater of 8.0% or the prime rate plus 0.5% per year, not to exceed 10.0% per year, with monthly payments based on a twenty year amortization with the remaining unpaid principal and interest due
on September&nbsp;30, 2009. The principal balance as of January&nbsp;31, 2003 was $125,000. Subsequent to fiscal year 2003, this note was paid in full using proceeds from the sale of the
Scottsdale, Arizona property. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital
Resource Lenders-I, L.L.C., an affiliate of Mr.&nbsp;Wirth, received three secured promissory notes in the amount of $287,750 from the Partnership with effective
dates ranging from November&nbsp;21, 2002 to January&nbsp;7, 2003. The promissory note is secured by the Scottsdale, Arizona hotel. The funds will be used to pay down the term loan on the
Scottsdale property. The secured promissory notes bears interest at the greater of 8.0% or the prime rate plus 0.5% per year, not to exceed 10.0% per year, with monthly payments based on a twenty year
amortization with the remaining unpaid
principal and interest due on September&nbsp;30, 2009. The principal balance as of January&nbsp;31, 2003 was $287,750. Subsequent to fiscal year 2003, this note was paid in full using proceeds
from the sale of the Scottsdale, Arizona property. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;31, 2003, Fort Worth/Dallas Suite Hospitality Partnership, an affiliate of Mr.&nbsp;Wirth, received an unsecured promissory note in the amount of $110,000 from the
Partnership. The Partnership used the proceeds to fund operations. The secured promissory note bears interest at 7.0% and matures on February&nbsp;5, 2003. The note was paid in full on
February&nbsp;5, 2003. The principal balance as of January&nbsp;31, 2003 was $110,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust paid interest on related party notes to Mr.&nbsp;Wirth and his affiliates in the amount of $28,373 for the twelve months ended January&nbsp;31, 2003. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
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<A NAME="page_dg1357_1_13"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1357_ownership_of_shares"> </A>
<A NAME="toc_dg1357_3"> </A>
<BR></FONT><FONT SIZE=2><B>OWNERSHIP OF SHARES    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information as of April&nbsp;21, 2003 in respect of any persons known to the Trust to be the beneficial owner of more than 5% of
the Shares and the number of Shares owned beneficially by each Trustee, nominee and executive officer, and the Trustees, nominees and executive officers as a group. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1357_five_percent_beneficial_owners__fiv03987"> </A>
<A NAME="toc_dg1357_4"> </A>
<BR></FONT><FONT SIZE=2><B>Five Percent Beneficial Owners and<BR>  Beneficial Ownership of Trustees, Nominees and Executive Officers    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="83%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="60%" ALIGN="LEFT"><FONT SIZE=1><B>Name<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="20%" ALIGN="CENTER"><FONT SIZE=1><B>Shares<BR>
Beneficially Owned</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" ALIGN="CENTER"><FONT SIZE=1><B>Percentage of Outstanding Shares</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="60%"><FONT SIZE=2><B>5% Beneficial Owners</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="60%"><FONT SIZE=2><BR>
Mason E. Andersen(1)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2><BR>
218,606</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10.44</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="60%"><FONT SIZE=2>Dan Z. Bochner(2)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>238,383</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>11.94</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="60%"><FONT SIZE=2>Lee J. Flory(3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>184,416</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>8.64</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="60%"><BR><FONT SIZE=2><B>Trustees, Nominees and Executive Officers</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="20%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="60%"><FONT SIZE=2><BR>
James F. Wirth(4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2><BR>
505,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2><BR>
24.69</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="60%"><FONT SIZE=2>Marc E. Berg(5)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>141,225</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>6.97</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="60%"><FONT SIZE=2>Edward G. Hill(6)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>39,852</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1.98</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="60%"><FONT SIZE=2>Steven S. Robson(7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>51,100</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>2.54</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="60%"><FONT SIZE=2>Peter A. Thoma(8)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>23,233</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1.56</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="60%"><FONT SIZE=2>Anthony B. Waters(9)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>16,333</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="60%"><FONT SIZE=2><BR>
Trustees, Nominees and Executive Officers as a group (six persons)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2><BR>
776,743</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2><BR>
36.26</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Consists
of 98,606 Class&nbsp;A Limited Partnership Units in the Partnership that are convertible at any time, at the option of the holder thereof, into Shares and 120,000 Shares
held by the Andersen Trust dated August&nbsp;27, 1980, of which Mr.&nbsp;Andersen and his spouse are co-trustees and income beneficiaries. The address for Mr.&nbsp;Andersen is 3024
West Sahuaro Drive, Phoenix, Arizona 85029.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Pursuant
to Amendment No.&nbsp;2 to Schedule&nbsp;13-D, dated December&nbsp;30, 1996, filed with the Securities and Exchange Commission on December&nbsp;31, 1996
by Mr.&nbsp;Bochner. The address for Mr.&nbsp;Bochner is 1618 Cotner Avenue, Los Angeles, California 90025.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Consists
of 118,344 Class&nbsp;A Limited Partnership Units in the Partnership that are convertible at any time, at the option of the holder thereof, into Shares, 20,000 Shares that
may be acquired within 60&nbsp;days of April&nbsp;21, 2003 pursuant to the exercise of stock options and 46,072 Shares. The address for Mr.&nbsp;Flory is 716 South 6th Avenue, La Grange,
Illinois 60525.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>Consists
of 50,000 Shares that may be acquired within 60&nbsp;days of April&nbsp;21, 2003 pursuant to the exercise of stock options and 455,000 Shares. These Shares are owned
jointly by Mr.&nbsp;Wirth and his spouse. Mr.&nbsp;Wirth and his spouse also own 5,000,974 Class&nbsp;B Limited Partnership Units in the Partnership, the conversion of which is restricted and
permitted only at the discretion of the Board of Trustees of the Trust. The address for Mr.&nbsp;Wirth is 1615 E. Northern Avenue, Suite 102, Phoenix, Arizona 85020.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD><FONT SIZE=2>Consists
of 30,000 Shares that may be acquired within 60&nbsp;days of April&nbsp;21, 2003 pursuant to the exercise of stock options and 111,225 Shares. The address for
Mr.&nbsp;Berg is 1615 E. Northern Avenue, Suite 102, Phoenix, Arizona 85020.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD><FONT SIZE=2>Consists
of 20,000 Shares that may be acquired within 60&nbsp;days of April&nbsp;21, 2003 pursuant to the exercise of stock options and 19,852 Shares. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
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<P><FONT SIZE=2><A
NAME="page_di1357_1_14"> </A> </FONT></P>

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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD><FONT SIZE=2>Consists
of 20,000 Shares that may be acquired within 60&nbsp;days of April&nbsp;21, 2003 pursuant to the exercise of stock options and 31,100 Shares.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD><FONT SIZE=2>Consists
of 13,333 Shares that may be acquired within 60&nbsp;days of April&nbsp;21, 2003 pursuant to the exercise of stock options and 9,900 Shares.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(9)</FONT></DT><DD><FONT SIZE=2>Consists
of 13,333 Shares that may be acquired within 60&nbsp;days of April&nbsp;21, 2003 pursuant to the exercise of stock options and 3,000 Shares.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Less
than one percent (1.0%). </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1357_section_16(a)_beneficia__di102045"> </A>
<A NAME="toc_di1357_1"> </A>
<BR></FONT><FONT SIZE=2><B>SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on Trust records and information, and upon representations from the reporting persons, the Trust believes that all Securities and Exchange Commission filing
requirements applicable to Trustees, executive officers and beneficial owners of more than 10% of a registered class of equity securities of the Trust under Section&nbsp;16(a) of the Securities
Exchange Act of 1934, as amended, for the fiscal year ended January&nbsp;31, 2003, were complied with. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1357_selection_of_independent_auditors"> </A>
<A NAME="toc_di1357_2"> </A>
<BR></FONT><FONT SIZE=2><B>SELECTION OF INDEPENDENT AUDITORS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustees have selected McGladrey&nbsp;&amp; Pullen, LLP as independent auditors to examine the books, records and accounts of the Trust for the fiscal year
ending January&nbsp;31, 2004. McGladrey&nbsp;&amp; Pullen were
the independent auditors of the Trust for the fiscal year ended January&nbsp;31, 2003 and is considered by the Trustees to be well qualified. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives
of McGladrey&nbsp;&amp; Pullen are expected to be present at the 2003 Annual Meeting with the opportunity to make a statement if they desire to do so and are expected to be
available to respond to appropriate questions. </FONT></P>

<P><FONT SIZE=2><B>Change in Independent Auditors  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;6, 2003, the Trust engaged McGladrey&nbsp;&amp; Pullen, LLP to act as the Trust's principal independent accountant to audit the Trust's financial
statements, replacing KPMG LLP which was dismissed as the Trust's principal independent accountant on the same date. The decision to change independent auditors was recommended and approved by the
Audit Committee of the Board of Trustees of the Trust. The Trust reported this change in independent auditors in a Current Report on Form&nbsp;8-K filed with the Securities and Exchange
Commission on January&nbsp;13, 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
reports of KPMG on the Trust's financial statements for the fiscal years ended January&nbsp;31, 2002 and 2001 did not contain an adverse opinion or a disclaimer of opinion and were
not qualified or modified as to uncertainty, audit scope or accounting principles. In connection with the audits of the Trust's financial statements for the fiscal years ended January&nbsp;31, 2002
and 2001, and in the subsequent interim period through January&nbsp;6, 2003, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure
or auditing scope and procedure which, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the matter in its report. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the audits of the Trust's financial statements for the fiscal years ended January&nbsp;31, 2002 and 2001, and in the subsequent interim period through
January&nbsp;6, 2003, there were no "reportable events" as that term is defined in Item 304(a)(1)(v)&nbsp;of Regulation&nbsp;S-K. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the fiscal years ended January&nbsp;31, 2002 and 2001, and in the subsequent interim period through January&nbsp;6, 2003, the Trust did not consult with McGladrey&nbsp;&amp;
Pullen regarding the application of accounting principles to a specified transaction, either completed or proposed, the type of audit </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>14</FONT></P>

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<A NAME="page_di1357_1_15"> </A>
<BR>

<P><FONT SIZE=2>opinion
that might be rendered on the Trust's financial statements or any of the matters described in the immediately preceding paragraphs. </FONT></P>

<P><FONT SIZE=2><B>Audit Fees  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate fees for professional services rendered by McGladrey&nbsp;&amp; Pullen for the audit of the Trust's annual financial statements for the fiscal year
ended January&nbsp;31, 2003 were $100,275. The aggregate fees for professional services rendered by KPMG for reviewing the interim financial statements included in the Trust's quarterly reports on
Form&nbsp;10-Q filed during the fiscal year ended January&nbsp;31, 2003 were $34,000. </FONT></P>

<P><FONT SIZE=2><B>Financial Information Systems Design and Implementation Fees  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No professional services were rendered to the Trust by McGladrey&nbsp;&amp; Pullen or KPMG during the fiscal year ended January&nbsp;31, 2003 in connection with
the design or implementation of financial information systems. </FONT></P>


<P><FONT SIZE=2><B>All Other Fees  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate fees for all other services rendered by McGladrey&nbsp;&amp; Pullen and KPMG during the fiscal year ended January&nbsp;31, 2003, other than the
services described in "Audit Fees" or "Financial Information Systems Design and Implementation Fees" above, were $32,000 and $2,250, respectively. These fees represent amounts paid for tax compliance
and tax consulting services. The Audit Committee of the Trust has considered whether the provision of non-audit services is compatible with McGladrey&nbsp;&amp; Pullen and KPMG maintaining
their respective independence from the Trust. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1357_other_matters"> </A>
<A NAME="toc_di1357_3"> </A>
<BR></FONT><FONT SIZE=2><B>OTHER MATTERS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustees know of no matters to be presented for action at the 2003 Annual Meeting other than those described in this Proxy Statement. Should other matters
come before the meeting, the Shares represented by proxies solicited hereby will be voted with respect thereto in accordance with the best judgment of the proxy holders. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1357_shareholder_proposals"> </A>
<A NAME="toc_di1357_4"> </A>
<BR></FONT><FONT SIZE=2><B>SHAREHOLDER PROPOSALS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a shareholder intends to present a proposal at the 2004 Annual Meeting, it must be received by the Trust for consideration for inclusion in the Trust's Proxy
Statement and form of proxy relating to that meeting on or before January&nbsp;20, 2004. A shareholder who wishes to present a proposal at the 2004 Annual Meeting, but not have such proposal
included in the Trust's Proxy Statement and form of proxy relating to that meeting, must notify the Trust of such proposal before April&nbsp;8, 2004. If notice of the proposal is not received by the
Trust by such date, then the proposal will be deemed untimely and the Trust will have the right to exercise discretionary voting authority and vote proxies returned to the Trust with respect to such
proposal. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1357_revocation_of_proxies"> </A>
<A NAME="toc_di1357_5"> </A>
<BR></FONT><FONT SIZE=2><B>REVOCATION OF PROXIES    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A proxy may be revoked at any time before a vote is taken or the authority granted is otherwise exercised. Revocation may be accomplished by the execution of a
later proxy with regard to the same Shares or by giving notice in writing to the Trust's Secretary or in an open meeting. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1357_solicitation_of_proxies"> </A>
<A NAME="toc_di1357_6"> </A>
<BR></FONT><FONT SIZE=2><B>SOLICITATION OF PROXIES    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the solicitation of proxies by mail, regular officers and employees of the Trust may solicit the return of proxies by mail, telephone, telegram or
personal contact, for which they will not </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

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<A NAME="page_di1357_1_16"> </A>
<BR>

<P><FONT SIZE=2>receive
additional compensation. The Trust will pay the cost of soliciting proxies in the accompanying form. The Trust will reimburse brokers or other persons holding Shares in their names or in the
names of their nominees for their reasonable expenses in forwarding proxy material to the beneficial owners of such Shares. </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2>By order of the Board of Trustees</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><BR>
MARC E. BERG<BR></FONT> <FONT SIZE=2><I>Secretary</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
May&nbsp;19, 2003</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><U>INNSUITES HOSPITALITY TRUST</U></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2>P R O X Y<BR>
THIS PROXY IS SOLICITED ON BEHALF OF<BR>
THE TRUSTEES</FONT></TD>
</TR>
</TABLE>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="38%"><FONT SIZE=2>PLEASE SIGN AND RETURN THIS PROXY WHETHER OR NOT YOU EXPECT TO ATTEND THE MEETING</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5><FONT SIZE=2>The undersigned hereby appoints JAMES F. WIRTH and ANTHONY B. WATERS as proxies, each with the full power to appoint his substitute, and hereby authorizes them to represent and to vote, as designated below, all the Shares
of Beneficial Interest of InnSuites Hospitality Trust held of record by the undersigned on April&nbsp;21, 2003 at the Annual Meeting of Shareholders to be held on June&nbsp;20, 2003 or at any adjournments thereof.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
1.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
Election of Trustee.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2>FOR&nbsp;the&nbsp;nominee&nbsp;listed&nbsp;below&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT><BR>
(except as marked to the contrary below)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2>WITHHOLD AUTHORITY&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT><BR>
to vote for nominee listed below</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
MARC E. BERG</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
(Instruction: To withhold authority to vote for any individual nominee, write that nominee's name on the space provided below.)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=5><BR><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="38%"><FONT SIZE=2>YOU MAY NEVERTHELESS VOTE IN PERSON IF YOU ATTEND</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>2.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>In his discretion, the proxy is authorized to vote upon such other business as may properly come before the meeting.</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>(Continued,
and to be signed, on the other side) </FONT></P>

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<P><FONT SIZE=2>THIS
PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR ITEM 1. </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>Please sign exactly as name appears below.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>When shares are held by joint tenants, both should sign. When signing as attorney, executor, administrator, trustee or guardian, please give full title as such. If a corporation, please sign in full corporate name by
President or other authorized officer. If a partnership, please sign in partnership name by authorized person.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Dated: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
2003</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><BR><HR NOSHADE><FONT SIZE=2> Signature</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><BR><HR NOSHADE><FONT SIZE=2> Signature if held jointly</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>Please
Sign and Return the Proxy Card Promptly </FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=20,EFW="2111666",CP="INNSUITES HOSPITALITY TRUST",DN="1",CHK=476162,FOLIO='blank',FILE='DISK018:[03MOC7.03MOC1357]MA1357A.;7',USER='VHILL',CD='19-MAY-2003;17:21' -->
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<P><br><A NAME="03MOC1357_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_be1357_1">NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_bf1357_1">PROXY STATEMENT</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_de1357_1">ELECTION OF TRUSTEE (Item 1 on the Proxy Card)</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de1357_2">AUDIT COMMITTEE REPORT</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_dg1357_1">COMPENSATION OF TRUSTEES AND EXECUTIVE OFFICERS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg1357_2">Aggregated Option Exercises in Fiscal Year 2003 and Fiscal Year-End Option Values</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg1357_3">OWNERSHIP OF SHARES</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg1357_4">Five Percent Beneficial Owners and Beneficial Ownership of Trustees, Nominees and Executive Officers</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_di1357_1">SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_di1357_2">SELECTION OF INDEPENDENT AUDITORS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_di1357_3">OTHER MATTERS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_di1357_4">SHAREHOLDER PROPOSALS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_di1357_5">REVOCATION OF PROXIES</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_di1357_6">SOLICITATION OF PROXIES</A></FONT><BR>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
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end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
