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Fri 19 Jan 2007, 7:07 PAP - Pangbourne Properties Limited - Trading upda
PAP
 PAP                                                                             
    PAP - Pangbourne Properties Limited - Trading update                        
    Pangbourne Properties Limited                                               
    (Registration number: 1987/002352/06)                                       
ISIN: ZAE000005252   &   Share Code: PAP                                    
    ("Pangbourne" or "the company")                                             
    Trading update                                                              
    Pangbourne unitholders are advised that the board of directors of the       
company expects that the distribution per combined unit for the six month   
    period from 1 July to 31 December 2006 will be 10% to 11% greater than the  
    distribution per combined unit for the period 1 July to 31 December 2005,   
    showing double digit growth for the first time since 1998.                  
The above financial information has not been reviewed and reported on by    
    the company`s auditors in accordance with paragraph 3.4(b)(vi)(1)(bb) of    
    the Listings Requirements of JSE Limited.                                   
    Further, attention is drawn to the trading update published by Calulo       
Property Fund Limited ("Calulo") today. Pangbourne unitholders are advised  
    that Calulo`s financial performance for the six month period ended 31       
    December 2006 will be immaterial to Pangbourne`s distribution per combined  
    unit for the same period.                                                   
Craighall                                                                   
    19 January 2007                                                             
                                                                                
    Sponsor                                                                     
Standard Bank                                                               
Date: 19/01/2007 07:07:01 Produced by the JSE SENS Department.
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