ORE - Orion Real Estate Limited - Trading update

ORE - Orion Real Estate Limited - Trading update                                
ORION REAL ESTATE LIMITED                                                       
Incorporated in the Republic of South Africa)                                   
(Registration number: 1997/021085/06)                                           
Share Code: ORE ISIN: ZAE000075651                                              
("Orion Real Estate" or "the company")                                          
TRADING UPDATE                                                                  
In terms of paragraph 3.4(b)(i) of the Listings Requirements of the JSE         
Limited, listed companies are required to publish a trading statement as        
soon as they become reasonably certain that the financial results for the       
next period to be reported on will be more than 20% different from those of     
the previous corresponding period or from a profit forecast previously          
provided to the market in relation to such period.                              
The board would like to advise shareholders that the basic earnings per         
linked unit have decreased from 8.40 cents at 30 June 2010 to approximately     
(0.32) cents for the year ending 30 June 2011. The decrease was due to very     
tight trading conditions and the subdued economy. The total value of the        
property portfolio showed very little positive movement. In addition, a         
sharp increase in direct property operational costs has also eroded profits.    
The expected headline earnings per linked unit is also expected to drop         
from.03 cents at 30 June 2010 to approximately (.60) cents for the year         
ended 30 June 2011 due to the less than expected growth in income and the       
increase in utility costs.                                                      
Johannesburg                                                                    
13 September 2011                                                               
Sponsor                                                                         
Arcay Moela Sponsors (Proprietary) Limited                                      
(Registration number 2006/033725/07)                                            
Date: 13/09/2011 16:12:01 Supplied by www.sharenet.co.za                     
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