Revised Trading Updated 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”) REVISED 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 expected headline earnings per linked unit reported on 21 September 2012 were revised and the expected improvement from (0.58) to an expected 1.02 cents were revised after taking into account Circular 3/2012 - Headline earnings requires interest and any adjustments related to linked debentures units to be taken into account when calculating headline earnings. This adjustment was processed against both the current and prior year’s previously issued financial statements and illustrated below: 2011 Headline loss previously reported (3 638 173) Adjusted for: Add back of linked debenture interest 5 700 000 Headline earnings restated 2 061 827 Headline loss per linked unit (cents) Previously reported (0.58) Restated headline earnings per Linked unit (cents) 0.33 Headline earnings per linked unit weakened from 0.33 cents in 2011 to 0.07 cent in 2012. Johannesburg 28 September 2012 Sponsor Arcay Moela Sponsors Proprietary Limited Date: 28/09/2012 03:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.