Trading Statement 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 STATEMENT In terms of paragraph 3.4(b)(i) of the Listings Requirements of the Johannesburg Stock Exchange, 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 and diluted earnings per share have increased from 6.37 cents for the year ended 30 June 2014 to approximately 17.52 cents for the year ended 30 June 2015, an increase of 175%. The increase was mainly due to the conversion to a Real Estate Investment Trust (REIT). The headline and diluted headline earnings per share have decreased from 1.44 cents for the year ended 30 June 2014 to a headline loss per share of -0.57 cents for the year ended 30 June 2015, a decrease of 176%. This decrease was due to the deferred tax reversals in profit and loss as part of the REIT conversion. Johannesburg 28 September 2015 Sponsor Arbor Capital Sponsors Proprietary Limited Date: 28/09/2015 04:20:00 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.