Correction announcement re the comparative HEPS and diluted HEPS figures for year ended 30 June 2015 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”) CORRECTION ANNOUNCEMENT REGARDING THE COMPARATIVE HEADLINE EARNINGS PER SHARE AND DILUTED HEADLINE EARNINGS PER SHARE FIGURES FOR THE YEAR ENDED 30 JUNE 2015 An error was made in the comparative information in preparing the Group’s condensed unaudited interim financial results announcement for the six months ended 31 December 2015 published on 30 March 2016. The comparative Headline Earnings per Share and Diluted Headline Earnings per Share figures for the year ended 30 June 2015 were incorrectly reported as 17.52 cents and 17.51 cents respectively. These figures were correctly reported in the audited results announcement published on 29 September 2015. The correct comparative figures for 30 June 2015 are contained in the Earnings per share table below: Unaudited Unaudited 6 months ended 6 months ended Audited 31 December 31 December year ended 2015 2014 30 June 2015 Earnings per share Basic earnings per share (cents) 0.80 0.66 17.52 Diluted earnings per share (cents) 0.80 0.66 17.51 Headline earnings/(loss) per share 0.80 0.75 (0.57) Diluted (cents) headline earnings/(loss) per share (cents) 0.80 0.58 (0.57) Weighted average shares in issue 627 009 822 627 009 822 627 009 822 Shareholders are further advised that the results published on 30 March 2016 were presented in accordance with SAICA Financial Reporting Guides. JOHANNESBURG 15 April 2016 Sponsor Arbor Capital Sponsors Proprietary Limited Date: 15/04/2016 01:50:00 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.