Delay in Posting of Circular 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”) DELAY IN POSTING OF CIRCULAR Shareholders are referred to the SENS announcement released on 18 May 2016 detailing the acquisition of Safari Lodge, a specific issue of shares for cash and the Company’s intention to establish a domestic medium-term note programme. Shareholders are also referred to the announcement released on 8 June 2016 regarding the passing of Mr AB Old. Shareholders are advised that the posting of the circular has been delayed owing to the untimely passing of Mr Old, who was instrumental in providing the financial information to be included in the circular. The information has subsequently been received, the circular has been submitted to the JSE and an application for an extension of the date of posting of the circular has been made to the JSE. As such, it is expected that the circular will be posted to shareholders by mid-August 2016. A further announcement will be made once the circular has been finalised. By order of the board Johannesburg 19 July 2016 Sponsor Arbor Capital Sponsors Proprietary Limited Date: 19/07/2016 07:05:00 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.