ORION REAL ESTATE LIMITED - Cautionary Announcement

Cautionary Announcement

ORION REAL ESTATE LIMITED
Approved as a REIT by the JSE
(Incorporated in the Republic of South Africa)
(Registration number: 1997/021085/06)
Share Code: ORE ISIN: ZAE000201695
("Orion Real Estate" or “the Company”)

CAUTIONARY ANNOUNCEMENT


Shareholders are advised that Orion has identified that the first distribution to shareholders
since the transition of the Company to a REIT has not yet been made. The distribution was
erroneously not made within the six month period in terms of the JSE Listings Requirements
following the passing of the Financial Director during the Company’s transition to a REIT and
the belief that the JSE REIT status only applied from 1 July 2015. This bona fide error has now
been identified and reported to the JSE by the Company and the Company is in discussions
with the JSE and will be approaching SARS to seek to regularise the matter.

Orion was granted REIT status by the JSE with effect from 10 April 2015 in line with the REIT
structure as provided for in the Income Tax Act, 58 of 1962, as amended from time-to-time
(the “Income Tax Act”) and section 13 of the JSE Listings Requirements. The JSE approved
Orion’s status as a REIT provided that after 1 July 2015 the ratio of the company’s total
consolidated liabilities to total consolidated assets must be based on the total consolidated
liabilities as reflected in the IFRS financial statements and no separate adjustment may be
made for any debentures. This condition was met and the Company properly prepared its
Annual Financial Statements and filed its tax returns as a REIT for the year ended 30 June
2015.

Accordingly, shareholders are advised to exercise caution until a further announcement is
made.

By order of the board
Johannesburg

3 October 2016

Sponsor
Arbor Capital Sponsors Proprietary Limited

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