Further Trading Statement ORION REAL ESTATE LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1997/021085/06) Share Code: ORE ISIN: ZAE000201695 ("Orion Real Estate" or “the Company”) FURTHER TRADING STATEMENT In terms of paragraph 3.4(b)(i) of the Listings Requirements of the Johannesburg Stock Exchange (“JSE”), 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. Further to the initial trading statement issued on 29 September 2016, shareholders are advised that the Company’s overall financial results for the year ended 30 June 2016 are expected to decrease by approximately 98% to approximately 0.33 cents per share from 17.52 cents earnings per share for the year ended 30 June 2015. The headline loss per share is expected to increase by more than 100% to around (2.78) cents per share from a headline loss of (0.57) cents per share for the prior year ended 30 June 2015 due to an adjusting event after the end of the reporting period. The information on which this announcement has been based has not been reviewed or reported on by the group’s auditors. The Company expects to publish its results on 31 October 2016. Johannesburg 28 October 2016 Sponsor Arbor Capital Sponsors Proprietary Limited Date: 28/10/2016 05:30:00 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.