Further 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”) REVISED TRADING STATEMENT Shareholders are referred to the trading statement published on SENS on 16 November 2017 (“the Original Trading Statement”). In terms of paragraph 3.4(b)(iv) of the Listings Requirements of the Johannesburg Stock Exchange, shareholders are advised of the following revised figures for the year ended 30 June 2017: - basic and diluted loss per share of 0.78 cents per share (the Original Trading Statement reported 0.62 cents loss per share) which is a reduction of 336% when compared to the basic and diluted earnings per share of 0.33 cents reported for the corresponding year ended 30 June 2016; and - headline and diluted headline loss per share of 6.95 cents per share (the Original Trading Statement reported 1.24 cents earnings per share) which is a reduction of 150% when compared to the headline loss per share of 2.78 cents reported for the corresponding year ended 30 June 2016. This reduction was due to the loss of control in Elma Park Proprietary Limited and the downwards adjustment of the undeveloped land. The above information has not been reviewed or reported on by the Company’s auditors and the Company’s results for the year ended 30 June 2017 are expected to be published on or about 1 December 2017. Johannesburg 30 November 2017 Sponsor Arbor Capital Sponsors Proprietary Limited Date: 30/11/2017 10:27:00 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.