Voluntary Update on Suspension 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”) VOLUNTARY UPDATE ON SUSPENSION In accordance with paragraph 1.6 of the JSE Listings Requirements which deals with the suspension of a company’s securities by the Johannesburg Stock Exchange (“JSE”), shareholders are provided with an update on the Company’s status below. As announced on 1 November 2018, the finalisation and release of the Company’s Annual Financial Statements is taking longer than expected partly due to the Company receiving a pro active monitoring review on its annual financial statements for the year ended 30 June 2017. The Company and auditors want to ensure that all matters are properly addressed where appropriate. Shareholders are advised that the Company expects to receive final sign off from the Auditors by 14 December 2018. Once the audited results have been published and the Annual Report posted to shareholders, the Company will apply to the JSE for the lifting of the suspension of its securities. By order of the board Johannesburg 30 November 2018 Sponsor Arbor Capital Sponsors Proprietary Limited Date: 30/11/2018 03:55:00 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.