Reportable Irregularity ("RI") - Section 45 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” or “the Group”) REPORTABLE IRREGULARITY (“RI”) – SECTION 45 Shareholders are advised that a Reportable Irregularity has been reported in relation to the advancing of loans to related parties in accordance with s45 of the Companies Act, 2008 (Act 71 0f 2008) (“the Act”). As announced on 11 October 2018, shareholders are advised that the Company had shareholder approval in place but did not have the specific Board resolutions in place as the Group runs a cash clearing / treasury function on a daily basis. In order to address the RI, the Board passed a resolution to ratify and approve advances to the extent possible and has also approved this going forward. The Board also prepared an analysis of the solvency and liquidity of the Group for the historical period in order to support the resolution. A SENS announcement was published on 11 October 2018 in this regard. However, this may not cure the RI from an historical perspective and the Company will be disclosing this in its results announcement and Director’s report in the Annual Financial Statements for the year ended 30 June 2018. JOHANNESBURG 13 December 2018 Sponsor Arbor Capital Sponsors Proprietary Limited Date: 13/12/2018 03:31:00 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.