ORION REAL ESTATE LIMITED - Supplementary announcement to the unaudited results for the 6 months ended 31 December 2018

Supplementary announcement to the unaudited results for the 6 months ended 31 December 2018

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

SUPPLEMENTARY ANNOUNCEMENT TO THE UNAUDITED RESULTS FOR THE 6 MONTHS ENDED
31DECEMBER 2018

Shareholders are referred to the interim results announcement published on 17 May 2019. It was
noted that the results had been restated for the period ended 31 December 2017. This restatement
arose as a result of the restatement of the results for the year ended 30 June 2017 as fully detailed in
the announcement published on 9 May 2019.

Details of the impact of the restatement of the interim results for the six months ended 31 December
2017 are set out below:

1.    Restatement of prior year results

      Interest on shareholder loan - prior period error
      During the 2018 audit it was decided to raise interest on loans to shareholder for 2016 and 2017
      at repo rate plus 1% on the year-end balance.

      Effect on the Statement of Financial            As previously
      Position                                             reported      Adjustments      As restated
      31 December 2017
      Statement of Financial Position
      Equity
      Retained earnings                                (487 324 779)      (1 407 680)    (488 732 459)
      Loans to shareholder                               44 686 474        1 407 680       46 094 154
      Net effect                                       (442 638 305)               -     (442 638 305)

By order of the board

Johannesburg
23 May 2019

Directors:
RS Wilkinson* DK Mthembu** AC Gmeiner* F Gmeiner (CEO)# TFJ Oosthuizen** A Ritzlmayr#
Independent non-executive** Non-executive* Executive#

Company secretary and registered office                                             Transfer office
Corporate Governance Facilitators CC            Computershare Investor Services Proprietary Limited

Registered office                                                                            Sponsor
Registered office and business address                     Arbor Capital Sponsors Proprietary Limited
16th Floor, Orion Real Estate Limited House
49 Jorissen Street
Braamfontein
Johannesburg, 2017

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