Renewal of Cautionary Announcement ORION REAL ESTATE LIMITED Incorporated in the Republic of South Africa) (Registration number: 1997/021085/06) Share Code: ORE ISIN: ZAE000075651 ("Orion " or “the Company” or “the Group”) RENEWAL OF CAUTIONARY ANNOUNCEMENT PROMENADE SHOPPING CENTRE (“Promenade”) Shareholders are referred to the detailed cautionary announcement published on 7 February 2019 whereby they were advised that the Orion Property Holding Trust (“the Seller”), a trust which holds the properties managed by Orion Real Estate on behalf of the Company and for the benefit of the Company had signed an agreement, subject to certain conditions precedent, for the disposal of the rental enterprise, constituting the property known as the Promenade Shopping Centre, situate at Remaining Extent of Erf 404, Nelspruit (“the Property”) and the leases managed by the Company in respect thereof (the “Disposal”), as a going concern to Flameup Investments Proprietary Limited. The Seller has accepted Flameup’s Offer to purchase the Property for a consideration of R185 million, inclusive of VAT at 0%. Flameup is not a related party to the Seller and is represented by its Chief Executive Officer Selwyn Smith. Shareholders are hereby advised that the due diligence is still ongoing and certain conditions precedent still need to be met. A further announcement will be made in due course. ORION HOUSE ENTERPRISE Shareholders are referred to the detailed cautionary announcement published on 26 February 2019 whereby they were advised that the Company has received an offer from Braamby Trading Proprietary Limited (“Braamby” and the Trustees for the time being of the Truzen 130 Trust (“Truzen”), (collectively the “Purchaser”) to purchase the property known as Orion House, situated at 49 Jorissen Street, Johannesburg, Gauteng (“the Property”) and the leases managed by the Company in respect thereof (together the “Disposal”). Truzen is associated with Zenprop Property Holdings Proprietary Limited and neither Braamby nor Truzen are related parties to Orion. Shareholders are hereby advised that final terms are still being negotiated and conditions precedent still have to be met. A further announcement will be made in due course. RENEWAL OF CAUTIONARY ANNOUNCEMENT Shareholders are also referred to the renewal of cautionary announcement on 5 February 2019 regarding the legal proceedings against the Company, which have been opposed by Orion. Accordingly, shareholders are advised to continue to exercise caution when dealing in their securities until a further announcement is made. JOHANNESBURG 26 March 2019 Sponsor Arbor Capital Sponsors Proprietary Limited Date: 26/03/2019 03:47:00 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.