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 31 DECEMBER 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 Statement of Comprehensive Income for the six months ended 31 December 2017 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. Accordingly, interest income of R1 407 680 was recognised for the six months ended 31 December 2017, with a tax effect of Rnil. This also resulted in a change to the earnings and headline earnings per share. A summary of the line items affected is presented below: Statement of Comprehensive Income for the As previously period ended 31 December 2017 reported Adjustments As restated Finance income 2 145 863 1 407 680 3 553 543 Taxation - - - Profit after taxation 8 099 871 1 407 680 9 507 551 Per share information: Basic earnings per share (cents) 1.29 0.23 1.52 Headline earnings per share (cents) 1.29 0.23 1.52 2. Restatement of Statement of Financial Position as at 31 December 2017 The above adjustment had the following impact on the Statement of Financial Position: Statement of Financial Position - 31 As previously December 2017 reported Adjustments As restated 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 28 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 Date: 28/05/2019 05:28:00 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.