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 Shareholders are referred to the detailed cautionary announcement published on 24 May 2019 and advise as follows: UPDATE ON THE DISPOSAL OF ORION HOUSE Shareholders are advised that the transfer of the property has been concluded and Orion has moved its Head Office to 26 Wellington Road in Parktown as per the SENS announcement dated 1 July 2019. RENEWAL OF CAUTIONARY ANNOUNCEMENT The Company remains under cautionary for the eight remaining property acquisitions and the Investec liquidation per the 5 April 2019 SENS announcement. As previously announced, the application for the liquidation of Orion by Investec is being opposed by Orion. To this end shareholders are advised that the condition precedent for Investec to accept R75 million of the proceeds from the sale of Orion House has been met and that payment of the amount was made around 20 June 2019. A further announcement will be made in due course. Accordingly, shareholders are advised to exercise caution when dealing in their securities until a further announcement is made. JOHANNESBURG 8 July 2019 Sponsor Arbor Capital Sponsors Proprietary Limited Date: 08/07/2019 04:05:00 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.