Quarterly Update Suspension ORION REAL ESTATE LIMITED Approved as a REIT by the JSE (Incorporated in the Republic of South Africa) (Registration number: 1997/021085/06) Share Code: ORE ISIN: ZAE000201695 ("Orion Real Estate" or “the Company”) QUARTERLY UPDATE ON SUSPENSION In accordance with paragraph 1.6 of the JSE Listings Requirements which deals with the suspension of a company’s securities by the Johannesburg Stock Exchange (“JSE”), shareholders are provided with an update on the Company’s status below. The Company changed its auditors during February 2019 due to a breakdown in the relationship and the Company’s inability to ascertain a date for the completion of the audit by the former auditors. The Company published its audited results on SENS on 9 May 2019 and its interim results for the 6 months ended 31 December 2018 on SENS on 17 May 2019. The Annual Report was posted to shareholders and the AGM has been held. The Company has applied for the lifting of its suspension and also met directly to discuss this issue with the JSE and has had numerous email and telephonic conversations via our Sponsors with the JSE on this issue. A number of subsequent requests for additional disclosures and other information have been made by the JSE over the past three months, which the Company has addressed timeously and completely. The JSE has since requested a detailed root cause analysis primarily on previous restatements over the past six years from 2013 from the Audit and Risk Committee (ARC), which was provided to the JSE. It should be noted that the previous restatements were not due to issues with the control environment but mostly with once off events, changes in industry reporting, the conversion to a REIT or IFRS interpretations. Unfortunately, the passing of two previous Financial Directors, the changes in the ARC composition during this period, as well as the recent office move, has had an impact on the ability to access the older information and establish the root cause and steps taken at the time. The JSE has raised additional queries on this analysis, which will be addressed in due course to the extent that information can be located for 2013 to 2015. In the interim, the Company has taken a decision to ask shareholders to approve the delisting of the Company by way of a Scheme of Arrangement following the loss of the REIT status. A further announcement will be made in due course in this regard. Johannesburg 2 September 2019 Sponsor Arbor Capital Sponsors Proprietary Limited Date: 02/09/2019 02:49:00 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.