ORION REAL ESTATE LIMITED - Trading Statement

Trading Statement

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

TRADING STATEMENT

In terms of paragraph 3.4(b) of the Listings Requirements of the Johannesburg Stock
Exchange, a listed company is required to publish a trading statement as soon as a
reasonable degree of certainty exists that the financial results for the next period to
be reported on will differ by at least 20% from those of the previous corresponding
period.

Shareholders are accordingly advised that a reasonable degree of certainty exists
that, for the twelve months ended 30 June 2019, the Company will report:

- a loss per share of 16.32 cents compared to the earnings per share of 2.35 cents
  for the twelve months ended 30 June 2018, a decline of 794%; and
- a headline loss per share of 17.35 cents compared to the headline earnings per
  share of 1.48 cents for the twelve months ended 30 June 2018, a decline of
  1 272%.

The decline in earnings is mainly attributable to the recognition of a deferred tax
charge for the increase in the fair value of investment properties, as a result of the
removal of the Company’s REIT status, as previously announced.

The information on which this announcement has been based has not been
reviewed or reported on by the Group’s auditors.

The results for the twelve months ended 30 June 2019 will be published on SENS on or
about 30 September 2019.

Johannesburg
26 September 2019


Sponsor
Arbor Capital Sponsors Proprietary Limited

Date: 26/09/2019 02:47:00
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