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ORE
 ORE                                                                             
ORE - Orion Real Estate Limited - Renewal of Cautionary Announcement            
Orion Real Estate Limited                                                       
(formerly Alpina Investment Holdings Limited)                                   
Incorporated in the Republic of South Africa)                                   
(Registration number: 1997/021085/06)                                           
Share Code: ORE                ISIN: ZAE000075651                               
("Orion Real Estate" or "the company")                                          
RENEWAL OF CAUTIONARY ANNOUNCEMENT                                              
Further to the cautionary announcements dated 24 January and 08 March 2007,     
shareholders are advised that negotiations are still in process which, if       
successfully concluded may have a material effect on the price at which the     
company`s securities trade on the JSE Limited. Shareholders are advised to      
continue to exercise caution when dealing in the company`s securities until a   
full announcement is made.                                                      
Johannesburg                                                                    
09 May 2007                                                                     
Designated Advisor                                                              
Arcay Moela Sponsors (Proprietary) Limited                                      
Date: 09/05/2007 16:51:01 Produced by the JSE SENS Department.

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