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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 announcement dated 24 January and renewals        
thereof on 08 March 2007 and 4 May 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                                                                
    21 June 2007                                                                
Designated Advisor                                                          
    Arcay Moela Sponsors (Proprietary) Limited                                  
                                                                                
Date: 21/06/2007 17:00:01 Produced by the JSE SENS Department.

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