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ORE
 ORE                                                                             
Orion Real Estate Limited:  Appointment of Managing Director                    
ORION REAL ESTATE LIMITED                                                       
(Formerly Alpina Investments Limited)                                           
(Incorporated in the Republic of South Africa                                   
Registration number 1997/021085/06                                              
Share code: ORE & ISIN ZAE000075651                                             
("Orion")                                                                       
APPOINTMENT OF MANAGING DIRECTOR                                                
In compliance with rule 3.59 of the Listing Requirements of the JSE Limited, the
following information is disclosed:                                             
Mr F Gmeiner was appointed Managing Director of Orion Real Estate Limited on 29 
March 2006.                                                                     
Clive Kneale                                                                    
CORPORATE GOVERNANCE FACILITATORS CC                                            
CHARTERED SECRETARIES                                                           
Reg No. 2002/069802/23                                                          
Company Secretary to Orion Real Estate Limited                                  
Tel:  011 794 2348                                                              
FAX NO:   (011) 794 2710                                                        
TEL NO:   (011) 794 2348                                                        
E-MAIL:          cdkneale@mweb.co.za                                            
P O BOX 279                                                                     
RANDPARK RIDGE                                                                  
2156, SOUTH AFRICA                                                              
Date:     29 MARCH 2006                                                         
Date: 29/03/2006 03:33:06 PM Produced by the JSE SENS Department                
                                                                                
                                                                                

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