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ORE
 ORE                                                                             
Orion Real Estate Limited - Further Cautionary Announcement                     
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")                                                                       
FURTHER CAUTIONARY ANNOUNCEMENT                                                 
Linked unit holders are referred to the cautionary announcement released on SENS
on 28 March 2006 and published in the press on 29 March 2006 and are advised    
that the negotiations referred to therein are ongoing.  Linked unit holders are 
accordingly advised to continue to exercise caution in dealing with their linked
units in Orion until a further announcement is made.                            
Sponsor                                                                         
Imara Corporate Finance                                                         
Corporate advisor                                                               
Bishop Corporate Finance                                                        
10 may 2006                                                                     
Date: 10/05/2006 11:25:07 AM Produced by the JSE SENS Department                
                                                                                
                                                                                

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