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ORE
 ORE                                                                             
ORE - Orion Real Estate Limited - 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")                                          
CAUTIONARY ANNOUNCEMENT                                                         
Shareholders are advised that the company has entered into negotiations, which  
if successfully concluded may have a material effect on the price of the        
company`s securities.  Accordingly, shareholders are advised to exercise caution
when dealing in the company`s securities until a full announcement is made.     
Johannesburg                                                                    
24 January 2007                                                                 
Sponsor                                                                         
Arcay Moela Sponsors (Proprietary) Limited                                      
Date: 24/01/2007 10:13:01 Produced by the JSE SENS Department.

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