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COO MESSAGE – YEAR-END

As the 2026 calendar year draws to a close, here is an update on our business and the progress made during the year.

Retail Portfolio Update

2026 has been a year of change in retail, and we have embraced these changes and adapted successfully to the current retail environment.

Promenade Shopping Centre remains the flagship of our retail portfolio and continues to exceed our expectations. Footfall is up 30% year on year, and trading densities continue to grow across all categories. Standard Bank will open its new full-service branch in December, a confident step for in-person banking services. Capitec also opened two additional ATMs at the centre, bringing its total to four. We will continue to closely manage this strategic asset and improve its overall performance in 2027.

Primrose Mall has completed its phase 2 redevelopment, and we will conclude the renovations with the opening of the Local Kota Eatery and a national homeware tenant in the 2nd quarter of 2027.

Wendywood Centre’s phase 2 retail development has gained traction, and construction and letting activities are on track for completion in the 3rd quarter of 2027.

1 on First’s redevelopment remains on track, and the business rescue plan has been implemented and is being actively managed. We remain confident that this asset will be transferred back onto our balance sheet before the 2027 financial year-end.

Residential Portfolio

Our office-to-residential conversion strategy remains on track, and we achieved some key milestones during 2026. Promenade Place in Nelspruit and 1 on Daphny in Sandton remain fully let, with waiting lists at both properties. This confirms that our strategy is working, and we have four developments in the pipeline at various stages of redevelopment:

• Northcliff Atrium, 117 units: construction is progressing well, and we are confident of a 4th quarter 2027 opening.
• 72 Voortrekker, 48 units redevelopment: we are awaiting all council approvals for construction to commence, with a planned 3rd quarter 2027 opening.
• Bramley Place, 48 units redevelopment: we are reviewing the feasibility of this project.
• 269 Kent, Randburg, 241 units redevelopment: currently in the feasibility stage and under review.

Our strategy remains on track to reach 500 lettable units in our residential portfolio by 2028.

Office Portfolio Update

ACA Krans, our flagship office in Auckland Park, was placed onto the Orion Advantage marketing strategy in 2026. We remain confident that this marketing and leasing drive will improve the property’s occupancy levels. We also completed a comprehensive maintenance and access control upgrade during 2026.

The Promenade office portfolio remains a focus and is part of the mixed-use Promenade Shopping Centre strategy of live, work, and play. We successfully concluded deals with AVBOB and ImaliVision in 2026, with occupation planned for the 1st quarter of 2027. Our Regus Business Centre continues to grow and produce good profits, and an additional conference and meeting room is currently under construction for 2027.

Industrial Portfolio Update

Our industrial portfolio continued to deliver good results during 2026. Most leases due in 2027 are on track to be renewed, and we continue with maintenance and upgrades across the properties.

Closing Remarks

2026 was another successful and record year for the Group. None of this is possible without a dedicated team of motivated and committed people. I would like to thank the entire team:

• The construction teams at all the developments;
• The Maintenance and Projects Team, who look after our valued tenants and maintain our properties;
• Our Property and Portfolio Management Teams, who continually look for ways to improve our properties;
• Our Property Administration Team, who collect our rentals and manage our lease administration;
• Our Leasing Team, who source new tenants and retain existing ones;
• Our Accounts Team, who produce quality management accounts and pay our creditors on time;
• Our Marketing Team, who continue to build the Orion brand and market our properties;
• Our Security, Cleaning, and Gardening Teams, whose commitment and dedication do not go unnoticed;
• And our Professional Team, who support all our developments.

Thank you for your continued and valued support during 2026. I wish you all a prosperous 2027 and a safe and happy holiday season.