ORION EQUITIES LIMITED — Interim / Quarterly Report 2003

May 6, 2003

April 2003 Monthly Cash Flow Report

Name of entity CENTRAL EXCHANGE LIMITED ACN or ARBN Month Ended ("Current Month") 000 742 843 30 April 2003 Consolidated statement of cash flows Current Month Year to Date Apr 2003 10 months $$'000$ \$' 000 Cash flows related to operating activities $1.1$ 1 42 Receipts from customers $1.2$ Payments for $(240)$ (a) staff costs $(28)$ (b) advertising and marketing $\overline{a}$ (c) research and development (d) leased assets $(137)$ (e) other working capital $(26)$ Dividends received $1.3$ Interest and other items of a similar nature received $\overline{2}$ 28 $1.4$ $1.5$ Interest and other costs of finance paid $1.6$ Income taxes paid $1.7$ Other (provide details if material) (a) Costs in relation to telecommunications network $(3)$ $(190)$ $(497)$ Net operating cash flows $(54)$

		Current Month	Year to Date
		Apr 2003	10 months
		\$'000	\$' 000
1.8	Net operating cash flows (carried forward)	(54)	(497)
	Cash flows related to investing activities
1.9	Payment for acquisition of:
	businesses (item 5) (a)
	equity investments (b)
	intellectual property (c)
	physical non-current assets (d)
	other non-current assets (e)		(42)
1.10	Proceeds from disposal of:
	(a) businesses (item 5)
	(b) equity investments		17
	intellectual property (c)
	physical non-current assets (d)
	other non-current assets (e)
1.11	Loans to other entities
1.12	Loans repaid by other entities
1.13	Other (provide details if material)
	Net investing cash flows		(25)
1.14	Total operating and investing cash flows	(54)	(522)
	Cash flows related to financing activities
1.15	Proceeds from issues of shares, options, etc.		31
1.16	Proceeds from sale of forfeited shares
1.17	Proceeds from borrowings
1.18	Repayment of borrowings
1.19	Dividends paid
1.20	Other (provide details if material)
	(a) Net proceeds from sale of unmarketable parcels		75
	(b) Payments to former unmarketable parcels' shareholders (c) Payments in relation to share buy back	(1)	(61)
			(79)
	(d) Costs of capital raising ie prospectus related costs (e) Refund of prospectus application monies		(65) (31)
	Net financing cash flows	(1)	(130)
	Net increase (decrease) in cash held	(55)	(652)
1.21	Cash at beginning of month/year to date	572	1,169
1.22	Exchange rate adjustments to item 1.20
1.23	Cash at end of month	517	517

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

		Current Month Apr 2003
		\$' 000
1.24	Aggregate amount of payments to the parties included in item 1.2	17
1.25	Aggregate amount of loans to the parties included in item 1.11	$\blacksquare$

• 1.26 Explanation necessary for an understanding of the transactions
• (1) \$16,652 Directors' salaries, fees and superannuation.

Non-cash financing and investing activities

$2.1$ Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

None.

$2.2$ Details of outlays made by other entities to establish or increase their share in businesses in which the reporting entity has an interest

None.

Financing facilities available

Add notes as necessary for an understanding of the position. (See AASB 1026 paragraph 12.2).

		Amount available \$'000	Amount used \$°000
3.1	Loan facilities	$\blacksquare$	$\sim$
3.2	Credit standby arrangements	$\blacksquare$	$\sim$

Reconciliation of cash

	Reconciliation of cash at the end of the month (as shown in the)	Current	Previous
	consolidated statement of cash flows) to the related items in the	Month	Month
	accounts is as follows	\$'000	\$' 000
4.1	Cash on hand and at bank	69	74
4.2	Deposits at call	448	498
4.3	Bank overdraft
4,4	Other (provide details)
	Total: cash at end of month (item 1.23)	517	572

Acquisitions and disposals of business entities

		Acquisitions (Item $1.9(a)$ )	Disposals (Item $1.10(a)$ )
5.1	Name of entity
5.2	Place of incorporation or registration
5.3	Consideration for acquisition or disposal
5.4	Total net assets
5.5	Nature of business

Compliance statement

• $\ddot{\mathbf{1}}$ This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Law (except to the extent that information is not required because of note 2) or other standards acceptable to ASX.
• $\overline{2}$ This statement does /does-not* (delete one) give a true and fair view of the matters disclosed.

Sign here:

Date: 6 May 2003

Print name:

Victor Ho Company Secretary