ORION EQUITIES LIMITED — Major Shareholding Notification 2004

Jul 6, 2004

Updated Top 20 Shareholders and Spread

DISTRIBUTION OF FULLY PAID ORDINARY SHARES

Spread of Holdings	Number of Holders	Number of Shares	% of Total Issue Capital
$1 - 1000$	181	97,511	0.566%
1,001-5000	234	619,578	3.598%
5,001-10,000	160	1,246,645	7.239%
10,001 - 100,000	168	4,675,499	27.151%
100,001 and over	6	10,580,763	61.444%
Total	749	17,219,996	100%

Minimum Spread of Shareholders for Reinstatement

Spread of Holdings	Number of Holders	Number of Shares	% of Total Issue Capital
$1 - 2.222$	306	303.979	1.765%
2.223 and over	443	16,916,017	98.235%
Total	749	17,219,996	100%

The Company confirms that that it meets the minimum requirement under the ASX Listing Rules for a spread of 400 shareholders, each having a parcel of shares with a value of at least \$2,000 (based on the Prospectus issue price of \$0.90 per share). The Company also confirms that it meets the requirement for at least 25% of the shares to be held by unrelated parties.

TOP TWENTY ORDINARY FULLY PAID SHAREHOLDERS

			%
RANK	SHAREHOLDER	TOTAL SHARES	ISSUED CAPITAL
1	Queste Communications Ltd	8,303,779	48.221%
2	Dr Abe Zelwer < Zelwer Super Fund A/C>
		721,914	4.192%
3	Blackmort Nominees Pty Ltd <37403 A/C>	606,402	3,521%
4	Sandstone Securities Pty Ltd	558,798	3.245%
5	ACN 064 309 842 Pty Ltd	309,000	1.794%
6	Visiomed Australasia Pty Ltd	100,870	0.585%
7	Mr Jau-Tsai Wu & Mrs Dijah Sutono	98,134	0.569%
8	Mr Michael James Farr	93,000	0.540%
9	Bonos Pty Ltd	85,600	0.497%
10	Mr John Gordon Kellas	80,000	0.464%
11	Mr King Kong Chai	76,164	0.442%
12	Mr Raymond Thomas Page & Mrs Sharon Lorraine Page	71,000	0.412%
13	Arredo Pty Ltd	70,000	0.406%
14	VDA Holding Pty Ltd	68,274	0.396%
15	JIT Investments Pty Ltd	67,382	0.391%
16	Middleton Nominees (SA) Pty Ltd	65,555	0.380%
17	Western Park Holdings Pty Ltd	65,550	0.380%
18	Mr Leo Radom & Mrs Faye Radom	62,856	0.365%
19	Mr Trevor Neil Hay	62,080	0.360%
20	Mrs Elsa Roberto	60,000	0.348%
	Total	11,626,358	67.51%