ORION EQUITIES LIMITED — Net Asset Value 2005

Jul 14, 2005

Thursday, 14 July 2005

MARKET ANNOUNCEMENT

Net Tangible Asset Backing - 30 June 2005

	% Change	30 June 2005	31 May 2005
Month Ending:		Consolidated	Consolidated
Net tangible assets $(1)$ (before tax)		\$18.783	\$17.474m
Pre-Tax NTA Backing per Share	$+4.7%$	\$1.12	\$1.0675
Net tangible assets (after tax) $(2)$		\$18.460	\$16.932m
Post-Tax NTA Backing per Share	$+6.2%$	\$1.10	\$1.0343
Based on total issued share capital		16,812,156	16,369,996

Notes:

• $(1)$ The Consolidated Entity's investments (save for the Company's investments in associated entities) are valued at net realisable market value. The Company's investments in associated entities (i.e. in which the Company has a greater than 20% interest) are accounted for under the equity method in the consolidated financial statements.
• $(2)$ The Consolidated Entity's investment in real property is valued at cost.
• $(3)$ The post-tax NTA backing figure is reported net of provision for tax liabilities on realised and unrealised gains on investments (if any), including the recognition of income tax benefits of unrealised losses on investments (save for investments in associated entities).
• $(4)$ The issued capital has altered from the previous month by:
• $(a)$ The cancellation of 370,650 shares bought-back by the Company during the month pursuant to an on-market share buy-back announced on 30 March 2005; and
• $(b)$ The issue of 812,810 shares on 30 June 2005 as part consideration for the acquisition of shares in Scarborough Equities Limited (SCB) and Bentley International Limited (BEL), as reported in an Appendix 3B (Application For Quotation Of Additional Securities) lodged on ASX by the Company on 30 June 2005.

Further information:

Victor Ho Company Secretary T | (08) 9214 9797 E | vho@centralexchange.com.au

www.centralexchange.com.au CENTRAL EXCHANGE LIMITED Level 14, 221 St Georges Terrace, Perth WA 6000 $T$ | + 61 (8) 9214 9797 $F$ | + 61 (8) 9322 1515

A.B.N. 77 000 742 843