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ORION EQUITIES LIMITED Net Asset Value 2005

May 4, 2005

65486_rns_2005-05-04_7c798951-3bc6-4e96-980e-0af33d816664.pdf

Net Asset Value

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Wednesday, 5 May 2005

MARKET ANNOUNCEMENT

Net Tangible Asset Backing - 30 April 2005

Month Ending: 30 April 2005
Net tangible assets $(1)$ (before tax) \$17.233m
Pre-Tax NTA Backing per Share \$1.04
Net tangible assets (after tax) $(2)$ \$16.730m
Post-Tax NTA Backing per Share \$1.01
Based on total issued share capital 16,575,290

Notes:

  • $(1)$ The Company's investments are valued at net realisable market value.
  • $(2)$ The Company'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. The income tax benefits of unrealised losses on investments are not presently taken into account.
  • $(4)$ The issued capital has been reduced by 644,706 shares from the previous month, being the shares bought-back by the Company pursuant to an on-market share buy-back announced on 30 March 2005

Further information:

Victor Ho Company Secretary $T$ | +61 8 9214 9797 E | [email protected]

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

E | [email protected]