ORION EQUITIES LIMITED — Net Asset Value 2012

Dec 12, 2012

Thursday, 13 December 2012

==> picture [253 x 88] intentionally omitted <==

MARKET ANNOUNCEMENT

Net Tangible Asset Backing – 30 November 2012

Month Ending: Net tangible assets (NTA) (before tax) Pre-Tax NTA Backing per share Net tangible assets (after tax) Post-Tax NTA Backing per share Based on total issued share capital The NTA position comprises the following items: Net Tangible Assets	% Change	30 November 2012 Consolidated 31 October 2012 Consolidated	30 November 2012 Consolidated 31 October 2012 Consolidated
	-4.34%		$11.552m $12.076m
	-4.34%		$0.649 $0.678 $11.552m $12.076m
			$0.649 $0.678 17,814,389 17,814,389
			Current Month Previous Month $’millions $’millions 4.348 4.648 1.836 2.170 1.640 1.640 1.884 1.879 1.844 1.739 $11.552 $12.076 - - - - - - $11.552 $12.076
Investment in listed Associated Entity: (a) Shares in Bentley Capital Limited (BEL) Investments in other listed securities: (a) Shares in Strike Resources Limited (SRK) Investment in property (held for development/resale) Agribusiness assets (including inventories) Net cash/receivables/payables/other assets/provisions Pre-Tax NTA Tax Provisions: (a) Prior year tax (b) Current year tax (c) Net deferred tax asset / (liability) Post-Tax NTA

==> picture [57 x 58] intentionally omitted <==

www.orionequities.com.au

ORION EQUITIES LIMITED

A.B.N. 77 000 742 843

Level 14, The Forrest Centre, 221 St Georges Terrace, Perth, Western Australia 6000 T | (08) 9214 9797 F | (08) 9322 1515 E

ASX Code: OEQ

E | info@orionequities.com.au

20121213 OEQ ASX NTA Backing as at 30 November 2012 - FK version.docx

Notes:

• (1) The Company’s investment in BEL, an Associated Entity (i.e. in which the Company has a greater than 20% interest), is accounted for under the equity method in the consolidated financial statements.

Under the equity method, the carrying amount of such investment is cost plus a share of the Associate Entity’s net profit or loss (after tax) for the financial year to month end as provided to the Company by such Associated Entity (refer note 1.3 (Summary of Accounting Policies – Investments in Associates) at page 21 of the Company’s 2012 Annual Report).

Accordingly, as at 30 November 2012, the Company’s 20,513,783 shares (27.97% interest) (31 October 2012: 20,513,783 shares and 27.97%) in BEL has a carrying value of $0.2119 per share ($4.348m); this compares with BEL’s last bid price on ASX of $0.150 per share ($3.077m) and BEL’s after tax NTA backing of $0.262 per share ($5.369m) at month end.

• (2) The fair value of investments in ASX listed Strike Resources Limited ( SRK ) comprise 16,690,802 shares (31 October 2012: 16,690,802 shares) with a value of $0.11 per share (based on the closing bid price on 30 November 2012) (31 October 2012: $0.13). The Company notes that SRK’s closing bid price on 11 December 2012 was $0.11 per share.

• (3) The fair value of investments in other listed securities is based on each security’s last bid price on market at month end.

• (4) Investment in property (held for resale) is carried at net realisable value (refer note 1.13 (Summary of Accounting Policies - Property held for Resale) at page 23 of the Company’s 2012 Annual Report.

• (5) Agribusiness assets comprises a 143 hectare property comprising olive grove land and trees, depreciable plant and equipment, grove related infrastructure and olive oil inventories. The olive grove land and trees are carried at net realisable value (refer note 1.14 (Summary of Accounting Policies - Property, Plant and Equipment) at page 23 of the Company’s 2012 Annual Report).

• (6) Tax Provision Item (c) includes where applicable, a provision for income tax on net unrealised gains on the Company’s investments in securities and its share of Associated Entities’ after tax net profit for the month (deferred tax liability) and the recognition of future income tax benefits on net unrealised losses on the Company’s investments in securities and its share of Associated Entities’ after tax net loss for the month (deferred tax asset).

FURTHER INFORMATION:

Farooq Khan T | (08) 9214 9797 Chairman E | fkhan@orionequities.com.au Victor Ho T | (08) 9214 9797 Company Secretary E | cosec@orionequities.com.au

• 2 -