ORION EQUITIES LIMITED — Net Asset Value 2021

Oct 7, 2021

ASX Code: OEQ

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Friday, 8 October 2021

MARKET ANNOUNCEMENT

Net Tangible Asset Backing – 30 September 2021

Month Ending:% Change30Net tangible assets (NTA) (before tax)Pre-Tax NTA Backing per share-26.2%Net tangible assets (after tax)Post-Tax NTA Backing per share-26.2%Based on total issued share capitalThe NTA position comprises the following items:Net Tangible Assets	% Change30	September 2021Consolidated31 August 2021Consolidated
	-26.2%	$3.559m$4.824m$0.2274$0.3082
	-26.2%	$3.559m$4.824m$0.2274$0.3082
		15,649,22815,649,228
		Current MonthPrevious Month$’millions$’millions1.0001.6781.2501.8001.7501.750(0.441)(0.404)3.5594.824------3.5594.824
Investment in listed Associated Entity:(a)Shares in Bentley Capital Limited (ASX:BEL)Investments in other listed securities:(a)Shares in Strike Resources Limited (ASX:SRK)Investment in property (held for development/resale)Net cash/receivables/payables/other assets/provisionsPre-Tax NTATax Provisions:(a)Prior year tax(b)Current year tax(c)Net deferred tax asset / (liability)Post-Tax NTA

www.orionequities.com.au

Orion Equities Limited

A.B.N. 77 000 742 843

Level 2, 31 Ventnor Avenue, West Perth, Western Australia 6005 ASX : OEQ T | (08) 9214 9797 F | (08) 9214 9701

E |info@orionequities.com.au

20211008 OEQ ASX NTA Backing as at 30 September 2021.docx

Notes:

• (1) The Company’s investment in Bentley Capital Limited (ASX: 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 also Note 19 (Investments in Associates) on pages 36 and 37 of the Company’s 30 June 2021 Full Year Report for further details in this regard.

Accordingly, as at 30 September 2021, the Company’s 20,513,783 shares (26.95% interest) (31 August 2021: 20,513,783 shares and 26.95%) in BEL have a $1m carrying value; this compares with BEL’s last bid price on ASX of $0.081 per share ($1.661m) and BEL’s after-tax NTA backing of $0.1089 per share ($2.233m)[1] , as at month end.

• (2) The fair value of investments in ASX-listed Strike Resources Limited (ASX:SRK) comprise 10,000,000 shares (31 August 2021: 10,000,000 shares) with a value of $0.125 per share (based on the closing bid price as at 30 September 2021) (31 August 2021: $0.18).

• (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) was valued by an independent qualified licensed valuer of the Australian Property Institute as at 30 June 2021.

• (5) 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). Refer also Note 5 (Tax) on pages 26 to 28 of the Company’s 30 June 2021 Full Year Report for further details in this regard.

AUTHORISED FOR RELEASE - FOR FURTHER INFORMATION:

Victor Ho Executive Director & Company Secretary

T | (08) 9214 9797

E | cosec@orionequities.com.au

1 Refer BEL’s ASX Announcement dated 8 October 2021: NTA Backing as at 30 September 2021

2