Orion Equities : NTA Backing as at 29 February 2016

DRAFT MEDIA STATEMENT

MARKET ANNOUNCEMENT

Monday, 14 March 2016

Net Tangible Asset Backing - 29 February 2016

Month Ending:	% Change	29 February 2016 Consolidated	31 January 2016 Consolidated
Net tangible assets (NTA) (before tax)	$7,987m	$8,196m
Pre-Tax NTA Backing per share	-2.67%	$0.510	$0.524
Net tangible assets (after tax)	$7.987m	$8.196m
Post-Tax NTA Backing per share	-2.67%	$0.510	$0.524
Based on total issued share capital	15,649,228	15,649,228

Current Month	Previous Month
Net Tangible Assets	$'millions	$'millions
Investment in listed Associated Entity:
(a) Shares in Bentley Capital Limited (BEL)	3.736	3.887
Investments in other listed securities:
(a) Shares in Strike Resources Limited (SRK)	0.490	0.490
(b) Other listed securities	0.073	0.073
Investment in units in managed fund	0.258	0.270
Investment in property (held for development/resale)	1.350	1.350
Agribusiness assets	2.021	2.027
Net cash/receivables/payables/other assets/provisions	0.059	0.099
Pre-Tax NTA	$7.987	$8.196
Tax Provisions:
(a) Prior year tax	-	-
(b) Current year tax	-	-
(c) Net deferred tax asset / (liability)	-	-
Post-Tax NTA	$7.987	$8.196

The NTA position comprises the following items:

On 24 February 2016, Bentley Capital Limited (ASX: BEL) announced its intention to pay a fully-franked dividend of 0.5 cent per share on or about 18 March 2016. Orion's entitlement to such dividend would be $102,569.

ASX Code: OEQ

www.orionequities.com.au

ORION EQUITIES LIMITED A.B.N. 77 000 742843

Level 2, 23 Ventnor Avenue, West Perth, Western Australia 6005

T | [phone] F | [phone] E | [e-mail]

20160314 OEQ ASX NTA Backing as at 29 February 2016

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 (Summary of Accounting Policies - Investments in Associates) at page 20 of the Company's 2015 Annual Report).

   Accordingly, as at 29 February 2016, the Company's 20,513,783 shares (27.32% interest) (31 January 2016: 20,513,783 shares and 27.32%) in BEL have a carrying value of $0.1821 per share ($3.735m); this compares with BEL's last bid price on ASX of $0.13 per share ($2.667m) and BEL's after-tax NTA backing of $0.216 per share ($4.435m) at month end.

2. The fair value of investments in ASX-listed Strike Resources Limited (SRK) comprise 10,000,000 shares (31 January 2016: 10,000,000 shares) with a value of $0.049 per share (based on the closing bid price on 29 February 2016) (31 January 2016: $0.049).

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. Units invested in the managed fund are valued at the audited unit price published by the investment manager, as at month end - the unit price reflects the net asset backing of the fund; there is no buy/sell spread price; there is no recognition of realisation costs as there are no exit fees charged on redemption of units.

5. Investment in property (held for resale) was valued by an independent qualified valuer (a Certified Valuer and Associate Member of the Australian Property Institute) as at 30 June 2015 (refer note 1.13 (Summary of Accounting Policies - Property held for Resale) at page 23 of the Company's 2015 Annual Report.

6. Agribusiness assets comprise a 143 hectare property comprising olive grove freehold land (with a water licence entitlement), olive trees (with approximately 64,500, 16 year old plantings) and depreciable plant and equipment. The land (with the water licence entitlement) was valued by an independent qualified valuer (a Certified Valuer and Associate Member of the Australian Property Institute) as at 30 June 2015 and the olive trees and depreciable plant and equipment 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 2015 Annual Report).

7. 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 |[phone]
Executive Chairman	E | [e-mail]
Victor Ho	T |[phone]
Executive Director and Company Secretary	E | [e-mail]

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