ARIKA RESOURCES LIMITED — AGM Information 2008

Nov 26, 2008

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Chairman’s Address to AGM

26[th] November 2008

Ladies and Gentlemen,

The last financial year and in the period since the end of the financial year, has been one of significant activity for Portland.

We have slowly gained additional surgeons. We have transformed the source of manufacture of our innovative product line, and reduced the cost of doing business, as we sought to achieve a level of sales and contribution that would see Portland become cash positive.

We have yet to achieve this objective, but we have made some significant gains. These are outlined in the Annual Report. Throughout these difficult times, we have made a number of management changes, as we sought to have the best possible balance of skills and abilities needed in this challenging period. We have the support of a loyal and dedicated management and staff, who have worked hard on your behalf, and I thank them for their efforts.

Specifically, I would like to acknowledge the contribution made by Dr Ron Sekel over many years as a Director and Chairman of the Company prior to listing on the ASX. Ron’s personal commitment has been pivotal to the growth of the company and its innovative product range. Whilst Ron has left the Board of Portland, his expertise and skills continue to be available in his ongoing role as Chief Technical Officer. John Brassil joined Portland as CEO and Managing Director in late December 2007, and his energy and enthusiasm saw significant beneficial changes over his time with Portland. The Board accepted his recent resignation with regret, and we thank him for his contribution and commitment.

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Phone: ++ 61 2 9700 1533 Fax: ++ 61 2 9666 8544 Web: www.pldortho.com Post: Unit 3, 44 McCauley St Matraville 2036 abn: 92 086 839 992

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In recent months, the world economic situation has resulted in dramatic changes to the Australian currency exchange rate, and a tightening of the availability of working capital and equity capital.

As you are aware, we have suspended the shares of Portland whilst we negotiate with companies in Australia and the USA to achieve a broader distribution base and the possible sale of some of the assets of Portland.

Once these ongoing commercially sensitive discussions reach a point that we can report to shareholders, we will do so.

I would specifically like to acknowledge and thank the Directors over the last year. Recent months have seen the pressure and workload of Directors increase significantly as Portland seeks to grow and reduce expenses. Each has shown a high level of commitment, dedication and contribution to Portland and personally and on behalf of shareholders I thank them for their efforts.

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John Lee Chairman

Phone: ++ 61 2 9700 1533 Fax: ++ 61 2 9666 8544 Web: www.pldortho.com Post: Unit 3, 44 McCauley St Matraville 2036 abn: 92 086 839 992