ARIKA RESOURCES LIMITED — Capital/Financing Update 2008

Jul 7, 2008

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8 July 2008

ASX Announcement

PLD: Non-renounceable Rights Issue- Irrevocable Commitments amount to $1.72M

Portland Orthopaedics Limited ( Company ) (ASX: PLD) announces today that it has received irrevocable commitments from 3 major shareholders, the chairman and senior management in respect of their support for the rights issue.

GBS Venture Partners Pty Ltd via GBS BioVentures II (GBS) and Equity Partners Two Pty Ltd (EP2), two of Portland’s largest shareholders, along with Chairman of Portland, Mr John Lee, the Chief Executive Officer , Mr John Brassil, the Chief Technology Officer, Director, Founder and fourth largest shareholder, Mr Ron Sekel and the Chief Financial Officer and Company Secretary, James Wynn have provided irrevocable commitments to participate in the Rights Issue. Their combined commitments amount to $1.72M.

GBS have agreed to participate by way of an underwriting to the value of their commitment.

“The commitments provided by GBS and EP2 clearly demonstrate their ongoing support for Portland and endorsement of the Company’s strategy and future.”, said John Brassil, “The Company remains committed to reaching profitability and positive monthly cash flow as soon as possible and the funds raised will be used prudently to support the growth of sales in the US and Australia.”

The Rights Issue is on the basis of one new share for every one ordinary share held at 7.00pm on 3 July 2008 ( Record Date ) at a price of 2.5 cents per new share, announced on 24[th] June 2008.

For further information please contact:

James A Wynn Company Secretary Portland (02) 9700 1533

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