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BABYLON PUMP & POWER LIMITED Capital/Financing Update 2008

Dec 30, 2008

64557_rns_2008-12-30_99c622bd-195c-4c36-9a77-fb8142320479.pdf

Capital/Financing Update

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31 December 2008

ASX Release

Options expiring

The Company advises that 62,500,000 Options (IMIOA) expiring at 31 December 2008 with an exercise price of $0.04 will be removed from Official Quotation.

The Company has not advised the market previously because convertible securities were not “in the money” on the 25[th][+] business day before the conversion or expiry date.

The Directors resolved, on advice from the ASX and due to the market price being well below the exercise price, not to issue Option Expiry Notices to Securityholders.

The Company also advises that 6,000,000 Unlisted Options expiring at 31 December 2008 with various exercise prices will not be converted.

Roman Najdecki Company Secretary

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