CAQ HOLDINGS LIMITED — Capital/Financing Update 2012

Jan 23, 2012

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ASX Release - CAQ

24 January 2012

Mauro Piccini and Sebastian Bednarczyk ASX Limited Level 8, 2 The Esplanade Perth WA 6000

Dear Mr Piccini and Mr Bednarczyk,

SUSPENSION UPDATE

The securities of Cell Aquaculture Limited (ACN 091 687 740) (“ CAQ ” or “ the Company ”) have been placed in voluntary suspension pending the release of an announcement of a capital raising.

By way of update, the Board of CAQ have received a funding offer from an interested investor party and are currently working through this offer.

The funding is anticipated to be finalised within the next fourteen days and a further announcement will then be made.

The Company is not aware of any reason why the current voluntary suspension should not be continued.

Yours sincerely,

Peter Burns Director

Cell Aquaculture Limited