COG FINANCIAL SERVICES LIMITED — Net Asset Value 2012

Feb 12, 2012

Armidale Investment Company Ltd ABN: 58 100 854 788 Level 11, 139 Macquarie Street Sydney NSW 2000 Tel: 02 8014 1188 Fax: 02 8084 9918

ASX Company Announcements

13 February 2012

The Manager Australian Securities Exchange 20 Bridge Street Sydney NSW 2000

Net Tangible Asset Value as at 31 January 2012

The unaudited Net Tangible Asset (NTA) value per share (after all tax, fees and expenses) as at 31 January 2012 was 10.06 cents per share ($0.1006) .

The NTA value reflects the revaluation of AIK’s interests in HAL Data Services Pty Limited (HDS) as announced to the ASX on 24 June 2011 and:

• (i) two repayments of $1.5m each from HDS as announced on 5 August 2011 and 20 December 2011

• (ii) A repayment of $0.7m from HDS as announced on 7 February 2012.

For clarity, repayment of the HDS loan noted above does not affect the revaluation of AIK’s interests in HDS previously announced.

As announced to the market on 25 January 2012, due to the ability of AIK to now exercise its call option over HDS, AIK will be required to consolidate the financial statements of HDS into the AIK 31 December 2011 Financial Report. AIK is currently working through this process with its auditors and will report to the ASX the consolidated position as soon as it is available.

The NTA calculation announced above is subject to the 31 December 2011 audit review that is currently being undertaken. Should there be any changes to the Net Tangible Asset value at 31 December 2011 and 31 January 2012, the Company will make a clarifying release to the ASX.

For further information please contact:

Gabriel Radzyminski David Franks Chairman Joint Company Secretary 02 8014 1188 / 0467 483 005 02 9299 9690