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COG FINANCIAL SERVICES LIMITED Net Asset Value 2012

Jan 12, 2012

64684_rns_2012-01-12_169b8501-1f6e-45a5-8c3c-079fa306ee88.pdf

Net Asset Value

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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 January 2012

The Manager Australian Securities Exchange 20 Bridge Street Sydney NSW 2000

Net Tangible Asset Value as at 31 December 2011

The unaudited Net Tangible Asset (NTA) value per share (after all tax, fees and expenses) as at 31 December 2011 was 10.03 c ents per share ($0.1003) .

The NTA value reflects the revaluation of WAB’s interests in HAL Data Services Pty Limited (HDS) as announced to the ASX on 24 June 2011 and the two repayments of $1.5m each from HDS as announced on 5 August 2011 and 20 December 2011.

The NTA calculation 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, 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