COKAL LIMITED — Capital/Financing Update 2005

Feb 7, 2005

network limited

A.B.N. 96 091 780 924

ASX AND AIM RELEASE: 8 FEBRUARY 2005

RESOLUTION OF OUTSTANDING ISSUES IN RELATION TO RIVKIN FINANCIAL SERVICES LIMITED

Network refers to the joint announcement yesterday by Network, Rivkin Financial Services Limited ("RFS") and IWL Limited ("IWL").

SELECTIVE SHARE BUY-BACK

Network has agreed to buy-back and cancel 10,001,557 Network Shares from RFS. In consideration for the buy-back, RFS will buy-back the 9,000,000 RFS Shares held by Network.

The buy-backs are conditional upon approval by both Network and RFS shareholders. Network expects that the buy-back will be put to its shareholders at an extraordinary general meeting to be held toward the end of March 2005.

At the conclusion of these transactions, Network will have disposed of the whole of its shareholding in RFS, and RFS will have disposed of the whole of its shareholding in Network.

SETTLEMENT OF PROCEEDINGS WITH SOFCOM LIMITED, FAST SCOUT LIMITED AND ALTERA CAPITAL LIMITED

Network has reached an agreement as to the resolution of the Federal Court of Australia proceedings in relation to RFS commenced by Sofcom Limited (SOF), Altera Capital Limited (AEA) and Fast Scout Limited (FSL) ("Sofcom Parties"). The resolution includes agreement on the costs order by the Federal Court in favour of Network and the discontinuance of the appeal by Sofcom, Altera and Fast Scout from the original decision of the Court in favour of Network.

Under the settlement agreement, the Sofcom Parties will pay \$350,000 to Network to settle Network's costs of the proceedings. Payment will be released to Network on the earlier of:

• $(a)$ approval by Network shareholders of the buy-back referred to above; or
• $(b)$ a failure by RFS shareholders to approve the buy-back referred to above by 31 May 2005.

Network has also agreed to repay its \$1 million loan facility with RFS.

Network's Managing Director, Chris Bregenhoj, said: "The resolution of these two matters means that, subject to shareholder approval of the buy-backs. Network will cease all future involvement in RFS".

For more information: Christopher H. Bregenhoj, Group Managing Director +61 2 9980 7133 chris.bregenhoi@nwk.com.au

About Network Limited: Listed on the ASX and AIM (Code: NWK), Network is an Australian based and operated outdoor media company. Network is well placed to leverage its current position as Australia's largest outdoor media brokerage business. The company has demonstrated capabilities including over 15 years of strong growth, an extensive national network of site owners, a successful management team, and the ability to grow through strategic acquisitions. Network is well placed to consolidate its position and exploit growth opportunities in the Australian media industry. (websites: www.networklimited.com & www.networkoutdoor.com.au)