COKAL LIMITED — Share Issue/Capital Change 2012

Jan 2, 2012

Notice to Optionholders 01 February 2012 - $0.20 Options (CKAO)

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30 December 2011

Dear Optionholder

Notice is hereby given that the Cokal Limited ( CKA or the Company ) options that you hold will expire on Wednesday, 01 February 2012 ( CKA Options ). If you wish to exercise your CKA Options, you must therefore do so on or before 5.00pm (WST) on Wednesday, 01 February 2012. In accordance with Appendix 6A of the ASX Listing Rules, the Company advises the following:

1. The number of CKA Options that you hold is set out above and on the attached exercise form. Each CKA Option is exercisable into 1 ordinary share in CKA in accordance with the terms of the CKA Options.

2. The CKA Options exercise price is $0.20 (twenty cents) for each CKA Option ( Exercise Price ).

3. The due date for payment of the CKA Options Exercise Price is before 5.00pm (WST) on Wednesday, 01 February 2012 ( Due Date ).

4. If you do not elect to exercise your CKA Options on or before 01 February 2012 and/or do not pay the Exercise Price for your CKA Options by the Due Date your CKA Options will lapse and expire.

5. Quotation of your CKA Options will cease at the close of trading on 24 January 2012, which is five (5) business days before 01 February 2012.

6. The last market sale price of the ordinary shares on 29 December 2011 was $0.43.

7. The highest and lowest market sale price of the Company s shares into which the CKA Options are exercisable during the three (3) months immediately before the date of this notice was:

Highest $0.54 on 12 October 2011 Lowest $0.38 on 6 October 2011

1. There are no arrangements in place to underwrite any unexercised CKA options. A reply paid envelope has been included.

To exercise your CKA Options please complete the form attached with this letter and return to the share registry before 5.00pm (WST) on 01 February 2012.

All fully paid ordinary shares issued upon exercise of the CKA Options will rank parri passu in all aspects with the Company s existing ordinary fully paid shares. The Company will apply for Official Quotation on ASX of all shares issued upon exercise of the CKA Options.

Should you have any queries with respect to the above, please contact Advanced Share Registry Services on 08 9389 8033 if calling within Australia or +61 8 9389 8033 if calling from outside of Australia, between 8.30am and 5.00pm (WST) Monday to Friday.

Yours faithfully

Duncan Cornish Company Secretary

Level 34, Riverside Centre, 123 Eagle Street, Brisbane QLD 4000 PO Box 7122, Brisbane QLD 4001 T +61 7 3001 4100 E info@cokal.com.au W www.cokal.com.au

CKAO

COKAL LIMITED

ABN 55 082 541 437

APPLICATION FOR SHARES UPON EXERCISE OF OPTIONS

I/ We, Mr/ Mrs/ Miss

First Names/ Company Name

Surname/ Australian Company Number

Address

Postcode

Contact Telephone Number

The registered holder(s) of the Option hereby exercise my/ our Option for : ________________ ________________________________________ In figures In words_ Ordinary Fully Paid Shares and enclose application money of $0.20 per share $

( amount payable on exercise)

I/We whose full name(s) and address(es) appear above hereby apply for the number of Shares shown above (or shares allocated to me/us by the Company in respect of this application). I/We agree to be bound by the Constitution of COKAL LIMITED.

Securityholder Reference Number (S.R.N.)

Holder Identification Number (H.I.N.)

Complete this only if you are Issuer Sponsored.

Complete this only if you are CHESS Sponsored.

Signature Of Shareholder(s) Companies Only - (All joint holders must sign) Corporations Law.

Holder Identification Number (H.I.N.)	Complete this only if you are CHESS Sponsored.
Signature Of Shareholder(s)(All joint holders must sign)	**Companies Only -**Executed in accordance with the Companys Constitution and theCorporations Law.
-------------------------------------------Signature Date-------------------------------------------Signature Date-------------------------------------------Signature Date	------------------------------------------------------------------------------------Sole Director and Sole Secretary-----------------------------------------Date---------------------------------------- Director Date-----------------------------------------Secretary Date----------------------------------------Director DateDirector Date
Note: If signed under Power of Attorney, a Certified Copy of the relevant Power of Attorney document must be exhibited to the Registry.The Attorneydeclares that he/she has had no notice of revocation of the Power of Attorney.

TERMS AND CONDITIONS OF OPTIONS

• a) Each Option is exercisable on or before 1 February 2012;

• b) The Option can be exercised in whole or in part;

• c) The exercise price is $0.20;

• d) The Options can be transferred;

• e) The Options do not confer on the holder any right to participate in dividends until Shares are allotted pursuant to the exercise of the Options;

• f) There will be no participating rights or entitlements inherent in the Options and the holders will not be entitled to participate in new issues of capital which may be offered to Shareholders during the currency of the Options. However, the Company will ensure that for the purposes of determining entitlements to any such issue, the record date will be at least 7 business days after the issue is announced. This will give Option holders the opportunity (where available) to exercise their Options prior to the date for determining entitlements to participate in any such issue;

• g) In the event of reorganisation of the issued capital of the Company prior to the expiry of the Options all rights of the Option holder in relation to the Options will be changed to preserve the pre-construction entitlement created by the Options, subject to compliance with the Listing Rules (if applicable);

• h) The number of Shares issued pursuant to the exercise of Options will be adjusted for bonus issues made prior to exercise of the Options so that, upon exercise of the Options the number of bonus Shares that would have been issued if the Options had been exercised prior to the record date for bonus issue. The exercise price of the Options shall not change as a result of any such bonus issue;

• i) In the event of a pro-rata issue to shareholders (except a bonus issue), the exercise price of the Options will be reduced in accordance with the formula set out in Listing Rule 6.22.2 or as otherwise permitted by the Listing Rules at the time of the prorata issue;

Cheques should be made payable to COKAL LIMITED and crossed Not Negotiable and drawn on an Australian Bank and posted to Advanced Share Registry Ltd, PO Box 1156, Nedlands, Western Australia 6909.

NOTE: OPTIONS NOT EXERCISED BY 1 FEBRUARY 2012 AUTOMATICALLY EXPIRE.