COMET RIDGE LIMITED — Capital/Financing Update 2012

Aug 8, 2012

==> picture [95 x 59] intentionally omitted <==

Comet Ridge Limited Level 1 283 Elizabeth Street Brisbane Qld 4000 Phone: +61 7 3221 3661 Fax: +61 7 3221 3668 Info@cometridge.com.au

9 August 2012

Company Announcements Officer Australian Securities and Exchange Limited Exchange Centre Level 4, 20 Bridge Street Sydney, NSW 2000

By Electronic Lodgement

Dear Sir / Madam

NOTIFICATION UNDER SECTION 708AA(2)(f) OF THE CORPORATIONS ACT 2001

Comet Ridge Limited ABN 47 106 092 577 (“ COI ”) announced on 7 August 2012 an accelerated nonrenounceable pro rata entitlement offer of 1 new fully paid ordinary share in COI (“ New Shares ”) for every 4 COI shares held at 7:00pm (AEST) on 10 August 2012 by shareholders with a registered address in Australia and New Zealand and any other jurisdiction COI has decided to make offers (“ Entitlement Offer ”).

COI has announced today a placement of 25,000,000 ordinary shares to selected institutional and sophisticated investors (“ Placement ”). COI has also announced that the Retail Entitlement Offer (as defined in the Appendix 3B also lodged with the ASX today) component will be partly underwritten.

COI gives notice under section 708AA(2)(f) of the Corporations Act 2001 (Cth) (“ Corporations Act ”) as notionally modified by the Australian Securities and Investments Commission Class Orders 08/35 and 07/571 (“ Class Orders ”) that:

1. the New Shares will be offered without disclosure to investors under Part 6D.2 of the Corporations Act as notionally modified by the Class Orders;

2. as at the date of this notice, COI has complied with:

   • a) the provisions of Chapter 2M of the Corporations Act as they apply to COI; and

   • b) section 674 of the Corporations Act;

3. as at the date of this notice, there is no excluded information of the type referred to in Sections 708A(7) and 708A(8) of the Corporations Act, to be disclosed under section 708A(6)(e) of the Corporations Act as notionally modified by the Class Orders;

4. the potential effect that the issue of New Shares will have on the control of COI, and the consequences of that effect is as follows:

   • (a) Such effect will depend on a number of factors, including investor demand. However, given the structure of the Entitlement Offer as a pro-rata issue, it is not expected to have any material effect or consequence on the control of COI. However, to the extent that any shareholder fails to take up their entitlement to New Shares under the Entitlement Offer, that shareholder’s percentage holding in COI will be diluted by those other shareholders who take up some or all of their entitlement.

Letter to the ASX

Page 2

• (b) Shareholders generally will also have their percentage holdings diluted by the issue of shares in the Placement.

• (c) Wilson HTM Corporate Finance Ltd ( Wilson HTM ) has been appointed as Underwriter to underwrite the first 18,000,000 Shares subscribed for under the Retail Entitlement Offer ( Shortfall ) (being a maximum amount of $1,800,000). Wilson HTM has entered into subunderwriting arrangements with certain third parties, including with an associated entity of Mr. Anthony Gilby (Director of COI) for a maximum of 3,500,000 New Shares (being a maximum amount of $350,000). Wilson HTM will either place the Shortfall to such subunderwriters or take up the Shortfall itself. If Mr. Gilby (and his associates) take-up their respective entitlement and the associated entity of Mr. Gilby is required to subscribe for the maximum number of shares under its sub-underwriting agreement, it would not have any material effect or consequence on the control of COI.

Yours faithfully Comet Ridge Limited

==> picture [142 x 43] intentionally omitted <==

Stephen Rodgers Company Secretary