EMU NL — Major Shareholding Notification 2008

Oct 22, 2008

605 GUIDE Page 1/1 13 March 2000

Form 605

Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

To Company Name/Scheme	Emu Nickel NL
ACN/ARSN	127 291 927
1. Details of substantial holder (1)
Name	Cairnglen Investments Pty Ltd (Cairnglen)
ACN/ARSN (if applicable)	006 643 769
The holder ceased to be a
substantial holder on		23 October 2008
The previous notice was given to the	company on	13 October 2008
The previous notice was dated		13 October 2008

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (4)	Consideration given in relation to change (5)	Class (6) and number of securities affected	Person’s votes affected
22 October 2008	Cairnglen	On-market sale	$6,832.37	Ordinary (150,000)	(150,000)
23 October 2008	Cairnglen	On-market sale	$9,919.08	Ordinary (220,424)	(220,424)

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable) Nature of association

mEMU_Form 605_Ceasing to be a Substantial Holder_Cairnglen_23Oct08.doc/TP

4. Addresses

The addresses of persons named in this form are as follows:

Name Address Cairnglen Level 3, 15 Queen Street, Melbourne. Signature print name Peter John Woodford capacity Director sign here Date 23/06/08