EVOLUTION MINING LIMITED — Director's Dealing 2008

Dec 14, 2008

15.DEC.2008 7:29 ASX PERTH NO.521 $P.1/3$

12 December 2008

Jill Hewitt Australian Securities Exchange Limited ("ASX") Level 8. Exchange Plaza 2 The Esplanade Perth WA 6000

We are in receipt of your letter of 11 December 2008 and advise as follows:

• 1. The Appendix 3Y for Mr Murray Pollock that was lodged on 11 December 2008 was in part, for a minor amount of shares, lodged late because the company had not previously received a notification from Mr Pollock in relation to the change. The previous change in holding was related to trading issues in April 2008.
• 1. The Company has agreements in place with all Directors as recommended by ASX Guidance Note 22 notifying them of their obligations under the ASX Listing Rules.
• 1. Mr Pollock, consistent with all other Catalpa Directors, has an arrangement in place whereby details of any transactions in Catalpa Resources Limited are emailed to me as Company Secretary. A Company Secretary report which contains the holding of each Director is produced to the Board of Directors on a monthly basis. We believe that our existing arrangements for recording Director share transactions are adequate and that this notification lapse was due to an isolated error.

Please do not hesitate to contact me if I can provide any further information.

Yours sincerely CATALPA RESOURCES LTD

GRAHAM ANDERSON Company Secretary

11 December 2008

Mr G Anderson Company Secretary Cataipa Resources Limited PO Box 1300 WEST PERTH WA 6872

Facsimile: 9322 7211

ASX Markets Supervision Pty Ltd ABN 26 087 780 489 Level 8 Exchange Plaza 2 The Esplanade Perth WA 6000

PO Box D187 Perth WA 6840

Telephone 61 (08) 9224 0000 Facsimile 61 (08) 9221 2020 Internet http://www.asx.com.au

Dear Graham

Catalpa Limited (the "Company")- Change of Director's Interest Notices

We refer to the following:

• The Appendix 3Y lodged by the Company with ASX on 11 December 2008. $1.$
• Listing rule 3.19A which requires an entity to tell ASX the following: $2.$
  • The notifiable interests of a director of the entity (or in the case of a trust, a director of the $3.19A.1$ responsible entity of the trust) at the following times.
  • $\bullet$ On 1 January 2002.
  • On the date that the entity is admitted to the official list.
  • On the date that a director is appointed.

The entity must complete Appendix 3X and give it to ASX no more than 5 business days after 1 January 2002 or the entity's admission or a director's appointment.

• A change to a notifiable interest of a director of the entity (or in the case of a trust, a 3.19A.2 director of the responsible entity of the trust). The entity must complete Appendix 3Y and give it to ASX no more than 5 business days after the change occurs.
• The notifiable interests of a director of the entity (or in the case of a trust, a director of the 3.19A 3 responsible entity of the trust) at the date that the director ceases to be a director. The entity must complete Appendix 3Z and give it to ASX no more than 5 business days after the director ceases to be a director.
• 1. Listing rule 3.19B which states as follows.

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An entity must make such arrangements as are necessary with a director of the entity (or in the case of a trust, a director of the responsible entity of the trust) to ensure that the director discloses to the entity all the information required by the entity to give ASX completed Appendices 3X, 3Y and 3Z

within the time period allowed by listing rule 3.19.A. The entity must enforce the arrangements with the director.

The Companies Update dated 27 June 2008, reminding listed entities of their obligation to notify ASX 4. within 5 business days of the notifiable interests in securities held by each director and outlining the action that ASX would take in relation to breaches of listings rules 3.19A and 3.19B.

As the Appendix 3Y indicated that a change in the director's relevant interests occurred on 7 April 2008, it appears that the Appendix 3Y should have been lodged with the ASX by 14 April 2008. As the Appendix 3Y was lodged on 11 December 2008, it appears that the Company may be in breach of listing rules 3.19A and/or 3.19B. It also appears that there may have been a breach of S205G of the Corporations Act by the director concerned.

Please note that ASX is required to record details of breaches of the listing rules by listed companies for its reporting requirements.

ASX reminds the Company of its contract with ASX to comply with the listing rules. In the circumstances ASX considers that it is appropriate that the Company make necessary arrangements to ensure there is not a reoccurrence of a breach of the listing rules.

Having regard to listing rules 3.19A and 3.19B and Guidance Note 22: "Director Disclosure of Interests and Transactions in Securities - Obligations of Listed Entities", we ask that you answer each of the following questions:

• $\mathbf{1}$ Please explain why the Appendix was lodged late.
• What arrangements does the Company have in place with its directors to ensure that it is able to meet 2. its disclosure obligations under listing rule 3.19A?
• If the current arrangements are inadequate or not being enforced, what additional steps does the 3 Company intend to take to ensure compliance with listing rule 3,198?

Your response should be sent to me by e-mail at jill, hewitt@asx.com.au or by facsimile on facsimile number (08) 9221 2020. It should not be sent to the Company Announcements Office.

A response is requested as soon as possible and, in any event, not later than half an hour before the start of trading (ie before 9.30 a.m. A.E.S.T.) on Monday, 15 December 2008.

Under listing rule 18.7A, a copy of this query and your response will be released to the market, so your response should be in a form suitable for release and should separately address each of the questions asked. If you have any queries or concerns, please contact me immediately.

Yours sincerely,

Jill Hewitt Adviser, Issuers (Perth)