EXCELSIOR CAPITAL LTD — Capital/Financing Update 2009

Oct 22, 2009

CMI Limited ABN 98 050 542 553 150 Robinson Road Geebung Qld 4034 Australia Postal address: PO Box 716 Virginia Qld 4014 Australia Telephone: (07) 3865 9969 Facsimile: (07) 3865 3677 Email: corporate@cmilimited.com.au Web: www.cmilimited.com.au

==> picture [82 x 46] intentionally omitted <==

23 October 2009

Australian Stock Exchange Limited Level 6, Riverside Centre 123 Eagle Street BRISBANE QLD 4000

ASX Waiver Approval

As previously announced, at the general meeting of CMI to be held on 20 November 2009, Shareholder approval (of both ordinary and Class A shareholders) will be sought to cancel all of the Class A shares currently on issue in CMI by way of selective capital reduction in consideration for the payment of 63 cents per share to Class A Shareholders (Transaction).

The Transaction is to be funded by a Loan Facility from the Company’s bankers. It is a condition of that facility that there be a reduction of the Loan Facility by $4 million by 28 February 2010 which, as previously announced, is to be raised by way of a non-renounceable Rights Issue under which shareholders will be entitled to subscribe for 0.29 ordinary shares for each ordinary share held, at the issue price of 42 cents per share.

CMI proposes to offer a shortfall facility for those ordinary shareholders wishing to take up more than their pro-rata entitlement under the rights issue, subject to obtaining shareholder approval for Director participation in the shortfall facility at the annual general meeting of the company to be held on 27 November 2009 and receiving ASIC relief for any issues which may breach the takeover provisions. Any shares issued under the shortfall facility will be allocated prorata based on shareholders’ holding.

Listing Rule 10.11 requires that shareholder approval be sought for Director participation in the shortfall facility. The Company intends to seek such approval at its annual general meeting on 27 November 2009, with meeting material to be dispatched to shareholders in the coming days. Listing Rule 10.13.3 requires that the date by which the entity will issue the securities be noted in the notice of meeting, and that date must not be more than one month after the date of the meeting. Given the timing requirements involved, it is not possible for the rights issue to be completed within one month of 27 November 2009 and accordingly, CMI had previously applied to ASX for a waiver of the requirement to issue the securities within one month of the date of approval at the meeting. CMI had also announced the fact that it had made this application in its notice of general meeting regarding the Transaction.

CMI Limited ABN 98 050 542 553 150 Robinson Road Geebung Qld 4034 Australia Postal address: PO Box 716 Virginia Qld 4014 Australia Telephone: (07) 3865 9969 Facsimile: (07) 3865 3677 Email: corporate@cmilimited.com.au Web: www.cmilimited.com.au

==> picture [82 x 46] intentionally omitted <==

Today CMI is pleased to announce that ASX has granted a waiver of Listing Rule 10.13.3 to the extent necessary to allow the directors to participate in the shortfall facility (subject always to receiving shareholder approval for their participation), notwithstanding that the shares will not be issued within one month of the annual general meeting, subject only to the following conditions:

• shareholder approval is obtained at the general meeting on 20 November 2009 for the Transaction;

• the securities are issued to the Directors under the shortfall facility within three months of shareholder approval and in any event, no later than 28 February 2010;

• the securities are issued to the Directors on the same terms as the securities issued to unrelated parties participating in the shortfall facility;

• full details of the Transaction and the rights issue are set out to ASX’s satisfaction in the notice of general meeting (to be held on 20 November 2009) and notice of annual general meeting (to be held on 27 November 2009); and

• CMI releases the terms of this waiver to the market immediately.

Yours sincerely

==> picture [112 x 29] intentionally omitted <==

Sharyn Williams Company Secretary CMI Limited