First Graphene Ltd. — AGM Information 2003

Nov 20, 2003

TOLHURST NOALL GROUP LTD

A.C.N 007 870 760

Level 29, 35 Collins Street, Melbourne Victoria 3000 Australia Telephone: (03) 9242 4000 Facsimile: (03) 9242 4040

TNL

21 November 2003

Companies Announcements Office Australian Stock Exchange Limited Exchange Centre 20 Bond Street SYDNEY NSW 2000

Dear Sir/Madam.

CHAIRMAN'S COMMENTS

The following comments are to be made by our Chairman, Mr John Harry, at today's Annual General Meeting of Shareholders which is expected to commence at $11:00$ am.

Yours faithfully,

CRAIG GRAHAM-SMITH Company Secretary

CHAIRMAN'S COMMENTS

"The company had a far better year last year than the year before.

In 2001-2, we lost \$7.843 million.

In 2002-3, we lost \$503,806, of which around \$250,000 was attributable to the restructuring of the cost base of the business which occurred in September 2002.

I am happy to say that in the period of four months to 31 October of this year, the company made an unaudited operating profit before tax of \$1.15 million.

Given the constant volatility of our markets, however, it's not possible for us to forecast whether this happy state of affairs will continue.

Our Managing Director, John Wilson, who undertook his responsibilities in March 2003, appears before you at an AGM for the first time. John has settled well into his role and on behalf of the directors. I would like to thank him for his substantial efforts in assisting the company to return to profitability.

You may have observed the announcement by the company on 6 November 2003 that it had sold its 50% interest in the business of Tolhurst Funds Management Pty Ltd to Wright Global Asset Management Pty Ltd.

The Board, as part of a re-assessment of all of the company's assets, formed the view that our half interest in this business was non-core and determined that a sale should be pursued.

The directors intend to book a gross profit of \$787,000 in connection with the sale which will further increase the results for the first half of this financial year.

The company will continue as a policy matter to look for opportunities to generate financial planning and wealth advisory revenues, which it sees as important for the stabilisation of cash flows and earnings looking forward.

In keeping with improved market conditions, our corporate department headed by Peter Leigh has performed well this year although, like our broking business, it is driven to a large extent by market activity.

John Wilson and the Board will now be spending considerable time in the coming months to the development of a forward looking plan intended to stabilise and grow the business of the company for the long-term future.

On behalf of the company I would like to thank all of the directors and employees in the Tolhurst Noall group for their outstanding lovalty and hard work during the past 12 months, without which our turn-around would not have been possible."

John R. Harry