First Graphene Ltd. — AGM Information 2004

Nov 22, 2004

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

23 November 2004

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

Dear Sir/Madam.

CHAIRMAN'S COMMENTS

The following comments were made by our Chairman, Mr John Harry, at today's Annual General Meeting of Shareholders.

Yours faithfully,

Cylight

CRAIG GRAHAM-SMITH Company Secretary

CHAIRMAN'S COMMENTS

"The Company reported a pre-tax profit for the year ended 30 June 2004 of \$3,444,749 compared to a pre-tax loss of \$503,806 in 2003 and a \$7.8M loss in 2002.

We consider FY 2004 a good result. We took advantage of favourable trading conditions, particularly in Corporate and Arbitrage, where both teams produced record net profit earnings. We sold non-core assets and businesses. We also absorbed heavy compliance costs in successfully transitioning our licences to the new FSRA regime. But our fixed cost base is now significantly higher as a consequence.

As reported in November 2003, we divested our 50% owned funds administration business for \$2.0M with the final tranche of \$1.0M due this month. Under the terms of the sale agreement, the purchaser, Wright Global, has recently claimed a reduction to the final instalment. These claims are currently under negotiation. We hope to finalise the position quickly and will announce the outcome when known.

Brokerage revenue in our core business was up 14.3% on the previous year and continues to be strong, which is a testament to the hard work of our Advisers and the strong ideas generation of our Research team.

The company has traded well since 1 July with solid revenues but we expect the operating profit to be marginally below that of the six-month period to June 30, 2004. The main factors are increased staff and compliance costs and increased legal contingencies and doubtful debts.

The group continues to attract quality business writers and recent ASX turnover rankings suggest that the broking business has increased its market share.

Our prospects for the balance of the year are encouraging and there are many excellent growth opportunities available to which John Wilson and your Board will direct their energies.

Tolhurst wants to grow its Equity Capital Markets, Corporate Advisory and Institutional Broking capabilities. These businesses have recruited key business writers over recent months and the Institutional Broking team is building a presence in the important Sydney market.

In Equity Capital Markets, the group has completed capital raising transactions during November for valued corporate clients including; Waterco, Benitec and the Perth based companies ASG Group and Mermaid Marine.

Tolhurst is successfully expanding its service offerings to include the provision of corporate advisory services including public and private acquisitions. We have a range of advisory mandates from substantial companies including City Pacific, which has a market capitalization of \$500 million and one ASX 100 company.

We will continue to look for opportunities to generate financial planning and wealth advisory revenues, which we see as important for the stabilisation of cash flows and earnings looking forward.

I'd like to thank John Wilson for his substantial effort in returning the Group to profitability, his skills as a professional manager and his high energy and enthusiasm. The combination of strong management, a productive dealing desk and strong corporate capability gives me great confidence for the year ahead.

I'd also like to thank my other directors for their commitment and wise counsel during the year.

I would like to farewell Peter Chapman, who is retiring today from the Board and who has served the Board well since its merger with the Noall Group. We thank Peter for his enthusiasm and commitment.

In particular, I would like, on behalf of all the company's directors, shareholders, advisers and staff, to mark the retirement of Mr Ian Johnson from the Board and the firm, on September 30 of this year. Ian served the company and its predecessors for over 44 years in a career in which he distinguished himself as a broker, as a manager and as a contributor to the development of not just this company but the industry as a whole. All of us are indebted to Ian for his service to the company, and to us. We wish him and his wife Dale the very best of good fortune in his future life and we hope he will remain closely connected to the company for many years."

John R. Harry