First Graphene Ltd. — AGM Information 2005

Nov 23, 2005

TNL AGM - EXECUTIVE CHAIRMAN'S ADDRESS

THURSDAY 24 NOVEMBER 2005, 3PM

On behalf of the Board of Tolhurst Noall I would like to welcome you to my first address as Executive Chairman of the company. The results for the 2004/2005 financial year have been circulated prior to this meeting and as such belong to a management team and staff which largely precedes the current directors and senior management of Tolhurst Noall today.

As I have commented previously, favourable Australian equity conditions and a focus on the development of institutional broking resulted in increased revenue for Tolhurst Noall in the past financial vear.

In terms of results, the pre tax profits for the company declined from \$3.4 million for the year ended 30 June 2004 to \$2.7 million in the year ended 30 June 2005. This was largely due to decreased revenues from the corporate department with all other departments performing well.

I would like to draw your attention to the fact that the former directors and management team have created a strong platform from which your company can grow.

Whilst the financial results for 2004/2005 do not necessarily reflect this platform, I can assure you that significant enhancements have been made to the compliance function within the company and this has been further enhanced with the appointment of an in house legal counsel, Mr Matthew Wellington. I would also like to thank the former Managing Director, Mr John Wilson, who continues as a director of Tolhurst Noall Corporate together with Mr John Harry, the former Chairman of Tolhurst Noall, for their successful efforts in bringing Tolhurst Noall to its current position.

Your current Board and management will continue to make changes with the purpose in mind of adding shareholder value whilst creating opportunity for staff to grow both their skill levels and achieve satisfaction from contributing to the company's endeavours.

In this respect, I would like to share with you the Board's vision for Tolhurst Noall in the future.

It is our Board's view that Tolhurst Noall can achieve the status of being a major retail and institutional broker within the Australian market but only in circumstances where it invests in its people and with a particular emphasis on research, the institutional desk, the quality of corporate deal flow and support from and for the retail desk. Additionally, we are developing wealth management products through the acquisition of financial planning businesses, and have engaged consultants to review the growth of this market and strategic product developments. This review has been completed and enactment of proposals has commenced.

In terms of people, we have invested in Mr Michael Smith who leads our research team on a journey focused on the development of ideas and quality research which will be made available to our institutional desk, corporate and retail advisors. Our corporate team has been enhanced through the recruitment of additional staff and we continue to focus on the development of our corporate team as a key component of our future growth. As you would be aware, our institutional division was established in Sydney more than twelve months ago and we have recently established an institutional group in Melbourne to support the activities of our Sydney operations. Mr

David Fotheringham has been appointed as Company Secretary and General Manager - Strategy and Administration and with his quidance the company has focused more diligently on its human resources and achievement of its strategic plan especially in respect to investment in information technology.

In terms of the markets in which we operate, they are often subject to unforeseen circumstances, however with this noted, sharemarket conditions based on the known global fundamentals continue to represent amazing opportunities for investors to participate not only in the current domestic growth cycle which continues albeit sometimes directed by external events, but also to leverage from Australia's unique position as a beneficiary of the extraordinary growth within China and other emerging regions.

It must be said that Australia is one of the few countries afforded the opportunity, due to its natural resources, to participate in a resource demand. I believe we often fail to understand the lead time of major investment decisions and continue to sell short the wonderful opportunities that other often foreign companies with time horizons of European proportions, take full benefit. I therefore remain strongly convinced that the scenario in this country remains extremely positive, subject only to the security environment.

By way of guidance, I advise that our current performance for year to date would indicate that your company has increased its market share of turnover and is substantially ahead of last year in terms of year to date profit.

Corporate income, whilst sizeable, still remains to some extent unpredictable in terms of its delivery and therefore I caution against any extrapolation of the current significant growth in profitability when compared to last year if the amounts were annualized.

I am however confident that our profitability will significantly outstrip last year although we continue to provision for unforeseen potential litigation in what has become a far more litigious environment to operate as a stockbroker and financial adviser.

As indicated earlier, our focus is to increase shareholder value and the Board and senior management are examining each of the business units in addition to acquisition opportunities that will add value for all shareholders. In addition, we continue to review the

performance of our advisers with a focus on best practice outcomes which can be favourably compared with industry. To this end, performance management systems are being instigated within the business and staff will be assessed against these performance indicators.

In conclusion, the 2006 financial year promise to be both exciting, rewarding for staff and rewarding for shareholders and I thank you for your support.

Other Business Is there any other business that needs to be raised?

5. CLOSING

That concludes the business of the Meeting. I thank you all for your attendance and close the Meeting and invite you to join us now for afternoon tea.