First Graphene Ltd. — Capital/Financing Update 2003

Aug 4, 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

5 August 2003

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

Dear Sir/Madam.

TOLHURST NOALL GROUP LTD

New Issue

The Board of Tolhurst Noall Group Limited (Tolhurst) announces its decision to make a renounceable rights offering to its shareholders of ordinary shares on a 1 for 4 basis at an issue price of $$0.04$ per share to raise a total of approximately \$700,000.

Offering documents in relation to the issue are expected to be dispatched to shareholders immediately following the release to the market of Tolhurst's preliminary final earnings announcement for the period ended 30 June 2003. This release is expected to occur in approximately one month from today's date.

Yours faithfully.

CRAIG GRAHAM-SMITH Company Secretary