First Graphene Ltd. — Capital/Financing Update 2004

May 25, 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

26 May 2004

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

Dear Sir/ Madam,

TOLHURST NOALL GROUP LTD Share Purchase Plan

Tolhurst Noall Group Ltd (Company) today announced that it will raise \$750,000 from its Share Purchase Plan.

The Company's Share Purchase Plan entitled shareholders to apply for additional Shares in the Company at an issue price of 12 cents per Share up to a maximum of \$5,000 per shareholder. The offer closed on 19 May 2004.

Approximately \$365,000 was subscribed by shareholders; the balance of approximately \$385,000 will be taken up by underwriters Chimaera Capital Pty Ltd. River Capital Pty Ltd and JT Campbell & Co Pty Ltd in collaboration with sub-underwriters.

The funds will be applied towards the working capital of the Company.

Yours faithfully.

Jung

CRAIG GRAHAM-SMITH Company Secretary