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First Graphene Ltd. Capital/Financing Update 2006

Jan 29, 2006

35640_rns_2006-01-29_d41482c4-5261-4686-b4b1-f8bf301cf5a1.pdf

Capital/Financing Update

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PRESS RELEASE

30 January 2006

SALE OF MINORITY INTEREST IN CARROLL PIKE PIERCY

Tolhurst Noall Ltd (TNL) today executed and settled the sale of its 20% shareholding in Carroll Pike Piercy Pty Ltd ("CPP") for \$2.2 million

The sale will result in a pre tax profit to TNL of \$1 million.

The sale is ex dividend entitlement of \$175,000 (fully franked) which was also received today.

Commenting on the sale. Executive Chairman of TNL David Browne said: "The successful sale of Tolhurst Noall's interest in Carroll Pike Piercy enables us to further our investment in our research and corporate objectives."

TNL looks forward to continuing its relationship with CPP by entering into a five (5) year exclusive execution and clearing contract concurrent with the sale of Tolhurst Noall's 20% CPP shareholding.

David Browne further commented that, "Tolhurst Noall has been able to secure additional revenues and profitability as a result of this exclusive relationship"

End of Release