OLDFIELDS HOLDINGS LIMITED — AGM Information 2009

Nov 26, 2009

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OLDFIELDS HOLDINGS LIMITED

ACN: 000 307 988

PO BOX 1613, CAMPBELLTOWN NSW 2560 Telephone: 02 4627 0777 Facsimile: 02 46 27 0888

OLDFIELDS HOLDINGS LIMITED ANNUAL GENERAL MEETING 27[th] NOVEMBER 2009

CHAIRMAN’S ADDRESS

I will shortly pass the meeting over to our CEO Mr Mankarios who will address the meeting.

Before doing so I would like to acknowledge the efforts of our previous Chairman and director Mr John Westwood.

As you may be aware Mr Westwood retired from the Board earlier this month having been a Board member since 2001 and our chairman since August 2002.

On behalf of the Board I would like to take this opportunity to thank Mr Westwood for the tremendous effort he has put into his role over the past eight years and the support that he has given the Board and our CEO. We also look forward to a continued relationship with Mr Westwood who remains one of the largest shareholders of the Company.

The Board will be looking to fill the role of Chairman from a number of possible candidates. The Board will be seeking an independent person in accordance with good Corporate Governance, as well as someone with the appropriate qualifications and experience to assist the CEO and Board with appropriate strategies to add value to the shareholders of the company.

I would also like to bring to the attention of the meeting the current position in respect of our recent capital raising. As you are aware the company undertook a Pro-Rata Non-Renounceable Rights Issue to raise $2.2M. These funds were to be used to retire some debt and to provide additional working capital.

The Rights issue was undersubscribed and at this point 23 shareholders have committed to taking part of the shortfall. The Board is still seeking to place any remaining shortfall with one or more sophisticated or institutional investors.

As stated in the Annual Report if the company is unable to raise the capital required or undertake other alternatives being considered this may cast doubt about the group’s ability to continue as a going concern.

The company is also attempting to sell assets to raise funds. We have received a conditional offer for the purchase of our property at St Marys. We are also negotiating with a prospective purchaser of our property at Prestons.

The Board has also appointed an independent firm to assist in preparing a strategic plan for the company. This plan will be completed in approximately two weeks. It may contain strategies for the reconstruction of the group with a view to returning the group to profitability.

We will through announcements to the ASX keep shareholder informed as this process is completed.

I would now like to pass the meeting over to Mr Mankarios. And also wish him a Happy Birthday.

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OLDFIELDS HOLDINGS LIMITED

ACN: 000 307 988 PO BOX 1613, CAMPBELLTOWN NSW 2560 Telephone: 02 4627 0777 Facsimile: 02 46 27 0888

OLDFIELDS HOLDINGS LIMITED ANNUAL GENERAL MEETING AGM 27[th] NOVEMBER 2009

CEO'S ADDRESS TO SHAREHOLDERS

Good Morning.

First of all I would like to echo Mr Hext’s sentiments toward our outgoing Chairman, who many of you who know him will agree has been a huge contributor to the company. He was instrumental in disposing of the Ladder Factory and assisting me with the re-structure and ramp-up of the company along with the many acquisitions we completed together. Mr Westwood has always been a supporter of the company and has indicated that he will continue to remain so. I would like to share the gratitude many of us feel toward his personal contribution and commitment to the company.

This is Oldfields 93[rd] year of trading and its 50[th] Annual Report as a listed Company. The year just gone has been one of the most difficult trading environments in the company's history with the onset of the Global Financial Crisis that has affected us significantly, with the drop in the AUD from its highs in September last year of $0.98 to more recent lows of $0.62. This market drop against the USD affected our inventory and cashflow in an adverse way. With an inventory level of around $10M at any one time, to replenish this would require additional Working Capital at a time when the company came off a recent acquisition and a high demand for working capital to ramp up to management expectations.

Despite this, the company, for much of the year showed particularly steady growth. The group's revenue increased by 12.3% on the previous years highs.

The year also saw some significant one-off effects, apart from the major currency fluctuations. We rationalised sites, closed display centres and our Prestons depot was rationalised on the back of the Advance Scaffold Acquisition. In the later half, as we cut costs further to better align the business with the trading environment, we rationalised factories by merging some operations’ activities into our existing South East Asia sites.

We would like to acknowledge the hard work and continual support from our staff and suppliers for their contribution during a difficult year. The result for the 08/09 year was a loss of $6.2M, due to the adverse effects of nearly $6.5M caused by non-recurring and one -off charges to the accounts which included non-cash asset impairments caused by the write-down of Intangibles associated with acquisition Goodwill. The Goodwill was impaired as per the current Australian Accounting Standard requirements. The acquisition and integration effects of the H&O Products Division further affected the accounts adversely.

The company did accomplish some very important operational highlights, in re-structuring and aligning future costs to current level of demands. The cost cutting resulting from redundancies and voluntary salary sacrifices alone are planned to save the company in excess of $1.5M pa.

Outlook

The current trading environment remains challenging. It is too uncertain to predict any outcome. Although this year remains challenging the company has received a great deal of support from its major customers and has been asked to submit for very large tenders in a number of Divisions.

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OLDFIELDS HOLDINGS LIMITED

ACN: 000 307 988 PO BOX 1613, CAMPBELLTOWN NSW 2560 Telephone: 02 4627 0777 Facsimile: 02 46 27 0888

The company will seek to retire debt, with a plan to dispose of some non-core Real Estate Assets and will explore further options to retire debt and improve future shareholder returns. The company will not pay a final dividend this year.

We undertake to keep our shareholders informed of any developments.

Thank you for your patience and continued support.

Anthony Mankarios. CEO

Ph: 02 46450703