OLDFIELDS HOLDINGS LIMITED — AGM Information 2010

Nov 21, 2010

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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 22[ND] NOVEMBER 2010

CHAIRMAN’S ADDRESS

Dear Fellow Shareholders

As you would be well aware from the Annual Report the financial year ended June 2010 was extremely difficult for your company.

Without repeating matters that are in the Directors’ Report I would like to take this opportunity to inform shareholders as to the company’s outlook and strategies.

In the first instance we are in the early stages of turnaround. There is still a substantial amount of work to do and everyone is committed to the hard tasks before us.

A new management team is in place, this includes;

• Mr Robert Coleman, Chief Financial Officer and Company Secretary appointed February 2010;

• Mr. Ray Titman, who has been with your company in excess of 25 years was appointed as Chief Executive Officer and Managing Director in August 2010;

• Mr Chris Giles was appointed as Managing Director for the Scaffold Division in September 2010;

• Further appointments may be required as each business unit is reviewed and strategic plans put in place.

• The Board is aware that at this time there are no independent directors. We have engaged the services of a management company to seek out suitable candidates for appointment as independent directors and chairperson.

Our 1[st] Quarter performance is positive on continuing businesses, as well we have achieved positive cash flow for the 1[st] Quarter. The H&O business which had been a substantial drain on cash and profits has been totally wound down. All employee entitlements for those employees made redundant have been paid and all trade creditors have been paid in full. In addition reductions in inventory levels and trade receivables since June 2010 has allowed further substantial reductions in trade creditors. The company has also fulfilled its statutory and taxation obligations.

Bank Debt is still at high levels, we have however as previously announced, restructured our facilities with Westpac which are reviewed annually. We are still marketing our properties in St Marys and Archerfield, the proceeds of which will be applied to reduce debt.

Going forward we see the need to exploit our competitive advantages. We have a low cost high quality paint application manufacturing plant under a joint venture in Indonesia. We also have a 100% subsidiary low cost high quality scaffold manufacturing facility in China. We have strong brand recognition, particularly in Paint Applications where the Oldfields brand is entering its 95[th] year.

Your Directors’ are confident that there is substantial market growth available to us. For paint applications not only are we well positioned to capitalise on local hardware market growth, but also with strong potential for the Indonesian local market and new opportunities in a recovering US and world economy.

We have good customers in Japan and the Middle East for aluminium scaffold, Japan in particular is growing strongly. In addition we are exploring manufacturing possibilities for UK and European scaffold customers, with product from our plant in China. We are also developing fibreglass scaffolding customers in both the US and UK.

We are confident that we will achieve our growth targets, but we are also clearly aware of the risks that are before us.

The Treco Shed division is not achieving our internal targets. This business is currently undergoing a full review particularly in regard to product ranging, distribution methods and production capabilities.

Interest rates in Australia are slowly rising adding costs due to our high debt ratio. Whilst it would appear that the possibility of a double dip recession both locally and internationally is less and less likely, the growth is very slow. Locally business conditions are slowly improving but are still difficult, particularly in Queensland. Overseas low cost competitors continue to enter the Australian market, which is even more attractive given the strong Australian dollar. We need to be active and focused on the currency risks that have a significant impact on both our exports and imports.

Our strategy going forward, firstly is to get the basics right, ensure we have effective internal controls, overhaul our management reporting systems, provide effective staff training and ensure we have the right calibre employees who have the necessary abilities and capabilities to perform the tasks asked of them.

We offer premium products at premium prices and we must meet and exceed our customer expectations. We will reinvigorate our brands through advertising and promotional activities both in conjunction with our customers and on a stand alone basis.

We have the competitive advantage of low cost and high quality production facilities, there are opportunities to utilise these facilities to supply 3[rd] parties.

We will continue to look at potential mergers of like businesses.

In conclusion, our vision is to rebuild our business in Paint Applications and Scaffolding to be the market leader in Australia. Grow our business to the rest of the world using our JV facility in Indonesia and our manufacturing facility in China. We will continue to look for potential mergers and acquisitions both domestically and internationally.

Finally I would like to thank my fellow board members as well as our staff who have continued their efforts in what has been an extremely difficult period. We look forward with great anticipation to the strong future of Oldfields.

CHRIS HEXT Chairman

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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 22[ND] NOVEMBER 2010

CEO’S ADDRESS

Good morning and welcome.

Firstly let me introduce myself before I go into details on the trading results for the year. I would like give you my history and experience with Oldfields for those of you that do not know me.

I have been part of the Oldfields team for over 26 years starting as a field representative in the paint applications division covering both the domestic and export markets in Queensland and PNG.

In 1989 I established the Scaffold and Hire Division in Queensland eventually responsible for both the Hire and Brush Division as Queensland Manager.

In 1994 the Indonesian joint venture PT Ace Oldfields was added to my responsibilities, the ensuring years saw the transfer of all paint applications manufacturing to the Indonesian joint venture. During these years I also shared Marketing duties internationally with my Indonesian colleagues.

In 2001 with the Company restructuring I was invited to relocate to Sydney where I took up the positions of Business Manager Paint Applications, then General Manager in 2008. In August of this year I was invited to take up the position of C.E.O and Managing Director.

I would like to thank those Board Members past and present that have assisted me in reaching my current position.

I feel privileged to be given this opportunity, and I am very excited about the future of Oldfields, particularly with the existing employees who have worked tirelessly through these very difficult times and shareholders who have been very patient and supportive.

Scaffold and Hire Division

In the last few months we have had a complete change of Management of our Scaffold Division with Chris Giles as Managing Director and a new domestic and international sales team. Already the first quarter has shown improvement with a strong 7% growth in revenue. Part of this has been as a result of a refocus on our Customers needs and making sure we service our customer better than our opposition, better compliance with our systems and a tighter control mechanism within the Division which will reflect in general cost savings.

The coming year will also see a re focus on our branding within the Scaffold division taking full advantage of the strength of the Oldfields branding.

Attendance at International fairs and shows together with a Customer service focus is now starting to reap rewards in additional International sales and a wider customer base.

Our Foshan Scaffold factory continues to produce world class product and revised Management reporting systems will ensure continuation of Worlds Best Manufacturing practices linked to low cost.

Paint Applications

The downturn in the building industry over the last year has had an effect on this division however it continues to perform well perticularly in the Trade area.

The Corporate paint market has seen changes with the purchase of the Taubmans and Bristol brands by PPG (USA) and Wattyl/Solver/Granosite by Velspar also of the USA.

The consolidation of the Hardware Market with the purchase of the Danks distribution business by Woolworths and Mitre 10 distribution by Metcash has certainly changed the landscape of Hardware. The rapid expansion of Bunnings Shed program has meant a reduction in the number of Mitre 10 and Danks Group hardware outlets with Bunnings increasing market share in country towns via acquisition.

2011 will be a year of excellent opportunities in the hardware industry with the introduction of the yet to be named Lowes/Woolworths Home Improvement Centres promising 150 Sheds in 3 to 5 years and Bunnings moving into the whitegoods and general home decoration categories. It is doubtful that all the existing smaller “corner hardware outlets” and some of the white goods retailers will survive.

Oldfields has positioned itself to take advantage of the new opportunities, details of which will not be finalised until 2011.

Our weakness in the retail sector of the market has had the division concentrating on the repackaging and branding of products to take advantage of the strong brand recognition and to upgrade offers aimed at the DIY and the female consumer. This already has shown positive results with the winning of additional retail business.

We must be conscious of the potential domination of two large groups of operators and ensure we provide our other Hardware and Paint Specialist markets with improvement of service, products and training to ensure their success.

Treco Garden Storage Products

This division has not performed well and a complete review is currently underway. We must look at how we market our products and the type of retail outlet through which better sales can be achieved. Opportunities exist with many types of smaller operators due to the competitive pressure placed on them from the Big Sheds infiltrating into previously unchallenged markets. We have established a target list of potential markets and are concentrating all our efforts to capture these. We must review our current product range to take advantage of the changing living patterns with a large percentage of the Australian population moving to smaller house blocks and an increase of unit living. As the needs of the consumer change we must change with it.

International sales have been effected by the strong Australian dollar and we must ensure best raw material buying and best manufacturing practices minimise the effects on these customers,.

Pt Ace Oldfields

While the major USA customers have suffered and turnover is down in this market, new customers and distributors have been added to help arrest these sales. We are currently waiting on final audit approval from two large US retail chains which will see PT Ace Oldfields product on the shelves of these multi-stored outlets.

Attendance at International fairs to present the products and marketing through International Brush associated magazines remains a must to encourage new customers.

New marketing programs in conjunction with our distributors within Indonesia have resulted in 20% plus growth in the domestic market. These figures are budgeted to continue.

As Oldfields prepares to enter its 95[th] year of trading, all divisions have a renewed focus on what must be done to turnaround each division and ensure a strong future for Shareholders and for the dedicated staff that are Oldfields.

Thank you

Ray Titman CEO