OLDFIELDS HOLDINGS LIMITED — Board/Management Information 2011

Feb 27, 2011

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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

28 February 2011

ASX Announcement - Appointment of Independent Chairperson

As mentioned in my address to shareholders at the Annual General meeting held in November 2010, your Board believes in adopting where possible the principles and recommendations of good Corporate Governance, one of which is the recommendation that the Chairperson should be an Independent Director.

With this in mind, we enlisted the services of “Michael Page Executive Search” to seek out suitable candidates for the role of Chairperson.

As a result, we are pleased to announce the appointment of Julie Garland- McLellan FAICD to the Board of Oldfields Holdings Limited as a non-Executive Independent Director and Chairperson of the Board effective 1 March 2011. Julie will resign and stand for election by shareholders at the next Annual General Meeting.

Julie is a professional company director and currently serves upon the boards of Bounty Mining ( ASX listed), Tamar Gold ( private) and Kimbriki Enviromental Enterprises ( Government Sector). She is a former Councillor of the Australian Institute of Company Directors in NSW and the author of three books on Corporate Governance. Julie has a degree in Civil Engineering, an Executive MBA, a diploma in Company Directorship, an Advanced Diploma in Company Directorship and a Postgraduate Diploma in Applied Finance and Investment. Prior to her Board career she held a number of Senior Executive positions in Australia and overseas.

Obviously, I will be standing down as Chairman effective 28 February 2011. I will be remaining on the Board as a Non-Executive Director. I would like to take this opportunity to thank my fellow board members and senior management for their support over the past 15 months in what was a difficult and challenging time for your company.

We are delighted to add to the board a Director who combines practical commercial board experience with deep governance knowledge. This is a major step for the company as it will provide renewed independence in the boardroom as we build the company's position in its major markets.

Christopher Hext CHAIRMAN Oldfields Holdings Limited

For more information contact:

Robert Coleman Company Secretary Oldfields Holdings Limited Tel: 02 4627 0777 Mob: 0411 262 470

Julie Garland- McLellan Chairperson Oldfields Holdings Limited Tel: 02 4627 0777 Mob: 0418 411 710