OLDFIELDS HOLDINGS LIMITED — Capital/Financing Update 2007

Oct 7, 2007

==> picture [170 x 57] intentionally omitted <==

OLDFIELDS HOLDINGS LIMITED

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

4[th] October 2007

Oldfields signs Underwriting Agreement with Bell Potter Securities

The Company has today signed an Underwriting Agreement with Bell Potter Securities Ltd (" BP" ) under which BP has agreed to underwrite any shares not taken up by eligible participants in the Company's Dividend Re-investment Plan (" DRP" ) in respect of dividends due to be paid to shareholders on 18 December 2007.

The Company has previously announced a final dividend payment of $0.04 per share franked to 50%. The Company's board has determined, in accordance with the DRP, to issue shares under the DRP at a 2.5% discount on the weighted average market price of the Company's shares calculated over a 3 day period immediately preceding the Record Date (as such term is defined in the DRP), as determined by the directors. The applicable Record Date in respect of the proposed dividend is 4 December 2007. Based on current shares on issue and the proposed issue price of the shares under the DRP, the Company and BP have agreed that the total amount to be underwritten, should no shares be taken up by the Company's shareholders under the DRP, is $495,040.00.

The Company is cognisant of its obligations under section 708A of the Corporations Act, 2001 and elsewhere at law in respect of the shares not taken up by its shareholders and which are instead taken up by BP or its nominees (" Short Fall Shares "). In the event there are Short Fall Shares, the Company has agreed to pay BP an underwriting fee and a management fee. The underwriting of the Short Fall Shares will assist the Company to manage cash flow and increase its shareholding.

Anthony Mankarios Chief Executive Officer