OLDFIELDS HOLDINGS LIMITED — Capital/Financing Update 2008

Dec 15, 2008

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Press Release

16 December 2008

New Contracts

Oldfields Group is pleased to announce that a number of its subsidiary companies have been awarded new supply contracts.

Our Scaffold Division has been awarded a prestigious Defence Department contract worth $500,000 due to be finalised by April 2009. This confirms our market leader status in quality and performance with customised Aluminium Scaffold Product.

A major retailer has confirmed it's continual supply contract with our H&O Consumer Products Division for our existing lines plus an additional 10 new lines. The contract is expected to be worth in excess of $2M pa.

In addition, Oldfields Pty Ltd has been successful in tendering additional lines in the hardware industry due to commence in December.

Whilst the current market conditions remain challenging, this additional business will greatly assist in achieving our forecast revenue of in excess of $50M for 2008-09.

Anthony Mankarios Chief Executive Officer

Oldfields Holdings represents a diverse group of business units that export around the globe, including: ◼ Paint Application & storage products ◼ Aluminium Scaffolding (Australia's leading supplier) ◼ Treco garden sheds ◼ H & O Products household & personal care brands

For further information please contact: Fiona Standing Executive PA . Direct line: 0246 450703

8 Farrow Road, Campbelltown NSW 2560 ◼ Phone: 46270777 Fax: 46270888 ◼ www.oldfields.com.au