OLDFIELDS HOLDINGS LIMITED — Capital/Financing Update 2008

Nov 20, 2008

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ASX Announcement

21 November 2008

TRADING UPDATE

Given the recent global volatility in the market, it is both timely and proper to update the shareholders on the current trading activity and plans for this financial year.

The Company's Consolidated first quarter activities to September 2008 posted an increase in revenue of 23%.

Our business Divisions are currently in reasonably good shape as this revenue is a record for the first quarter, albeit the growth rate is slowing in the last few months. No doubt however the recent global slow down will bare significant pressure on margins and costs. The value of the Australian dollar to the US dollar and the recent hikes in freight costs are all adversely affecting our profit, these aspects are expected to ease in the second half of the year. It is too difficult to predict or forecast results given the volatility involved. The Company remains profitable. Profit is expected to be reduced in this half year period.

Our business has undergone a review of its activities and we have decided to undergo a costs reduction plan to assist with securing the companies growth. These decisions are made by the board and represented by management as a responsible course of action to secure our Company's good growth record.

The Scaffold Division has consolidated it's Prestons branch into our larger Revesby branch nearby. There have been staff redundancy costs incurred and cost cuts as a result. The cost cuts forecast for this division as a direct result of this future plan are in excess of $400,000 pa.

The Prestons building will become surplus to our core business activity as a result of this consolidation and the property has been leased. The company will also consider a sale of this property as soon as the market levels. Given this the Prestons property will be reclassified as an investment property and will be subject to annual valuations along the same basis as the other property at St Marys in line with current AFRIS accounting standards.

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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

The Company has increased its bad debt provisions for this year and aims to secure additional contracts in its Paint Applications business. The Company has secured the brand rights to Metrotex and plans to centralise China imports from a consolidation site for its Paint Applications Division.

The Group will seek to consolidate its Asian manufacturing plants and aims to sell its Chinese Property later in the year. We are looking to secure a sale of a small portion of the perimeter of this Tangshan property to our neighbour at a price that is line with recent valuations. Should the remainder of the property be sold for similar prices, we anticipate a sizable profit.

It is anticipated the recent Government initiatives and the lower interest rates will improve the situation in the second half of the year. Should there be any significant changes in events the company will update you further.

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