OLDFIELDS HOLDINGS LIMITED — Capital/Financing Update 2008

May 29, 2008

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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

30[th] May 2008

Acquisition of Consumer Products Business

We are very pleased to announce that our Group has today signed Heads of Agreement to purchase the business assets of H & O Pharmaceuticals Pty Ltd. This business primarily deals with consumer goods. The purchase is subject to Due Diligence.

We also advise that a previous principal of the business, Mr Costa Konstantopoulos will continue to run the existing business in an ongoing capacity and will remain a 25% equity holder.

The company is currently performing ahead of the same period last year and has exhibited a steady growth history.

The vendors will receive part cash and part script. Further details of the share issue and settlement will be announced on completion of the Due Diligence process.

The contract terms remain confidential.

This deal is cash flow and earnings positive for the company and is consistent with our Company strategy and future growth plans.

Anthony Mankarios Chief Executive Officer