OLDFIELDS HOLDINGS LIMITED — Capital/Financing Update 2010

Jul 21, 2010

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OLDFIELDS HOLDINGS LIMITED

ACN: 000 307 988

PO BOX 1613, CAMPBELLTOWN NSW 2560 Telephone: 02 4627 0777 Facsimile: 02 4627 0888

22[nd] July 2010

ASX Announcement - Shareholder Update

Capital Management

The recent Capital Raising by way of a pro-rata, non-renounceable Rights Issue has now been fully subscribed. The Company has received the funds for this transaction today.

The debt to U.F.B.A. Pty Ltd for $500,000.00 has now been converted to shares as per the terms of the resolution at the recent Extra Ordinary General Meeting.

The Company has agreed in principle with its bankers for an extension of its full finance facility for a further two year period with an annual review, subject to ongoing conditions and Covenants.

The Company would also like to confirm that the sale of its Prestons' property was settled on the 1[st] May 2010. Proceeds were used to pay down bank debt.

Trading

The Scaffold Division's sales to the end of June are above expectations with quite a few large orders. Overseas commitment is expected to improve moving forward.

The Paint Applications business has confirmed ongoing business with larger retailers and continues to meet expectations.

The Consumer Products business unit which has been losing money for the last two years is currently under review, we expect to dispose of the business assets and for this to come to a conclusion within the next 90 days. We expect to inform the market of the year end 2010 provisions that the board wish to take-up once this appropriate review is completed.

Anthony Mankarios CEO