OLDFIELDS HOLDINGS LIMITED — Earnings Release 2008

Aug 31, 2008

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Press Release

29 August 2008

Oldfields Holdings Limited - Results for Year Ending 30 June 2008

• Group Consolidated Revenue of $47.3 million, UP 29.48%

• EBITDA of $6.1 million UP 27.41%

• Net Profit After Tax $1.71 million UP 9.88%

• Final Dividend 4.5 cents, total Dividend UP 15.38%

• Earnings Per Share 13.64 cents, UP .30 cents

Historical Review Of Results

$ AUD Millions	2004	2005	2006	2007	2008*
Revenue	24.4	28.3	31.1	36.5	47.31
EBIT	1.6	2.2	2.5	3.4	4.43

* Audit In Process

Anthony Mankarios, Group CEO said:

”It was pleasing to see continual growth in the operations for 2008 with revenue up 29.48% and EBITDA up 27.41%.

Oldfields (ASX:OLH) is building on it's strengths for the future and has positive outlooks for 2009 and beyond subject to the continuation of prevailing economic conditions.

The Board elected in 2008 to invest in key strategic areas to lay the foundations for the future maintainable growth of the Group. During the year total cash investment outlay for the Group amounted to $5.2 million, with the issue of 910,550 shares increasing equity within the Company.

The Company has built up impressive Australian business units and trade marks and has become a leader in aluminium scaffold within Australia and now exports scaffold, paint application products, and Treco garden sheds to the world.

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Whilst this year the overseas operations affected the results adversely, it's world standard manufacturing bases in SE Asia and China are expected to add to the Group's results in the future and provide consistent quality products to our valued customers. This year's results also included oneoff expenses associated with the expansion of the Group's network.

The Company's solid property base, whilst not expected to increase significantly next year, will provide a robust anchor to future growth plans.

The Company elected to add to it's stable of diversified businesses by acquiring the business assets of H & O Pharmaceuticals Pty Limited in August 2008. Some of the goods manufactured by H & O include cleaning, personal care and hardware lines. We have already experienced solid revenues for this business and the Group early in the 2009 financial year.

The Company's net assets per share are $1.17, as at 30 June 2008 and the Company has elected to pay an increase in final dividend to 4.5 cents partially franked to 30%. This represents continued growth in dividend payments in the recent past.

Oldfields continues to actively seek opportunities now and into the futue.“

Oldfields was established in 1916 as a manufacturer of quality brushware and has since expanded to include scaffolding, garden sheds, storage systems and personal care lines, exporting their prodcuts across the globe.

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