OLDFIELDS HOLDINGS LIMITED — M&A Activity 2008

Feb 6, 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

7[th] February 2008

WYCO INTERNATIONAL PTY LTD

Heads of Agreement

Oldfields Pty Ltd has signed a Heads Of Agreement to acquire the business assets of Wyco International Pty Ltd, Australia's finest supplier of Sheepskin Painter's Rollers and related applicator products.

This business will be incorporated into our existing Oldfields Paint Applications product range.

Oldfields will own the brand "Wyco" as at 1 March 2008 subject to our Board's final approval.

This acquisition will then be finalised on delayed settlement terms, subject to satisfactory completion of our formal due diligence procedures.

The direct mail "Painters Direct" business is not included in the transaction and Wyco International Pty Ltd plans to sell this to other non-related parties.

Gary J Guild Company Secretary