OLDFIELDS HOLDINGS LIMITED — Management Reports 2007

Nov 26, 2007

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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

27th November 2007

CEO 's Group Update to Shareholders

Dear Fellow Shareholders,

It is my pleasure to update you on the Group's recent operational activities and future outlook.

Many of you would have taken the time to read our 2007Annual Report with its updated format that helped clarify the company's activities and aspirations. Some major highlights for the year just ended:

• 1) Consolidated 2007 Revenue up 17%.

• 2) Net Profit 2007 up 37%.

• 3) Dividend payments increased by 8.3% with a partially franked dividend paid to 50% scheduled to be paid on the 18th December 2007. The record date being 4th December 2007.

The Group set out to achieve a few critical focal points:

Primarily the Board has managed to position the company to maintain future maintainable earnings via its strategy aimed at strengthening its market leadership status in the Aluminum Scaffolding business. This achievement is likely to add significant value to the company moving forward.

During the 2007 financial year our Scaffold and Hire Division acquired Aluminum Scaffold Solutions, a Perth based operation. In July 2007 this same Division purchased the businesses of Advance Scaffolds in both Australia and China. The Advance acquisition was a major addition for the Group and to date their results are to management expectations.

The combination of the two acquisitions along with generally buoyant revenue growth has to date seen significant revenue increases in 2007/08. Whilst it is always difficult to forecast given the current political and economic situation, we expect that this reporting period's Revenue and EBITDA will substantially exceed that of last year. This is a direct result of good general trading and the seamless integration of the Advance Acquisition.

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The Group also elected to purchase key strategic Real Estate. This Real Estate is aligned with the Group's activities. Some of these opportunities have since seen growth in carrying values as determined by the current accounting standards and the Company valuer's recommendations. We expect that future gains are likely with the Real Estate on the Company's books.

Furthermore, I would like to announce that our Storage Solutions Division has signed an exclusive Distribution Agreement with a world manufacturer of Storage Solution product. The agreement covers Australia, New Zealand and the Pacific Islands. The new ranges of product will be marketed under the brand Treco and will also involve direct import. This is an exciting new phase for our Group and it will assist in diversifying ranges within our existing customer groups.

The Paint Application business continues to grow and further investment in our facilities in South East Asia is likely .The group intendeds to increase its stake in the China Joint Venture during the course of the year.

The Board will raise Capital and has arranged an issue of shares under the current (DRP) Dividend Re-Investment Plan to be underwritten by Bell Potter Securities Ltd. It has also recently raised Capital to vendors of businesses we have recently acquired, including to those associated with Advance Scaffolds and with Painteroo Painters' Products.

We welcome the recent additions to our Management Team. Mr Maurie Abbott as Managing Director of Advance Scaffolds and Mr Braden Murrin as the Marketing Director. These gentlemen are also shareholders and very committed to the group's plans moving forward.

The Capital raising will achieve a wider sophisticated shareholder base and aims to improve liquidity of the Company's traded shares. We will have more on this in the weeks to come.

The Group has managed to expand its network of branches, with plans to grow organically coupled with strategic acquisitions.

There are few businesses without their fair share of challenges. The Group foresees the current volatility in the world economic cycle, escalating commodity prices, and fluctuations in the Australian Exchange rate as potential challenges. This along with overseeing growth in China utilising adequate management resources.

The Group has grown significantly after initial divestment of its Ladder business back in 2002. This has been achieved by dedicated, responsible staff and sound strategic decisions by the Board; backing the CEO's recommendations.

I would like to take the opportunity to thank those dedicated people at Oldfields, its associates and its Board for all the assistance in make this result possible.

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The Group has solid prospects and will continue to manage its growth moving forward.

We aim to continue to pay increased dividends every year, subject to the cash flow restraints of the business as it manages its growth cycle.

We will endeavour to update you on upcoming events.

Anthony Mankarios Chief Executive Officer