THORNEY TECHNOLOGIES LTD — Board/Management Information 2007

Dec 2, 2007

Monday 3 December 2007

ASX Release

Company Announcements Office Australian Stock Exchange Limited 10[th] Floor, 20 Bond Street SYDNEY NSW 2000

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Dear Sir/Madam,

Notice to ASX

The Board of Australian Renewable Fuels Limited (ARF, ASX: ARW) wishes to advise the following changes to its composition with immediate effect.

o Chairman

In accordance with the new strategic direction outlined in the Chairman’s presentation to the Annual General Meeting of the Company held on 26 November 2007, Mr Alan Mulgrew has resigned as Chairman of ARW. Mr Robert Scott has replaced Mr Mulgrew as Chairman of the Company.

Mr Mulgrew’s contribution to ARW during the term of his directorship was invaluable. In particular, he undertook an enormous role in improving the overall structure of the Company and the Group and provided direction for improvements to corporate governance and shareholder communication. The Board thanks Mr Mulgrew for his efforts and achievements.

o Retirement of Directors

Mr Graham Scott has tendered his resignation as a director of the Company. Graham served on the ARW Board for many years and his contribution has been significant. The Board thanks him for his contribution and wishes him well for the future.

Mr Max Ger elected not to seek re-appointment as a director of ARW at the recent Annual General Meeting of the Company. Mr Ger now takes on the role of Chief Executive Officer of the Group’s Australian operations as well as Chief Financial Officer of the Group.

Mr John Lillywhite resigned as Chief Executive Officer and Managing Director of the Group at the conclusion of the Annual General Meeting held last week. Mr Lillywhite joined the Company in January 2007 and managed its affairs during a particularly difficult period in the Australian

biodiesel industry’s history. The Board thanks Mr Lillywhite for his tireless efforts and guidance during this time and wishes him every success in his future endeavours.

The revised Board of ARW is comprised of:

R N Scott – Chairman G F Towner G Denison

o Review of American Renewable Fuels Inc’s Board of Directors.

ARW, in conjunction with the other members of the Board of American Renewable Fuels Inc, will shortly conduct a review of the composition of the Board of the US subsidiary. The focus of the review will be to strengthen the composition of the Board and to reinforce the Group’s US business strategy.

The Board of ARW also wishes to elaborate on the strategies for the Group’s Australian operations.

The primary focus of ARW will be to develop its US biodiesel interests. This focus is seen as pivotal to establishing shareholder value through profitability. However, ARW will continue to seek sustainable opportunities to restart the Australian operations of the Group. The Group is currently evaluating the changed circumstances that have presented themselves as a result of the changing political landscape in Australia as well as the renewed worldwide interest in climate change. Feedstock prices remain a major concern for biodiesel producers in Australia but the recent increases in offtake prices have presented an improved outlook for the opening of either one or both of the Group’s biodiesel plants at Largs Bay and Picton. The determining factor for proceeding down this path is the long term sustainability of operating margins. If a sustainable business case cannot be identified, surplus fixed assets will be realised at highest commercial consideration.

ARW will also give due consideration to other business opportunities in Australia that are complimentary to the business strategy outlined in the Chairman’s presentation to the AGM. The establishment of a robust and profitable Australian based business is a key objective of the Board and the Executive.

For further information, please contact:

Australian Renewable Fuels Limited Max Ger Chief Executive Officer (Australia) Chief Financial Officer (Group) T: 08 9363 3500 E: info@arfuels.com.au

ENDS

12A.Notice to ASX.Board Composition and Update.07.doc

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