TIVAN LIMITED — Capital/Financing Update 2008

Aug 17, 2008

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Rights Issue Update

The non renounceable prorata rights issue of shares has now closed. The Company advises that it received applications for 20,015,539 shares from shareholders under the Offer. The shortfall of 28,155,295 shares is fully underwritten by Kirke Securities Limited in accordance with the Underwriting Agreement approved by shareholders in the General Meeting held on the 11 August 2008.

Arrangements with the underwriter in respect of the shortfall are expected to be completed within the next few days.

Yours faithfully TNG LIMITED

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JOHN W BARR Chairman 15 August 2008