TIVAN LIMITED — Capital/Financing Update 2008

Jul 7, 2008

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• 8 July 2008

ASX ANNOUNCEMENT

NON-RENOUNCEABLE PRO-RATA RIGHTS ISSUE

TNG Limited advises that the attached letter relating to its non-renounceable pro-rata rights issue is being posted to shareholders today.

Kind Regards TNG LIMITED

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John Barr Chairman

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8 July 2008

Dear Shareholder

Notice to Shareholders of Rights Issue

We write to you as the registered holder of TNG Limited ( TNG ) shares (ASX code TNG) as at today’s date.

As advised in ASX announcements on 11 June 2008 and 4 July 2008, TNG is undertaking a nonrenounceable pro rata offer of shares to its shareholders.

The pro rata offer is on the basis of 1 share for every 4 shares held at the record date each at an issue price of $0.06 ( Offer ). The Offer is being underwritten by Kirke Securities Limited.

The Offer is available to all TNG shareholders registered on the record date of 15 July 2008 ( Record Date ).

The Offer is being made without a prospectus. A Right Issue Offer Document in relation to the Offer will be lodged in accordance with the timetable below with the ASIC and ASX and will available at the Company’s website: www.tngltd.com.au.

The timetable for the Offer is:

Lodgement of Appendix 3B and 708AA Notice	Friday 4 July 2008
Notice to Shareholders	Tuesday 8 July 2008
Existing Shares quoted on an "ex" basis	Wednesday 9 July 2008
Record Date	Tuesday 15 July 2008
Rights Issue Offer Document and Entitlement and Acceptance Form despatched to Eligible Shareholders	Friday 18 July 2008
Closing Date	Tuesday 12 August 2008
Anticipated date for the issue of the New Shares and despatch of holding statements	Friday 15 August 2008
Commencement of trading of the New Shares	Monday 18 August 2008

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There will be no deferred settlement of the sale of shares offered under the Offer. Trading in shares will commence on the first business day following dispatch of the holding statements.

Please note that where the determination of an eligible shareholder's entitlement results in a fraction of a share, such fraction will be rounded down to the nearest whole share.

The directors of TNG recommend that if you are in doubt as to the value of the Offer then you should contact your financial adviser.

Kind Regards

TNG LIMITED

John Barr Chairman

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