TIVAN LIMITED — Share Issue/Capital Change 2003

Jul 15, 2003

16 July 2003

Dear Optionholder

The Company recently completed a share capital reduction effected by distribution in specie shares in Batavia Mining Limited. The paid up share capital of the Company has been reduced by \$0.055 per share.

As a consequence the exercise price of all Options on issue has been reduced by the amount of \$0.055.

Please return your option certificate for cancellation. On receipt of your certificate the Company will issue you with a new option certificate.

Yours faithfully HALLMARK CONSOLIDATED LIMITED

CHRIS BATH Company Secretary