Notice of Annual General Meeting Publication of 2008 Annual Report and Accounts

Furthermore, the Company is required to hold an annual general meeting on or before 31 January 2009. The AGM will be held on Friday 30 January 2009. The Company will therefore convene a separate Shareholders Meeting on 27 February 2009 to receive and adopt the 2008 Report and Accounts which, as stated above, are expected to be published on 4 February 2009.

The Board has written to Shareholders regarding the delay in publication of the 2008 Report and Accounts and giving notice of the AGM and of the general meeting to be convened on 27 February 2009.

1. Publication of report and accounts for the year ended 30 June 2008

The Board seeks to produce the Company‘s accounts in a timely manner. However, in doing so it is dependent on the preparation of valuations by third party valuers. Most Australian companies report to a 30 June year end and the months of July to October are extremely busy for the valuation consultants. Despite planning the year end valuation since May, it was not possible to accelerate the valuation process without significant additional expense to the Company. As a result the final valuations were not completed until mid December, resulting in a delay in the preparation of the full year accounts.

The Board has decided therefore to hold the AGM on Friday 30 January 2009. But the meeting will not consider the 2008 Report and Accounts, which will instead be considered at the Shareholders meeting on 27 February 2009. This will give Shareholders sufficient time to consider the 2008 Report and Accounts before they are put before Shareholders at the February Meeting.

The 2008 Report and Accounts will not be sent to Shareholders (save where a Shareholder requests a hard copy) but will be posted on the Company‘s website www.radicleprojects.com. A notice has been sent to Shareholders today to provide them with the opportunity to request that they continue to receive a heard copy of the Company‘s accounts.

2. Timber Fund

The Company announced on 9 June 2008 that it intended to establish and manage Radicle Timber Plantations Limited, a Guernsey fund which to be listed on AIM. In light of prevailing stock market conditions the Board has decided not to proceed with Radicle Timber Plantations Limited on AIM. Instead it is exploring alternatives to raise an international timber investment fund. Further details will be announced at the AGM.

3. Trading Performance and Final Dividend

As announced on 8 December, the Board anticipates that the Company will report a loss for the year to 30 June 2008. This is as a consequence of a number of factors including an unexpected write down on the valuation of certain of the Company‘s timber assets and the costs attributable to the aborted launch of the Timber Fund in the last financial year.

As previously announced the Company will not be in a position to declare a final dividend in respect of the year to 30 June 2008.

4. Board Changes

The Company is now fully invested in Australian assets and the Board has therefore taken a strategic decision to strengthen the governance of the Company in the region where most of its income and asset management work resides. Accordingly the Company has today announced the appointment of Myles Stewart-Hesketh and John McLennan to the Board with effect from 30 January 2009.

Myles Stewart-Hesketh, MBA (Melb), BA (Monash)

Myles Stewart-Hesketh is an Australian national with 22 years of experience in the banking and finance sector executive and board level. Myles was formerly a Vice President with Citibank in Australia. He has also worked at a senior level with the Asian Development Bank in Manilla, Philippines and the Saudi Industrial Development Fund in Riyadh, Saudi Arabia. Myles is currently a non-executive director of Australian Wealth Management Ltd (‘AUW‘), which is listed on the ASX and is one of Australia‘s largest wealth management companies with A$61 billion of funds under management and administration. AUW also operates in the superannuation (pension) sector, owns two Australian stockbroking firms and Australian Executor Trustees Ltd.

Myles is also a director and significant shareholder of Pacific Agriscience Pte Ltd (‘Pacific Agriscience‘), a private Singapore company which markets and distributes agricultural inputs globally. Pacific Agriscience is a significant shareholder in a 600 ha teak plantation in Southern China known as Forest Hills. Pacific Agriscience is also engaged in biotechnology and the marketing of high performance chemicals produced in China.

John McLennan

John McLennan joined Radicle in April 2006 as Chief Operations Officer. John has responsibility for overseeing the investment portfolio and focuses on the development of forestry assets in Queensland. John is a rural valuer by profession, having spent much of his career as a regionally focused valuer in Eastern Victoria. John has spent the last 10 years developing new agribusiness industries in Australia, including seafood exports, emu processing and marketing and fresh fruit production for speciality juices.

At the same time the Company has also announced that Peter Johnson has today retired as Director of Radicle and that Marc Winer and Michael Finniston have decided to retire as Directors following publication of the 2008 Report and Accounts and the conclusion of the February Meeting on 27 February 2009.

Michael Finniston has agreed to remain as a consultant to the Board for an initial period of three months following his resignation, to ensure a smooth hand over of responsibilities to Myles as the new Chairman, and to provide assistance to the Board generally over this period.

For any enquiries please see our contact details page.

Definitions

‘2008 Report & Accounts’ the Company‘s Report and Accounts for the year to 30 June 2008

‘Act’ the Companies Act 1985 (as amended)

‘AIM’ the market of that name operated by London Stock Exchange plc

‘Annual General Meeting’ or ‘AGM’ the annual general meeting of the Company to be held on 30 January 2009

‘Circular’ the letter sent to Shareholders dated 7 January 2009

‘Company’ or ‘Radicle Projects’ Radicle Projects plc

‘Directors’ or ‘Board’ the directors of the Company

‘February Meeting’ the general meeting of the Company to be held on 27 February 2009

‘Ordinary Shares’ the existing ordinary shares of 0.03 p each in the share capital of the Company

‘Resolutions’ the resolutions set out in the notice of the Annual General Meeting

‘Shareholders’ the holders of the Ordinary Shares