Neptune Marine Services Ltd ABN 76 105 665 843 Level 16, 140 St Georges Terrace Perth, Western Australia, 6000 PO Box 7729, Cloisters Square, 6850 P +61 8 9424 1111 F +61 8 9424 1110 E [email protected] 28 January 2011 Dear Shareholder Please find enclosed a Notice of Meeting and Proxy Form for a General Meeting of Neptune Marine Services Limited to be held at 10.00am (WST) on Tuesday 1 March 2011 at Level 19, 140 St Georges Tce Perth. The General Meeting has been rescheduled from its original date of 10 February 2011 and the documents previously sent to you in relation to that meeting have been superseded by this new Notice of Meeting and Proxy Form. Unfortunately proxies already lodged for the original meeting date are no longer valid and it will be necessary for shareholders to lodge their proxy votes using the documents enclosed with this letter. We apologise for the inconvenience caused by this change of meeting date, however the amendment to the pricing of our capital raising process from $0.06 per share to $0.05 necessitated a revision to the resolutions requiring shareholder approval. Our decision to reduce the price of the capital raising was made after an extensive review of both the operational and financial structure of Neptune and advice from the Joint Lead Managers, Patersons Securities Limited and Euroz Securities Limited. We believe the reduction in price maximises the prospects of successfully raising the new equity we require to recapitalise our balance sheet. The capital raising has been structured as a pro‐rata entitlement issue to provide all shareholders with an opportunity to participate at this price. I encourage you to read the enclosed documents thoroughly and exercise your right to vote on the resolutions. Your support for these resolutions is integral to the turn around process that is designed to return Neptune to profitability. Your Directors will be voting in favour the resolution. Yours sincerely Ross Kennan Chairman
NMS Price at posting:
8.4¢ Sentiment: None Disclosure: Held