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Thistle Custodians Pty Ltd ABN 26 078 027 193 Level 39, 55 Collins Street, Melbourne Vic 3000 Telephone +613 9921 7171 Facsimile +613 9921 7100 18 March 2011 BY ASX ONLINE - 4 pages Manager Company Announcements ASX Limited Level 10 20 Bond Street SYDNEY 2000 Dear Sir/Madam, Notice of initial substantial holder Neptune Marine Services Limited [ASX:NMS] Following is a Form 603 Notice of initial substantial holder dated 18 March 2011 in accordance with section 671B of the Corporations Act 2001 (the Act). I confirm that the original Form 603 has been served on Neptune Marine Services Limited by express post today pursuant to section 671B(1)(a) of the Act. Yours sincerely, CRAIG A G SMITH ACIS, CPA Secretary Form 603 Corporations Act 2001 Section 671B Notice of initial substantial holder To: company name/scheme ACN/ARSN NEPTUNE MARINE SERVICES LIMITED ABN 76 105 665 843 1. Details of substantial holder Name ACN (if applicable) Thistle Custodians Pty Ltd ACN 078 027 193 (Thistle) and Thorney Holdings Pty Ltd ACN 006 262 835 (Holdings) and each of their related bodies corporate listed in this Notice and in the attached Schedule “A” to this Notice. As above 09/03/11 The holder became a substantial holder on 2. Details of voting power The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate had a relevant interest in on the date the substantial holder became of substantial holder are as follows: Class of Securities Fully paid ordinary shares Number of securities 152,073,000 Person’s votes 152,073,000 Voting power 8.73% 3. Details of relevant interests The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows: Holder of relevant interest Nature of relevant interest Class and number of securities Thistle Beneficial owner of voting shares 144,789,664 fully paid ordinary shares Holdings Beneficial owner of voting shares 7,283,336 fully paid ordinary shares Thorney Investment Group Australia Pty Ltd By virtue of section 608 of the Corporations Act 2001 By virtue of section 608 of the Corporations Act 2001 Thistle Holdings Pty Ltd 152,073,000 fully paid ordinary shares 144,789,664 fully paid ordinary shares 4. Details of present registered holders The persons registered as holders of the securities referred to in paragraph 3 above are as follows: Holder of relevant interest Registered holder of securities Person entitled to be registered as holder Class and number of securities Thistle HSBC Custody Nominees (Australia) Ltd n/a 144,789,664 fully paid ordinary shares Holdings J.P. Morgan Nominees Australia Ltd n/a 7,283,336 fully paid ordinary shares Form 603 Page 2 Notice of initial substantial holder 5. Consideration The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows: Holder of relevant interest Holdings Thistle Date of acquisition Cash consideration 09-Mar-11 09-Mar-11 $0.05 per share $0.05 per share Class and number of securities 5,700,002 ordinary shares 124,317,998 ordinary shares 6. Associates The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows: Name Thorney Investment Group Australia Pty Ltd ACN 117 488 892 Thistle Holdings Pty Ltd ACN 075 051 464 Nature of association Thorney Investment Group Australia Pty Ltd is the registered holder of all the issued shares in Thistle Holdings Pty Ltd and Thorney Holdings Pty Ltd Thistle Holdings Pty Ltd is the registered holder of all the issued shares in Thistle Custodians Pty Ltd 7. Addresses The addresses of persons named in this form are as follows: Name Thorney Investment Group Australia Pty Ltd Thorney Holdings Pty Ltd Thistle Holdings Pty Ltd Thistle Custodians Pty Ltd Address Level 39, 55 Collins Street, Melbourne 3000 Level 39, 55 Collins Street, Melbourne 3000 Level 39, 55 Collins Street, Melbourne 3000 Level 39, 55 Collins Street, Melbourne 3000 Signature Print name CRAIG A G SMITH ACIS. CPA Sign here Form 603 Capacity SECRETARY Date 18 March 2011 Page 3 Notice of initial substantial holder THIS IS THE SCHEDULE REFERRED TO IN THE FORM 603 NOTICE OF INITIAL SUBSTANTIAL HOLDER SIGNED BY ME AND DATED 18 March 2011. ......................................... CRAIG A G SMITH ACIS. CPA Secretary SCHEDULE ‘A’ RELATED BODIES CORPORATE OF THISTLE CUSTODIANS PTY LTD AND THORNEY HOLDINGS PTY LTD Thorney International Pty Ltd, ACN 132 886 698, Level 39, 55 Collins Street, Melbourne 3000 TIGA Property Pty Ltd, ACN 117 811 453, Level 39, 55 Collins Street, Melbourne 3000 TIGA (Ballarat) Pty Ltd, ACN 117 812 030, Level 39, 55 Collins Street, Melbourne 3000 TIGA (Doncaster East) Pty Ltd, ACN 118 521 412, Level 39, 55 Collins Street, Melbourne 3000 TIGA (Hawthorn) Pty Ltd, ACN 126 952 663, Level 39, 55 Collins Street, Melbourne 3000 TIGA Tails Pty Ltd, ACN 080 534 416, Level 39, 55 Collins Street, Melbourne 3000 TIGA Trading Pty Ltd, ACN 118 961 210, Level 39, 55 Collins Street, Melbourne 3000 Form 603 Page 4