CAPRAL LIMITED — Capital/Financing Update 2021

Apr 19, 2021

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CAPRAL

ASX ANNOUNCEMENT

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20 April 2021

Termination of Process Deed with Allegro Funds

Capral refers to its ASX announcement dated 14 April 2021 regarding a proposal from Allegro Funds Pty Ltd on behalf of investors advised by it (“ Allegro ”) to acquire 100% of the shares in Capral via a court-approved scheme of arrangement (“the Proposal ”), to which was attached a process deed between Capral and Allegro (“ Deed ”).

Since the announcement, Capral’s Board of Directors has received feedback from a number of Capral’s shareholders.

The overwhelming response from those shareholders has been that the Proposal undervalues Capral. In the circumstances, the Board has concluded that there is no realistic prospect that the Proposal will gain the level of shareholder support required for it to succeed. On that basis, Capral:

• will not proceed further with the Proposal; and

• has terminated the Deed in accordance with its terms.

The Board wishes to express its thanks to Allegro for its interest in Capral.

The Board will continue to act in the best interests of the company and to support the executive management in building shareholder value.

Approved and authorised for release by Capral’s Board of Directors.

For further information please contact:

Corporate Investors

Lyn McGee, Capral Adrian Mulcahy, Market Eye P: + 61 2 8222 0112 P: +61 3 9591 8902 E: lyn.mcgee@capral.com.au E: adrian.mulcahy@marketeye.com.au

Capral Limited ABN 78 004 213 692 ASX: CAA

Level 4, 60 Phillip St Parramatta NSW 2150 PO Box 209, Parramatta CBD BC NSW 2124

Yours faithfully

Rex Wood-Ward Chairman

T 02 8222 0112 F 02 8222 0130

www.capral.com.au