JOYCE CORPORATION LTD — AGM Information 2012

Nov 21, 2012

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Chairman’s Address

Good Morning and welcome to our Joyce Corporation 2012 AGM.

Joyce in its many forms has been operating its businesses for 126 years.

I am pleased to observe that the Group made $3.03 Million for the year ended 30[th] June 2012. This compares with a profit of $2.91M for last year to 30[th] June 2011.

This equates to earnings per share of 12.6 cents on a weighted average issued share basis.

The company’s Net Asset Value per share as at 30[th] June is 81 cents.

The company has recently announced that it has declared an unfranked Dividend of 0.065 of a cent per ordinary share. This will be paid on the 28[th] February 2013. The shareholder record date is the close of business on the 15[th] February 2013. The Company also paid an unfranked Dividend on the 2[nd] July 2012 of 1.5 cents per share.

I wish to refer to our recent Business Unit Review outcomes.

The Company has announced that

In regards to Bedshed the following was resolved:

• 1. Bedshed Franchising Pty Ltd (BSF) - has been performing well and is expected to continue to perform to acceptable internal KPI’s, including the benchmark returns on investment set by the Board. BSF will be retained and grown into the future. All endeavors will be used to increase Franchisee numbers and growth in total network stores.
• 1. Bedshed Company Owned Stores (COS) - consistent with the above decision re growing our franchise business, the Company will seek to Franchise all existing Company owned stores as and when the opportunity arises.

The company also has a large asset in the (COS), the value of the stock alone is approximately $4M currently. This provides for additional opportunities into the future to fund our strategies and underpin shareholder returns.

In reference to Joyce Corporation Ltd the following pro-active initiatives will take place:

• 1) Investment Property - We consider the property as a Business Unit and we deal with this as such in our reports. The 41,000 sq m Industrial Investment Property at 5-9 Bridges Road Moorebank (NSW) will be retained and reviewed annually in line with market forecasts for capital appreciation and returns on shareholder funds.

14 Collingwood Street, Osborne Park, Western Australia 6017 Telephone (08) 9445 1055 Facsimile (08) 9445 1011

Long-term the company does not see itself as a property company. This will mean that eventually the property will be divested and the funds will be used to fund additional growth in the desired markets we see fit. Shareholders may receive a return from any proceeds as we see fit and appropriate from this windfall. The company’s strategic plans are underpinned by the conservative gearing and the cornerstone asset backing the real estate provides.

• 2) Growth - Joyce Corporation will seek appropriate mergers or acquisitions to enhance the Joyce Corporation size, in areas appropriate to the company growth strategy.

I am pleased to confirm we received 100% support to convert all the Convertible Notes during the year. This has enhanced our equity and improved our shareholders funds by an additional $2.18M in this reporting period.

I would like to recognise the efforts and achievements of the Board and Management. I would like to thank Anthony with completing the BU Review and in addressing and resolving outstanding issues and placing our Group in a far stronger position to undertake sustained renewed growth.

I commend the Group’s prospects to you.

I would like to pass over to Anthony for the Executive Director’s address to you.

DAN SMETANA Chairman