JOYCE CORPORATION LTD — Capital/Financing Update 2011

Nov 20, 2011

18/11/11

Att: Manager ASX Announcements.

Re : Joyce Convertible Notes Conversion Acceptances.

Joyce Corporation Ltd wishes to announce that it's first tranche acceptances to the convertible notes conversion were received on the 16[th] November 2011.

The acceptances were over 99.7% of the allocated first tranche Convertible Notes. This means a total 4,307,024 new Joyce Corporation ordinary shares will be issued and the associated 1,292,107 CN's cancelled. The new share issue will occur within 14 days of the closing date for acceptances.

We have three further tranches due 31 December, 31 January, and 28[th] February due. We will report further expected acceptances in due course, after acceptances are finalised for these remaining tranches.

Note-holders have an opportunity to convert their Notes to shares at their first 12 month anniversary date at a 30 cents per share rate. After which, a weighted Average traded price is used to determine the prevailing trading conversion price.

Further enquiry can be made with Mr Keith Gray our company secretary on kgray@joycecorp.com.au or by telephone 08 92046402

Executive Director

Anthony Mankarios

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