JOYCE CORPORATION LTD — Capital/Financing Update 2012

Jul 2, 2012

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Statement from Joyce Corporation Ltd

3 July 2012

The Joyce Corporation Limited Board has decided to conduct a formal review to assess business unit performance as a result of various internal factors and changes in the external environment.

This review will determine the future direction of the company and place Joyce Corporation Ltd in a sustainable position to continue to provide adequate shareholder returns in the future.

Joyce Corporation Ltd is profitable, has low gearing and strong asset backing and is reviewing all available options for the future of the business.

All Joyce Corporation Ltd assets, which include the Bedshed Franchising business, Bedshed company stores and an industrial property at Moorebank on the Georges River in Western Sydney (4.2 hectares, 10 acres), will be reviewed.

Outcomes following the review could include sale or acquisition of assets.

The review will be led by Group Executive Director, Anthony Mankarios with input from external resources including accountancy firm, BDO (WA) Proprietary Limited. The review is expected to be concluded in early October 2012.

Queries should be directed to Group Executive Director, Anthony Mankarios on 0438 553 403.

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