JOYCE CORPORATION LTD — Capital/Financing Update 2012

Feb 27, 2012

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28 February 2012

Att: Manager ASX Market Announcements

Re : Joyce Convertible Notes Conversion Acceptances.

Joyce Corporation Ltd (Company) advises that there has been 100% take-up of the fourth tranche of convertible notes with a first anniversary date of 28[th] February 2012.

To date, total acceptances are 99.9% of the allocated Convertible Notes. A further 333,505 new Joyce Corporation Ltd ordinary shares will be issued and the associated 100,052 CN's cancelled. The new share issue will occur within 14 days of the closing date for acceptances.

All convertible notes have now passed the first anniversary of the date of issue. It is pleasing to note that there remain 2,202 convertible notes on issue from the original 2.18 million issued. At the expiry of these notes on 15 November 2015 their face value is redeemable.

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

Should all Convertible Notes be converted the debt to shareholders funds as at the 31 December 2011 would have been a conservative 23.7%.

Further enquiry can be made with Mr Keith Gray our company secretary on kgray@joycecorp.com.au or by telephone 08 94551055

Executive Director

Anthony Mankarios

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