PPK GROUP LIMITED — Capital/Financing Update 2009

May 12, 2009

ABN: 65 003 964 181

25-27 WARATAH STREET KIRRAWEE NSW 2232

PO BOX 3006. KIRRAWEE DELIVERY CENTRE NSW 2232

TEL: 61 (2) 9521 8444 @ FAX: 61 (2) 9521 4561

13 May 2009

ASX Limited

Dear Sir/Madam

Frigrite Limited

PPK Group Limited is pleased to announce that it has today finalised arrangements in relation to its participation in the renounceable rights issue (Rights Issue) and issue of convertible notes by Frigrite Limited (Frigrite).

PPK Investment Holdings Pty Ltd (PPK), a subsidiary of PPK Group Limited, is a 14% shareholder of Frigrite.

Frigrite has agreed with its principle lender ANZ Banking Group the terms of a new debt facility which replaces an existing debt facility.

Frigrite has announced a 1 for 1 Rights Issue of fully paid ordinary shares at $0.12 per share to all eligible Frigrite shareholders. PPK has agreed to underwrite $2,000,000 of the Rights Issue (inclusive of its entitlements).

Frigrite has also announced the issue of convertible notes with attaching options. PPK has subscribed for 2,500,000 convertible notes. The convertible notes have a term of three years, are issued at $1.00 and convert to five ordinary Frigrite shares. The convertible notes pay interest at the rate of 12.5% per annum. The attached options are at an exercise price of $0.20.

PPK has previously made a significant investment in Frigrite and this further investment confirms its belief in the strength and potential of the underlying business of Frigrite.

Yours faithfully

Jury Wowk Director