PPK GROUP LIMITED — Capital/Financing Update 2009

Jan 12, 2009

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13 January 2009

UPDATE ON REFINANCING

As previously announced Frigrite is in the process of a refinancing which will include the issue of redeemable convertible loan notes and an equity capital raising in respect of which all existing Frigrite Limited shareholders will be entitled to participate. PPK Group Limited has agreed to underwrite $2 million of the equity capital raising.

The Board wishes to advise that the original timetable for the refinancing, which envisaged completion occurring in January, will not be met. It is now expected that the refinancing will not be completed until either March or April 2009 depending on the precise nature of the final regulatory requirements. These are currently the subject of submissions by the company to the Australian Stock Exchange. The Board continues to actively work with PPK and the ANZ bank in advancing the refinancing process.

Frigrite is a truly national company, employing 580 people, based in 13 locations across the country. Its strategic focus is on providing a comprehensive range of cold chain and climate control solutions to the food and beverage industry, together with the wider community.

Issued by Frigrite Limited

For further information please contact:

John Carew Managing Director 03 9586 3242

Shane Greenan Chief Financial Officer 03 9586 3242

Address: 27 Grange Road, Cheltenham, Victoria, 3192 Postal Address: P.O. Box 499, Braeside, Victoria, 3195 Phone: (03) 9586 3200 Fax: (03) 9584 5624