SCHOOLBLAZER LIMITED — Board/Management Information 2012

Oct 31, 2012

Level 11 280 George Street Sydney NSW 2000 GPO Box 4406 Sydney NSW 2001 www.hgl.com.au P +612 9221 7155 F +612 9233 2713

HGL Limited abn 25 009 657 961

Chief Executive

It is with regret that due to ill health Michael Mahoney has resigned as Chief Executive and a Director of HGL Limited effective immediately. The Board thanks Michael for his contribution to HGL and wishes Michael a full recovery.

I am pleased to announce that HGL’s Chief Financial Officer, Andrew Whittles, will act as Chief Executive while the Company searches for a suitable replacement.

Key terms of employment agreement

Mr Whittles’s total fixed remuneration, including superannuation, is $270,000 per annum and this will not change as a result of his appointment. His remuneration is reviewed annually in December.

A short term incentive scheme has not yet been agreed. A long term incentive is provided through the Employee Share Scheme. Mr Whittles currently holds 884,425 shares pursuant to the Scheme and has associated loans in accordance with the terms of the Scheme.

Either the Company or Mr Whittles may terminate his employment at any time by giving one month’s written notice. The company may elect to make payment in lieu of notice.

Peter Miller Chairman 1 November 2012

SUPPLYING MARKET LEADING BRANDED PRODUCTS