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SCHOOLBLAZER LIMITED Capital/Financing Update 2005

Jun 1, 2005

Capital/Financing Update

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Level 5, 34 Hunter Street Sydney NSW 2000 GPO Box 4406 Sydney NSW 2001

Phone: +612 9221 7155 Fax: +612 9233 2713 Email: [email protected] Web: www.hgl.com.au

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HGL today announces the disposal of its 50% equity interest in OP's Optical Products to its Chief Executive, Diane Quaife.

OP's Optical Products contributes less than $0.1 million to the recurring profit after tax of HGL.

HGL will make an after tax profit of about $0.2 million on the disposal of OP's Optical Products.

Kevin Eley Chief Executive Officer 2 June 2005

About HGL

HGL (ASX code: HNG) owns 10 import and distribution businesses; acquisitions typically occur when $\bullet$ business owners seek to retire.
HGL has a 39% investment in boutique equity fund manager MMC Asset Management Limited. $\bullet$
All businesses within HGL are held for the long term and are effectively partially owned by their management.