SCHOOLBLAZER LIMITED — Capital/Financing Update 2011

Nov 13, 2011

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

Disposal of Non-Core Assets

As part of the execution of our strategy the potential for each business unit has been reviewed. This review identified three non-core components of the group:

• Aarque, a New Zealand supplier of printing equipment with limited growth and sales of $23 million in 2011; and

• the small shareholdings in Amcla and Safilo.

In October we disposed of Amcla for its book value of $0.5 million. Today we have sold Aarque for its book value of $3.9 million. Discussions are ongoing to sell our holding in Safilo.

These disposals form part of the strategy to focus on the growth areas within HGL.

Peter Miller Chairman 14 November 2011

For further information please contact:

Michael Mahoney, Chief Executive 02 9221 7155

SUPPLYING MARKET LEADING BRANDED PRODUCTS