SCHOOLBLAZER LIMITED — Capital/Financing Update 2021

May 16, 2021

17 May 2021

Company Announcements Office Australian Securities Exchange Authorised for immediate release

Financial Update – half year ended 31 March 2021

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HGL Limited (ASX: HNG) provides the following update for the financial half year ended 31 March 2021 (HY21), ahead of its planned release on 25 May 2021.

All information provided in this financial update remains subject to audit.

As previously advised to shareholders, HGL has moved to an Investment Entity basis of reporting effective from the HY21 reporting period to better reflect the change in strategic direction. This change in status means that earnings will be recognised in the income statement from dividends, profits on disposal of investments and unrealised changes in the carrying value of investments, rather than the historical basis of consolidating operating profits from the controlled business units and equity accounting profits from Mountcastle. A direct comparison of the HY21 results with the HY20 comparative period will be difficult due to this change.

HGL anticipates the following headline financial information as at 31 March 2021:

• Headline profit before tax will be above $8.5 million, principally driven by revaluation gains on the HGL portfolio of businesses;

• Earnings before revaluations for the six months ended 31 March 2021 will be between $1.0 million and $1.5 million;

• Net Assets at 31 March 2021 will exceed $30.0 million, compared with Net Assets as reported in the 30 September 2020 annual report of $16.5 million.

The Group continues to pursue the new strategic direction as outlined at the AGM in February 2021. The funds from the Share Purchase Plan and the additional placement shares approved at the EGM on 7 May 2021, totalling $7.9 million before costs, have now been received which will allow the Company to further pursue this strategy during the second half of the financial year.

Further Information

For more information, please contact Iain Thompson, HGL CFO, on 02 8667 4660.

About HGL Ltd

HGL is a diversified investment company with a focus on active management and driving shareholder returns, investing in a broad range of opportunities across Private Equity, ASX listed equities, funds management, real property, debt funding and other alternative investments. We seek to become a trusted partner of choice that aims to solve our partners’ problems, identifying and pursuing opportunities that benefit all parties.