WINGARA AG LTD — Capital/Financing Update 2012

Oct 31, 2012

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1 November 2012

Company Update

Biron Apparel Limited (ASX:BIC) are pleased to update the market in relation to the proposed transaction announced on 12 December 2011.

Biron Apparel is continuing to work through the process to complete the proposed transaction. Biron anticipates being able to send out to shareholders a Notice of Meeting in the near future with the view to hold an Annual General Meeting in December.

Biron is working closely with its advisors to ensure the Company is fully compliant to ensure the proposed transaction is completed and the Company eventually is readmitted to the main board of the ASX.

Biron is currently in the process of finalising a mandate with a large broking group to provide funds in Biron in the way of a loan that will be converted to equity subject to completion of the proposed transaction. This will provide funding to Biron and also Cypher once the proposed transaction is completed.

Biron are pleased to confirm Cypher is committed to completing the proposed transaction and Biron are working with Cypher in a constructive manner to ensure the proposed transaction progresses forward .

George Karafotias

Director

Registered Office 101 Rathdowne Street Carlton VIC. 3053