WISR LIMITED — Capital/Financing Update 2013

May 28, 2013

BERKLEE LIMITED

265-285 Learmonth Road, Wendouree, Ballarat P.O. Box 83 Wendouree, Victoria Australia 3355 Telephone: 61 3 5338 1110 Facsimile: 61 3 5338 1111 A.B.N. 80 004 661 205

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29 May 2013

Company Announcements Office Australian Stock Exchange Limited Level 4, 20 Bridge Street SYDNEY NSW 2000

BERKLEE LIMITED (ASX CODE: BER) Market Update

The following unaudited trading results for the ten months ended 30 April 2013 are provided to assist Shareholders in their understanding of the current trading conditions of the Company. No adjustment has been made for the potential impact of the proposed sale of the business to Tilbal Pty. Ltd. the subject, in part, of the second Extraordinary General Meeting scheduled for 17 June 2013. The potential financial impacts of the sale are set out in the Explanatory Memorandum (EM) forwarded to Shareholders, along with the Notice of Meeting, on Monday 20 May 2013.

Unaudited financial results $’000	10 Months to April 2013	Half year to December 2013	Year to 30 June 2012
Sales continuing operations	3,441	2,271	5,501
Other revenue	39	9	137
Cost of materials	(1,826)	(1,213)	(2,578)
Other expenses	(2,513)	(1,579)	(3,351)
EBITDA	(859)	(512)	(359)
Depreciation	(294)	(184)	(626)
EBIT	(1,153)	(696)	(985)
Interest revenue	30	21	68
Impairment charges	(857)	(857)	-
Operating (Loss) before tax from continuing operations	(1,980)	(1,532)	(917)
(Loss) from discontinuing operations	(399)	(330)	(1,232)
(Loss) before tax	(2,379)	(1,862)	(2,149)

As outlined in the 31 December 2012 half year Directors Report, trading conditions had been difficult with key customers experiencing significant competition for sales or having restriction’s placed on their capital expenditure. These conditions have continued. Monthly sales have further declined and the year to date loss increased. The net assets (unaudited) have deteriorated by 5.17 cents per share from 1 January 2013 to 30 April 2013 and by 23.79 cents per share from 1 July 2012 to 30 April 2013.

While the recent decline in the Australian dollar, to below parity with the US dollar, is welcomed it is not yet sufficient at current levels to offset price pressure from competitors using an import model.

Directors believe that the continued deterioration in trading affirms their opinion, as outlined in the EM, that the sale of the business is in the best interests of the shareholders, as the continuation of losses at this rate are unsustainable.

Berklee Limited

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Alan Beckett Chairman