WISR LIMITED — Capital/Financing Update 2013

Apr 8, 2013

MANUFACTURERS OF AUTOMOTIVE EXHAUST SYSTEMS AND PARTS

9 April 2013

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

BERKLEE LIMITED (ASX CODE: BER) Notification of Sale of Business

Berklee Limited advises that after signing a binding Sale agreement with Tilbal Pty. Ltd. (subject only to Shareholder approval) for the sale of the Berklee business it has now received a proposal from Revolution Racegear Pty. Ltd offering to acquire certain assets and assume certain liabilities of the Company and to "investigate the feasibility of a backdoor listing into the Berklee shell sometime in the next 24 - 36 months".

As Berklee Limited has entered into a binding agreement with Tilbal Pty Ltd, the Independent Directors do not believe it appropriate to enter into formal discussions with Revolution Racegear Pty Ltd until after Shareholders have indicated whether they approve of the sale of the Berklee business to Tilbal Pty Ltd. The Independent Directors have however requested further information from Revolution Racegear Pty Ltd in order to clarify various aspects of its proposal.

The Independent Directors have considered the late proposal and advise Shareholders that, based on the current circumstances of Berklee Limited and after considering the limited information provided, it is difficult to determine whether the proposal received to date, could be considered superior to that of Tilbal Pty. Ltd.

Full details of the Revolution Racegear Pty Ltd proposal will be provided in the Explanatory Memorandum currently being prepared seeking Shareholders approval for the sale of the business to Tilbal Pty. Ltd. as previously announced. It should however be noted that the late proposal is not an offer capable of acceptance and would require a formal contract to be negotiated and approved by Shareholders at a subsequent meeting should they not approve the transaction with Tilbal Pty Ltd.

At this time, shareholders do not need to take any action in relation to the late Proposal.

Berklee Ltd.

Signed

Alan Beckett Chairman