Gazal : Change in Financial Year End

25 August 2017

Manager - Applications Manager

Australian Securities and Investments Commission Australian Securities Exchange GPO Box 9827 Exchange Centre

Sydney NSW 2000 20 Bridge Street

SYDNEY NSW 1215

Dear Sirs

Gazal Corporation Limited wishes to announce that its Board of Directors has resolved to change the Company's financial year end date from 30 June to circa 31 January. Previously, the Company's financial year commenced on 1 July and ended on 30 June. The change has been made in order to align itself with its Joint Venture partner and to the retail industry calendar generally.

The Company has made the change in financial year end in accordance with section 323D (2A) of the Corporations Act 2001 (Cth). The Board confirms that:

• The previous five financial years have been of 12 months' duration and the reason provided above for the change in financial year end is made in good faith and in the best interests of the company;

• The Company's previous financial year commenced on 1 July 2016 and ended on 30 June 2017;

• The Company will have a thirty-one weeks' transitional financial year beginning on 1 July 2017 and ending on 3 February 2018; and

• Thereafter, the Company will revert to a fifty-two-week financial year, commencing on 4 February 2018 and ending on 2 February 2019.

  The change in financial year requires the Company to, in respect of the transitional financial year:

• Lodge an Appendix 4E by 31 March 2018,

• Lodge audited financial statements by 30 April 2018,

• Lodge an annual report by 31 May 2018; and,

• Hold an annual general meeting by 30 June 2018. The date of this annual general meeting will be determined and advised to the market in due course.

Additionally, as a result of these changes the company has sought confirmation from ASIC and the ASX that it will not be required to lodge an Appendix 4D for the six months ended 31 December 2017 as the company will instead lodge an Appendix 4E for the thirty-one weeks' ended 3 February 2018.

For further information, please contact the Company on (02) 9316 2800.

Yours faithfully,

For and on behalf of Gazal Corporation Limited

Peter Wood Company Secretary

3-7 McPherson Street Banksmeadow NSW 2019 Australia Private Bag No.27 Post Office Botany 1455 Telephone 61 2 9316 2800 Fax 61 2 9316 4704 Web www.gazal.com.au