Ann: Variation to TV2U Deal & Deferral of Shareholder Meeting, page-2

Significant Reduction in TV2U Acquisition Price and deferral of Shareholder Meeting

Galicia Energy Corporation Limited (GAL or the Company) is pleased to announce that, through successful renegotiation, it has achieved a significant reduction in the purchase price of TV2U Worldwide Pty Ltd (TV2U) by reducing the acquisition cost in the Head End asset sale agreement from US$1.8m to A$300,000.

GAL also announces that, as a result of the lower purchase price, the minimum capital raising required to complete the transaction has been reduced to A$4 million from A$6 million.

The Head End asset sale agreement provides that TV2U Singapore Pte Ltd, a wholly owned subsidiary of TV2U, will purchase from TV2U Pty Ltd the head end based in Kuala Lumpur, together with certain hardware, middleware and software assets relating to the TV2U business, including title to certain of the IVAN assets and related analytics.

Mr Nick Fitzgerald, the controlling shareholder of TV2U Pty Ltd and proposed CEO of TV2U, has agreed to a reduction in the purchase price so that more of the funds raised under the proposed equity raising by the Company can be applied towards development of the TV2U business, rather than cash proceeds leaving the company group for an asset purchase.

In light of the above, the shareholder meeting has been pushed back by a further two weeks to 21 October 2015 at 10am (at the same venue) so that the IER and explanatory statement to the Notice of Meeting can be updated and sent to shareholders again (to reflect this material change).

Peter Wall, Non‐Executive Chairman of Galicia Energy commented “We are extremely happy with the reduction in the acquisition price and are very grateful to Mr Nick Fitzgerald for agreeing to this change. It demonstrates his confidence in the value of the equity he will receive as consideration under the terms of the deal with TV2U.”