Resignation of CFO

Cavalier Corporation advises that Sarah Hipkiss has resigned from her position as Chief Financial Officer with effect immediately. The Board takes this opportunity to thank Sarah for her contribution to Cavalier. The Board advises that the process for the recruitment of a replacement for Sarah will get underway shortly. Paul Alston Chief Executive Officer For and on behalf of the Board of Directors 3 April 2017 End CA:00299266 For:CAV Type:OFFICE Time:2017-04-03 09:12:47