NEWS

Senior Management Changes

31 January 2008

National property group Austcorp today announced that Mr Greg Thompson will resign as Chief Operating Officer of Austcorp Group Limited and Chief Executive Officer of Austcorp Funds Management Limited, effective 1 February. Mr Thompson is taking up the role of Head of Property, Asia Pacific with Valad Property Group. Mr Thompson will cease to be an Alternate Director of Austcorp Group Limited and a Director of Austcorp Funds Management Limited.

Austcorp Funds Management Limited is a wholly-owned subsidiary of Austcorp Group Limited, and is the responsible entity for the ASX-listed Austcorp TOWERS Trust.

Austcorp Executive Chairman and Group CEO, Mr Trevor Chappell, said Austcorp valued the significant contribution by Mr Thompson over the past five years towards the growth of Austcorp’s development and funds management businesses.

Mr Thompson joined Austcorp in 2003 and was promoted to Chief Operating Officer in 2004. In the same year, he was appointed the inaugural CEO of Austcorp Funds Management Limited.

Mr Andrew Meakin, General Manager – Funds Management, will take over executive management of the funds management business as CEO of Austcorp Funds Management Limited.

Mr Meakin joined Austcorp in 2005. Before that he held senior positions including Head of Institutional Business at Multiplex Capital, Head of Institutional Business at SAITeysMcMahon, and Chief Manager, Investment and Marketing, Executive Banking at Commonwealth Bank.

Mr Chappell thanked Mr Thompson for his streamlining of Austcorp’s management processes and contribution to its overall growth.

With Mr Thompson’s key objectives at Austcorp now achieved, Mr Chappell wished him well on his new opportunity with a larger organisation.