BOARD OF DIRECTORS AND MANAGEMENT

All of the board of directors and management are shareholders hence our commitment of "investing together for a secure future".

TONY SALIER

Non-executive Director & Chairman
B.A, LL.B (Syd), LL.M (Harvard)
Shareholding: 46,774 shares

Tony Salier has been a director of Gowings since 1974 and chairman since 1995. Tony has witnessed and participated in the growth of the company under the direction of Ted Gowing and John Gowing over the past 36 years.

Tony is a senior lawyer with Pigott Stinson, a long established Sydney law firm. Tony has practised corporate law in Sydney for 41 years and advises a number of corporations. Tony was previously an examiner in company law for the Barristers and Solicitors Admission Board.

Tony is a trustee / director of foundations, estates and private companies with a combined investment portfolio exceeding $120 million.

JOHN GOWING

Managing Director
Bachelor of Commerce, CA, CPA
Shareholding: 16,204,072 shares

John is only the fourth managing director of Gowings in 140 years. John's business and investment skills were developed at an early age by his father Ted. Ted passed on the knowledge that he had received from his father and grandfather. This heritage ensures that the company remains a strong and stable performer through the good times and the bad.

John is a member of the Institute of Chartered Accountants in Australia and a Certified Practising Accountant.

JOHN PARKER

Non-executive Director
Bachelor of Economics
Shareholding: 40,000 shares

John has served as a non-executive director of Gowings since January 2002. John is a fund manager at Pengana Capital, a diversified funds management business focused on alternative investment strategies.

John brings considerable experience to the board with over twenty seven years in equities research and funds management in Sydney, London and South Africa.

STEPHEN BYERS

Company Secretary & Executive Officer
Bachelor of Commerce, LL.B
Shareholding: 25,000 shares

Stephen has been an integral part of the Gowings executive management team in various roles over the past eleven years at both a strategic and operational level. Stephen has been instrumental in developing the company's property development activities. Stephen also provides in-house legal counsel for the company and has previously practised in commercial and property law.

GARTH GRUNDY

Company Secretary & Executive Officer
Bachelor of Commerce, CA, F Fin
Shareholding: 35,135 shares

Garth has 16 years of investment and corporate finance experience gained from his past employment with Arthur Andersen / Ernst Young, Coyne Capital and Hindal Corporate.

Garth is a Fellow of the Financial Services Institute of Australia and a member of the Institute of Chartered Accountants in Australia.