24 March 2003

St Hilliers continues to expand its strong property development business into property funds management with the appointment of Ms Elizabeth Bryan to its Board.

According to Mr Tim Casey, Group Managing Director of St Hilliers, the appointment of Ms Bryan will assist the company to apply its property skills into funds management.

St Hilliers recently closed its first development fund in a joint venture with US backed Principal Real Estate Investors, targeting Australian wholesale funds seeking superior returns through unlisted property development products.

Ms Bryan is highly regarded and has wide experience in the funds management industry. She headed the NSW State super investment arm from 1992 and oversaw its successful sale and integration into Deutsche Bank.

"Ms Bryan joins non-executive directors, Sean Wareing and Stewart Wallis AO on St Hilliers board. They are experienced, independent voices, who bring a wealth of knowledge and industry experience and will assist the group in the next phase of our growth," Mr Casey said.

"St Hilliers intends to expand its business by securing additional funds under management through development fund vehicles, joint ventures and property investment vehicles," he added.

The appointment of Elizabeth Bryan as a director follows the recent elevation of Mr Sean Wareing to chairman of St Hilliers.

Mr Wareing joined the St Hilliers board in 1999, after a decade with Lend Lease Corporation Limited, as General Manager Finance and later as a Director. Mr Wareing currently is Chairman of Alesco Corporation Limited, a Director of Allianz Australia Limited, Chairman of the Compliance Committee, Commonwealth Bank of Australia and a Director of the Royal Institute for Deaf and Blind Children.

Mr Wallis also joined the board in 1999 and is a former Chairman and Managing Director of Leighton Holdings Limited.

Established as a building contractor in 1989, St Hilliers has evolved into an integrated property group providing expertise and services in contracting, property development, asset management and property funds management. St Hilliers believes its competitive advantage is the full integration of the services its provides.

St Hilliers currently has approximately $450 million of property under development and construction work in hand of $150 million.