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16 February 2012

QIC APPOINTS NEW CHIEF EXECUTIVE OFFICER

QIC is pleased to announce today the appointment of Damien Frawley to the role of CEO. With over 26 years' experience in the financial services sector, Mr Frawley will succeed Doug McTaggart who announced late last year his intended retirement in mid 2012. Mr Frawley, a proven leader who has built a successful career within asset management, joins QIC from BlackRock Australia ­ where he was the country head, responsible for a business managing $45 billion in assets on behalf of clients. QIC Chairman, Peter Young, welcomed the appointment of Mr Frawley as a testament to the strength of the QIC business. &quot;I am delighted that QIC has attracted a CEO with the leadership pedigree and asset management experience of Damien. His client focused approach to business makes him a great fit for QIC, ensuring we continue to deliver for our existing clients as well as grow and diversify our business. &quot;Damien is enormously respected for his ability to integrate highly complex organisations with a range of challenges including diverse products and people and management structures, and has demonstrated his ability to do this across both domestic and international markets.&quot; &quot;Damien's breadth of experience across strategic, client, sales and operational issues make him ideally suited to lead QIC, Australia's third largest institutional fund manager*.&quot; &quot;I am particularly pleased that Damien is joining us from BlackRock with whom we have a strong working relationship and I am sure this will strengthen further.&quot; Prior to his roles at BlackRock as Managing Director, CEO (2010-present) and Managing Director, Head of Account Management Group (2005-2010), Mr Frawley was the Director, Head of Retail Sales at Merrill Lynch Investment Management, Australia, from 2002-2005. Mr Frawley will commence his role as CEO with QIC by July 2012. He will work with current CEO, Doug McTaggart, and the Board to ensure a smooth transition.

QIC is a leading provider of dynamic investment solutions for superannuation funds and other institutional investors. Operating as a house of specialised investment boutiques, it is one of the largest institutional investment managers in Australia, with $60.2 billion** in funds under management. More info www.qic.com. * Rainmaker ­ September 2011 **as at 31 December 2011.

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For further information, please contact: Michelle Ryan, BlueChip Communication T: 02 9018 8608 / 0404 381 886 E: [email protected]

QIC Limited ACN 130 539 123 (&quot;QIC&quot;) is a wholesale funds manager and its products and services are not directly available to retail investors. QIC is a company government owned corporation constituted under the Queensland Investment Corporation Act 1991 (Qld). QIC is regulated by State Government legislation pertaining to government owned corporations in addition to the Corporations Act 2001 (&quot;Corporations Act&quot;). QIC does not hold an Australian financial services (&quot;AFS&quot;) licence and certain provisions (including the financial product disclosure provisions) of the Corporations Act do not apply to QIC. Please note however that some wholly owned subsidiaries of QIC have been issued with an AFS licence and are required to comply with the Corporations Act.

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