COMPLII FINTECH SOLUTIONS LTD — Board/Management Information 2003

Aug 17, 2003

18 August 2003

FOR IMMEDIATE RELAESE

Management Changes

The board of Gowings Retail Limited has today received the resignation of Peter Sillick as Managing Director. Peter has worked for the company for the last 5 years and in that time has managed and overseen the transformation of the company including the renovation of the flagship Market Street store, the float of Gowings Retail and the opening of the new stores at Hornsby and Parramatta.

Paolo Gnecchi-Ruscone has been appointed as the company's Chief Executive Officer and as a director of the company.

Paolo has been involved in the retail industry for the last 20 years, running his own marketing and business development consultancy for the latter 10. He was involved in the original Gowings retail restructure in 1994 and headed the product and business development from 1995 to 1999.

Paolo has previously worked on a number of retail projects in Australia and overseas where he was involved with many facets of the business and developed extensive experience in retail management, marketing and strategic reviews.

The board believes that Paolo has the experience, enthusiasm and leadership skills to develop and implement the strategy that will return the company to profitability and enhance shareholder value.

John Gowing Chairman

Phone 02 9264 6321