INSIGNIA FINANCIAL LTD — M&A Activity 2008

Dec 14, 2008

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15 December 2008

IOOF Holdings and Australian Wealth Management complete due diligence

IOOF Holdings Limited (“IOOF”) and Australian Wealth Management Limited (“AWM”) today announced the satisfactory completion of the mutual confirmatory due diligence exercise associated with the proposed merger of the two companies.

The merger remains subject to a number of other conditions including AWM shareholder approval, Court approval and regulatory approvals. Further details are contained in the Implementation Deed released to the ASX on 24 November 2008.

Scheme documents are expected to be dispatched to AWM shareholders in February. A meeting of AWM shareholders to approve the proposed merger is expected to be held in March, subject to Court approval. The merger is expected to be completed by late March or early April 2009, subject to satisfaction of all remaining conditions.

For further information please contact:

Christopher Kelaher Managing Director Australian Wealth Management Limited Ph: (03) 9203 4755 or (02) 9028 5900

Tony Robinson Managing Director IOOF Holdings Ltd Ph: (03) 8614 4816

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