KORVEST LTD — Board/Management Information 2008

Dec 21, 2008

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ABN 20 007 698 106

ASX Release

Resignation of Chairman and Appointment of Directors

David Simmons today announced his resignation as Director and Chairman of Korvest Ltd effective 31 December 2008. Mr Simmons has been a Director since 1994 and has made an outstanding contribution to the growth of Korvest through his leadership and direction.

Korvest Ltd wishes to advise that Peter Stancliffe has been appointed as a Director and Chairman commencing on 1 January 2009. Mr Stancliffe is a Director of Hills Industries Limited. Mr Stancliffe has over 38 years experience in the management of large industrial companies both in Australia and overseas and has held various senior management positions including Chief Executive Officer.

Korvest Ltd also wishes to advise that Steven McGregor has been appointed Finance Director commencing on 1 January 2009. Steven joined Korvest in April 2008 in the capacity of Chief Financial Officer and Company Secretary.

For further information please contact:

Mr Alexander Kachellek Managing Director 0423 847 627