KORVEST LTD — Earnings Release 2008

Jan 30, 2008

ABN 20 007 698 106

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PRESS RELEASE

The Chairman, Mr David Simmons, today announced the following operating results for the 6 months ended 31[st] December 2007 for Korvest Ltd and its controlled entities.

	6 MONTHSTO31/12/07$’000	6 MONTHSTO31/12/06$’000	%CHANGE
Revenues	24,419	22,407	+ 9.0%
Operating Profit After Tax	2,345	2,241	+ 4.7%
Earnings per share (cents)	27.4	26.2	+ 4.6%
Dividends per share (cents)	14.0	13.0	+ 7.7%

Mr Simmons said that all Divisions of the Korvest group had experienced reduced demand in relation to major project work in the first few months of the financial year. Despite this the Ezystrut business achieved solid growth in sales through the electrical wholesaler channel and also in the take-up of its new pipe support range. In the second quarter, demand increased and the order book for project work for this Division is now looking healthy again with the majority of work commencing in the early stages of the second half.

The Galvanising business experienced weak demand in the first quarter but has since seen solid growth including work coming from newly targeted regional areas in South Australia. Productivity and process improvements continue to minimise the effects of the continuing high zinc price.

Indax, the grating and stanchion business, continued to focus on growing market share and its customer base across South Australia and where possible interstate. Small investments in equipment to facilitate more efficient fabrication were made during the period to support this growth and a new Manager was appointed to give it a focus for the future.

DIVIDEND

The Directors announced an increased fully franked final dividend of 14.0 cents per share compared to 13.0 cents per share last year. The dividend will be paid on 7[th] March 2008. The record date is 22[nd] February 2008.

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OUTLOOK

We expect to finish the full year ahead of the results achieved to June 2007 with success with major projects being the key influence.

D.J. SIMMONS CHAIRMAN

31 January 2008 For further information contact: DAVID SIMMONS (Chairman) ALEXANDER KACHELLEK (Managing Director)

Mobile 0412 662 211 Mobile 0423 847 627

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