NO.038

I am pleased to announce that Mr David Knott was today appointed by the

Governor-General in Council as the new Deputy Chairman of the Australian Securities and

Investments Commission.

Mr Knott will join Mr Alan Cameron and Ms Jillian Segal on the

Commission. He replaces Mr Peter Day who resigned in January to resume a career in

the private sector.

Mr Knott is currently the Chief Operating Officer of the Australian Prudential

Regulation Authority (APRA) and a member of its Executive Committee.

Mr Knott will bring a strong mix of skills to the Commission. He worked in private

legal practice, specialising in company and commercial law, before assuming senior roles

in investment banking and public administration. He was the inaugural Executive Director

of the Australian Financial Institutions Commission, established by the States and

Territories to regulate credit unions, building societies and friendly societies. He then

served as Chief Executive of Commonwealth Funds Management Limited. In his present

position at APRA, Mr Knott has played a key part in the Authority’s formation,

strategic planning and structuring. He is a Fellow of the Australian Institute of Company

Directors.

The appointment will strengthen ASIC both in its traditional role as the corporate

regulator and in fulfilling the broader responsibilities for investor protection it

assumed from 1 July 1998 — aimed at ensuring that the markets and their

participants operate honestly, fairly and efficiently.

Mr Knott will take up his position in early July and be based in Melbourne.

Additional biographical information is attached.

CANBERRA

1 July 1999

Contact: Irene O’Brien, Australian Securities and Investments Commission: (02)

9911 2097