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Directors’ Report

For the year ended 30 June 2009

REMUNERATION REPORT (Audited) (continued) 3. Group Performance

The table below shows the Consolidated Entity’s earnings performance as well as the movement in the Consolidated Entity’s earnings per share (EPS) over the previous 5 years.

Financial

Financial

Profit / (loss)

Basic

Report

Period

After Tax

EPS

Date

$’000

Cents

Consolidated

31 March 2005

12 months

31 March 2006

12 months

30 June 2007

15 months

30 June 2007

12 months annualised*

30 June 2008

12 months

30 June 2009

12 months

43,547

20.23

16,200

7.53

12,164

5.50

9,731

4.40

11,231

4.87

(12,723)

(4.68)

  • *

    Pro-rata for 12 months.

  • 4.

    Employment Contracts

    • i)

      Chief Executive Officer

Mr Summers was appointed as Chief Executive Officer and Managing Director on 19 February 2009. His contract of employment does not have a termination date and does not stipulate a termination payment. However, it specifies a six month notice period. Details regarding the remuneration paid to Mr Summers are contained in the table on page 22. In addition, he has been granted 1 million shares in AVJennings Limited which will vest equally on the first, second and third anniversary of his appointment. The grant date is 7 March 2009 and the first vesting date is 19 February 2010. These shares are currently held by the AVJ Deferred Employee Share Plan Trust.

5. Remuneration of Key Management Personnel and the five highest paid Executives of the Company and the Consolidated Entity

Details of the nature and amount of each element of remuneration of the Directors and Executives are set out in the tables on page 22 and 23. The Directors are the same as those identified in the Directors’ Report and Executives include the five highest paid Executives.

6. Remuneration Options: Granted and Vested During the Year

No options were either granted or exercised during the year. There are currently no unexercised or outstanding options. None of the Directors or Executives holds any options.

During the year no options

by

Mr

Summers.

There

were either granted to or exercised are currently no unexercised or

outstanding options.

ii) Executives

The remaining AVJennings Executives are full time permanent employees with executive employment contracts. The employment contracts do not have termination dates or termination payments. However, they specify a notice period

of three months. There are no other terms or conditions that differ significantly from the standard employment contracts applicable to other AVJennings employees. During the year no options were granted to or exercised by the Executives. There are currently no unexercised or outstanding options.

AVJennings Limited ABN 44 004 327 771 21

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