QIC Chief Executive Officer Damien Frawley announces his intention to retire

BRISBANE,Australia,June 29,2021 -- QIC CEO,Damien Frawley,has today announced his intention to retire in 2022 after nine years leading the investment management corporation which delivers alternative asset and liquid market solutions.

During his time at the Queensland Government-owned corporation,QIC has come to be widely regarded as one of Australia's preeminent investment managers,managing over $88.8 billion[1] in assets under management for a range of government,domestic and global institutional investors.

Under Mr Frawley's leadership,QIC has consistently delivered strong risk adjusted returns,significantly adding value for clients through its investment capabilities which today include infrastructure,real estate,private equity,fixed interest,overlay solutions,whole of fund government strategies and the recently established private debt capability.

QIC's Chairman,Ian Martin AM,thanked Mr Frawley for his contribution to and leadership of QIC over that period.

"Damien is highly respected across the Queensland,Australian and international investment landscape and has been instrumental in getting QIC to the position that it holds today.

"His strong and inclusive leadership,open and frank approach,laser-like focus on investment performance and delivering to clients expectations have all been instrumental in moulding QIC's culture and track record.

"On behalf of the Board,the executive and all the QIC team,I want to thank Damien for his outstanding and down to earth leadership and we wish him all the very best in the next chapter of his life."

Mr Frawley said he was proud of the achievements that the entire QIC team has delivered for its clients and owner,the Queensland Government,particularly the organisation's strong investment performance and growth in client and shareholder returns,which he believes is testimony to the quality of QIC's highly talented people.

"As QIC reaches our 30th year of operations,the timing of my departure feels about right. We have all achieved a great deal and I leave an executive team well equipped to continue leading the business successfully into the future.

"Together with our Board and investment teams,we have shaped a strategic direction for QIC that I firmly believe sets us on a continued successful path – with our core objective of being client led in all that we do.

"I'm also incredibly proud of the work we've done with our shareholder and largest client,to create the Queensland Future Fund.

"This initiative,including the transfer of the $7.8 billion Queensland Titles Registry,will build wealth for future generations and demonstrates the value of an institution like QIC to the State.

"I thank the entire team at QIC for their commitment to our business over the past nine years."

Respected global executive search firm,Egon Zehnder,has been appointed to undertake a global search for QIC's next Chief Executive Officer.

Until his successor is appointed,Mr Frawley will continue to lead the organisation and will work closely with the QIC Executive Committee and Board to facilitate a smooth transition of leadership.

[1]AUM estimated as at 30 June 2021.

About QIC:

QIC is a long-term specialist manager in alternatives offering infrastructure,private capital,liquid strategies and multi-asset investments. It is one of the largest institutional investment managers in Australia,with A$85bn (US$65bn) in funds under management[1]. QIC has over 800 employees and serves more than 115 clients. Headquartered in Brisbane,QIC also has offices in Sydney,Melbourne,New York,Los Angeles,San Francisco,London and Copenhagen. For more information,please visit: www.qic.com.

[1]As at 31 Dec 2020

Damien Frawley,Chief Executive Officer,QIC

Important Information

QIC Limited ACN 130 539 123 ("QIC") is a wholesale funds manager and its products and services are not directly available to,and this document may not be provided to any,retail clients. QIC is a company government owned corporation constituted under the Queensland Investment Corporation Act 1991 (Qld). QIC is regulated by State Government legislation pertaining to government owned corporations in addition to the Corporations Act 2001 (Cth) ("Corporations Act"). QIC Private Capital Pty Ltd ("QPC"),a wholly owned subsidiary of QIC,has been issued with an AFS licence and other wholly owned subsidiaries of QIC are authorised representatives of QPC. QIC's subsidiaries are required to comply with the Corporations Act. QIC does not hold an Australian financial services ("AFS") licence and certain provisions (including the financial product disclosure provisions) of the Corporations Act do not apply to QIC. QIC also has wholly owned subsidiaries authorised,registered or licensed by the United Kingdom Financial Conduct Authority ("FCA"),the United States Securities and Exchange Commission ("SEC") and the Korean Financial Services Commission.

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