Blenheim Partners Summary

“Superhuman effort isn’t worth a damn unless it achieves results” Sir Ernest Shackleton

“We gave Blenheim Partners the opportunity to pitch.They won the pitch and the detail of their work and process was excellent. The search was international and by nomeans easy. We will be using them again.” CEO, ASX 100 Company

BACKGROUNDBlenheim Partners specialise in:• Executive Search;• Non-Executive Director Search;• Board Strategy and Structure Consulting;• External Succession Planning; and• Executive Re-Engagement / Transition.Founded in 2012, our team have acted as specialist Blenheim Partners is continually investing inadviser to many of the world’s leading corporations knowledge and understanding as exemplified by ouron Board and Executive performance, capability and Thought Leadership “The Challenges of Attainingsuccession planning. Growth”, Industry Papers and monthly Market Intelligence reports.Our consultants have worked with clients from allsectors and a broad range of geographies. They Our philosophy is to develop deep and committedinclude over 80 of the ASX 100, 10% of the FTSE relationships with a select number of clients and help100, Private Equity, Multinational, Private Family and them deliver a superior performance by optimisingMutually Owned Companies. the composition of their Board and Executive team.Our work includes assignments that are both local Our culture is built on pride, professionalism, espritand international in scope. de corps and client service.Our team consists of senior Search Consultants,Human Resource Directors, Psychologists, Coachesand exceptionally experienced Researchers. ASIA PACIFIC • EUROPE • LATIN AMERICA • MIDDLE EAST • AFRICA • NORTH AMERICA

WHY BLENHEIM PARTNERSTraditional Search and Advisory has altered little in fifty years. BlenheimPartners differ from the industry standards in a number of ways andprovides a service which is innovative, unrivalled in its quality andcommitted to strategic long term partnering relationships.Thought Leadership Delivering The Best Access to The Best Candidates in the Market:Candidates: To get the best candidate for a role our Clients needOur Thought Leadership underpins our candidate to access the best candidates in the market. Oursourcing. By understanding our Client companies, Sector approach where we partner with a selecttheir operating environment and the challenges few per sector ensures that “off limits” is minimisedthey face we are in a far superior position to source enabling us to provide the very best talent from thecandidates that are the best fit for our Client’s competitive global pool for consideration by ourneeds. We pride ourselves on our ability to also Clients.include candidates that are lateral and diverse forthe consideration of our Clients. “Blenheim Partners provided candidates that greatly exceeded our expectations. Their research and“I compliment the authors on a publication which partnering stood out”.is well researched and perhaps more importantlydesigned to precipitate further discussion which is so Chairman, ASX 100needed in the areas it covers”. “All the firms say they have lateral thoughts, butDavid Gonski AC to Blenheim Partners’ credit I received a far better candidate list than I had anticipated”.“I have shared your report with my colleaguesand with my department to promote a broader HRD, ASX 200discussion about the challenges and opportunities forsustainable growth in Australia”. “Blenheim Partners do not have conflicts and as a result we were presented with a short list of top levelThe Hon Christopher Pyne MP, Minister for Innovation, candidates from local and international markets.Industry and Science The candidates Blenheim provided far exceeded my expectations”.Skin in the Game Ensuring Our Alignment to OurClients: CEO, Private CompanyWe have a fee structure which is unique and Business Critical Roles - 18 Months Ahead:performance based. We believe it is essential thatour objectives are aligned to that of our Clients Normally, an executive search process commencesto ensure that our Clients always receive the best when a vacancy arises in a business critical or hardcandidates that meet their needs. to fill role in your organisation. This can have a major impact on revenue, business momentum“It is refreshing to see a search firm dare to break the and market reputation. Blenheim Partners Strategicmould and back their judgement and be measurable External Succession Planning provides the solution.in their performance. By having a percentage at risk, It is a proactive process of 18 months duration andthat is determined by us the client it means there is ensures Clients have risk mitigation strategies intrue alignment with Blenheim Partners and ourselves”. place with “ready now” leadership.CFO, ASX 100 “I have watched my competitors lose value overnight through poor succession strategies. Blenheim’s“In essence, Blenheim Partners have skin in the game approach has allowed us to mitigate our risk andso they cannot afford to get it wrong. We now have a importantly identify capability we did not knowvery powerful and value add relationship”. existed. Their preparedness to work with us over an extensive period of time defined them as a highlyCEO, ASX 100 valued business partner”. Chairman, ASX 100ASIA PACIFIC • EUROPE • LATIN AMERICA • MIDDLE EAST • AFRICA • NORTH AMERICA

THOUGHT LEADERSHIP EXAMPLESThought leadership is critical in the understanding of current activity andsearch requirements. Below are some recent examples.Market Intelligence – Industry Leader Diversity – Industry LeaderEvery month Blenheim Partners present the Our Diversity Practice assists companies toBoard and Executive movements. We track the identify suitable Directors and Executives. Ourmoves of leading executives and update our positioning in this area is as an industry leaderclients to keep them well informed of their in Diversity of Thinking.competitor appointments.Blenheim Partners reveals findings from a recent Diversity in the boardroom on Best Practicereport that looks at the key challenges c-suites face with Richard Aedy on ABC Radio National andin corporate Australia today on the Switzer Report. Blenheim Partners.(Broadcast 27 January 2016). The Challengesof Attaining Growth: The Blenheim & MGSM Insight Series Authors: Dr. Brett Wright, Mr Gregory W. Robinson & Professor Charles Areni“Superhuman effort isn’t worth a damn unless it achieves results” Sir Ernest Shackleton ASIA PACIFIC • EUROPE • LATIN AMERICA • MIDDLE EAST • AFRICA • NORTH AMERICA

THOUGHT LEADERSHIP EXAMPLESDec 6 2015 at 11:45 PM 12/11/2015 Carnegie warning on changes to bankruptcy lawsDirectors look at boards with brutal Dec 9 2015 at 12:15 AM THE AUSTRALIANhonesty Macquarie chairman Kevin McCann Carnegie warning on changes to bankruptcy laws defends boardroom mix GLENDA KORPORAAL THE AUSTRALIAN DECEMBER 10, 2015 12:00AM Share via Email Post on Facebook Macquarie Group chairman Kevin McCann has challenged a Share on Twitter Post to LinkedIn report that suggested recruitment of directors was too narrow and was limiting company growth, saying legal and accountingby Tony Boyd Readers of a new report that compiles the thoughts of leading experience remained relevant. Investment banker Mark Carnegie. chairmen and non-executive directors on how to meet the Investment banker Mark Carnegie yesterday warned that the Turnbull challenge of growth for Australian companies will be The Blenheim Partners report, based on responses from 80 government’s proposed changes to insolvency laws ran the risk of “letting the fox gobsmacked by the brutal honesty on display. chairmen, directors and executives, questioned whether boards into the hen house”. were made up of too many \"inexperienced\" professional The proposals, outlined in the government’s innovation statement on Monday, areThe verbatim quotes in the report by search firm Blenheim Partners and MGSM cut directors and were stacked with directors from too similar backgrounds, aimed at encouraging a culture which is prepared to embrace more risk.through the spin doctoring that has become so much a part of official statements to mainly accounting and legal firms.the ASX. http://www.theaustralian.com.au/business/economics/carnegiewarningonchangestobankruptcylaws/newsstory/84da474bffc654443ec9b2de3b782f85 1/2 \"People at the top of their professions are people who have relevant experience andThanks to the cloak of anonymity this is corporate Australia unplugged. skills. They do have appropriate skills and talent,\" Mr McCann told The Australian Financial Review, adding he was appointed to his first major board, PioneerIt took a year to complete the study, called The Challenges for Attaining Growth, which Concrete at 36.is being released on Wednesday. Mr McCann will be among the panelists debating the report, pulled togetherDec 6 2015 at 11:45 PM by recruitment firm Blenheim Partners' Gregory Robinson and Dr Brett Wright, and Macquarie University Graduate School of Management's Professor Charles Areni, onDirectors need to focus less on the risk Wednesday morning.and more on the reward Ms Sherry was addressing the findings of a survey of prominent company directorsShare via Email Post on Facebook wall Share on twitter Post to Linkedin that suggested simplistic ideas of diversity are stifling the ability to recruit the right talent to boards.Company directors might be too scared to really chase growth, but it all comesback to getting the right mix of interests around the board table. by Jemima Whyte The findings, published on Wednesday by Blenheim Partners and MGSM, were the There’s nothing new about Malcolm Turnbull’s “ideas boom”, writes Ben Eltham. \"Boards are all in the business of assessing risks,\" says Arlene Tansey, a non- result of a candid survey of more than 75 directors, chairmen and chief executives executive director of Primary Healthcare, Adelaide Brighton and Lend Lease Funds on their views about everything from impediments to growth to the fear-of-failure The word “innovation” is a very old one, with a fascinating history. For the ancient Greeks, it Management. culture. was “kainotomia”, literally a “new cutting” in a mine shaft. For the Latin-speaking Christians, it \"I think the board's role is to assess proposals brought by management, and the risk \"The current diversity lens may not in fact be achieving diversity in thought and was “Innovo”, to renew. “Innovation” then appears in English and French around the end of the embedded in those proposals needs to be well considered, analysed and contribution due to common backgrounds, education and experiences of directors, thirteenth century, having been adapted from the Latin. appropriate for the business. It cannot be about avoiding risk.\" irrespective of gender,\" the report says, advocating for \"diversity for growth's sake\" As the great Canadian scholar of innovation Benoit Godin informs us, by the time of the It's a simple message and one that's hard to argue with. not \"diversity for diversity's sake\". European Reformation, innovation had acquired a negative connotation. It was a heresy; a But the problem, according to a growing number of reports and anecdotal evidence, change for the worse. is boards are becoming excessively focused on the risks, and not really considering \"I think there are lots of companies still struggling with the idea of any sort of diversity the possibility for growth. on boards and that, at the moment, largely means women. There are very few Asian In 1548, King Edward VI issued a Proclamation Against Those That Doeth Innouate, which directors on boards, yet we're talking a lot about the Asian century,\" she said. prohibited his subjects from personal interpretations of Church doctrine. “No maner persone, ofEmphasis on gender counterproductive to what estate, order, or degree soever he be, of his private mynde, will or phantasie, do omitte,diversity: survey of company directors \"I think there's a lot more we need to do, but I do believe if you can't get gender right, leave doune, change, alter or innovate any order, Rite or Ceremonie, commonly used and the rest of it is just more window dressing on the same issue,\" Ms Sherry said. frequented in the Church of Englande,” the Proclamation read.BY TATE PAPWORTH ON 12 JANUARY 2016 4 MIN READ BOARD COMPOSITION SHOULD REFLECT BUSINESS AIMS Dec 6 2015 at 6:11 PM \"The real issue is having board composition that reflects what you want to do with Risk-averse directors are stifling your business.\" growth Ms Sherry is also the winner of the 2015 The Australian Financial Review and Westpac 100 Women of Influence award.The current notion of board diversity is too simplistic and may be stifling the search for talented It’s a phrase that sums up Australia’s ‘leave it to fate’ attitude. But it raises the question: Do Share via Email Post on Facebookdirectors, a study by Blenheim Partners and Macquarie University has claimed. Australians lack ambition? Are they less entrepreneurial than other nations? Are Australians so Share on Twitter Post to LinkedIn laid back that “good enough” is as good as it gets? Is this the real reason Australia’s capitalIn a 72-page report of the challenges of attaining growth, the authors argue that the current diversity lens productivity is low compared to the rest of the world? by Jemima Whyte A lack of genuine diversity on corporate boards and theimplemented by many organisations isn’t achieving maximum diversity in thought and contribution due to emergence of \"career directors\" may be draining listed Australianthe common backgrounds, experiences and education of directors, regardless of gender. These are some of the interesting opinions expressed in a new Insight report The Challenges of companies of their appetite for the sort of risks needed to generateThe authors found that many participants in the study said the discussion surrounding the diversity Attaining Growth that interviews 80 Australian business leaders, chairmen, directors and CEOs. growth in their businesses amid increased technological disruption,of boards is too focused on gender rather than employee background, with one director claiming the Produced by the Blenheim Partners, an executive search and board advisory firm and MGSM, it according to a major study of chairmen, directors and chiefemphasis on gender was counterproductive to assembling a diverse group of people. For example, an takes an in-depth look at the challenges faced by company boards, their composition and executives.accountant is an accountant and, whether a man or a woman, will have a similar background and diversity, their inflexibility and sluggish response to digital disruption.education. A lack of genuine diversity on corporate boards and the emergence of \"career“We are obsessed with gender in this country, we need diversity of background, walks of life and But one chapter stands out from the rest, discussion around a less commonly-aired problem: Is it directors\" may be draining listed Australian companies of their appetite for the sort ofgeographies. This overemphasis on gender balance can lead boards away from what truly matters in terms the Australian culture that is holding the nation back? Do Australians lack the drive to succeed? risks needed to generate growth in their businesses amid increased technologicalof diversity,” the director said. disruption, according to a major study of chairmen, directors and chief Recruitment firm Blenheim Partners' Gregory Robinson and Dr Brett Wright, and MacquarieOne participant went a step further, claiming that the push for gender balance on boards does nothing for University Graduate School of Management's Professor Charles Areni interviewed‘real’ diversity but instead maintains the homogeneity of boards, because those employed in similar fieldstend to have the same, or very similar, backgrounds.However, some participants argued that a gender balance was beneficial to creative thought and growth,with one senior chairperson and director suggesting that having at least two women on a board vastlychanges the thinking process. ASIA PACIFIC • EUROPE • LATIN AMERICA • MIDDLE EAST • AFRICA • NORTH AMERICA

KEY MEMBERS OF OUR GLOBAL TEAMGregory W. Robinson Deborah ThomasFounder & Managing Partner, Search & Advisory Partner, Search & AdvisoryMr. Robinson has been specialising in senior Ms Thomas has over 30 years’ experience in media,international executive appointments for over entertainment, marketing and retail sales across19 years. Sector experience is broad and includes Australia and the United States. Prior to joiningconsumer retail, natural resources, infrastructure, Blenheim Partners, Ms Thomas was one of only aindustrial, manufacturing, telecommunications, handful of Australian women to have run an ASX 200technology, financial services, health and sport. He listed company. As a former Chief Executive Officerhas acted as an adviser to many of Australia’s leading and Non-Executive Director, Ms Thomas brings to thecorporations on board performance, capability partnership a keen working knowledge of executiveand succession. Mr. Robinson has been involved in management, C-suite and boardroom competencies,Board Advisory and C-Level appointments in three succession planning, leadership and corporatecontinents and was a Director of Australian Business governance. Prior to her role as Managing Directorin Europe whilst in London. Mr. Robinson holds of Ardent Leisure Group, Ms Thomas edited anda BComm with Merit and was awarded with the managed some of Australia’s most popular women’scoveted Green Beret when in the Australian military. magazine brands including The Australian Women’sHe is a member of Blenheim Partners’ Board, CEO & Weekly for almost a decade. Highlights of her boardCFO Practices. career include three years as Deputy Chair of the National Library of Australia and Executive Director ofIan Smith the Bangkok Post / ACP joint venture in Thailand.Partner, Search & Advisory Ms Thomas is a strong advocate for diversity, with a robust track record of supporting and mentoringMr. Smith has over 26 years’ experience working with women and a member of Chief Executive Women.global media, marketing and technology companiesin Australia, the US, Europe and Asia and is heavily Brett Wrightinvolved with Blenheim Partners’ Board, CEO, TMT Partner, Search & Advisory& Private Equity Practices. Prior to joining BlenheimPartners, he was Managing Partner of Heidrick & Dr. Wright has advised many of Australia’s premierStruggles Australasia and member of the Board, CEO, organisations on board and executive structure,Media, Entertainment, and Private Equity practices. performance and assessment, competitor analysisBefore his career in executive search, Mr. Smith was and succession planning. Prior to Executive SearchChief Executive Officer of Yahoo!7, one of Australia’s he had a range of line management, academic andleading online portals and Chairman of Yahoo!Xtra, consulting roles which include nine years as thea joint venture with Telecom New Zealand. He has Group Executive Human Resources in St Georgealso held Chief Executive Officer and senior executive Bank. Dr. Wright was responsible for all aspects of theroles in global media, marketing communications people strategy for over 9,000 employees. He wasand advertising companies, including APAC regional a key driver behind many of the Group’s initiativesChief Executive Officer for Bates, and international including flexible working arrangements. Morepresident of Bates Worldwide based in New York. He recently Dr. Wright was Executive Director Peoplewas also a director of Cordiant PLC based in London. for Ashurst, reporting to the Managing Partner. Dr.He has also served as a Trustee of the State Library Wright has a PhD in Organisational Behaviour andof New South Wales and a Director of the Garvan has been the Adjunct Professor to the UniversityInstitute of Medical Research Foundation. Mr. Smith of Western Australia. He also holds a BE(Hons),holds a Bachelor degree in Sociology and Psychology MEngSc, an MBA from the University of Sydney andfrom La Trobe University in Melbourne. is a Fellow of the Australian Institute of Company Directors(FAICD). He is a key member of the Board, CEO, and HR Practices. He also leads the Leadership Advisory and Re-Engagement Practices.ASIA PACIFIC • EUROPE • LATIN AMERICA • MIDDLE EAST • AFRICA • NORTH AMERICA

KEY MEMBERS OF OUR GLOBAL TEAMJoseph Marsella Anna PapahristosPartner, Search & Advisory Partner, Elite PerformanceMr. Marsella leads the Technology Markets Practice. Ms. Papahristos is a leading organisationalHe is responsible for Blenheim Partners talent Psychologist and has been consulting Chiefsolutions for the technology sector which includes Executives in the ASX 300, Senior Executives inChief Information Officer, Chief Digital Officer, Chief Government agencies, and members specialisedTechnology Officer, Chief Information Security and units of the Emergency services and Armed ForcesHeads of Analytics, Infrastructure, Applications for 10 years.and, Project Management. Mr. Marsella also assistsBoards with the appointments of IT Non-Executive Luke McKennaDirectors. Mr. Marsella has an extensive background Senior Associate, Research & Succession Planningin global business and leading Information andTechnology divisions with experience across a broad Mr. McKenna is a member of the Research Practicerange of industries including Consumer, Health and has managed Board and C-Level ExecutiveCare, Banking and Financial Services and Education. Searches across all sectors. Mr. McKenna is also thePrior to Executive Search, Mr. Marsella was the Chief author of various Blenheim Partners Publications andInformation Officer, Asia Pacific for Kimberly-Clark, a is a member of the Thought Leadership Practice.group that manufactures and markets some of the Mr. McKenna is responsible for collection,world’s most recognised brands. He also held senior maintenance, dissemination and management oftechnology roles with AMP Financial Services and corporate intelligence and the knowledge centre.Westpac Banking Corporation and was a Lecturer Prior to working in search Mr. McKenna pursuedat Sydney Institute of Technology. Mr. Marsella, as a career in retail. Mr. McKenna has a Bachelor ofa former Chief Information Officer, brings deep Business, majoring in Accounting and Employmentexperience and understanding of business, strategic Relations.planning, change management, optimisation oforganisation composition and delivery of initiatives Brooke Lanewith current technology insight. Mr. Marsella holds a Senior Associate, Research & Succession PlanningB.Science. Ms. Lane is a member of the Research Practice. Ms.Sarah Morgan Lane works across the range of Executive and Non-Consultant, United Kingdom & International Executive Director appointments and is a member of the Thought Leadership and Gender DiversityMs. Morgan is a member of the Board and CEO Practices. Ms. Lane has previous experience inPractice and works across the northern hemisphere. contract administration for immigration services.She manages the coverage of the United Kingdom, Ms. Lane is currently undertaking a GraduateEuropean and US markets supported by a network Certificate in Management.of Senior researchers/consultants. Ms. Morganis an independent consultant and has worked Robert Hitchingswith Blenheim Partners since 2015 focusing on Senior Associate, Research & Succession PlanningExecutive and Board appointments. She has over 16years’ search experience specialising in Chairmen, Mr. Hitchings is a member of the Research PracticeNon-Executive Director, Advisory and Executive and executes searches at Board and Executive levelsappointments. Previously she spent seven years with across all sectors. Before joining Blenheim Partners,Russell Reynolds in their board practice. Based in Mr. Hitchings worked for Global Executive SearchLondon she worked internationally and coordinated Firm, Odgers Berndtson, in London. He executedthe European board practice. Prior to this Ms. Morgan searches at C-suite and Board Level for FTSE 100,worked for two years with Hanson Green, a non- FTSE 250 and Private Equity companies. Mr. Hitchingsexecutive boutique. Ms. Morgan began her career started his career at Pemberton Stewart, a boutiquewith Heidrick & Struggles, in their board practice. search firm, working across both the European andShe has worked across all sectors covering FTSE 100, Asian markets. Mr. Hitchings has a BA majoring inFTSE 250, Private Equity and Not for Profit Boards. Politics.She is a graduate in Geography from the University ofNottingham.ASIA PACIFIC • EUROPE • LATIN AMERICA • MIDDLE EAST • AFRICA • NORTH AMERICA

KEY MEMBERS OF OUR GLOBAL TEAM (continued)Eunice Liu Melissa HuangSenior Associate, Research & Succession Planning Associate, Research & Succession PlanningMs. Liu is a member of the Research Practice Jessica Kitcherand brings extensive experience in both Human Associate, Research & Succession PlanningResources and Executive Search.Before joining Blenheim Partners, Ms. Liu was with Matthew WrightFortune 500 multinational, Novartis Group, in senior Associate, Research & Succession PlanningHuman Resource roles in China. This included HRBPfor Novartis Oncology and HR Project Manager for Brandon NeedhamCoE (C&B, Talent Management and Organisation Associate, Research & Succession PlanningDevelopment and Talent Acquisition). Prior toNovartis, Ms. Liu worked with Korn/Ferry for four Laurence Villetteyears based in Beijing where she worked on local Project and Office Managerand international assignments in the Technology,Healthcare and Financial Services sectors. Jeremy LowMs. Liu holds a MBA and a Bachelor of Law majoring Partner, Asiain International Relations and Diplomacy. Mr. Low is a member of the Board, CEO, FinancialBill Filippopoulos Services, Legal and Digital Practices.Associate, Research & Succession Planning Darrell ShamMr. Filippopoulos is a member of the Research Partner, AsiaPractice and works across the range of Executiveand Non-Executive Director appointments. Mr. Mr. Sham is a member of the Board, CEO, CFO andFilippopoulos is a member of the Thought Leadership Consumer Practices.and Data Integrity team. Prior to working in searchMr. Filippopoulos pursued a career in retail. Matthew MorrisMr. Filippopoulos has a Bachelor of Business, Partner, United Kingdom, Europe & USAmajoring in Management and Marketing. Mr. Morris is a member of the Board, CEO andCharlotte Cappin Financial Services Practices.Consultant, United Kingdom & International Andrew ShestopalCharlotte has over twenty years experience within Partner, United Kingdom, Europe & USAexecutive search. During her career in search she hasdelivered a variety of assignments across a range Mr. Shestopal is a member of the Board, CEO andof sectors at board level, executive management Property/ Real Estate Practices.and cross functional roles. She graduated fromSouthampton University with a BA Simon Keatingin History. Partner, United Kingdom, Europe & USA Mr. Keating is a member of the Board, CEO and Financial Services Practices.ASIA PACIFIC • EUROPE • LATIN AMERICA • MIDDLE EAST • AFRICA • NORTH AMERICA

Contact us Sydney p +61 2 9253 0950Melbourne p +61 3 9653 9510w www.blenheimpartners.com