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Steadfast Non-Executive Director Jonathan Upton Retires

Steadfast Non-Executive Director Jonathan Upton Retires

Steadfast Group Limited (Steadfast) (ASX: SDF) today announced that Jonathan Upton, who is retiring by rotation at Steadfast’s upcoming annual general meeting on 29 October 2014, will not stand for re-election as a director of Steadfast Group.

Mr Upton was appointed to the Steadfast Group board in 2005 as a non-executive director and served on the Nomination, Audit & Risk and Remuneration & Succession Planning Committees. For the past 34 years, he has been running his own business, Steadfast IRS, a Steadfast equity owned broker and a Steadfast Sydney hub. Steadfast Group recently increased its shareholding in Steadfast IRS from 49% to 80% following the hubbing of two Sydney brokers into Steadfast IRS.

Mr Upton said, “I have been honoured to serve as a director of Steadfast Group over nine years and in particular to represent the Steadfast equity brokers pre and post the Company’s initial public offering. My decision to step down from the Steadfast Group board is in line with good corporate governance in light of my interests in Steadfast IRS and the increased shareholding of Steadfast Group ".

Frank O’Halloran, Chairman of Steadfast Group said “We are grateful for the commitment Jonathan has shown to the Steadfast Group board, particularly in preparing the Group for the IPO. He has provided us with tremendous insights into how the Steadfast Network Brokers operate and how to improve both their revenues and profits. On behalf of the Board, Management and the Steadfast Network, I thank Jonathan for the very important contribution to the growth and success of Steadfast Group over the past ten years. Jonathan will join the Boards of Steadfast Underwriting Agencies and Steadfast Insurance Brokers."

ENDS

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