Media release - 2nd July, 2012

Raine & Horne appoints Deloitte for audit

• Leading real estate firm switches auditor for the first time in more than 50 years

Leading real estate group Raine & Horne Holdings has appointed Big 4 professional services firm Deloitte Australia as its auditor, effective 1 July 2012.

“Raine & Horne Holdings is the parent of Raine & Horne Pty Ltd, which includes a large network of offices in Australia and overseas, and this appointment represents the first time we have changed auditors in over 50 years,” said Angus Raine, CEO of Raine & Horne.

“Given this lengthy timeframe, the decision to switch auditors isn’t a decision the Board of Raine & Horne Holdings has taken lightly, and we reviewed submissions from three leading professional services firms including Deloitte.

“Raine & Horne is a brand on the move with excellent prospects for office and long-term revenue growth in our region, and we believe it is only fitting that we are working with one of the best in the professional services business, Deloitte.”

Deloitte Australia’s ability to negotiate the challenges of the global financial crisis also played a part in the appointment.

“Deloitte achieved the strongest growth performance of the Big 4 professional services firms through the GFC and this was a critical factor in the appointment,” said Mr Raine.

“Given Deloitte’s commitment to growth, client service and its expertise in the real estate sector, I believe that Raine & Horne and our principals will be in safe hands.”

Mr Raine confirmed that Raine & Horne Holdings will be serviced by Deloitte Private, which specialises in providing uniquely structured and personalised attention to private companies and family businesses.

Michael Stibbard, a Director at Deloitte Private, believes the unique focus of Deloitte Private, combined with in-depth market knowledge across the real estate industry, contributed to Raine & Horne’s decision to appoint them.

“We have an excellent track record in anticipating the needs of private businesses such as Raine & Horne Holdings and a strong focus on delivering innovative and effective solutions, while maintaining quality assurance levels,” said Mr Stibbard.

“Our local knowledge of private companies, coupled with our access to global networks, uniquely places Deloitte Private to best service a real estate leader such as Raine & Horne,” concluded Mr Stibbard.

-ENDS-

For further media information contact:

Angus Raine, CEO, Raine & Horne on 02 9258 5422 or 0409 920 697

Jane Kneebone, Director Corporate Affairs and Communications, Deloitte on 03 9671 7389 or 0416 148 845

Andrew Harrington, National Marketing & Communications Co-ordinator on 02 9258 5400