Disclosure of Directors' Fees

National Roads & Motorists' Association Limited

Below is a summary of Board and Committee fees payable to the Directors of National Roads & Motorists' Association Limited (NRMA) and its commercial trading subsidiaries.

NRMA's Board fees are determined and set by Members in general meeting, in accordance with its Constitution. Committee fees are determined by the Board with reference to independent external advisers.

By convention, the President and Deputy President do not receive fees for their attendance at Committee meetings. Statutory superannuation guarantee contributions are paid by NRMA on behalf of all employees and Directors at the rate of 13%. Superannuation contributions are in addition to any fees paid to the Directors set out below.

Commercial Trading Subsidiaries - Adventure World Travel, Thrifty Car Rental and NRMA Holiday Parks

The fees paid to Board members by each of the commercial trading subsidiaries are for their services in addition to their duties with NRMA. This is because each of these businesses is a substantial commercial enterprise in its own right, with the attendant time requirements, risks and responsibilities carried by the Directors.

Thrifty Car Rental and Adventure World Travel each have minority shareholders and Directors other than those appointed by NRMA. Thrifty Car Rental, Adventure World Travel and NRMA Holiday Parks have all sought assistance in relation to the level of Board fees by reference to independent external remuneration consultants, John Egan & Associates, to ensure that all fees are in accordance with the market and independently assessed.

Fees Payable to Directors of National Roads & Motorists' Association Limited and Subsidiary Companies

National Roads & Motorists' Association Limited
Board		Base Board Fees per annum#
President		$165,000
Deputy President		$110,000
Non-Executive Director		$55,000
Committees		Committee Fees per annum#
Committee Chair		$18,000*
Committee Member		$12,000*

Note: Effective from 1 December 2007

* By convention the NRMA President and Deputy President do not receive fees for their attendance at Committee meetings.

Fees Payable to Directors of Subsidiary Companies of NRMA

Kingmill Pty Ltd (trading as Thrifty Car Rental)
	Base Board Fees per annum#
Chair	$86,000
Executive Directors	$50,000
Non-Executive and Independent Directors	$50,000
Adventure World Travel Pty Ltd
	Base Board Fees per annum#
Chair	$49,500
Executive Directors	$33,000
Non-Executive and Independent Directors	$33,000
NRMA Tourist Parks Holdings Pty Ltd (trading as NRMA Holiday Parks)
	Base Board Fees per annum#
Chair Non-Executive Directors	$63,000 $42,000

# Amounts are exclusive of superannuation.