Acquisition of 100% of Modern Access Services Pty Ltd

04 June 2009

The Audit Committee of AusGroup Limited ('Company') wishes to refer to the announcements of the Company on 19 and 22 May 2009, and 2 June 2009 in respect of the Acquisition. Unless otherwise defined herein, terms defined in those announcements shall have the same definitions herein.

Further to the announcement of the Company on 2 June 2009, the Audit Committee of the Company wishes to confirm that after extensive discussion and review with senior management and professional advisiors that, in its opinion, the Acquisition is in the interests, and not prejudicial to the interests of the Company and its shareholders, after taking into account the consideration amount and the loss before tax incurred by Modern Access Services Pty Ltd for the financial year ended 30 June 2008.

By Order of the Board

Dr. Chew Kia Ngee
Chairman, Audit Committee