Notification of Dissolution of Joint Venture

11 May 2009

AusGroup today announced that the Company has dissolved its joint venture with Hertel Asia Holding Pte Ltd.

The equal joint venture was established in 2007 for the purpose of participating in work on two major Singaporean projects.

The joint venture is no longer deemed to be strategic for AusGroup and has been mutually agreed by all parties to dissolve the current arrangement.

The above decision will have no financial effect on the net earnings of the Group for the financial year ending 30 June 2009.