Acquisition of 100% of Modern Access Services Pty Ltd

05 June 2009

The Board of Directors of AusGroup Limited ('Company') wishes to refer to the announcements of the Company on 19 May 2009, 22 May 2009, 28 May 2009, 2 June 2009 and 4 June 2009 in respect of the Acquisition. Unless otherwise defined herein, terms defined in those announcements shall have the same definitions herein.

Pursuant to the Agreement, part of the consideration for the acquisition of 100% of the share capital of Modern Access shall be allotment and issue of Consideration Shares to Modern Industries Holdings Pty Ltd ('MIH') and Fiiksam Pty Ltd ('Fiiksam') as soon as reasonably practical after the completion of the Agreement.

As announced by the Company on 28 May 2009, the Agreement has been completed on 28 May 2009 and pursuant to the Agreement, the Company shall be issuing 7,306,913 Consideration Shares to MIH (and/or at its direction) and 1,391,793 Consideration Shares to Fiiksam (and/or at its direction).

Upon the issuance of the Consideration Shares, the existing issued share capital of the Company will increase from 393,954,773 ordinary shares in the capital of the Company (the 'Shares') to 402,653,479 Shares.

The Company shall inform shareholders accordingly on the listing and quotation of the Consideration Shares on the Official List of the SGX-ST.

By Order of the Board

Mr John Sheridan
Chief Executive Officer and Managing Director