Restructuring of Modern Access Group of Companies

07 August 2009

AusGroup today announced that its Australian subsidiary, Modern Access Services Pty Ltd has restructured its overseas holdings into a more efficient structure post integration into the AGL group of companies ('Group').

The restructuring involved:

• Modern Access Services Pty Ltd, the Australian holding company of the Modern Access group of companies, transferring 100% of the share capital of its Singapore subsidiary, Modern Industries (Singapore) Pte Ltd, to AusGroup Limited (the ultimate holding company of the Group); and 
• the formation of a new holding company incorporated in Thailand known as AusGroup Corporation Co., Ltd. AusGroup Limited holds 35% of the capital of AusGroup corporation Co., Ltd. The balance 65% is held by MBMG Venture Co., Ltd. The director of AusGroup Corporation Co., Ltd is Janjira Sumanus; and
• upon its formation, AusGroup Corporation Co. Ltd acquired the shareholdings of the two Thailand Companies previously held by Modern Access Services Pty Ltd (i.e. Modern Access Services (Thailand) Co. Ltd and Modern Industries (Thailand) Co. Ltd).

Upon the completion of the restructuring all of the South-East Asian operations of the Modern Access group of companies are held directly by AusGroup Limited.

The restructuring is not anticipated to have any material financial impact on the earnings per share and net tangible assets of the Group for the financial year ending 30 June
2010.

None of the substantial shareholders and/or directors of the Company have any interest, direct or indirect, in AusGroup Holdings Co. Ltd other than through their respective
shareholdings in AGL.