Resignation of Chairman

06 November 2009

The Board of AusGroup Limited (‘AGL’ or ‘AusGroup’ or the 'Group') wishes to announce that its founding Chairman, Mr Koh Soo Keong, has tendered his resignation from the Board with effect from 6th November 2009.

Mr Koh’s resignation has been made to allay concerns of future potential or perceived conflict of interest in view of his appointments in other Singapore based companies in the oil and gas industry, a sector in which AusGroup operates.

Following Mr Koh’s resignation, he ceased to be:

• a member and chairman of the nominating committee;
• a member of the remuneration committee; and
• a member of the executive committee.
   

In the period until a new Chairman is appointed, Mr Barry Alfred Carson is appointed as acting Chairman. Mr Carson is also a founding director (non independent, non executive) of AusGroup. The Directors will appoint a new member and chairman to the Nominating Committee (“NC”) to replace Mr Koh within three months. Prior to such appointment, Mr Tan Hup Foi will be appointed as acting chairman of the NC with effect from 6th November 2009.

The Board wishes to acknowledge the tremendous contribution, leadership and guidance Mr Koh has given the Board since AusGroup’s original listing in Singapore in 2005. The Board would also like to thank him for his total commitment to AusGroup during his tenure as Chairman and wishes him the best in his future endeavours.