AusGroup Announces Board Changes

11 February 2010

The board of directors of AusGroup Limited (the “Company”) is pleased to announce the appointment of Dr Chew Kia Ngee as the new chairman of the board of directors with effect from 11 February 2010.

Dr Chew came on board as an independent director on 8 November 2006. He was recently appointed a member and the chairman of the nominating committee. Prior to becoming the chairman of the board, Dr Chew was a member and the chairman of the audit committee (“AC”) and a member of the remuneration & human capital committee (“R&HCC”). Dr Chew’s elevation to chairmanship of the board will ensure the maintenance of the Company’s clear and focused strategic path aimed at the delivery of sustained returns for the shareholders.

Following Dr Chew’s appointment as chairman of the board of directors, the following changes to the board and board committees were also effected on 11 February 2010:

(a) Mr Barry Alfred Carson has relinquished his role as acting chairman of the board of directors;
(b) Dr Chew has relinquished his position as a member and the chairman of the AC and a member of the R&HCC; and
(c) Mr Tan Hup Foi has been appointed a member of the R&HCC.

In the period until a new AC chairman is appointed, Mr Kok Pak Chow, an independent director, has been appointed acting AC chairman. The directors will look for a suitable candidate to fill the position of AC chairman.

The board and the various board committees now comprise the following members:

Board of Directors
Dr Chew Kia Ngee (Independent non-executive director and chairman)
Mr John Fitzgerald Boyd Sheridan (Managing director/CEO)
Mr Stuart Maxwell Kenny (Non-executive director)
Mr Barry Alfred Carson (Non-executive director)
Mr Kok Pak Chow (Independent non-executive director)
Mr Tan Hup Foi (Independent non-executive director)

Audit Committee
Mr Kok Pak Chow (Acting chairman)
Mr Tan Hup Foi (Member)
Mr Stuart Maxwell Kenny (Member)

Nominating Committee
Dr Chew Kia Ngee (Chairman)
Mr Tan Hup Foi (Member)
Mr Barry Alfred Carson (Member)

Remuneration & Human Capital Committee
Mr Barry Alfred Carson (Chairman)
Mr Kok Pak Chow (Member)
Mr Tan Hup Foi (Member)