13 January 2012

The Board of AusGroup Limited is pleased to announce that Mr. Laurie Barlow has accepted an offer to become the company's new Chief Executive Officer.

Mr. Barlow was offered the position after an extensive Australia-wide search.

AusGroup Limited operates in Australia and South East Asia providing a range of fabrication and manufacturing, construction and integrated services to natural resource development companies.

AusGroup Limited Chairman Dr. Chew Kia Ngee said he was delighted Mr. Barlow had accepted the opportunity and challenge of leading the company to its next stage of development and growth.

"Mr. Barlow has a proven track record in the mining and oil and gas industries, and an outstanding reputation," Dr. Chew said. "We look forward to working with him as the company grows from its current solid foundation to meeting our billion dollar turnover goal."

Since 2007, Mr. Barlow has been Managing Director - Minerals and Industry for AECOM Australia Pty Ltd and a member of the AECOM Global Operations Leadership team.  AECOM is a Fortune 500 company with revenues of more than $8 billion.  Between 1999 and 2007 he was Vice President and General Manager of SNC-Lavalin Australia Pty Ltd.

He will take up his new position with AusGroup when his current contractual obligations are completed.

Mr. Barlow said he was looking forward to joining the team at AusGroup.  "The company has a goal of exceeding the billion dollar turnover range in the short term, and I'm certainly looking forward to taking the company to that point and beyond," Mr. Barlow said.  "Reaching that goal will provide significant growth in shareholder value for AusGroup investors."

Mr. Barlow will take over from current acting CEO and Managing Director Mr. Stuart Kenny.

AusGroup Limited's order book value today stands at AU$321 million.

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