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>> AUDIT GOVERNANCE

As part of ASG’s commitment to safeguarding integrity in financial reporting, procedures have been put in place to ensuring the independence and effectiveness of the external auditor. This applies particularly to the production of quarterly, half-yearly and annual reports to shareholders and to ASX.

In addition, the Committee reviews the nomination and performance of the auditor. The external auditor regularly meets with members of the Audit Committee. The Audit Committee intends, for each financial reporting period, to have the external auditor meet at least twice per annum with the Audit Committee without management being present.

The external auditor will also be provided with the opportunity, at their request, to meet with the Board of directors without management being present.

The external auditors were appointed on 1st June 2003.The lead external audit engagement partner has been the audit partner since the Company was listed on ASX on 1st July 2003 and will be rotated off the engagement during 2008.

The external auditors attend, and are available to answer questions at, the company’s annual general meetings.