The Board of Directors of Clough announced through the Australian Stock Exchange (ASX) on Tuesday 9 January 2007 that Chief Executive and Managing Director David Singleton had resigned with immediate effect. This followed a review on behalf of the Board that looked at the current status of the company in its market and its potential to deliver sustainable earnings growth and value creation through the years ahead.

Deputy Chairman John Cooper has accepted the appointment as Chief Executive with immediate effect. John joined Murray & Roberts as Chief Executive of our Australian operations and was appointed a non-executive director of Clough and Deputy Chairman in August 2006. He will now enter into an employment contract directly with Clough.

Murray & Roberts has steadily increased its shareholding in Clough since July 2004 and on two occasions in November 2004 and November 2005, rescued the company through the injection of funds for the issue of new shares. And in December 2006 it has underwritten a further recapitalisation of the company, this time with the participation of all shareholders.

Murray & Roberts now has a 49,12% direct shareholding in Clough Limited with approximately 3,0% due in further shares after resolution of the Bass Gas dispute through the conversion of a loan to the company.

Clough has experienced a difficult period over the past three years, following significant losses on the Bass Gas project in Australia and the Panda and G1/G15 projects in India. John is an experienced Australian engineering and contracting executive having operated for more than 30 years in the local and Southeast Asian markets. We are confident that he and the executive team at Clough will deliver a better future for the company and all its stakeholders.

Clough forms an important platform to Murray & Roberts for future growth and value in the natural resources and eastern hemisphere markets. Murray & Roberts has built its shareholding in Clough over the past 30 months with the support of the company and minority shareholders and has no immediate plans to make an offer for the remaining shares in the company.