AUSTAL LIMITED — Board/Management Information 2008

Jun 22, 2008

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COMPANY ANNOUNCEMENT 23 JUNE 2008

AUSTAL LIMITED ANNOUNCES MANAGEMENT CHANGES

Austal Limited Executive Chairman Mr John Rothwell today announced that, effective from Friday the 22nd of August 2008, he will step down from his executive duties and become Non Executive Chairman of the company. Mr Rothwell said that his role would be to support Austal in activities traditionally undertaken by Non Executive Chairmen and he would also offer consultancy services as required.

Mr Rothwell also announced that Bob Browning, currently President and CEO, Austal USA, will assume the role of Managing Director and CEO of Austal Limited. As a consequence, Mr Browning will assume responsibility for all operations of the company globally.

Reflecting the importance of the current and future operations in the US, particularly those in the military arena, Mr Browning will remain domiciled in Mobile, Alabama. Since joining Austal USA in August 2007, Mr Browning has built a strong team of professional managers and shipbuilders in Mobile, which will allow him to expand his focus to the broader needs of the corporation.

On taking up his new position in August 2008, Mr Browning will be appointed to the Board of Directors of Austal Limited.

It is expected that Mr Browning will spend a considerable period of time each year working in Australia. His travel schedule will also include visits to clients and suppliers around the world and briefings to analysts and financiers in Australia and overseas.

In announcing the changes Mr Rothwell said that the Board was extremely pleased that Bob Browning had agreed to become Managing Director/CEO at a time when the company was entering a new and exciting phase in its global development.

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For further information contact:

Austal Executive Chairman, John Rothwell Tel: +61 8 9410 1111 Fax: +61 8 9410 2564 Email: pubrel@austal.com Website: www.austal.com

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