AUSTAL LIMITED — Board/Management Information 2010

Sep 21, 2010

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COMPANY ANNOUNCEMENT 22 SEPTEMBER 2010

RESIGNATION OF MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER

Austal advises that Mr Bob Browning, Managing Director and Chief Executive Officer of the Company, today tendered his resignation. Mr Browning’s resignation will be effective from 15 November 2010. Mr Browning will however continue to serve as a member of the Board of Austal USA LLC.

Austal’s Chairman, Mr John Rothwell, will assume the role of Executive Chairman on an interim basis, whilst the Company evaluates its future requirements.

Mr Browning joined the Austal Board in 2003 as a non executive director and in 2007 was appointed to the role of Chief Executive Officer of Austal USA LLC. In this capacity, Mr Browning established a strong USA based team focused on the needs of the US Navy and developing the strategically important JHSV and LCS opportunities. In 2008, Mr Browning was appointed to the position of Managing Director and Chief Executive Officer of Austal Limited.

In his role as Managing Director and Chief Executive Officer, Mr Browning led the bid strategy for the current LCS proposal and worked closely with Federal, State and City authorities in the United States of America to successfully promote Austal’s interests. Mr Browning also focused on building the capacity of Austal’s management team with a number of key strategic appointments over the past two years.

Mr Browning commented, “I feel that I have accomplished all that I set out to achieve during my tenure as CEO. I have put all of the necessary pieces in place to ensure the continued success of the Austal Group and have built a strong management team that has the capability to continue to grow the business into the future and I am now ready for my next challenge.”

Mr Rothwell said, “On behalf of my fellow directors and Austal’s shareholders, I am grateful to Mr Browning for the leadership that he has provided during this very important period in the Company’s history. I am pleased that Bob will continue as a director of the Austal USA Board and wish him continued success with his future ventures.”

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About Austal

Austal is the world leader in the design and construction of customised, high performance aluminium vessels for both commercial and defence applications. With shipyards in Western Australia and the USA (Mobile, Alabama), Austal has delivered more than 220 vessels for customers around the world.

Established in Western Australia in 1988, Austal’s product range includes passenger and vehicle‐passenger ferries, patrol boats, theatre support vessels, combat ships, multi‐role vessels and luxury private live‐aboards. Austal is also an established provider of worldwide vessel maintenance and management services.

For further information contact:

Richard Simons Chief Financial Officer Austal Limited Tel: +61 8 9410 1111 Fax: +61 8 9410 2564 Website: www.austal.com

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