AUSTAL LIMITED — Board/Management Information 2020

Sep 20, 2020

==> picture [102 x 65] intentionally omitted <==

==> picture [165 x 16] intentionally omitted <==

==> picture [124 x 15] intentionally omitted <==

==> picture [191 x 18] intentionally omitted <==

==> picture [163 x 18] intentionally omitted <==

Austal Limited (ASX:ASB) is pleased to announce that Ian McMillan has been appointed Chief Operating Officer of Austal Australia, effective 1 January 2021, following the transition by Patrick Gregg to Chief Executive Officer and Managing Director in the new year.

Austal’s Chief Operating Officer will be based in Henderson Western Australia and will have responsibility for Australia, Philippines and Vietnam shipbuilding and sustainment operations, as well as management of Austal’s interests in the Aulong commercial shipbuilding joint-venture in China.

Ian McMillan joins Austal from BAE Systems Australia, where he has held several senior executive roles since 2013, including Director of Shipbuilding and General Manager, Shipyards Western Australia. In his most recent role as Director, Maritime Sustainment, Ian was responsible for leading BAE Systems Australia’s national sustainment business comprising more than 1,000 employees across 5 locations around Australia, supporting multiple vessel classes for the Royal Australian Navy. Mr McMillan’s biography is attached in Appendix A .

Announcing the appointment, Austal Chief Executive Officer David Singleton and CEODesignate Patrick Gregg said Ian McMillan’s 36-year depth of experience in the Australian and international defence industries, particularly in naval shipbuilding and sustainment, will add great value to Austal’s Australasian operations.

“I am very much looking forward to working with Ian to further develop Austal’s Australasian operations and maximise the opportunities ahead – in both defence and commercial shipbuilding and sustainment,” Mr Gregg said.

“Ian’s experience in winning and delivering major defence contracts and operating effective, efficient shipyards and sustainment operations will undoubtedly help us grow our business and achieve even greater returns on our strategic investments throughout the region,” he added.

Page 1 of 3

Summary of Chief Executive Officer Designate’ s Remuneration

In addition to the above appointment, Austal is pleased to advise the following summary of Chief Executive Officer Designate, Mr Patrick Gregg’s remuneration, effective from 1 January 2021. The below information also appears in the Company’s FY2020 Remuneration Report:

• Total Fixed Remuneration (TFR) $875,000

• Target STI award 45% of TFR / Stretch STI award 67.5% of TFR

• Target LTI award 50% of TFR / Stretch LTI award 100% of TFR

This ASX announcement has been approved and authorised for release by David Singleton, Austal Limited’s Chief Executive Officer.

-ENDS-

Media Contact:

Cameron Morse +61 433 886 871 cameron.morse@fticonsulting.com

About Austal:

Austal is Australia’s global shipbuilder and defence prime contractor designing, constructing and sustaining some of the world’s most advanced commercial and defence vessels.

For more than 30 years Austal has contracted more than 300 vessels for over 100 commercial and defence operators in 54 countries, worldwide.

Austal is Australia’s largest defence exporter and first ASX-listed shipbuilder. Austal has industryleading shipyards in Australia, the United States of America, Philippines and Vietnam with service centres worldwide, including the Middle East.

Austal delivers iconic monohull, catamaran and trimaran commercial vessel platforms – including the world’s largest trimaran ferry and multiple defence programs such as the Littoral Combat Ship (LCS) and Expeditionary Fast Transport (EPF) for the United States Navy.

Austal has grown to become the world’s largest aluminium shipbuilder and is Australia’s largest defence exporter.

Page 2 of 3

Austal Limited ACN 009 250 266 100 Clarence Beach Road Henderson, Western Australia 6166

Page 3 of 3

Appendix A

==> picture [223 x 37] intentionally omitted <==

==> picture [113 x 16] intentionally omitted <==

==> picture [58 x 16] intentionally omitted <==

Ian McMillan was appointed Austal’s Chief Operating Officer in September 2020 and will commence at Austal’s global headquarters and shipyard in Henderson, Western Australia, in January 2021.

Prior to joining Austal, Ian held a number of senior executive roles at BAE Systems Australia, including General Manager, Shipyards Western Australia (2013 to 2017) and Director, Shipbuilding (2017 – 2019), where he led the team awarded the nine ship Future Frigate (Hunter Class) program for the Royal Australian Navy.

==> picture [127 x 61] intentionally omitted <==

==> picture [155 x 156] intentionally omitted <==

Most recently as Director of Maritime Sustainment (2019 – 2020), Ian was responsible for BAE Systems Australia’s delivery of support services to multiple vessel classes operated by the Royal Australian Navy, around Australia.

From 2011 to 2013 Ian was Managing Director of Global Weapon Systems at BAE Systems USA, and prior to this, held a number of Board, Director and Senior Managerial positions with defence contractors around the world, including BHIC-BOFORS, RO Defence and GEC Marconi.

Ian commenced his career as an Apprentice Engineer with Vickers Shipbuilding and Engineering in the UK in 1984 and over his career has gained a number of qualifications, including the completion of a Senior Executive Leadership Programme conducted in the UK and USA by Oxford University.

.

For more information go to www.austal.com or email info@austal.com

Appendix A

==> picture [93 x 14] intentionally omitted <==

Austal is a global shipbuilder, defence prime contractor and maritime technology partner of choice; designing, constructing and supporting revolutionary defence and commercial vessels for the world’s leading operators.

For over 30 years, Austal has designed and constructed in excess of 300 vessels for over 100 operators in 54 countries, gaining an enviable reputation for innovative shipbuilding using advanced technologies and efficient, modular construction processes.

From safe, modern shipyards located in Australia, the United States of America, The Philippines, Vietnam and China - and service centres located around the world - Austal offers naval, government and commercial operators the highest quality ships, systems and support.

==> picture [39 x 14] intentionally omitted <==

Austal’s capabilities include the development of both defence and commercial vessel platforms in aluminium and steel.

Defence vessels designed and built by Austal include revolutionary, multi-mission surface warfare combatants, such as the Independence-class Littoral Combat Ship (LCS) for the United States Navy, military high speed support vessels for transport and humanitarian relief, such as the Spearheadclass Expeditionary Fast Transport (T-EPF) for the United States Navy and the High Speed Support Vessel (HSSV) for the Royal Navy of Oman.

Austal also designs, constructs and sustains an extensive range of patrol boats for navies and government law enforcement and border protection agencies globally; including the Cape-class Patrol Boat Program for the Australian Border Force and Royal Australian Navy and the Guardianclass Patrol Boat for the Australian Government’s Pacific Patrol Boat Replacement Project.

Austal’s powerful capabilities and strong reputation for quality defence shipbuilding grew from early success in the development of high speed commercial ferries. Austal’s proven ability to customize mono-hull, catamaran and trimaran designs, expertise in the construction of high performance aluminium vessels and renowned service and support continue to be sought after by the world’s leading commercial fleet operators.

==> picture [53 x 14] intentionally omitted <==

Complementing Austal’s capabilities in shipbuilding is the company’s expertise in the development and integration of advanced vessel control and information management systems, such as ‘MOTION CONTROL’ and ‘MARINELINK’. Austal offers both defence and commercial operators the latest in maritime systems and technologies to optimize the performance of their ships and their complex onboard management, communications and weapons systems.

==> picture [50 x 14] intentionally omitted <==

Austal provides a wide range of ‘through-life capability management’ and support services – ensuring customers benefit from optimal vessel availability and operability. Support services include vessel servicing, repairs and maintenance, integrated logistics support, vessel sustainment, crew training and instruction, spare parts management, information management systems support and consultancy.

For more information go to www.austal.com or email info@austal.com