AUSTAL LIMITED — Investor Presentation 2021

May 5, 2021

Austal

Paddy Gregg, Chief Executive Officer Macquarie Australia Conference May 2021 ASX:ASB austal.com

==> picture [180 x 106] intentionally omitted <==

FY2021 H1 Key Facts

==> picture [94 x 70] intentionally omitted <==

==> picture [72 x 67] intentionally omitted <==

==> picture [66 x 64] intentionally omitted <==

$2.9 B

$840 M

38

REVENUE ORDER BOOK SHIPS UNDER CONSTRUCTION OR SCHEDULED

==> picture [69 x 89] intentionally omitted <==

----- Start of picture text -----

8
----- End of picture text -----

==> picture [62 x 42] intentionally omitted <==

==> picture [69 x 42] intentionally omitted <==

==> picture [62 x 42] intentionally omitted <==

==> picture [64 x 42] intentionally omitted <==

6 SHIPYARDS IN 5 COUNTRIES

SERVICE CENTRES

==> picture [84 x 69] intentionally omitted <==

10

SHIPS DELIVERED

==> picture [62 x 42] intentionally omitted <==

==> picture [125 x 74] intentionally omitted <==

==> picture [92 x 66] intentionally omitted <==

5,800

EMPLOYEES

==> picture [72 x 71] intentionally omitted <==

33 VESSELS UNDER SUSTAINMENT CONTRACTS

2

Financial Headlines FY2021 H1

==> picture [125 x 74] intentionally omitted <==

CHANGE FROM PCP • Revenue $840 m (19%) • EBIT $70.5 m 18% • NPAT $52.4 m 29% • Interim Dividend 4 ¢ per share 33% • Operating Cash Flow $93.5 m $71.4 m 1 • Net Cash $260.2 m $(12.2) m

1. Excludes the notional debt of the CCPB 9 & 10 leasing program

3

USA Outlook

==> picture [164 x 89] intentionally omitted <==

USCG OPC

• EPF and LCS programs continue to perform well

• EPF 15 contract award

• Modifications being incorporated into EPF 13 to add enhanced capability:

• Habitability modifications

• V22 Osprey landing capability

• Small boat handling

• $50M appropriated to convert an EPF into an autonomous vessel

• Defense Production Act Contract defined for the Mobile shipyard expansion, enabling steel vessel construction and operational May 2022$100m investment

• Significant future opportunities in shipbuilding and support:

• Sustainment Execution Contract (SEC) East & West Admission

• OPC RFP Submission June (Award expected Q2 2022)

LCS PMA Singapore

• Light Amphibious Warship (LAW) Design Contract

• Frigate second source

Next Generation Logistic Ship (NGLS)

• Medical Ship

• Smaller steel opportunities

4

Australasia Outlook

• We have delivered five vessels despite supply chain and global mobility COVID-19 challenges

• H1 ship deliveries: 2x Guardian class and 3x ferries (Fred Olsen 1, JRK, and T&T Ferry)

• Fjordline delivered and 2 x T&T Patrol Boats completed trials

• FOSA Launched in Philippines

• SGTM Launched in Vietnam

• Commercial ferry market continues to be subdued due to COVID-19- Vietnam concern

• BSE acquisition completed as part of Cairns sustainment strategy

• RMP NE tender submitted

• Philippines Navy OPV tender progressing

• Volta electric ship concept released

• Continued investment in new designs and R&D, particularly digital systems

• Profitability of Australasia continues to improve as predicted

• Potential to invest in Henderson as part of CoA Force Structure Plan

• Appointment of Chief Digital Officer and smooth transition of new Chief Operating Officer - Australasia

==> picture [125 x 74] intentionally omitted <==

==> picture [284 x 213] intentionally omitted <==

Austal Australia launched the first of two 58 metre Cape Class Patrol Boats for the Trinidad and Tobago Coast Guard in Henderson, Western Australia during FY2021 H1. The two vessels are the first export sales of the proven Cape-Class Patrol Boat design operated by the Australian Border Force and Royal Australian Navy.

5

==> picture [489 x 272] intentionally omitted <==

Lewek Hercules

==> picture [496 x 273] intentionally omitted <==

==> picture [472 x 270] intentionally omitted <==

----- Start of picture text -----

PN OPV
----- End of picture text -----

==> picture [447 x 107] intentionally omitted <==

----- Start of picture text -----

Strategic Outlook
----- End of picture text -----

==> picture [125 x 74] intentionally omitted <==

1. LCS transition and COVID-19 impact (increased cost, commissioning & delivery disruption, and commercial ferry markets) are a challenge

2. Strong balance sheet and investing for future growth 3. Future work opportunities across ships / systems / support I. US programmes- new build and support II. Philippines OPV III. Autonomous capability- both USA and Australia IV. Commonwealth of Australia Force Structure Plan 4. Systems Strategy I. Digital shipyard II. Technology development

3. Capability to deliver steel & aluminium shipbuilding and sustainment in commercial & defence sectors

==> picture [89 x 51] intentionally omitted <==

Disclaimer

Paddy Gregg, Chief Executive Officer Telephone: +61 8 9410 1111

For further information visit www.austal.com

Disclaimer

This presentation and any oral presentation accompanying it has been prepared by Austal Limited (“Austal”). It should not be considered as an offer or invitation to subscribe for or purchase any securities in Austal or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in Austal will be entered into on the basis of this presentation.

Our presentation contains “forward-looking” statements or projections based on current expectations. These statements are not guarantees of future performance and are subject to risks and uncertainties. Key risks are set out in the Company’s Corporate Governance Statement and published on its website – they include – but are not limited to – impacts to US programs, the availability of US government funding due to budgetary or debt ceiling constraints; changes in customer priorities or their ability to meet contractual requirements, additional costs or schedule revisions. There are also broader risks to the enterprise such as cyber security, HSEQ incidents, product liability, unexpected impact of regulatory investigations and material unexpected changes to the Company’s financing arrangements. Austal’s Sample expansion in Asia also naturally brings with it a number of risks that are typical when entering new jurisdictions or expanding in others. Actual results may also effect the capitalization changes on earnings per share; the allowability of costs under government cost accounting divestitures or joint ventures; the timing and availability of future impact of acquisitions; the timing and availability of future government Image only awards; economic, business and regulatory conditions and other factors. We disclaim any duty to update forward looking statements to reflect new developments.

Accordingly, to the maximum extent permitted by applicable laws, Austal makes no representation and can give no assurance, guarantee or warrant, express or implied, as to, and takes no responsibility and assumes no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission, from any information, statement or opinion contained in this presentation.

You should not act or refrain from acting in reliance on this presentation material. This overview of Austal does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of Austal’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision.

==> picture [89 x 51] intentionally omitted <==

End

ASX:ASB austal.com

==> picture [180 x 106] intentionally omitted <==