AUSTAL LIMITED — Major Shareholding Notification 2008

Jul 7, 2008

605 page1/2 13 March 2000

Form 605

Corporations Law Section 671B

Notice of ceasing to be a substantial holder

To Company Name/Scheme AUSTAL LIMITED

ACN/ARSN

1. Details of substantial holder(1)

Name Paradice Investment Management Pty Ltd

ACN /ARSN (if applicable) 090 148 619 The holder ceased to be a substantial holder on 04/07/08 The previous notice was given to the company on 11/02/08 The previous notice was 08/02/08 dated

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (4)	Consideration given in relation to change(5)	Class (6) and number of securities affected	Person's votes affected
04/07/08	Paradice Investment ManagementPtyLtd	Disposal of 610,984 shares	$1,571,563	610,984	610,984

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

	Name andACN/ARSN(ifapplicable)	Name andACN/ARSN(ifapplicable)	Nature ofassociation
	N/A
4. Addresses
The addresses of persons named in this form are as follows:
	Name		Address
	Paradice Investment Management Pty Ltd		Level 12, 139 Macquarie Street, Sydney,	NSW 2000
Signature
	print name	Kylie Barns	capacity	Company Secretary
	sign here		date	08 / 07 / 08

SYD4_137743_1 (W97)

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 4 of the form.

• (2) See the definition of 'relevant interest' in section 608 and 671B(7) of the Corporations Law .

• (3) See the definition of 'associate' in section 9 of the Corporations Law .

• (4) Include details of:

• (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

• See the definition of 'relevant agreement' in section 9 of the Corporations Law .

• (5) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be include of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

• (6) The voting shares of a company constitute one class unless divided into separate classes.

• (7) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

SYD4_137743_1 (W97)

SYD4_137743_1 (W97)