AUSTAL LIMITED — Major Shareholding Notification 2016

Sep 12, 2016

13 September 2016

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Company Announcements Platform Australian Securities Exchange Limited 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam,

Notice of Ceasing to be a Substantial Holder

I In accordance with section 671B of the Corporations Act 2001 (Cth), we attach a Notice of Ceasing to be a Substantial Holder (Form 605) in respect of Austal Limited.

Yours faithfully,

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Chris Millard Company Secretary

{00011642.DOC} BT Investment Management Limited ABN 28 126 385 822

www.btim.com.au

GPO Box 7072 Sydney NSW 2001 Australia

The Chifley Tower Level 15, 2 Chifley Square Sydney NSW 2000 Australia Tel 612 8253 2999

BT[® ] is a registered trade mark of BT Financial Group Pty Ltd and is used under licence

Form 605

Corporations Act 2001 Section 671B Notice of ceasing to be a substantial holder

To Company Name/Scheme AUSTAL LIMITED (ASB)

ACN/ARSN ACN 009 250 266

1. Details of substantial holder(1)

Name BT INVESTMENT MANAGEMENT LIMITED (BTT)

ACN/ARSN (if applicable)

ACN 126 365 822

The holder ceased to be a substantial holder on 09/09/2016

The previous notice was given to the company on 01/09/2016

The previous notice was dated 30/08/2016

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:

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
09/09/2016	BTT & its Associates, BT Investment Management (Fund Services) Limited *, BT Investment Management (Institutional)Limited	See Annexure 'A'	See Annexure 'A'	See Annexure 'A'	See Annexure 'A'

• BT Investment Management (Fund Services) Limited has appointed BT Investment Management (Institutional) Limited to act as the investment manager of the trusts of which it is responsible entity, giving BT Investment Management (Institutional) Limited the capacity to exercise the power to vote or dispose of the shares. BT Investment (Institutional) Limited therefore also has a relevant interest in shares in which BT Investment Management (Fund Services) Limited has a relevant interest.

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 the voting interests of the company or scheme are as follows:

Name and ACN/ARSN (if applicable)

Nature of association

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4. Addresses

The addresses of persons named in this form are as follows:

Name Address BT Investment Management Limited (BTT) Level 14, Chifley Tower, 2 Chifley Square, Sydney NSW 2000 BT Investment Management (Institutional) Limited Level 14, Chifley Tower, 2 Chifley Square SYDNEY NSW 2000 BT Investment Management (Fund Services) Level 14, Chifley Tower, 2 Chifley Square, Sydney NSW Limited 2000 EQT HOLDINGS LIMITED (EQT) The Company Secretary, EQT HOLDINGS LIMITED (EQT) Level 2, 575 Bourke Street MELBOURNE VIC 3000 Tel: +61 3 8623 5000 Signature Print name Chris Millard Capacity Company Secretary Sign here Date 13/09/2016

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• DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (e.g. 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 sections 608 and 671B(7) of the Corporations Act 2001.

• (3) See the definition of “associate” in section 9 of the Corporations Act 2001.

• (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 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 Act 2001.

• (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 included 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.

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ANNEXURE A

This is annexure ‘A' referred to in Form 605, Notice of ceasing to be a substantial holder, lodged for BT Investment Management Limited ACN 126 365 822

Chris Millard – Company Secretary, BT Investment Management Limited 13/09/2016

Sales & Purchases for the period : 31/08/2016 to 09/09/2016 SECURITY: ASB

BT Investment Management (Fund Services) Limited

Date	Registered Company	Nature of Change	Quantity	Consideration	Class of Securities	Person’s votes affected
9/09/2016	HSBC Custody Nominees (Australia) Limited.	Sell	-752,863	-1,227,166.69	Ordinary	752,863
	Total		-752,863	-1,227,166.69
	BT Investment Management (Fund Services) Total :	Limited	-752,863	-1,227,166.69
BT Investment Management (Institutional) Limited
Date	Registered Company	Nature of Change	Quantity	Consideration	Class of Securities	Person’s votes affected
9/09/2016	HSBC Custody Nominees (Australia) Limited.	Sell	-134,205	-218,754.15	Ordinary	134,205
	Total		-134,205	-218,754.15
Date	Registered Company	Nature of Change	Quantity	Consideration	Class of Securities	Person’s votes affected
9/09/2016	Australia and New Zealand Banking Group Limited	Sell	-11,050	-18,011.50	Ordinary	11,050
9/09/2016	Australia and New Zealand Banking Group Limited	Sell	-7,298	-11,895.74	Ordinary	7,298
9/09/2016	Australia and New Zealand Banking Group Limited	Sell	-19	-30.97	Ordinary	19
9/09/2016	Australia and New Zealand Banking Group Limited	Sell	-1,592	-2,594.96	Ordinary	1,592
9/09/2016	Australia and New Zealand Banking Group Limited	Sell	-1,031	-1,680.53	Ordinary	1,031
9/09/2016	Australia and New Zealand Banking Group Limited	Sell	-4,945	-8,060.35	Ordinary	4,945
9/09/2016	Australia and New Zealand Banking Group Limited	Sell	-196	-319.48	Ordinary	196
	Total		-26,131	-42,593.53
Date	Registered Company	Nature of Change	Quantity	Consideration	Class of Securities	Person’s votes affected
9/09/2016	National Australia Bank Limited	Sell	-258,278	-420,993.14	Ordinary	258,278
	Total		-258,278	-420,993.14
Date	Registered Company	Nature of	Quantity	Consideration	Class of Securities	Person’s votes affected

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		Change
9/09/2016	National Australian Custodian Services	Sell	-109,456	-178,413.28	Ordinary	-109,456
9/09/2016	National Australian Custodian Services	Sell	-19,067	-31,079.21	Ordinary	-19,067
	Total		-128,523	-209,492.49
	BT Investment Management (Institutional Total :	Limited	-547,137	-891,833.31

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