AUSTAL LIMITED — Major Shareholding Notification 2022

Apr 7, 2022

603 page 1/2 15 July 2001

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme Austal Limited ACN/ARSN 009 250 266 1. Details of substantial holder (1) Tattarang Ventures Pty Ltd (ACN 606 486 239) ( Tattarang Ventures ), Tattarang Pty Ltd (ACN 055 961 361) as Name trustee for The Peepingee Trust (44 994 119 389) ( Tattarang ) and John Andrew Henry Forrest ( AF ). ACN/ARSN (if applicable) As above

The holder became a substantial holder on 08/04/2022

2. Details of voting power

• The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities(4)	Number of securities	Persons’ votes (5)	Voting power (6)
Fully Paid OrdinaryShares (Shares)	18,248,316	18,248,316	5.043%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
Tattarang Ventures	Relevant interest under section 608(1)Corporations Act 2001 (Cth) (Act) asregisteredholderofthe Shares.	18,248,316 Shares
Tattarang	Relevant interest under section 608(3)of the Act as Tattarang controlsTattarangVentures.	18,248,316 Shares
AF	Relevant interest under section 608(3)of the Act as AF has voting power ofmore than 20%in Tattarang.	18,248,316 Shares

Note: In addition to the relevant interests in Shares set out in this notice, Tattarang Ventures has entered into a cash-settled equity swap, which as at the date of this notice relates to a notional 17,731,049 Shares (corresponding to approximately 4.9% of the total Shares currently on issue). The details and key terms of the cash-settled equity swap are set out in the notice given by Tattarang Ventures to Austal Limited dated 28 March 2022, a copy of which was published by Austal Limited on the ASX website on 29 March 2022. The cash-settled equity swap does not give Tattarang Ventures, Tattarang or AF any relevant interest in Shares.

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevantinterest	Registered holder ofsecurities	Person entitled to be registered as holder(8)	Class and numberof securities
TattarangVentures,Tattarang andAF	Tattarang Ventures	Tattarang Ventures	18,248,316 Shares

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevantinterest	Date of acquisition	Consideration (9)		Class and numberof securities
		Cash	Non-cash
TattarangVentures,Tattarang andAF	24/3/2022-08/04/2022	$33,515,022		18,248,316 Shares

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable) Nature of association n/a n/a

7. Addresses

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

Name	Address
Tattarang Ventures, Tattarang and AF	171-173 Mounts Bay Road, Perth WA 6000

Signature

print name Suzy Montandon capacity Company Secretary of Tattarang Ventures sign here date 08/04/2022

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 7 of the form.

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

• (3) See the definition of “relevant interest” in sections 608 and 671B(7) of the Corporations Act 2001.

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

• (5) The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.

• (6) The person’s votes divided by the total votes in the body corporate or scheme multiplied by 100.

(7) Include details of:

• (a) any relevant agreement or other circumstances by which the relevant interest was acquired. 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 Act 2001.

• (8) If the substantial holder is unable to determine the identity of the person (eg. If the relevant interest arises because of an option) write “unknown”.

• (9) 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.