MACMAHON HOLDINGS LIMITED — M&A Activity 2008

Jul 9, 2008

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10 July 2008

The Manager Company Announcements Office ASX Limited 20 Bridge Street SYDNEY NSW 2000

By Electronic Lodgement

Dear Sir

Macmahon Holdings Limited (Macmahon, ASX Code: MAH) – extension of takeover offer for Ausdrill Limited (Ausdrill, ASX Code: ASL) to 15 August 2008

We attach a notice of variation of the takeover offer by Macmahon for fully paid ordinary shares in Ausdrill ( Ausdrill Shares ) dated 6 June 2008 ( Offer ).

A copy of the notice of variation was today lodged with the Australian Securities and Investments Commission and has been given to Ausdrill and will be sent to each person to whom an Offer was made.

We also attach a notice under section 630(2)(b) of the Corporations Act 2001 (Cth).

In accordance with Listing Rule 3.2, we advise that:

• (a) as at the date of the Offer, Macmahon and its associates did not have a relevant interest in any Ausdrill Shares; and

• (b) as at 8.00am (Perth time) on 10 July 2008, Macmahon and its associates had a relevant interest in 0.31% of Ausdrill Shares, comprising 528,191 Ausdrill Shares out of a total of 172,150,470 Ausdrill Shares currently on issue.

Yours faithfully

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Katina Gunellas

Company Secretary

Macmahon Holdings Ltd ABN 93 007 634 406 Level 3 263 Adelaide Terrace Perth WA 6000 PO Box 198 Cannington WA 6987 Telephone: (08) 9365 1111 Facsimile: (08) 9365 1186 Web: www.macmahon.com.au Email: info@macmahon.com.au

MACMAHON HOLDINGS LIMITED

NOTICE OF VARIATION OF TAKEOVER OFFER

FOR BID CLASS SECURITIES IN AUSDRILL LIMITED ACN 009 211 474

• TO: Australian Securities and Investments Commission ( ASIC ) Ausdrill Limited ACN 009 211 474 ( Ausdrill ) Each person to whom offers were made under the takeover bid by Macmahon Holdings Limited ( Offeree )

1. EXTENSION OF OFFER PERIOD

By this notice Macmahon Holdings Limited ACN 007 634 406 ( Macmahon ) VARIES its offers dated 6 June 2008 for all of the fully paid ordinary shares in Ausdrill ( Offers ) by:

• (a) extending the period during which the Offers remain open for acceptance until 7.00pm Sydney time (5.00pm Perth time) on 15 August 2008; and

• (b) substituting the date "15 August 2008" for the date "18 July 2008", in section 2 of Appendix A to the bidder's statement dated 22 May 2008 issued by Macmahon ( Offer Terms ) and in all sections of the bidder's statement where the date "18 July 2008" appears.

2. DATE FOR GIVING NOTICE OF STATUS OF CONDITIONS

The new date in section 5.6 of the Offer Terms for giving notice under section 630(1) of the Corporations Act 2001 (Cth) of the status of the conditions in clause 5.1 of the Offer Terms is 7 August 2008.

A copy of this notice was lodged with the Australian Securities and Investments Commission ( ASIC ) on 10 July 2008. ASIC takes no responsibility for the contents of the notice.

DATED 10 July 2008

SIGNED on behalf of Macmahon Holdings Limited by Richard John Carter and John Clarence Massey being two directors of Macmahon Holdings Limited who are authorised to so sign by a resolution passed at a meeting of the directors of Macmahon Holdings Limited.

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Richard John Carter Director

John Clarence Massey Director

MACMAHON HOLDINGS LIMITED

NOTICE UNDER SECTION 630(2)(b) OF THE CORPORATIONS ACT 2001 (Cth)

TO: ASX Limited

Ausdrill Limited ACN 009 211 474 ( Ausdrill )

Macmahon Holdings Limited ACN 007 634 406 ( Macmahon ) GIVES NOTICE under section 630(2)(b) of the Corporations Act 2001 (Cth) ( Corporations Act ) that:

• (a) the new date for giving notice of the status of the conditions set out in section 5.1 of Appendix A to Macmahon's bidder's statement dated 22 May 2008 ( Bidder's Statement ) is 7 August 2008;

• (b) the offers dated 6 June 2008 ( Offers ) are not free from the conditions set out in section 5.1 of Appendix A to the Bidder's Statement (other than the condition set out in section 5.1(b) of Appendix A to the Bidder's Statement);

• (c) so far as Macmahon knows, the conditions set out in section 5.1 of Appendix A to the Bidder's Statement were not fulfilled as at the date of this notice (other than the condition set out in section 5.1(b) of Appendix A to the Bidder's Statement).

DATED 10 July 2008

ON BEHALF OF Macmahon Holdings Limited

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Richard John Carter Director