Investor Presentaiton

Indicative Proposal from Bradken Limited >>> Austin has received an unsolicited confidential indicative, non binding and highly conditional proposal from Bradken Limited ("Bradken"), an existing 21.5% >>> shareholder, for all of the shares in the Company which it does not own for Bradken shares at a fixed exchange ratio of 0.75 Bradken shares for every one Austin share ("Proposal") Based on Bradken's last closing price of A$5.50 per share values Austin at A$4.13 per share The Proposal represents a 31.8% premium to Austin's last closing price of A$3.13 per share - The Proposal represents a 32.9% premium to Austin's 5 day VWAP of A$3.105 The Austin Board's initial view is that there is potentially benefit in combining the companies but the Proposal undervalues Austin The Austin Board has indicated a willingness to engage in discussions with Bradken in relation to its proposal Shareholders should note that there is no certainty that these explanatory discussions will progress to any further meaningful discussions or due diligence or that any agreement or transaction will eventuate from the current or any future discussions or due diligence enquiries Investor Presentation austinengineering LTD

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