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Likely developments and expected results of operations

ANI has undertaken the Osborne South Development Project to significantly expand and upgrade the existing shipyard for the construction of major surface combatants. ANI has completed the main works elements of this project in readiness for the new shipyard to be handed over to ASC Shipbuilding Pty Ltd (ASCSB) for the construction of the Hunter Class frigates from July 2020. This will result in a significant increase in the Company’s revenue.

ANI is progressing the Osborne North Development Project for the design and construction of the submarine construction yard to support the construction of the Attack Class submarines. Construction activities commenced in the first half of FY19/20 for the Phase 1 Works comprising the test facilities, which are expected to be progressively tenanted from 2022.