Change of Director's Interest Appendix 3Y Change of Director's Interest Notice Appendix 3Y Change of Director's Interest Notice

Rule 3.19A.2

Information or documents not available now must be given to ASX as soon as available. Information and

documents given to ASX become ASX's property and may be made public.


Introduced 30/09/01 Amended 01/01/11

Name of entity BILLABONG INTERNATIONAL LIMITED

ABN 17 084 923 946

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director

Gordon Stanley Merchant

Date of last notice

17 September 2015

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest

Indirect

Nature of indirect interest

(including registered holder)

Note: Provide details of the circumstances giving rise to the relevant interest.

Shares held by Gordon Merchant No.2 Pty Ltd as trustee for others including Gordon Merchant

Shares held by GSM Pty Ltd, of which

Gordon Merchant is the sole shareholder.

Shares held by GSM Superannuation Pty Ltd (of which Gordon Merchant in the sole shareholder) as trustee for the Gordon Merchant Super A/C

Date of change

17 September 2015 - 21 September 2015

No. of securities held prior to change

87,914,424 Gordon Merchant No.2 Pty Ltd

3,119,867 GSM Pty Ltd

13,814,778 GSM Superannuation Pty Ltd

104,849,069 Total

Class

Fully paid ordinary shares

+ See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director's Interest Notice

Number acquired

4,082,851

Number disposed

N/A

Value/Consideration

Note: If consideration is non-cash, provide details and estimated valuation

$2,626,120.02

No. of securities held after change

91,997,275 Gordon Merchant No.2 Pty Ltd

3,119,867 GSM Pty Ltd

13,814,778 GSM Superannuation Pty Ltd

108,931,920 Total

Nature of change

Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

On-market trade

Part 2 - Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should
be disclosed in this part.

Detail of contract

Nil

Nature of interest

Name of registered holder

(if issued securities)

Date of change

No. and class of securities to which interest related prior to change

Note: Details are only required for a contract in

relation to which the interest has changed

Interest acquired

Interest disposed

Value/Consideration

Note: If consideration is non-cash, provide details and an estimated valuation

Interest after change

+ See chapter 19 for defined terms.

Appendix 3Y Page 2 01/01/2011

Part 3 - +Closed period Appendix 3Y Change of Director's Interest Notice

Were the interests in the securities or contracts detailed above traded during a +closed period where prior written

clearance was required?

No

If so, was prior written clearance provided to allow the trade to proceed during this period?

If prior written clearance was provided, on what date was this provided?

+ See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3

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