ALS LIMITED — Capital/Financing Update 2009

Feb 23, 2009

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asx/media release

24 February 2009

Campbell Bros revises FY profit forecast

Brisbane-based diversified industrial company Campbell Brothers Limited (ASX Code: CPB) advised today that underlying net profit after tax (before unusual items) for the full year to 31 March 2009 is expected to be approximately $106 million, a 49 percent increase on the underlying net profit after tax achieved for the full year to March 2008. Previously directors had indicated an approximate 70 percent increase for the full year. Underlying net profit for the second half ending 31 March is expected to be approximately $49 million; a 26 percent increase on the record profit achieved in the second half of the previous year.

The markets for Campbell Brothers’ services remain volatile, being affected by seasonal changes as well as the financial downturn. This is particularly so in the minerals division of the laboratory services business. However, the Company is confident that its business model will allow an effective scaling of its businesses in line with expected market conditions.

Because of the current general investment focus on funding, the Board provides the following information:

• The Company’s debt position remains conservative and continuing strong cash flows ensure that the Company can endure the current financial crisis affecting global markets without requiring additional borrowings or any equity raising.

• The company has $410 million dollars of committed bank funding against a net debt position at the end of January 2009 of $224 million and is well within financial covenants.

• $380 million of the committed funding is from Australian banks, including $200 million due for renegotiation in November 2009. The Company expects to have these negotiations substantially completed by the end of May.

• The Company has adequate borrowing facilities available for acquisition opportunities that may present themselves as the global economic downturn takes hold.

The Company has undertaken cost cutting measures across all its businesses, reducing capital expenditure and downsizing personnel in some operational areas.

Because of the diversity of its business segments, the Company is confident of emerging from the current economic downturn in a strong state, ready to take advantage of the expected recovery of the economy.”

ENDS:

For further information:

Greg Kilmister, Managing Director, Campbell Brothers Limited, +61 7 3367 7900

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