ALS LIMITED — Capital/Financing Update 2015

Nov 25, 2015

==> picture [594 x 91] intentionally omitted <==

26 November 2015

ASX Market Announcements Office ASX Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam

Cleansing Notice – Notice under paragraph 708AA(2)(f) of the Corporations Act 2001

This notice is given by ALS Limited (ABN 92 009 657 489) (ASX code: ALQ) ( ALQ ) under section 708AA(2)(f) of the Corporations Act 2001 (Cth) as notionally modified by the Australian Securities and Investments Commission Class Order 08/35 ( Act ).

ALQ announced on 26 November 2015 a fully underwritten accelerated nonrenounceable pro-rata entitlement offer ( Entitlement Offer ) of 5 new fully paid ordinary shares in ALQ ( New Shares ) for every 21 existing fully paid ordinary shares in ALQ held as at 7.00pm AEDT on 1 December 2015 by shareholders with a registered address in Australia or New Zealand and certain other jurisdictions in which ALQ has decided to extend the Entitlement Offer, to raise approximately $325 million.

ALQ advises that:

• (a) the New Shares to be issued pursuant to the Entitlement Offer will be offered for issue without disclosure to investors under Part 6D.2 of the Act;

• (b) this notice is being given under section 708AA(2)(f) of the Act;

• (c) as at the date of this notice, ALQ has complied with:

  • (i) the provisions of Chapter 2M of the Act as they apply to ALQ; and

  • (ii) section 674 of the Act;

• (d) as at the date of this notice, there is no 'excluded information' of the type referred to in sections 708AA(8) and 708AA(9) of the Act that is required to be set out in this notice;

• (e) the potential effect that the Entitlement Offer will have on the control of ALQ, and the consequences of that effect, will depend on a number of factors, including investor demand and existing shareholdings. However, given that:

  • (i) the Entitlement Offer is structured as a pro-rata issue;

2

• (ii) the number of New Shares to be issued under the Entitlement Offer is approximately 97.0 million, which is approximately 23.8% of the 407, 246,306 ordinary ALQ shares currently on issue; and

• (iii) the current level of holdings of substantial holders of ordinary ALQ shares (based on substantial holder notices that have been lodged with ASX on or before the date of this notice),

the issue of the New Shares is not expected to have any material effect on, or consequences for, the control of ALQ.

By order of the Board

==> picture [205 x 40] intentionally omitted <==

Tim Mullen Company Secretary