ALS LIMITED — Investor Presentation 2015

May 27, 2015

==> picture [720 x 293] intentionally omitted <==

2014 – 15 Full Year Result

Investor Presentation

May 2015 Greg Kilmister - CEO

==> picture [76 x 74] intentionally omitted <==

1

RIGHT SOLUTIONS · RIGHT PARTNER

IMPORTANT NOTICE AND DISCLAIMER

==> picture [42 x 41] intentionally omitted <==

• This presentation has been prepared by ALS Limited, ( ALS or the Company ). It contains general information about the Company’s activities as at the date of the presentation. It is information given in summary form and does not purport to be complete. The distribution of this presentation in jurisdictions outside Australia may be restricted by law, and you should observe any such restrictions.

• This presentation is not, and nothing in it should be construed as, an offer, invitation or recommendation in respect of securities, or an offer, invitation or recommendation to sell, or a solicitation of an offer to buy, securities in any jurisdiction. Neither this document nor anything in it shall form the basis of any contract or commitment. This presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate.

• The Company has prepared this presentation based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein.

• This presentation includes forward-looking statements within the meaning of securities laws. Any forwardlooking statements involve known and unknown risks and uncertainties, many of which are outside the control of the Company and its representatives. Forward-looking statements may also be based on estimates and assumptions with respect to future business decisions, which are subject to change. Any statements, assumptions, opinions or conclusions as to future matters may prove to be incorrect, and actual results, performance or achievement may vary materially from any projections and forward-looking statements.

• Due care and attention should be undertaken when considering and analysing the financial performance of the Company.

• All references to dollars are to Australian currency unless otherwise stated.

RIGHT SOLUTIONS · RIGHT PARTNER2

2

RIGHT SOLUTIONS | RIGHT PARTNER

Company Profile

ALS Limited (ASX:ALQ) is an ASX 100 company that provides professional technical services to the global Mineral and Energy Resources (exploration, extraction, processing and trading), Life Sciences (environmental, food and pharmaceutical), and Industrial sectors throughout the world.

• 11,000 employees

• 350 sites

• 65 countries

• AUD$1.4 billion revenue

• Enterprise Value AUD$3.3b

• 407 million shares (96% free float)

==> picture [93 x 93] intentionally omitted <==

----- Start of picture text -----

tribology
----- End of picture text -----

==> picture [93 x 93] intentionally omitted <==

----- Start of picture text -----

asset care
----- End of picture text -----

==> picture [93 x 93] intentionally omitted <==

----- Start of picture text -----

food/pharma
----- End of picture text -----

environmental

==> picture [93 x 93] intentionally omitted <==

----- Start of picture text -----

geochemistry
----- End of picture text -----

==> picture [93 x 93] intentionally omitted <==

----- Start of picture text -----

oil & gas
----- End of picture text -----

==> picture [42 x 41] intentionally omitted <==

==> picture [93 x 93] intentionally omitted <==

----- Start of picture text -----

metallurgy
----- End of picture text -----

mineral inspection

mine site laboratories

==> picture [93 x 93] intentionally omitted <==

----- Start of picture text -----

coal
----- End of picture text -----

3

RIGHT SOLUTIONS · RIGHT PARTNER

FY2015 Financial Summary

==> picture [42 x 41] intentionally omitted <==

	FY14 ($mn)	FY14 ($mn)	Full Year FY15 ($mn)	Full Year FY15 ($mn)	Full Year FY15 ($mn)	Full Year FY15 ($mn)	Full Year FY15 ($mn)	Full Year FY15 ($mn)	Full Year FY15 ($mn)
Full year	Continuing Underlying		Continuing Underlying		Discontinued Operations (1)	Impairment Charges	Restructuring & Acquisition Costs	Amortisation of Intangibles	Statutory Results
Revenue	1384.0		1422.2		70.5 - 1492.7
EBITDA	335.7		305.4		1.6 (292.1) (6.8) 8.1
Depreciation & amortisation	(75.6)		(83.4)		(0.3) - (12.1) (95.8)
EBIT	260.1		222.0		1.3 (292.1) (6.8) (12.1) (87.7)
Interest expense	(26.8)		(33.1)		- - (33.1)
Tax expense	(61.1)		(52.6)		(0.4) 1.5 (0.4) (51.9)
Non-controlling interests	(1.9)		(1.6)		(0.2) - (1.8)
NPAT	170.3		134.7		0.7 (290.6) (7.2) (12.1) (174.5)
EPS (basic – cents per share)	45.4		33.6		(43.4)
Dividend (cents per share)	39		21

(1) Reward Distribution which was divested on 31st October 2014

4

RIGHT SOLUTIONS · RIGHT PARTNER

Health Safety and Environment

==> picture [42 x 41] intentionally omitted <==

Performance at a glance:

LTIFR better than ASX TRIFR 50% reduction Top 100 average*. over 4 years.

==> picture [174 x 135] intentionally omitted <==

----- Start of picture text -----

ASX Top 100 ave. = 3.3
----- End of picture text -----

==> picture [102 x 129] intentionally omitted <==

Decreasing severity rate.

==> picture [85 x 124] intentionally omitted <==

All divisions meeting target PPI score.

==> picture [185 x 149] intentionally omitted <==

Group LTIFR

Group TRIFR

Duration Rate (Ave. Days Lost)

PPI Scorecard

==> picture [249 x 126] intentionally omitted <==

==> picture [135 x 126] intentionally omitted <==

==> picture [194 x 129] intentionally omitted <==

Client Recognition

Investment in Training

Safety First Focus

5

RIGHT SOLUTIONS · RIGHT PARTNER

Compliance and Sustainability

• Core values of “Safety as a Priority” and “Honesty and Integrity” supported by long term compliance program.

• Strong internal controls maintained by compliance portal which incorporates company policies, management signoffs, environmental monitoring programs, training packages, incident databases, and performance tracking.

• Corporate Social Responsibility program tracks environmental performance, ensures efficient use of resources such as energy, encourages environmental initiatives including recycling programs, and promotes positive interaction with local communities.

• ALS continued its involvement in community and charity work with major recipients including the Red Cross, Unicef, the Salvation Army, and various hospital and cancer foundations.

==> picture [166 x 63] intentionally omitted <==

==> picture [183 x 63] intentionally omitted <==

==> picture [42 x 41] intentionally omitted <==

==> picture [268 x 221] intentionally omitted <==

==> picture [269 x 193] intentionally omitted <==

6

RIGHT SOLUTIONS · RIGHT PARTNER

Cash Flow

Full year	FY14 $mn	FY15 $mn
Underlying operating profit (EBIT)	262.8	223.3
Depreciation & Amortisation	76.2	83.7
Working capital	15.9	2.7
CAPEX	(82.6)	(76.5)
Other(1)	8.2	22.8
Free cash flow	280.5	256.0
Acquisitions	(476.5)	(30.2)
Dividends paid	(99.7)	(77.9)
Borrowings - movement	152.2	(57.0)
Equity Issued	281.6	27.2
Interest and Tax	(112.5)	(89.4)
Restructuring costs	(9.1)	(6.8)
Net increase/(decrease) in cash	16.5	21.9
Opening net cash	112.9	136.2
Effect of FX on cash held	6.8	4.9
Closing net cash	136.2	163.0

==> picture [42 x 41] intentionally omitted <==

Cash Flow

• Free cash flow down $ 24.5mn

• Cash conversion 101.7%

• CAPEX $ 76.5mn – 5% of revenue

• 4 acquisitions - $ 30.2mn

• Tax Rate

• 27.7%

1 divestments and sale of assets

7

RIGHT SOLUTIONS · RIGHT PARTNER

Funding

==> picture [42 x 41] intentionally omitted <==

		Mar-14	Sept-14	Mar-15		debt covenants
Funding statistics
Gearing ratio	Comfort 45%	33.9%	35.5%	38.3%
Leverage (net debt / EBITDA)	Max 3.25	2.2	2.7	2.5
EBITDA interest cover	Min 3.75	12.2	8.8	9.1

AUD$mn

Debt Maturity

==> picture [495 x 191] intentionally omitted <==

----- Start of picture text -----

400 30%
24%
24%
350
300 22%
250
200
150
100
50
0
2014 2015 2016 2017 2018 2019 2020 2021 2022
----- End of picture text -----

==> picture [197 x 8] intentionally omitted <==

----- Start of picture text -----

USPP Notes Bank Debt - Drawn
----- End of picture text -----

==> picture [93 x 8] intentionally omitted <==

----- Start of picture text -----

Bank Debt - Undrawn
----- End of picture text -----

8

RIGHT SOLUTIONS · RIGHT PARTNER

Foreign Currency Revenues

==> picture [42 x 41] intentionally omitted <==

42% 22% 14% 4% 7% 5%2%4% AUD 34% USD 29% CAD 12% EURO 4% GBP 8% Krona 6% ZAR 2% Asia 5% FY2015 revenue AUD $1.42 billion
		Average Exchange Rate
		FY2015	FY2014	Change
	USD	0.8675	0.9235	-6.1%
	CAD	0.9902	0.9776	+1.3%
	EURO	0.6909	0.6880	0.0%
	GBP	0.5389	0.5796	-7.0%
	SEK	6.3838	6.0287	+5.9%
	ZAR	9.6091	9.3955	+2.3%
	SGD	1.1195	1.1639	-3.8%

Note: Krona includes SEK, NOK, DKK,CZK & FMM Asia includes HKD, SGD, THB, MYR, IDR, CYN & MNN

Outer annulus FY15 (continuing operations), Inner annulus FY14

9

RIGHT SOLUTIONS · RIGHT PARTNER

Historical Trend – Ten Year Journey

==> picture [42 x 41] intentionally omitted <==

==> picture [535 x 419] intentionally omitted <==

----- Start of picture text -----

AUD $m 1,600 1,456 1,503 1,493
1,406
1,400
1,200 1,108
1,000 920 826
772
800 663
523
600 436
400
200
0
FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
AUD $m
600
496
500 461
400 339
307
290
300 247
179 188
200 145
91
75
100
0
FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
AUD cents
80
70
70 66
60
50 45
39 41
40 34
30 27 26
20
20 12 15
10
0
FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
----- End of picture text -----

Revenue

Underlying EBITDA

Underlying Basic EPS

10

RIGHT SOLUTIONS · RIGHT PARTNER

FY15 – Revenue by Region by Division

==> picture [42 x 41] intentionally omitted <==

Europe North America Middle east Asia Africa South America

Australasia

11

RIGHT SOLUTIONS · RIGHT PARTNER

Global Location Map – genuine global footprint

==> picture [42 x 41] intentionally omitted <==

==> picture [708 x 424] intentionally omitted <==

12

RIGHT SOLUTIONS · RIGHT PARTNER

ALS Revenue History

==> picture [42 x 41] intentionally omitted <==

==> picture [618 x 307] intentionally omitted <==

----- Start of picture text -----

Reservoir Group acquired--
1,400
105
248 307
1,200
88 169
183
1,000 153 190
73 454
800 GFC 361
143
527
558
600 59
26
62
PearlStreet Ltd acquired-- 50 312
24 6 236
400
6 - 189 248
591 608
162
200 4 - 426
4 - 77 318 335 367
3 - 41 3 - 46 4 - 50 178 252 206
- 16 16 3 - 43 38 69 75 102 131
FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
AUD$ millions
----- End of picture text -----

==> picture [24 x 19] intentionally omitted <==

Life Sciences Energy Industrial Minerals

13

RIGHT SOLUTIONS · RIGHT PARTNER

Laboratory revenue - journey over the last decade?

==> picture [42 x 41] intentionally omitted <==

Revenue has approximately tripled every five years with significant diversification of market sectors

FY2015 revenue $1422mn

==> picture [90 x 139] intentionally omitted <==

----- Start of picture text -----

FY2005
revenue
$156mn
30%
66%
----- End of picture text -----

==> picture [49 x 35] intentionally omitted <==

==> picture [179 x 211] intentionally omitted <==

----- Start of picture text -----

FY2010
revenue
$565mn
43%
36%
----- End of picture text -----

==> picture [48 x 35] intentionally omitted <==

==> picture [291 x 281] intentionally omitted <==

----- Start of picture text -----

34%
environmental
19%
geochemistry
----- End of picture text -----

Environmental Food/Pharma Consumer Products Geochemistry Metallurgy Inspection Engineering Oil & Gas Coal Asset Care Tribology

14

RIGHT SOLUTIONS · RIGHT PARTNER

Revenue Growth - laboratories

==> picture [42 x 41] intentionally omitted <==

ALS (laboratories) Revenue Growth

• Organic Growth 6.1%

• • Acquired Growth +7.7%

• • Currency Impact +1.1%

Reported Growth 2.7%

==> picture [44 x 139] intentionally omitted <==

----- Start of picture text -----

1500
1250
1000
750
500
250
0
Revenue (AUD$mn)
----- End of picture text -----

==> picture [333 x 151] intentionally omitted <==

==> picture [557 x 217] intentionally omitted <==

----- Start of picture text -----

Revenue Growth YoY
Industrial
Energy
Life Sciences
Minerals
-20% -10% 0% 10% 20% 30% 40%
Organic Acquired FX Movement
----- End of picture text -----

15

RIGHT SOLUTIONS · RIGHT PARTNER

Dividend

==> picture [42 x 41] intentionally omitted <==

Full Year Dividend per Share

FY15 – 2[nd] Half Dividend

• Payout ratio 62%

• Franked to 25%

• Dividend Reinvestment Plan retained at 0% discount

• DRP shares purchased on market – no new equity issued

==> picture [262 x 293] intentionally omitted <==

----- Start of picture text -----

AUD
cents
50
40
27
26
30
20
20 15
10
10 11
10 19 21 19
13
10 9 11
0
FY09 FY10 FY11 FY12 FY13 FY14 FY15
----- End of picture text -----

16

RIGHT SOLUTIONS · RIGHT PARTNER

CAPEX (excluding land & building purchases) and Depreciation

==> picture [42 x 41] intentionally omitted <==

• Capacity CAPEX remains subdued- in line with market conditions

• Replacement CAPEX (~$20mn) being maintained for inevitable market upswing

• Research and Development CAPEX being maintained

• Some higher near-future CAPEX required

• Oil & Gas laboratory fitout in Houston

• Recently acquired Food businesses in Europe and potentially USA

• Advanced technologies in UK water laboratories – EU water regulations

• Focus on Return on Capital Employed

==> picture [393 x 396] intentionally omitted <==

----- Start of picture text -----

25
CAPEX as a % of D&A
90% 62% 60% 53% 66% 75% 66% 54%
20
15
10
5
0
Life Science Minerals Energy Industrial
$ million
----- End of picture text -----

1 Amortisation does not include amortisation of intangibles. CAPEX is “approved” CAPEX in the quarter.

17

RIGHT SOLUTIONS · RIGHT PARTNER

Employee Numbers - total head count

==> picture [42 x 41] intentionally omitted <==

• ALStar online training platform launched in 25 languages – delivering 3400 training sessions per month

14,000

12,000

• Agility in managing our manpower costs and a highly engaged workforce has allowed for a step change improvement in productivity ultimately translating to an enhanced ROS margin.

• The O&G business headcount was reduced by 25% from the peak during the year mirroring revenue contractions of a similar magnitude as the oil price declined.

10,000

8,000 6,000

4,000

2,000

10% 7% Africa 9% Asia Australia 24% Europe Middle East 27% North America 2% South America 21%

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY12 FY12 FY12 FY12 FY13 FY13 FY13 FY13 FY14 FY14 FY14 FY14 FY15 FY15 FY15 FY15

Environmental Food/Pharma Consumer Products Geochemistry Metallurgy Inspection Engineering Coal Oil & Gas Asset Care Tribology

18

RIGHT SOLUTIONS · RIGHT PARTNER

Margin – peer comparison

==> picture [42 x 41] intentionally omitted <==

==> picture [624 x 332] intentionally omitted <==

----- Start of picture text -----

35% 34.2%
31.7%
30%
25%
21.8%
21.4%
20.8% 20.8%
20% 19.1%
16.6% 16.8%
15.5% 16.0% 15.5% 15.7%
15%
12.7%
10.7%
9.8%
10%
6.2%
5% 3.6%
0%
ALS SGS B.V. Intertek Eurofins Applus+ Exova Mistras Core Labs
EBIT EBITDA
----- End of picture text -----

Note: FY Dec 14 for all companies excluding ALS (FY Mar 15) and MISTRAS (FY Jun 14) EBIT and EBITDA underlying margins

Data from company reports

19

RIGHT SOLUTIONS · RIGHT PARTNER

Growth of non-Minerals Divisions

==> picture [42 x 41] intentionally omitted <==

Lab Services Revenue

Lab Services EBITDA

==> picture [628 x 315] intentionally omitted <==

----- Start of picture text -----

Non-Mineral EBITDA margin
1,400 450
21% 24% 20% 24% 23% 25% 25% 24% 21%
400
1,200
350
1,000
300
800
250
200
600
150
400
100
200
50
- -
FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
AUD$ millions
----- End of picture text -----

==> picture [24 x 19] intentionally omitted <==

Life Sciences Industrial

==> picture [25 x 19] intentionally omitted <==

Energy Minerals

The non-Minerals revenue of ALS lab services is now more than one billion dollars

20

RIGHT SOLUTIONS · RIGHT PARTNER

Life Sciences Division

==> picture [267 x 93] intentionally omitted <==

	2015	2014	Change
Revenue	$557mn	$527mn	+6%
EBITDA	$130mn	$124mn	+4%
EBIT	$98mn	$94mn	+4%
EBIT Margin	17.6%	17.9%	-30bps

==> picture [279 x 157] intentionally omitted <==

----- Start of picture text -----

600
CAGR 17.7%
500
400
300
200
100
0
FY10 FY11 FY12 FY13 FY14 FY15
Australia Asia North America
South America Europe Middle East
Revenue (AUD$mn)
----- End of picture text -----

==> picture [213 x 67] intentionally omitted <==

==> picture [42 x 41] intentionally omitted <==

Overview

• Strong Environmental revenue growth in South America (+22%), Europe (+11%) and Asia (+10%). Australia down slightly in a very competitive market but no loss of market share.

• New Environmental LIMS progressively deployed in Australia – highly successful

• Strong Food/Pharma revenue growth in Europe (+18%)

• New multi-language Food LIMS including client portal successfully deployed in United Kingdom

• Food chemistry hub in Denmark completed

• Acquisition of ControlVet provides food hub laboratory in Iberian Peninsula

Outlook

• Acquisitions in Food sector – “building blocks” in place

• New Food LIMS to be rolled out to all global food laboratories by year end

• Environmental laboratory performance in the Americas to improve substantially

• New water contracts in UK to drive margin improvement

21

Note:- EBIT and EBITDA are underlying measures

RIGHT SOLUTIONS · RIGHT PARTNER

Industrial Division

==> picture [267 x 93] intentionally omitted <==

	2015	2014	Change
Revenue	$190mn	$183mn	+4%
EBITDA	$34mn	$32mn	+9%
EBIT	$28mn	$26mn	+7%
EBIT Margin	14.9%	14.4%	+50bps

==> picture [279 x 154] intentionally omitted <==

----- Start of picture text -----

200 CAGR 7.5%
160
120
80
40
0
FY11 FY12 FY13 FY14 FY15
Australia South America North America
Revenue (AUD$mn)
----- End of picture text -----

==> picture [130 x 68] intentionally omitted <==

==> picture [42 x 41] intentionally omitted <==

Overview

• Solid organic tribology growth across all regions

• OilCheck and AIT acquisitions in line with expectations for first full year of ownership

• LNG construction revenue peaked with three projects in Queensland and Wheatstone in Western Australia

• Significant decline in “welding and fabrication” revenue due to reduction in energy and resource sector capex

• Several new long term oil & gas and mining maintenance contracts secured

Outlook

• Contraction of the Australian market due to completion of mega projects (LNG, mining)

• Australian business well positioned to secure additional maintenance contracts in oil & gas and mining

• Market share growth remains key focus in South America (tribology) and North America

• Queensland LNG projects to complete and transition to maintenance

Note:- EBIT and EBITDA are underlying measures

22

RIGHT SOLUTIONS · RIGHT PARTNER

Minerals Division

==> picture [267 x 93] intentionally omitted <==

	2015	2014	Change
Revenue	$367mn	$426mn	-14%
EBITDA	$97mn	$126mn	-24%
EBIT	$73mn	$102mn	-28%
EBIT Margin	20.0%	24.0%	-400bps

==> picture [270 x 159] intentionally omitted <==

----- Start of picture text -----

350
300
stabilising
250
200
150
100
50
0
H1FY13 H2FY13 H1FY14 H2FY14 H1FY15 H2FY15
Geochemistry Metalurgy Inspection Other
Revenue (AUD$mn)
----- End of picture text -----

==> picture [211 x 67] intentionally omitted <==

==> picture [42 x 41] intentionally omitted <==

Overview

• Metallurgy market contraction – margins under pressure

• Geochemistry full year EBIT margin >22%

• Geochemistry market share growth

• Six new mine site contract wins

• Inspection EBIT margin 26% - lower cost base and revenue growth in H2

Outlook

• Focus on

• Cost base

• Service optimization

• Marketing initiatives

• New methods and integrated services

• Pricing pressure to be offset by productivity improvements

• Growth of the Santiago (Chile) metallurgy business

• Inspection business to focus on development in Asia and South America

• Market share growth in geochemistry

• Pricing agility

• Unique technical offerings

23

Note:- EBIT and EBITDA are underlying measures

RIGHT SOLUTIONS · RIGHT PARTNER

Energy Division

==> picture [267 x 93] intentionally omitted <==

	2015	2014	Change
Revenue	$307mn	$248mn	+24%
EBITDA	$59mn	$69mn	-15%
EBIT	$37mn	$54mn	-31%
EBIT Margin	12.0%	21.6%	-960bps

==> picture [138 x 61] intentionally omitted <==

==> picture [42 x 41] intentionally omitted <==

Overview – Oil & Gas

• Significant inroads in the Gulf of Mexico deep-water markets. Coring, Drilling Services, Surface Logging & Reservoir Laboratories all expanded their footprint in this premium market segment

• Cedar Turbine redesigned and successfully trialed in Brazil and Africa

• Secured a further 2 year extension of major coring services contract in Brazil

• Thru-tubing Services (ALS Wellvention) successfully entered the Mexican market and added 2 new locations in USA

• Significant restructuring in response to rapidly changing market conditions, soundly positioning us at the lower end of the cost curve

• Commercialized the new Wellsite Geochemistry business in Surface Logging and were able to gain significant market share through this new service line

• Extended fiber optic service offering to pipeline monitoring – enhanced security & integrity

Overview - Coal

• Global rollout of new LIMS (Coal8) now completed

• Total Australian market share now estimated at 60% following significant contract wins

• Expanded services in the emerging Gunnedah basin area

• • Market leader in Australia in

• Coal technology

• Exploration

• Production

• Shipping services

24

Note:- EBIT and EBITDA are underlying measures

RIGHT SOLUTIONS · RIGHT PARTNER

Oil & Gas Overview

==> picture [427 x 413] intentionally omitted <==

----- Start of picture text -----

Exploration Production
Down Hole Tools
Formation
Evaluation
Coring
Reservoir Surface Logging
Characterisation
Laboratory Services
Production Specialty Well Services
Enhancement
Well Monitoring
March Quarter 2015 Revenue Performance
Core
ALS O&G Laboratories Schlumberger Halliburton Baker Hughes Weatherford
0%
-10%
-20%
-30%
vs Q1CY2014 vs Q4CY2014
-40%
----- End of picture text -----

==> picture [138 x 61] intentionally omitted <==

==> picture [42 x 41] intentionally omitted <==

	2015	2014(1)	Change
Revenue	$245mn	$249mn	-2%
EBITDA	$45mn	$59mn	-23%
EBIT	$27mn	$40mn	-33%
EBIT Margin	11.0%	16.1%	-510bps

• (1) full 12 months although only owned by ALS for 8 months

impact of Oil & Gas business stream on total ALS operations

==> picture [258 x 162] intentionally omitted <==

----- Start of picture text -----

Revenue EBITDA
17% 15%
ALS Oil & Gas ALS non-Oil & Gas
----- End of picture text -----

25

Note:- EBIT and EBITDA are underlying measures

RIGHT SOLUTIONS · RIGHT PARTNER