ALS LIMITED — M&A Activity 2009

Nov 23, 2009

==> picture [207 x 83] intentionally omitted <==

asx/media release

24 November 2009

Campbell Brothers receives acceptances for more than 60% of PearlStreet shares

Campbell Brothers Limited (Campbell Brothers) announces that its wholly owned subsidiary, Australian Laboratory Services Pty Ltd, has received acceptances in respect of 50,694,993 PearlStreet Limited (PearlStreet) shares (or more than 60% of PearlStreet’s ordinary shares outstanding) under its all-cash offer (Offer) to acquire PearlStreet shares. This includes acceptances in respect of shares owned or controlled by Mr. Anthony Wooles, Managing Director of PearlStreet, the directors of the PearlStreet board and a number of large institutional shareholders.

Campbell Brothers also announces that it proposes to pay PearlStreet shareholders who accept the Offer on or before the Offer becoming or being declared unconditional, 5 business days following the Offer becoming or being declared unconditional. This means that once the conditions of the Offer, including that Campbell Brothers receives acceptances for at least 90% of PearlStreet shares, are satisfied, PearlStreet shareholders who have accepted the Offer will be paid within 5 business days. The Offer currently contemplates payment by the earlier to occur of 21 days after the end of the Offer period and 1 month after the later to occur of acceptance by PearlStreet shareholders and the date the Offer becomes or is declared unconditional. Therefore, under the Offer’s current payment timetable, PearlStreet shareholders may not be paid until 4 January 2010.

Campbell Brothers encourages PearlStreet shareholders to promptly accept the Offer so that payment may be made as soon as possible. The PearlStreet board has unanimously recommended that PearlStreet shareholders accept the Offer (in the absence of a superior offer) and have already accepted in respect of the PearlStreet shares they own or control.

For further information or any questions about the Offer, please contact the Offer information line on 1300 825 208 (for callers within Australia) or +61 3 9415 4248 (for callers outside Australia).