ALS LIMITED — Major Shareholding Notification 2013

Mar 19, 2013

603 Page 1 of 3 3/19/2013

Form 603

Corporations Act 2001

Section 671B

Notice of initial substantial holder

To Company Name/Scheme

ALS Limited

ACN/ARSN

1. Details of substantial holder

M&G Investment Funds (1) M&G Investment Management Limited M&G Limited M&G Group Limited Name M&G Securities Limited Jackson National Asset Management PLC Prudential plc

ACN/ARSN (if applicable)

The holder became a substantial holder on 18 March 2013

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
NPV Shares	17,194,295	17,194,295	5.00%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

older became a substantial holder are as follows:
Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
M&G Investment Funds (1) M&G Investment Management Limited M&G Limited M&G Group Limited M&G Securities Limited Prudential plc	Power to exercise or control the exercise of, a right to vote attached to the securities.	17,137,793
Jackson National Asset Management Plc, Prudential Plc	Power to exercise or control the exercise of, a right to vote attached to the securities.	56,502

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered asholder(8)	Class and number ofsecurities
M&G Investment Funds(1) M&G Investment Management Limited, M&G Limited, M&G Group Limited M&G Securities Limited Prudentialplc	State Street Noms Ltd A/C GMBS	State Street Noms Ltd A/C GMBS	1,695,000
M&G Investment Management Limited, M&G Limited, M&G Group Limited M&G Securities Limited Prudentialplc	State Street Noms Ltd A/C GMG6	State Street Noms Ltd A/C GMG6	15,442,793
Jackson National Asset Management Plc, Prudential Plc	Jackson National Asset Management	Jackson National Asset Management	56,502

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5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

ubstantial holder became a substantial holder is as	follows:
Holder of relevant interest	Date of acquisition	Consideration (9)		Class and number of securities
		Cash	Non-cash
M&G Investment Funds(1) M&G Investment Management Limited, M&G Limited, M&G Group Limited M&G Securities Limited Prudential plc M&G Asian fund (FARE)	11-Jan-13 29-Jan-13 01-Feb-13 06-Feb-13 01-Mar-13 11-Mar-13 18-Mar-13	772,500 1,626,108 809,868 809,674 867,881 844,962 864,813		72,130 136,112 70,000 70,000 75,000 77,000 83,000

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable) Nature of association

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address
M&G Investment Funds(1)	Laurence Pountney Hill, London EC4R 0HH, England
M&G Investment Management Limited	Laurence Pountney Hill, London EC4R 0HH, England
M&G Limited	Laurence Pountney Hill, London EC4R 0HH, England
M&G Group Limited	Laurence Pountney Hill, London EC4R 0HH, England
M&G Securities Limited	Laurence Pountney Hill, London EC4R 0HH, England
Prudential plc	Laurence Pountney Hill, London EC4R 0HH, England
State Street Nominees Ltd	20 Churchill Place, Canary Wharf, London E14 5HJ, England
Jackson National Asset Management LLC	1 Corporate Way, Michigan, USA

Signature

print name sign here	James Todd capacity Notifiables Administrator
	James Todd date 19 March 2013

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DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.

• (2) See the definition of "associate" in section 9 of the Corporations Act 2001.

• (3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.

• (6) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (7) Include details of:

• (a) any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• (8) If the substantial holder is unable to determine the identity of the person ( eg. if the relevant interest arises because of an option) write "unknown".

• (9) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.