ANSELL LIMITED — Annual Report 2016

Aug 14, 2016

ANSELL LIMITED Full Year Results to June 2016 Magnus Nicolin – Chief Executive Officer Neil Salmon – Chief Financial Officer

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Disclaimer

The following presentation has been prepared by Ansell Limited for information purposes only. The presentation may contain forward looking statements or statements of opinion

No representation or warranty is made regarding the accuracy, completeness or reliability of the forward looking statements or opinion or the assumptions on which either are based. All such information is, by its nature, subject to significant uncertainties outside of the control of the company

To the maximum extent permitted by law, the company and its officers do not accept any liability for any loss arising from the use of the information contained in this presentation

The information included in this presentation is not investment or financial product advice. Before making any investment decision, you should seek appropriate financial advice, which may take into account your particular investment needs, objectives and financial circumstances. Past performance is no guarantee of future performance

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1

Contents

• Magnus Nicolin

• 1. Business Overview

Magnus Nicolin 2. GBU Performance

• Neil Salmon

• 1. Financial Report

• Magnus Nicolin

• 1. F’17 Outlook

2

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SECTION 1 :: Magnus Nicolin Business Overview

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3

1. BUSINESS OVERVIEW

F’16 FULL YEAR RESULTS Guidance Achieved on Strong 2H

US Dollars used in all slides unless otherwise specified

	F’15	F’16
	Reported	Reported	% Change	% CC Change1
Sales ($M)	1,645	1,573	-4.4%	-0.1%
EBIT ($M)	245	237	-3.5%	+8.5%
PA ($M)	188	159	-15.1%	-2.5%
EPS (¢)	122.5	105.1	-14.2%	-1.4%
Operating Cash Flow2 ($M)	116.4	144.8	+24.4%
Dividend	US43¢	US43.5¢	+1.2%

1. Constant currency compares F’16 results to F’15 results restated at F’16 average exchange rates and excluding variance related to currency hedging programme. (See Appendix 11 for additional information)

2. Operating Cash Flow means net cash provided by operating activities per the Consolidated Statement of Cash Flows adjusted for net expenditure on property, plant, equipment and intangible assets and net interest

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4

1. BUSINESS OVERVIEW

F’16 FULL YEAR RESULTS

Summary

KEY F’16 ACCOMPLISHMENTS / CHALLENGES

• Environment remained challenging with moderate demand growth and volatile FX / emerging markets (EM)

• Organic growth rate improving in Industrial & Single Use (SU) benefitting from improved distributor

• ORGANIC partnerships and excellent new product (NPD) execution GROWTH •

• A strong year for Sexual Wellness across all key business drivers

• Disappointing Medical results arising from operational challenges previously communicated and challenging EM conditions - on track to restore operational capability and return Medical to growth in F’17

• Strong 2H performance

PROFITABILITY & CASHFLOW

• Additional cost in operations $15m ($10m in 1H). Largely offset by reduced incentive comp expense $16m

• Strong cash flow growth with Operating Cash Flow up $28m or 24%

• CAPITAL Acquisitions have strengthened organic growth potential

• DEPLOYMENT • Increased full year dividend

F’17 PRIORITIES

• Improve organic growth rate to 2-4%, building on trends seen in 2H

• Restore Medical to growth as new capacity made available and operational costs reduced

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5

1. BUSINESS OVERVIEW

F’16 FULL YEAR RESULTS

Global Trading Environment

The US economy is slowing down, while growth in the Eurozone is slow. Russia and Brazil remain challenges however there are good opportunities in other countries.

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US FORECASTS WEAKENING SLOW BUT STABLE EUROZONE EMERGING MARKETS
Annual GDP Growth Rate [1] ; Markit Composite PMI [2] Annual GDP Growth Rate [1] ; Markit Composite PMI [2] Annual GDP Growth Rate [1]
Forecast Forecast
53.2 Region 2013 2014 2015 2016F 2017F
55.0 1.2% 1.2%
in Q2 in Q2 Mexico 1.3% 2.3% 2.5% 2.5% 2.6%
52.7
1.5% 2.4% 2.4% 51.8 2.2% 2.5% 0.9% 1.6% 1.6% 1.4% BrazilEmerging Eur. 3.0%2.8% 2.8% 0.1% -3.9% 3.5% -3.3% 3.5% 3.2% 0.5%
Russia 1.3% 0.7% -3.7% -1.2% 1.0%
-0.3% China 7.7% 7.3% 6.9% 6.6% 6.2%
US GDP Growth US PMI Eurozone GDP Growth Euro PMI India 6.6% 7.2% 7.6% 7.4% 7.4%
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
• US GDP growth forecast in the 2%-3% • Economic output back to the level just • Forecast stabilization in Brazil and Russia in
range however manufacturing PMI preceding the 2008 GFC 2017
continues to decline indicating only marginal • Expectation is for continued growth at a low • China continues to slow
demand growth
rate for F’17
• Q2 GDP reading well short of forecasts at • Brexit has likely negative implications for • Mexico & Emerging Europe sustaining growth
1.2% with particular weakness in business
regional growth – Q2 GDP was also 1.2%, a
investment / inventory reductions.
slowdown from 2.2% the prior period
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1. GDP Source: IMF World Economic Outlook Update July 2016; 2.PMI Source: Markit Composite PMI (July 53.2 Eurozone, 51.8 US)

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6

1. BUSINESS OVERVIEW

F’16 ORGANIC GROWTH

Fx & Medical Results Impacting Group Sales Growth

CC Sales Level with LY, Organic Sales down 1%. Single Use (SU), Industrial and SW Growth Brand success offset by Medical and Russia / Brazil

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Constant Currency Growth (0)%
Organic Constant Currency Growth (1)%
1,645
30 1,588 29
1,575 1,573
70 17 15 +5% 6 5 18
(2)% (1)%
(21)% (11)%
F'15 FX F'15 Acq'd Exited/ F'15 Rus/ SUI, SW MED SUI, SW MED F'16
CC Divested Pro-forma Br
Growth Brands All Other
Ex-Rus/Br Ex-Rus/Br
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1. Organic analysis adjusts for FX, Acquisitions and Exits/Divestments;

2. Growth brands composed of Industrial – HyFlex®, ActivArmr®, Alphatec®, SolVex®, Edge®; Single Use – Microflex®, TouchNTuff®; Medical – Gammex®, Encore®, MediGrip®, Sandel®; Sexual Wellness – SKYN®, Jissbon®, Kamasutra®, Blowtex®

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7

1. BUSINESS OVERVIEW

F’16 ORGANIC GROWTH

Strategic Drivers of Long Term Growth Performing Well

The focused areas of investment that will drive long term growth and sustain Ansell’s competitive advantages performed well in F’16 despite currency and geographic headwinds

(In Constant Currency)

GLOBAL BRANDS

• Leading brands in each segment

• Growth brands[2] Organic sales:

• 5% IND (2H up 10%)

• 2% SU (5% volume)

• 13% SW

• 5% MED

EMERGING MARKETS (EM) (24% Total Sales)

• � 2.4% Emerging Market organic sales growth

• � 7.7% Excl. Russia & Brazil with success across other key EM: � 25% China

• 15% Mexico & OLAC

• 14% India (ex-SW tenders)

• 8% EM Europe

• � 31% Russia & � 10% Brazil on challenging economic conditions

INNOVATION AND NEW PRODUCT SALES

• � 42% IND delivering outstanding new product sales result driven by Intercept[®] success

• � Significant Microflex® SU growth in new markets

CHANNEL & DISTRIBUTOR DEVELOPMENT

• Partnership agreements to increase share signed with 15 distributors worldwide

• Focus development in Auto Aftermarket, Life Science & Chemical verticals developing well

• � 27% MED Synthetic Surgical and HSS New Products

• � 41% Growth in SW new products on SKYN[®] range and Zero[®] in China and India

• Investment in web enabled sales channels driving rapid growth

Notes: 1. Organic analysis adjusts for FX, Acquisitions and Exits/Divestments; 2.Growth brands Note 2 Slide 7

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8

1. BUSINESS OVERVIEW

F’16 ORGANIC GROWTH

Underlying Organic Growth Drivers & Expectations

Underlying growth drivers support healthy long term growth

Underlying growth drivers support healthy long term growth	Underlying growth drivers support healthy long term growth	Underlying growth drivers support healthy long term growth	Underlying growth drivers support healthy long term growth	Underlying growth drivers support healthy long term growth	Underlying growth drivers support healthy long term growth	Underlying growth drivers support healthy long term growth	Underlying growth drivers support healthy long term growth
$M	F’14	F’15	F’16			MEDIUM TERM (2-3 YR) GOAL
Horizontal Axes Scaled for $m
SINGLE USE & INDUSTRIAL	3% (1)% Total GBU Growth Brands All Other 6%	0% 8% (6)%	Growth brands+8% in 2H 1% 5% (4)%			(1)% Total GBU Growth Brands All Other	3-5% 6-8% 1% % Mix Growth Brands 60% All Other 40%
MEDICAL	3% 3% (2)% Total GBU Surg & HSS Exam Rus/Br	0% 4% (2)%	Surg & HSS stabilizing to 1% growth in 2H (8)% (2)% (10)%	(8)% (2)% (10)%	Surg & HSS stabilizing to 1% growth in 2H	(2)% Total GBU Surg & HSS Exam Rus/Br	2-4% 4-6% 1% Synthetic segment and HSS ~15% growth % Mix Tot Surg & HSS 60% Exam 40%
SEXUAL WELLNESS (7)% 6% 8% Total GBU Total GBU							6-9% Attractive shift to Growth brands from OEM / tenders – older brands stable

• SU & Industrial Growth Brands support overall GBU growth of 3-5% while headwinds from SU pricing, Russia/Brazil and rationalization efforts stabilize

• Medical 2-4% growth driven by Synthetic Surgical & HSS as Supply, Russia and Exam issues subside

• Sexual Wellness success with SKYN[®] and key emerging market brand positions support strong mid- to high-single digit growth

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9

1. BUSINESS OVERVIEW

F’16 PROFITABILITY, CASH FLOW & CAPITAL DEPLOYMENT Strong Cash Generation and Effective Capital Deployment

Excess cost in operations were a temporary set back in F'16, however current strategy continues to deliver long term profitability improvements, strong cash flow with effective capital deployment

PROFITABILITY

• Excess F'16 costs in operations addressed with changes to leadership, processes and manufacturing KPIs

• Improved manufacturing capability key to new Technology Platforms driving New Product Sales & more profitable mix

CASHFLOW

• Strong Operating Cash Flow up $28m (24)%

• Improved systems & focus benefiting customer service metrics

• $12m improvement in Working Capital across all components

• Insourcing of key differentiated materials has strengthened competitive differentiation and realized $5m savings in F'16

• Annual Productivity Savings continue to increase

CAPITAL DEPLOYMENT

CAPITAL DEPLOYMENT

INVESTMENT

CASH RETURNS TO SHAREHOLDERS

• Full year dividend increased – 13[th] straight year of increases

• New surgical lines commissioned to alleviate Medical synthetic surgical constraint

• Share buyback program implemented with $92.7m spent under

• • As expected, total capex moderately lower vs F’15 and oriented current authorization acquiring 6.7m shares more to higher return projects

• Acquisition ROIC improving to 9% F'16: – “Core” hand protection acquisitions exceeding targeted financial hurdles. Returns on acquisitions in “Adjacent” products improving

~~Notes:~~

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10

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SECTION 2 :: Magnus Nicolin GBU Performance

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11

2. GBU PERFORMANCE

F’16

Industrial GBU

SUMMARY HIGHLIGHTS

in constant currency

SALES

• Organic[1] sales up 1% for the year, 2% for 2H

• Demand environment improved moderately in 2H especially in emerging markets

BRANDS

• Growth Brands[2] gaining share up 5% YoY +10% for 2H

• HyFlex[®] +5% (+9% in 2H)

• Headwind from older “mature” brands diminishing as rationalization completed

NEW PRODUCTS

• Exceptional new product sales growth of 42% YoY

EBIT

• EBIT up 10% on Microgard® acquisition benefit, strong cost control and margin benefit from new products offsetting initial negative impact from new Grainger contract and higher Operations Cost

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%
F’15 F’16 CHANGE CC
Sales $668.5m $654.8m -2.1% +3.3%
EBIT [3] $92.7m $89.0m -4.0% +10.1%
% EBIT/Sales 13.9% 13.6%
30.3
668.5
12.9 654.8
649.9 2.6
34.5
5.4
14.4
F'15 Acq'd FX Exited/ F'15 Rus/ Growth All F'16
Divested Pro-forma Br Brands Other
Ex-Rus/Br
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1. Organic sales adjusted for FX, acquired and exited/divested business

2. Growth brands include HyFlex®, ActivArmr®, Alphatec® SolVex®, and EDGE® 3. EBIT for F’15 excludes restructuring

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12

2. GBU PERFORMANCE

F’16 Industrial GBU Innovation In Cut & Chemical Protection

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8

PRODUCTS LAUNCHED

with GROUND BREAKING technology

Exclusive Ansell Owned & Branded Technology

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• INTERCEPT

• $15M Global Sales • Strong adoption globally with some of the largest automotive, machinery & equipment and metal fab companies in the world

• Solid support from key channel partners

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“When you did INTERCEPT, you did it RIGHT!” – Key Channel Partner

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POWERFUL FAMILY OF GROWTH BRANDS Double + 13% Digit Growth

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GROWTH IN CHEMICAL
500%+ GUARDIAN ASSESSMENTS
700
600 Simplifies
500400 chemical glove
300 selection
200
100 process for your
0
unique set of
chemicals
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2. GBU PERFORMANCE

F’16

Single Use GBU

SUMMARY HIGHLIGHTS in constant currency

SALES

• Sales down 1% on pricing reflecting lower raw material costs while volume grew 2.5%

• Strong results in emerging markets

	F’15	F’16	% CHANGE	CC
Sales	$312.4m	$301.7m	-3.4%	-1.1%
EBIT2	$59.7m	$64.6m	+8.2%	+14.9%
% EBIT/Sales	19.1%	21.4%

BRANDS

• Microflex® and TNT® grew 5% combined in volume

• Other down on low margin tender or OEM losses, now stabilizing

NEW PRODUCTS

• Global growth of Microflex® products ahead of expectation

EBIT

• EBIT margin increased on benefit of lower raw materials and continued synergy benefit from BSSI acquisition

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312.4
5.4 301.7
302.3
7.3
2.8 6.0
F'15 FX Exited/ F'15 Growth All F'16
Divested Pro-forma Brands Other
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1. Growth brands include Microflex® and TouchNTuff®

2. EBIT for F’15 excludes restructuring

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14

2. GBU PERFORMANCE

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F’16
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Single Use GBU Continued Global Expansion

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Significant room to grow outside North America
20 [%] 7 [%]
M NA ROW
$2.7
Market Market
International Share Share
Expansion
Product Sales
achieved in SU Sales Growth
$80m Life Sciences
13%
global sales in Emerging Markets
Automotive
Aftermarket
2.5x
F’15 F’16
revenue growth
in EMEA
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15

2. GBU PERFORMANCE

F’16 Medical GBU

SUMMARY HIGHLIGHTS in constant currency

SALES

• Surgical sales lower by 8% (6% in 2H), primarily on weak emerging market demand in Russia and SE Asia

• Capacity constraints limited the growth of synthetic surgical products

• Exam sales lower in low margin acute segment on competitive pricing pressures

• Healthcare Safety Solutions continued to record good growth, up 7%

OPERATIONS RECOVERY

• Temporarily higher manufacturing costs reduced EBIT by $9m of which $7m in 1H

• Surgical shipments 15% higher 2H vs 1H

• New synthetic lines now commissioned, to alleviate synthetic supply constraint through 1H’17

EBIT

• EBIT decline primarily on currency ($7m) and additional operations cost

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%
F’15 F’16 CHANGE CC
Sales $447.2m $396.3m -11.4% -8.3%
EBIT [2] $70.6m $52.3m -25.9% -17.5%
% EBIT/Sales 15.8% 13.2%
447.2
432.4
14.8 396.3
11.8
2.1 3.8
18.4
F'15 FX F'15 Rus/ Growth Medi-Grip All F'16
Pro-forma Br Brands Other
Ex-Rus/Br
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1. Growth brands include GAMMEX®, ENCORE®, MEDI-GRIP® and SANDEL®

2. EBIT for F’15 excludes restructuring

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16

2. GBU PERFORMANCE

F’16 Medical GBU Strong Synthetic Surgical Portfolio

Ansell has developed a strongly differentiated Synthetic Surgical portfolio to take advantage of the fastest growing segment of the approximately $1.3b Global Surgical Market.

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ANSELL INTRODUCES A REVOLUTION IN COMFORT AND ALLERGY PREVENTION EXCEPTIONAL COMFORT FOR YOUR HANDS AND BUDGET The Sensoprene® Solution

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The Sensoprene® Solution
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2. GBU PERFORMANCE

F’16

Sexual Wellness GBU

SUMMARY HIGHLIGHTS in constant currency

SALES

• Sales growth of 8% driven by strong growth in emerging markets (especially China) and continued success of the SKYN® brand

	F’15	F’16	% CHANGE	CC
Sales	$217.0	$220.0	+1.4%	+8.2%
EBIT2	$26.1	$31.0	+18.8%	+41.0%
% EBIT/Sales	12.0%	14.1%

BRANDS

• SKYN® growth of 12% on success of “Feel everything” campaign

• Branded latex condoms up on strong emerging market growth and e-commerce success

NEW PRODUCTS

• New product sales up over 40% with lubricants, SKYN® range extension & new thin latex products all contributing

EBIT

• Strong EBIT growth, on success in emerging markets and with new products.

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220.0
5.5
217.0
11.2
13.7
203.3
F'15 FX F'15 Growth All F'16
Pro-forma Brands Other
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1. Growth brands include SKYN® , JISSBON®, BLOWTEX® and KAMASUTRA®

2. EBIT for F’15 excludes restructuring

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18

2. GBU PERFORMANCE

F’16 Sexual Wellness continues healthy growth: Sales 8% up organic

NON-LATEX CONDOM #1 ACROSS THE WORLD

PENETRATION & AWARENESS & EQUITY GROWTH SUPPORTED BY SOCIAL MEDIA & DIGITAL MARKETING

HIGHEST EVER MARKET SHARES BEHIND NEW PLATFORM:

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Sales growth +28% in China

+11% Sales growthin India

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Strong portfolio with growing condom, lube and fragrance business

Strong e-commerce growth

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+16% LUBRICANTS SALES GROW SKYN lubes in 11 markets Relaunch in china, new entry in India

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19

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SECTION 3 :: Neil Salmon Financial Report

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20

3. FINANCIAL REPORT

F’16 Cost Reduction Driving CC EBIT Growth, Offset By Higher Tax Rate

PROFIT & LOSS (US$M)	F’15	F’16				%				% CC1				NOTES
Sales	1,645.1	1,572.8				-4.4%				-0.1%
														Constant Currency GPADE flat with operational losses offset
GPADE	629.3	576.5				-8.4%				-0.8%				by lower raw materials and mix benefit. Reported GPADE
														decline arose on $22.6m hedge gain recorded in F’15.
														F’16 SG&A lower on currency, lower incentive comp
SG&A	(384.0)	(339.8)				-11.5%				-4.5%				expense($16m), Onguard gain, and continued delivery of
														restructuring and acquisition synergy
EBIT	245.3	236.7				-3.5%				+8.5%				Contains $8.1m gain on Onguard sale
Net Interest	(21.5)	(22.2)				+3.3%				+2.3%
Taxes	(34.7)	(52.6)				+51.6%				+64.9%				DTA/NOTI $0.0m(F’15 $3.5m), Onguard tax $5.9m
Minority Interests	(1.6)	(2.8)				+75.0%				+100.0%				Increased minority partly on SW China growth
Profit Attributable	187.5	159.1				-15.1%				-2.5%				Includes $2.2m gain on sale of Onguard
Reported EPS	122.5¢	105.1¢				-14.2%				-1.4%
EBIT:Sales	14.9%	15.1%
SG&A:Sales	23.3%	21.6%
Effective Tax Rate	15.5%	24.5%												Note: Underlying ETR in F’16 22.6% (excluding Onguard divestment), F’15 18.9% (excluding Shah Alam Sale)

1. Constant currency compares F’16 results to F’15 results restated at F’16 average exchange rates and excluding variance related to currency hedging programme. (See Appendix 11 for additional information)

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21

3. FINANCIAL REPORT

F’16 Other Key Financial Points

Tax Rate Higher

• As forecast the DTA/NOTI* benefit in F’16 was nil compared to $3.5m or 2.3¢ EPS in F’15. Australian tax losses have been fully recognized for accounting purposes.

• The tax rate of 24.5% was higher than the forecast 20 – 21% predominantly due to: – the Onguard sale which added 2%

• higher profitability in higher taxing jurisdictions

• F’17 tax rate forecast 24-25%

Sale of Onguard

• In May 2016 Ansell announced the sale of its footwear-protection business, Onguard. The sale price was $41.5m with profit on sale $8.1m, $2.2m after tax (1.4¢). The dilutive effect to EPS in F’17 is estimated at 2.2¢.

• Share Buy-back • During the year 6,366,083 shares were bought back for US$88.1m. The VWAP price paid was A$18.9185. In total 6,716,083 shares have been bought back under the current Board authorization costing $92.7m.

• 13 straight years of F’16 Final Dividend has been declared at US23.5¢ for a total dividend of US43.5¢ dividend increase for the year, a 1.2% increase on F’15. The payment date will be 8 September, 2016 and the DRP will be available to shareholders with no discount

• Deferred Tax Asset & Non Operating Tax Items

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22

3. FINANCIAL REPORT

F’16

Balance Sheet Further Strengthened With Good Liquidity

BALANCE SHEET ($M)	F’15	F’16
Fixed Assets	231.2	245.0
Intangibles	1,116.0	1,077.3
Other Assets/Liabilities	(91.8)	(105.5)
Working Capital	374.1	341.9
Net Operating Assets	1,629.5	1,558.7
Net Interest Bearing Debt	462.9	422.0
Shareholders’ Funds	1,166.6	1,136.7
Net Debt : EBITDA	1.65X	1.54X
ROCE%1	15.4%	14.9%
ROE%2	15.5%	14.0%
COMMENTS
• Fixed Asset increases due to higher Capex relative to Depreciation less Onguard divestiture • Intangible decrease driven mainly by divestiture and FX • Net Interest Bearing debt is largely non-current with next significant debt tranche maturity date approx. 2 years away • Gearing is well within the targeted range • ROCE% lower on reduced EBIT. On a proforma basis excluding Onguard and the gain on divestment, F’16 ROCE was 14.1% • ROE% lower on reduced EBIT and a higher effective tax rate • Working Capital improvement from reduced Inventory $16.8m and reduced Trade Debtors $11.9m and higher Trade creditors $3.5m

COMMENTS

• Fixed Asset increases due to higher Capex relative to Depreciation less Onguard divestiture

• Intangible decrease driven mainly by divestiture and FX

• Net Interest Bearing debt is largely non-current with next significant debt tranche maturity date approx. 2 years away

• Gearing is well within the targeted range

• ROCE% lower on reduced EBIT. On a proforma basis excluding Onguard and the gain on divestment, F’16 ROCE was 14.1%

• ROE% lower on reduced EBIT and a higher effective tax rate

• Working Capital improvement from reduced Inventory $16.8m and reduced Trade Debtors $11.9m and higher Trade creditors $3.5m

Notes:

1. Return on Capital Employed (ROCE) is defined as: EBIT / Average Net Operating Assets

2. Return on Equity (ROE) is defined as: Profit Attributable / Average Equity Attributable to Ansell Shareholders

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23

3. FINANCIAL REPORT

F’16

Capital Expenditure Reducing; Still Delivering High Returns

F'16 Capital Expenditure on maintenance and IT systems implementations reducing. Investment continues to drive profit improvement and sustain growth. Some profit improvement initiatives planned for F’16 were delayed to ensure required focus on Medical operational challenges

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90
80
12.3
70
8.2
60
27.3
50
8.6
25.4
6.2
40
9.1
21.3 20.2 18.9
30
23.5
12.9
19.7
20 10.1
13.9
5.2 25.8
10 1.6 3.9 20.7
14.2
9.5 9.3 11.3
0
F'11 F'12 F'13 F'14 F'15 F'16
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Information Technology spend remains a core investment area as part of ERP standardization and upgrade of key business systems

Growth/expansion investments support R&D technology and manufacturing capabilities as well as capacity expansion related to new product sales growth and sourcing

Profit Improvements remain a focus with strong payback projects to reduce production and related expenses

Maintenance in general moderating aside from key Environment, Health & Safety (EHS) investments

• Figures exclude proceeds on disposals

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24

3. FINANCIAL REPORT

F’16 Consistent Strong Cash Flow Generation

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F'16 350
($M)
300 11.8
(6.7)
250
(17.7)
200
(65.2)
150 274.7 262.1 (22.3) (29.8) 41.5
100
144.8 (61.2) (88.1) 3.9
50
40.9
0
EBITDA Working cap Restructure Other Cash Net Receipts Capex Int Taxes Op Cash Dividend Divest Share Fx on Net Net Debt Mvt
Flow Issue/bback Debt
F'15 300
($M)
250
(35.5)
200 (15.4) (7.6)
150 280.7 (61.8)
100 222.2 (21.3)
(22.7)
50 116.4
(60.5)
0
0.5 (9.3)
(48.5)
-50 (95.6)
-100
EBITDA Working cap Restructure Other Cash Net Receipts Capex Int Taxes Op Cash Dividend Acquisitions Share Fx on Net Net Debt Mvt
Flow Issue/bback Debt
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COMMENTS

• Other Cash & Non Cash $17.7m includes asset sale gain $8.1m, Staff benefits $9.5m

• OEI Dividend of ($1m) included with Group dividend

• Divestiture $41.5m is the sale of Onguard

• Cash Conversion (EBITDA:Net Receipts From Operations) 95.4%

• For previously used “Free Cash Flow” Format see Appendix 9 and 10

• Actual Capex $67.2m offset by asset disposals of $2.0m resulting in net $65.2m

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SECTION 4 :: Magnus Nicolin F’17 Outlook

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26

4. F’17 OUTLOOK

OUTLOOK Strategic Focus Remains

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ORGANIC GROWTH PROFITABILITY & CASHFLOW CAPITAL DEPLOYMENT
Achieve growth above market Efficient manufacturing and High return capex and acquisitions
rates in selected verticals where reliable global supply chain strengthening market position,
Ansell can provide differentiated network producing strong cash technology advantage and
protection solutions flow returns position in near adjacencies
Improved customer service
Innovative new products High return capex
& working capital efficiency
Gain emerging market share In sourcing key materials Strategic, disciplined M&A
Continued dividend growth
Build strong global brands Lean manufacturing
& opportunitistic buyback
Develop stronger channel Efficiency in manufacturing
Efficient processing
partnerships capital deployment
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4. F’17 OUTLOOK

OUTLOOK Priorities, Goals and Expectations

	ORGANIC GROWTH			PROFITABILITY & CASH FLOW			CAPITAL DEPLOYMENT
Business Priorities	• Channel Partnerships • Continued New Product Success • Restore Medical to Growth • Continue SW Momentum			• Reduce waste in manufacturing • Realize Capex productivity gains			• Acquisition pipeline more active • Continue to improve return profile of capital expenditure
Medium Term Goals	• Low - mid single digit Organic Growth			• Mid-high single digit EPS growth • Continued strong cash flow			• Improving ROCE for base business
F’17 Expectations	• 2% to 4% assuming continued subdued GDP growth			• Underlying EPS growth 2% to 17%			• Moderate base business ROCE improvements over pro-forma F'16 (excluding Onguard)

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4. F’17 OUTLOOK

OUTLOOK

F’17 Guidance

Reported EPS anticipated to be in the range of US$0.98 – US$1.12

An underlying increase of between 2% - 17%

• Partly offset by:

• Dilution on Onguard® divestment vs post tax gain in F’16 ~~(4~~ c impact)

• Increase in underlying tax rate to 2425%, (4-5c impact)

F'17 EPS Guidance

(EPS ¢, % Growth)

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112¢, 17%
105
96
4
5 98¢, 2%
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F'16 Rpt'd Onguard Tax Rate F'17
Divestment Increase Guidance
Range
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4. F’17 OUTLOOK

OUTLOOK

Portfolio Optimisation

• We continually review our existing portfolio of businesses in a disciplined way.

• This process will continue in F’17 and will include consideration of options for the Sexual Wellness business and opportunities to enhance our positions in the Industrial and Medical businesses with value-enhancing acquisitions.

• Goldman Sachs has been retained to assist us in the review of options for the Sexual Wellness business.

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4. F’17 OUTLOOK

Take-aways

• Strong cash flow in a tough year

• Improving momentum through 2H across Single Use, Industrial and Medical businesses

• Consistently strong growth of Sexual Wellness

• Strategic focus areas contributing to share gain through Innovation, Emerging Markets, Brands and Channel development

• Portfolio optimisation may offer additional upside

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APPENDIX:

Supplemental Information to Results Presentation

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APPENDIX 1

F’16

F’08 to F’16 Financial Performance

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CAGR’S % 2008-
$1,645 2016 HIGHLIGHTS
$1,590 $1,573
$245
$1,373 $237 • Acquisitions and Growth
Sales 4.4%
$1,207 $1,255 $206 brands [1 ] driving Sales Growth
$1,116
$1,086
$1,003 $171
$153
• 5 yrs of EBIT Margin
$137 EBIT 9.9%
$127 122.5₵ Expansion
$111 $107 101.4₵ 106.5₵ 110.0₵ 105.1¢
91.6₵ 14.8%
79.7₵ 13.0%
66.1₵ 66.3₵ 12.2% 12.4% • Consistent EPS Growth [2]
11.4% EPS 6.0% interrupted in F16 by Fx, Tax
12.2% 12.4% 13.0% 14.8% 15.0% and Medical performance
9.9% 9.9% 10.7% 10.7% 11.7% 11.7%11.4%
F08 F09 F10 F11 F12 F13 F142 F15 F16
Sales ($m) EPS (₵) EBIT ($m) EBIT Margin (%)
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Notes:

1. Growth brands defined Note 2 Slide 7

2. F’14 EBIT and EPS on underlying basis excluding $123m pre-tax one-off restructuring costs

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APPENDIX 2

F’16 GBU Summary

Sales $m (% of Ansell)	INDUSTRIAL	SINGLE USE	MEDICAL	SEXUAL WELLNESS
	655 42%	302 19%	396 25%	220 14%
EBIT Margin (EBIT % of Ansell)	13.6% 38%	21.4% 27%	13.2% 22%	14.1% 13%
Global market position vs competitor	#1 in hand protection >2X no.2 player	#1 in differentiated verticals 3X no.2 player	#1 in surgical 1.1X no. 2 player	#2 in branded condoms
Top Brand Sales	HyFlex® >$200m	Microflex® >$145M	Gammex® >$120m	SKYN®
Why Ansell is winning	• High performance • Uniquely comfortable • Broadest range • User productivity • Leveraging Guardian • Global coverage	• Efficient supply chain • Product performance • Products tailored to end user needs • Strong in niche markets	• Clinically relevant technologies • Comfort & protection • Broadest synthetic surgical range • Global coverage	• 1st to market with superior polyisoprene (PI) platform • Emerging market coverage

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APPENDIX 3

Business Sustainability Assisted By Well Diversified Portfolio

ANSELL’S DIVERSE END MARKETS BALANCE ECONOMIC CYCLES

• Ansell’s portfolio is generally well balanced

• Though some verticals are more correlated, other drivers including regulation, compliance, shifts in end user preferences and innovation create opportunities for growth through the cycle

• Sexual Wellness has historically been neutral and has in many instances, performed counter-cyclically

• BSSI Acquisition strengthened position in key verticals with less sensitivity to cycle including life science and auto aftermarket

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RELATIVE SIZE AND CYCLICAL SENSITIVITY OF KEY END MARKETS / VERTICALS
Demand sensitive to economic cycle Demand less sensitive or counter cyclical
>$200M
Sales Sexual
Medical Wellness
$100M
- 200M
Sales Chemical M&E Auto ScienceLife Processing Food
<$100M
Sales Auto
Aftermarket
Oil & Gas Mining
42% Sales 58% Sales
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APPENDIX 4

F’16

FX – Revenue & EBIT Impact of FX movements

Change in average rates of major revenue and cost currencies	Change in average rates of major revenue and cost currencies	Change in average rates of major revenue and cost currencies	Change in average rates of major revenue and cost currencies
	Modelled Annualized Currency Impact		Comment
	Revenue	EBIT
F’16 vs F’15	~ $(70)m	~ $(4)m	Revenue lower on strengthening US$ vs major revenue currencies partially offset at EBIT level by generally weaker cost currencies
Hedge Variance	-	$(22)m	Hedge gain in F’15 was ~$22.6m however the equivalent number in F’16 was only $0.2m with hedge gains on revenue currencies offset byhedge losses on cost currencies
F’16 vs F’15 Total	$(70)m	$(26)m
F’17 vs F’16	~$3m	~(3)m	Absent further major movements in FX rates, anticipate limited FX effect on F’17 on revenue and EBIT
Hedge Variance		~3m	Moderate hedge gain projected in F’17.
F’17 vs F’16 Total	$3m	$0m

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APPENDIX 5

F’16 Raw Material Costs

Natural Rubber Latex Continues to Reduce as a % of Raw Material Costs.

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SPEND MIX FOR RAW MATERIAL COMPONENTS
COMPONENTS OF COGS F’16 COMPARED TO F’10
Energy 100%
Depreciation 4%
2% Fibres & Fibres &
Factory 90% Engineered Engineered
Overhead Yarns Yarns
8% 80%
Packaging
70% Packaging
Employee
Costs Outsourced 60% Chemicals & Chemicals &
14% products Lubricants Lubricants
35% 50% Advanced
Synthetic Latex Advanced
40% Synthetic Latex
30% Nitrile Latex Nitrile Latex
Raw Materials
37%
20%
NR Latex
10%
NR Latex
0%
F'10 F'16
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APPENDIX 6

F’16 Regional Performance By GBU

F’16 v F’15

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SALES $ 1,572.8m -4.4% Segment EBIT $236.9 m -4.9%
MED IND SU SW Total MED IND SU SW Total
NA NA
LAC LAC
EMEA EMEA
AP AP
TOTAL TOTAL
� [> +5%] � [0% to 5%] � [< 0%]
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APPENDIX 7

F’16

Ansell Fact Sheet

KEY FIGURES

• Booked Tax Losses at 30 June, 2016 $45.4m

• Unbooked Tax Losses at 30 June, 2016 $14.3m (Aust. $0.0m)

• Average Borrowing Cost at 30 June, 2016 3.22%

• F’16 Interim Dividend US20¢ a share: F’16 Final Dividend US23.5¢ a share

• Shares on issue – 30 June, 2016 147,660,815

• Buy-Back F’16 – 6,366,083 (cost ~US$88.1m, VWAP per share A$18.9185 or ~US$14.00)

• Weighted Average No. of Ordinary Shares for F’16 EPS calculation: 151,403,507

KEY ASSUMPTIONS

• Historical major Foreign Exchange Exposures by currency expected to remain materially unchanged: Revenue Currencies - US 51%, Euro 24%, CNY 6%, AUD 5%, GBP 4% Cost Currencies – US 58%, Euro 13%, MYR 6%, THB 4%, CNY 3%

• Tax rates

• Forecast Book Tax F’17 24 – 25% Forecast Cash Tax F’17 19 – 20%

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APPENDIX 8

F’16 Segment History

GBU		F’10 US$m	F’11 US$m	F’12 US$m	F’13 US$m	F’14 US$m	F’15 US$m	F’16 US$m
Industrial	Sales	For F’10-F’12, Single Use & Industrial are equivalent to the combination of Industrial and Specialty Markets			650.2	716.5	668.5	654.8
	EBIT				89.8	93.6	92.7	89.0
	% Margin				13.8%	13.1%	13.9%	13.6%
Single Use	Sales				134.4	241.1	312.4	301.7
	EBIT				11.3	32.2	59.7	64.6
	% Margin				8.4%	13.4%	19.1%	21.4%
Single Use & Industrial	Sales	563.1	647.1	681.6	793.6	957.6	980.9	956.5
	EBIT	76.5	84.4	90.9	101.1	125.8	152.4	153.6
	% Margin	13.6%	13.0%	13.3%	12.7%	13.1%	15.5%	16.1%
Medical	Sales	352.8	359.2	356.4	349.5	419.9	447.2	396.3
	EBIT	46.6	39.2	39.5	41.1	57.5	70.6	53.3
	% Margin	13.2%	10.9%	11.1%	11.8%	13.7%	15.8%	13.2%
Sexual Wellness	Sales	170.3	200.6	217.3	229.7	212.7	217.0	220.0
	EBIT	13.8	21.9	33.2	34.2	25.0	26.1	31.0
	% Margin	8.1%	10.9%	15.3%	14.9%	11.8%	12.0%	14.1%

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APPENDIX 9

F’16 Operating Cash Flow

Operating Cash Flow Compared to Previous Free Cash Flow Format

$M	F'16	F'15	F'14
EBITDA	274.8	280.7	241.6
Movement in WorkingCapital ex FX 11.8 (35.5) 32.9
RestructuringPayments (6.70) (15.4) 0.0
Other cash & Non cash (17.7) (12.6) (7.5) (58.4) (26.2) 6.7
Net receipts from Customers 262.1 222.2 248.3
Capex net of disposals (65.2) (61.8) (53.0)
Interest (22.3) (21.3) (17.3)
Tax (29.8) (22.7) (27.4)
Operating Cash Flow 144.8 116.4 150.6
Other 3.9 (9.3) 4.1
Dividend (61.2) (60.5) (51.5)
Acquisitions/Divestments 41.5 (95.6) (641.3)
Share Issues/Buy-backs (88.1) 0.5 359.3
Movement in Net Debt 40.9 (48.50) (178.8)

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APPENDIX 10

F’16 Previous Free Cash Flow Format

$m	F'16	F'15	F'14
EBIT	236.8	245.3	206.4
Depreciation/Amortisation 38.0 35.4 35.2
EBITDA 274.8 280.7 241.6
Movement in WorkingCapital ex FX 11.8 (35.5) 32.9
Capex net of disposals (65.2) (61.8) (53.0)
Interest (22.3) (21.3) (17.3)
Tax (29.8) (22.7) (27.4)
Other Cash & Non Cash (10.0) (2.0) 1.1
Free Cash Flow 159.3 137.4 177.9
Other (10.6) (30.3) (23.2)
Dividend (61.2) (60.5) (51.5)
Share issues/BuyBacks (88.1) 0.5 359.3
Acquisitions/Divestments 41.5 (95.6) (641.3)
Movement in Net Debt 40.9 (48.5) (178.8)

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APPENDIX 11

F’16 Constant Currency

Constant Currency

Constant currency financial reporting is supplemental information. It is provided using the best estimate of the prior year results translated at the foreign currency exchange rates applicable to the current period and compared to the financial performance for the current year. As such, it is unaudited non-IFRS financial information and uses only a convenience translation. The Board believes that this provides a greater insight into the financial performance of the business by the removal of year on year foreign exchange translation volatility. The principles of constant currency reporting and its implementation are subject to oversight by the Audit and Compliance Committee of the Board.

In addition the profit and loss impact of the Group’s hedging program is excluded from the current and prior period’s results. The restated prior period Sales and Profit Attributable are as follows:

Sales US$m Prior Period reported Sales 1,645.1 Currency Effect (70.3) Constant Currency Sales 1,574.8 Profit Attributable Prior period reported Profit Attributable 187.5 Currency Effect (2.0) Gain on Groups hedging program** (22.6) Constant Currency Profit Attributable 162.9

• Constant Currency Sales and Profit Attributable have not been subject to audit.

** Gain on the Group’s hedging program for the current period is $0.2m.

Organic

References to Organic variances in this presentation refer to constant currency variances excluding the effects of acquisitions, divestments and exits.

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