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AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben Tel +43 (0) 3842 200-0

www.ats.net

AT&SFirst choice for advanced applications

Investor and Analyst PresentationMarch 2018

Investor and Analyst Presentation 1

Table of Contents

Company Overview

Strategy & Market

Financials

Annex


AT&S – a world leading high-tech PCB & IC substrates company

High-end interconnect solutionsfor

Mobile Devices, Automotive, Industrial,

Medical Applications and Semiconductor

Industry

Continuously

outperforming

market growth

€ 814.9mrevenue in FY

2016/17

# 1 manufacturer in

Europe

# 3 in high-end technology

worldwide

10,039employees

Cost-competitive production

footprint with

6 plants in Europe and Asia


What guides us

VISION

FIRST CHOICE FOR ADVANCED APPLICATIONS

MISSIONWe set the highest quality standards in our industry

We industrialize leading-edge technology

We care about people

We reduce our ecological footprint

We create value


Market Segments & Product Applications served by AT&S

4

Computer, Communication,

Consumer

Smartphones, Tablets, Wearables, Ultrabooks,

Cameras…

Industrial

Machine-2-Machine Communication,

Robots, Industrial Computer,

X2X Communication

…

Automotive

Advanced Driver Assistance Systems,

Emergency-Call, X2X Communication

…

Medical

Patient Monitoring, Hearing Aids,

Pacemaker, Neurostimulation, Drug

Delivery, Prosthesis

…

IC substrates

High Performance Computer, Microserver

…

Segment Mobile Devices & Substrates Segment Automotive, Industrial, Medical


Our competitive advantages

Strategic focus on high-end technologies and applications

Outstanding process know-how and process efficiency

First high-end IC substrates manufacturer in China

Scale innovation and technology leverage between customer segments

Highest quality


AT&S – Key Facts

542590

667

763815

615

766

102127

168 168131*

102*

190

31 5490 77*

7* 12* 89

2012/13 2013/14 2014/15 2015/16 2016/17 Q1-32016/17

Q1-32017/18

Revenue EBITDA EBIT

Good track record1 Balanced portfolio/Global customer base2

7%

Split revenue: Business Unit, Q1-3 2017/18

Split revenue: Customer Region, Q1-3 2017/18based on sold to party

+9% +13% +14% +7%

* Based on ramp-up effects for new plants in China

Revenue growth

€ in millions

67%

33%Mobile Devices & Substrates

Automotive, Industrial, Medical

63%21%

10%6% Americas

Germany/Austria

Asia

Other European countries

+24.5%


Global footprint ensures proximity to supply chain & cost efficiency

1,012* 394* 1,136* 2,388* 4,725* 309*

Plant Shanghai China

Plant AnsanKorea

Plant ChongqingChina

Plant Leoben, HeadquartersAustria

Plant FehringAustria

Plant NanjangudIndia

AT&S plant & sales office

AT&S sales office

AT&S Headquarters

*Staff, Average, FTE, Q1-3 2017/18; 73 employees in other locations


Table of Contents

Company Overview

Strategy & Market

Financials

Annex


From vision to strategy

Targets/Key PerformanceIndicators

Strategy

Expansion of technology leadership• Leading provider of new interconnect solutions• Innovation revenue rate: > 20%

Focus on high-end technologies and applications Focus on innovative solutions

Long-term profitable growth• Medium-term EBITDA margin target of > 20%• Short-term revenue target of € 1 billion

Focus on fast-growing and profitable applications Highest service level and customer orientation Operational excellence Focus on cash flow generation

Creation of shareholder value• Long-term ROCE of 12%

Sustainable business development with focus on ROCE

Transparent dividend payout

Vision:“First choice for advanced application”

The best employees and management team members• Talent programs• Training and continuing development• Leadership Excellence program

Sustainable business leadershipBenchmark in the industry through reduction of:• 5% in CO2 emissions p.a.• 3% in freshwater consumption p.a.

Capital Excellence• Equity ratio: > 40%• Financing costs of < 2% (in a

corresponding interest environment)• Payback period of debt of < 3 years


Strategic focus on high-end technologies

AT&S Revenue structure in H1 2017/18 – based on technologies

High-endHDI PCBs andIC substrates

~ 30%

Single-sided (SS), double-sided (DS), multilayer- (ML), flex and rigid-flex (RF) PCBs

~ 70%

High-end technology share > 75% HDI and any-layer PCBs, Embedding

Complementary technology share: < 25% SS, DS, ML,

Flex, RF

Structure of general PCB market – based on technologies

Source: Prismark PCB Report 2Q17/ August 2017; AT&S Controlling


PCB market – Overview

14.6 14.5

15.3 17.3

7.68.7

5.26.13.7

4.52.4

2.848.8

53.9

2017 2021Computing Communication

Consumer Automotive

Industrial/Medical Military/Aerospace

5.0%

4.0%

3.5%

(0.2%)

3.0%

Forecast for the total PCB market until 2021: CAAGR of 2.5%

3.8%

USD in billions

11

AT&S outperformed a flat market in the past 6 years and is set to continue to do so also in the future.

100.5 101.3 103.7 96.9 95.1

105.4114.8

129.8148.4

158.5

6080

100120140160

2011* 2012 2013 2014 2015 2016

Index (2011 = 100)*

PCB & substrates market AT&S revenue

* Basis 2011:PCB & substrates market: USD 55.4bn AT&S revenue: € 514m

AT&S outperformed the market by scaling high-end any-layer technology and by leveraging HDI technology to the Computer-, Consumer-, Automotive-, Industrial and Medical market.

Source: Prismark, February 2017, Yole April 2017


Market Player/Position HDI Technology

12

Market position HDI Technology

Revenue (USD in millions)

Rank Country Supplier HDI Non HDI PCBs IC substrates Total revenue

1 TWN Unimicron 802 490 830 2,122

2 TWN Compeq 679 716 - 1,395

3 AUT AT&S 596 248 -* 844

4 USA TTM 501 1,987 - 2,488

5 JPN Ibiden 368 - 929 1,297

6 TWN Tripod 316 1,052 - 1,368

7 TWN Unitech 311 123 - 434

8 KOR SEMCO 296 204 844 1,344

9 JPN Meiko 251 474 - 725

10 KOR DAP 226 - - 226

Source: Prismark 2016; NTI 2016; AT&S Strategy

* N/A due to single customer


Driving the future: Internet of Things (IoT) Applications Healthcare & Fitness Smart Watches and Glasses

Wearable Electronics

Smart Mobility Autonomous Driving Car2X Communication

Smart City Smart Lighting

Smart Buildings Home/Building Automatization Smart Home Devices

Smart Production/Industry 4.0 Automatization/Robotics Machine-to-Machine Communication

Smart Healthcare Connected Patient Monitoring Systems Connected Consumer Healthcare Devices

Smart Energy Smart Metering

Building Blocks of IoT Modules: Sensing, Connectivity, Energy Storage/Harvesting, Power Management

30-50 billion of „Things“ will be connected in 2020

Wearable electronic devices offer revenue opportunities of USD 61.7bn beyond the smartphone market in 2020Source: Gartner Inc. 2016


Driving the industry: miniaturization & modularization

?

2003/04 2013 2017 202X

TYPE Mobile Phone Smartphone Smartphone All in One

PCB 125x55mm 85x20mm 80x20mm 25x25mm?

FORM FACTOR 1 0.25 0.23 0.06?

LINE/SPACE 100/100µm 40/40µm 30/30µm 10/10µm

TECHNOLOGY 1-n-1 Any-layer mSAP – Any-layer FO/SAP/mSAP


R&D as the key for technological leadership

7.7% R&D Quota

(in % in relation to revenue) 227 Patents

International R&D Partners

As of FY 2016/17 (ended 31/03/2017)* Revenue generated with products with new, innovative technologies introduced to the market within the last three years

21.8%Innovation Revenue Rate *

R&DHeadquarters

AustriaIndustrialization at the respective

production site


Future positioning as leading high-end interconnect solutions provider

Core businessNew technologies and interconnect

solutions

Extended technology toolbox

Additional customers

Additional applications

Broader positioning in the value chain

+

Mo

re t

han

AT&

S

Overview of the transformation from a high-endPCB manufacturer to a high-end interconnect solutions provider:


Table of Contents

Company Overview

Strategy & Market

Financials

Annex

18Investor and Analyst Presentation

Strong top-line growth and profitability, improved Cash Flow

Revenue YoY growth

Operating Cash FlowYoY development

EBITDA and EBITDA margin

High demand, additional revenue contribution from both plants in Chongqing. Negative FX impact of € 23.9m.

General high operational performance, successful implementation & optimization of mSAP technology.

Solid operating cash flow reflects strong earnings in first nine months.

€ in millions€ in millions € in millions; %

541.7589.9

667.0

762.9814.9

615.1

765.9

102.4127.2

167.6 167.5130.9

102.1

190.3

18.9% 21.6% 25.1% 22.0% 16.1% 16.6% 24.8%

71.7

104.8

143.9 136.9 136.4

16.8

121.0


Business Development – Mobile Devices & Substrates

88.7

120.9104.5

115.9112.2

123.4 101.0 97.7 126.6

148.6

113.7113.6

197.6 199.6

Q22014/15

Q32014/15

Q42014/15

Q12015/16

Q22015/16

Q32015/16

Q42015/16

Q12016/17

Q22016/17

Q32016/17

Q42016/17

Q12017/18

Q22017/18

Q32017/18

Revenue increase mainly on the back of the two plants in Chongqing

EBITDA improvements as a result of general efficiency measures and higher contribution margin

Price pressure on IC substrates remains

€ in millions (unless otherwise indicated)

Q1-3 2016/17 Q1-3 2017/18 Change in %

Revenue 438.6 580.0 32.2%

Revenue with external customers

372.9 510.8 37.0%

EBITDA 56.1 155.3 177.0%

EBITDA margin 12.8% 26.8% -

€ in millions; * Revenue with external customers

Revenue per quarter*

Trendline expressingseasonality


Business Development – Automotive, Industrial, Medical

71.7

65.9

72.6

77.8 79.572.7

76.6 80.4 79.9 78.984.9 85.0 87.3

79.3

Q22014/15

Q32014/15

Q42014/15

Q12015/16

Q22015/16

Q32015/16

Q42015/16

Q12016/17

Q22016/17

Q32016/17

Q42016/17

Q12017/18

Q22017/18

Q32017/18

Continued growth path in all sub-segments, particularly in Industrial and Medical

EBITDA below last year’s level which included a reversal of provision of € 3.3m for previously unused space – EBITDA margin impacted by negative FX effects, higher raw material prices

€ in millions (unless otherwise indicated)

Q1-3 2016/17 Q1-3 2017/18 Change in %

Revenue 262.0 270.8 3.4%

Revenue with external customers

239.2 251.6 5.2%

EBITDA 37.0 32.3 (12.6%)

EBITDA margin 14.1% 11.9% -

Revenue per quarter*

€ in millions; * Revenue with external customers


Net CAPEX & Staff

Net CAPEXQ1-Q3: € 124.6m for maintenance incl. technology upgrades and Chongqing phase 1

STAFF*The increased headcount is primarily based onChongqing.

€ in millions

40.5

90.3

164.8

254.3240.7

124.6

2012/13 2013/14 2014/15 2015/16 2016/17 Q1-3 2017/18

7,321 7,0277,638

8,7599,526

10,039

2012/13 2013/14 2014/15 2015/16 2016/17 Q1-3 2017/18

* incl. contractors, FTE, average for the period


Financials Q1-3 2017/18

High demand, additional revenue contribution from both plants in Chongqing. Negative FX impact of € 23.9m.

General high operational performance, successful implementation & optimization of mSAP technology.

Positive FX effects of € 2.0m (Q1-Q3 2016/17: FX expense 8.2m.

Reduced tax scheme in Shanghai still pending.

€ in thousands (unless otherwise stated)Q1-3 2016/17 Q1-3 2017/18

Change

YoY

STATEMENT OF PROFIT OR LOSS

Revenue 615,063 765,900 24.5%

produced in Asia 82% 85% 3pp

produced in Europe 18% 15% (3pp)

EBITDA 102,108 190,276 86.3%

EBITDA margin 16.6% 24.8% 8.2pp

EBIT 11,840 88,801 >100%

EBIT margin 1.9% 11.6% 9.7pp

Finance costs – net (18,551) (11,283) 39.2%

Income taxes (13,038) (29,742) (>100%)

Profit for the period (19,749) 47,776 >100%

Earnings per share (€ 0.51) € 1.21 >100%



Increase as a result of hybrid bond issueand net profit

Negative FX effects (mainly RMB-EUR and USD-EUR) of € 57.9m. Positive: Hybrid bond issue (€ 173.0m)

Ususal seasonal increase in BU MS

€ in thousands (unless otherwise stated)31 Mar 2017 31 Dec 2017 Change

STATEMENT OF FINANCIAL

POSITION

Non-current assets 1,029,363 953,813 (7.3%)

Current assets 407,331 579,581 42.3%

Equity 540,094 699,129 29.4%

Non-current liabilities 569,849 556,116 (2.4%)

Current liabilities 326,751 278,149 (14.9%)

Total assets 1,436,694 1,533,394 6.7%

Net debt 380,549 217,028 (43.0%)

Net gearing 70.5% 31.0% (39.5pp)

Net working capital 24,374 73,412 >100%

Net working capital per revenue 3.0% 7.2% 4.2pp

Equity ratio 37.6% 45.6% 8.0pp

Hybrid bond issue


Key credit figures

299

372405

523

593545

82

261 274

260212

328

217

111131

263

381

217

2012/13 2013/14 2014/15 2015/16 2016/17 Q1-3 2017/18

Gross debt Financial assets and cash Net debt

2.1

0.9 0.8

1.6

2.9

2012/13 2013/14 2014/15 2015/16 2016/17

Target: < 3x

Net debt/EBITDA

Net debt decrease based on lower net capex (Chongqing phase I finished) & Hybrid bond issue

€ in millions

Gross debt, financial assets and cash, net debt

Multiple


€ in millions* < 1 Year 1-5 Years > 5 Years Total

Promissory note loans 2014 1.6 48.6 5.0 55.2

Promissory note loans 2015 0.7 217.6 - 218.3

Promissory note loans 2016 0.3 49.9 100.0 150.2

Subsidized loans 24.6 45.6 - 70.2

Bank Borrowings and others 16.4 34.5 - 50.9

Total 31/12/2017 43.6 396.2 105.0 544.8

Total 31/03/2017 73.0 348.3 171.5 592.8

Overview Debt Portfolio Duration Maturity

* Including accrued interest and placement costs

83.7%

16.3%

Currency mix of debt portfolio

EUR USD

Average debt portfolio duration: 3.3 years (2016/17: 3.7 years)

Average financing costs: 2.5% (31/03/2017: 2.6%)

€ 191m of credit lines not utilized (31/03/2017: € 201m)

Currency mix of EUR and USD to support natural hedging strategy



Hybrid bond issue

Main drivers: increase of inventory by € 30.5m and increase of receivables by € 34.2m

€ in thousandsQ1-3 2016/17 Q1-3 2017/18

Change

YoY

STATEMENT OF CASH FLOWS

Operating result (EBIT) 11,840 88,801 >100%

Paid/received interests (11,628) (10,446) 10.2%

Paid taxes (10,706) (14,697) (37.3%)

Non cash bearing of profit or loss 85,004 106,647 25.5%

Cash flow from operating activities

before changes in working capital74,509 170,305 >100%

Changes in working capital (57,705) (49,293) 14.6%

Cash flow from operating activities 16,804 121,012 >100%

Cash flow from investing activities (108,650) (246,612) (>100%)

Cash flow from financing activities 78,440 135,419 72.6%

Change in cash and cash equivalents (13,406) 9,819 >100%

Operating free cash flow1) (175,473) (3,631) 97.9%

Free cash flow2) (91,846) (125,600) (36.8%)

1) Cash flow from operating activities minus Net CAPEX2) Cash flow from operating activities minus cash flow from investing activities


Net Working Capital Management

€ in millions; % of revenue

Net Working Capital development

103

92 95

88

24

73

19.0%

15.6%14.3%

11.6%

3.0%

7.3%

2012/13 2013/14 2014/15 2015/16 2016/17 Q1-3 2017/18

Net working capital Net working capital per revenue


AT&S – Stock ProfileListing: Vienna Stock Exchange,

Prime Standard

Indices: ATX Prime, WBI

Thomson Reuters (A): ATSV.VI

Bloomberg (A): ATS:AV

Annual results 2017/18 08 May 2018

Record date Annual General Meeting 25 June 2018

24th Annual General Meeting 05 July 2018

Ex-dividend day 24 July 2018

Record date dividend 25 July 2018

Dividend payment day 26 July 2018

Financial Calendar Shareholder structure

# of shares outstanding 38.85m

Average daily volume*: ~ 102,690 shares

Performance 1 year*: +124%

Dividend 2016/17: € 0.10 per share

Dividend yield: 1.0%* 01/03/2017 – 28/02/2018


Outlook FY 2017/18

For Q4:

> usual seasonality

> continuous price pressure – particularly for IC substrates

FY 2017/18 – provided a stable market environment and exchange rate development:

> revenue growth of 20-25%

> EBITDA margin: based on strong Q1-Q3 earnings - slightly above given forecast

of 19-22%

> additional depreciation of € ~15m


Table of Contents

Company Overview

Strategy & Market

Financials

Annex


AT&S Product Portfolio – I

ECP®:Embedded Component Packaging IC substrates Substrate-like printed circuit boards

mSAP

Embedded Component Packaging allows to embed active/passive components (e.g. wafer level dies) within the layers of a PCB – contributes to miniaturization.

IC substrates serve as interconnection platform withhigher density (Line/Space < 15 micron) between semiconductors (Chips) & PCBs .

Substrate-like PCBs (mSAP technology) are the next evolution of high-end HDI PCBs with higher density: Line/Space < 30 micron.

Production siteLeoben, Shanghai Chongqing Chongqing, Shanghai

ApplicationsDevices such as smartphones, tablets, digitalcameras and hearing aids

High-end processors for Computer, Communication, Automotive, Industrial

Mobile applications like smartphones


HDI any-layer printed circuit

boards

HDI microvia printed circuit boards – high density interconnect

Multilayer printed circuit boards

Double-sided printed circuit boards

IMS printed circuit boards – insulated metal

substrate

Further technological enhancement to HDI microvia: All electrical connections in HDI any-layer boards consist of laser-drilled microvias. Advantage: further miniaturization, and higher performance and reliability. AT&S produces HDI any-layer in 4 to 12 layers.

HDI: high density interconnect, meaninglaser-drilled connections (microvias). HDI is first step towards miniaturization.AT&S can produce 4-layerlaser PCBs up to 6-n-6HDI multi layer PCBs.

Found in almost every area of industrial electronics. AT&S produces printed circuit boards with 4 to 28 layers, in quantities from individual prototypes to small batches and mass production.

Used in all areas of electronics. AT&S focuses on double-sided printed circuit boards with thicknesses in the range of 0.1-3.2mm.

IMS: insulated metal substrate. Primary function: heat dissipation for use mainly with LEDs and power components.

Production siteShanghai Shanghai, Leoben Leoben, Nanjangud, Fehring Fehring, Nanjangud Fehring

ApplicationsSmartphones, Tablets, Notebooks

Mobile phones and nearly all electronic applications including automotive (navigation, infotainment and driver assistance systems)

Used in all electronic applications including touch panels, and in products ranging from aircraft to motorcycles, from storage power plants to solar arrays

Primarily industrial and automotive applications

Lighting industry

AT&S Product Portfolio – II


Flexible printed circuit boards

Semi-flexible printed circuit boards

Rigid-flex printed circuit boards

Flexible printed circuitboards on aluminum

AT&S patentedtechnologies

Used to replace wiring and connectors, allowing for connections and geometries that are not possible with rigid printed circuit boards.

More limited bend radius than flexible printed circuitboards. The use of astandard thin laminatemakes them a cost-effective alternative.

Combine theadvantages of flexibleand rigid printed circuitboards, yielding benefitsfor signal transmission,size and stability.

Used when installing LEDsin car headlights, forexample, where theprinted circuit board isbonded to an aluminumheat sink to which theLEDs are then attached.

Production siteAnsan, Fehring Fehring Leoben, Ansan Ansan

ApplicationsNearly all areas ofelectronics, includingmeasuring devices andmedical applications

Automotive applications Industrial electronics,such as productionmachines and industrialrobots

Lighting, automotive,building lighting

AT&S Product Portfolio – III

ECP®: Embedded Component PackagingECP® is a patented AT&S packaging

technology used to embed active and passive electronic components in the inner layers of a printed circuit

board. ECP® technology is used in ever smaller, more efficient and more powerful devices, such as

smartphones, tablets, digital cameras and hearing aids.Production sites: Leoben, Shanghai

2.5D® Technology PlatformCombines mechanical and electronic miniaturization, and enables partial reduction of the thickness of a

circuit board. Advantage: populated assemblies have a thinner profile. Can be also used to make cavities in

the printed circuit board, e.g. for acoustic channels. Major application for this technology is the 2.5D® rigid-

flex printed circuit board, a lower cost alternative for flex-to install applications.

Production sites: Leoben, Shanghai


Management

Andreas Gerstenmayer, CEO

Joined AT&S as CEO in 2010

Previous positions include:

18 years of work experience at Siemens, including Managing Director with Siemens Transportation Systems GmbH Austria and CEO of the Drive Technology business unit in Graz from 2003 to 2008

Partner at FOCUSON Business Consulting GmbH after leaving Siemens

Education:

Degree in Production Engineering from Rosenheim University of Applied Sciences

Monika Stoisser-Göhring, CFO

CFO since 2017 Previous positions include:

Since 2011 with AT&S in seniorpositions in Finance and Human Resources

Various positions at international accounting and tax consulting companies

Education: Training as Tax Consultant Degree in Business Administration

from Karl-Franzens University Graz

Heinz Moitzi, COO

COO since 2005; with AT&S since 19811)

Previous positions include: Various management positions

within AT&S Measurement engineer with Leoben

University of Mining and Metallurgy Education:

Degree from Higher Technical College of Electrical Engineering

1)He was already with the founding company of AT&S


Milestones in the Group’s history

1987Founding of the Group, emerging

from several companies owned by

the Austrian State Owned

Industries

1994Privatization and

acquisition by Messrs

Androsch, Dörflinger, Zoidl

1999Initial public offering on Frankfurt Stock Exchange

(„Neuer Markt“). Acquisition of Indal Electronics

Ltd., largest Indian printed circuit board plant

(Nanjangud) – today, AT&S India Private Limited

2002Start of production at new Shanghai

facility – one of the leading HDI

production sites in the world

2010Start of production

at plant II in India

2009New production direction: Austrian

plants produce for high-value niches

in the automotive and industrial

segment; Shanghai focuses on the

high-end mobile devices segment

2008AT&S change

to Vienna Stock

Exchange 2006Acquisition of Korean

flexible printed circuit

board manufacturer,

Tofic Co. Ltd. – today,

AT&S Korea Co., Ltd.

2015AT&S again achieves record high sales and earnings for

financial year 2014/15 and decides to increase the investment

program in Chongqing from € 350 million to € 480 million

2011 Construction starts on new

plant in Chongqing, China

Capacity increase in

Shanghai by 30%

2013AT&S enters the IC substrate

market in cooperation with a

leading manufacturer of

semiconductors 2016AT&S starts serial production of

IC substrates at the plant in

Chongqing


A sustainability benchmark in the industry

36

“Highest resourceefficiency“

“Highest standards at all locations worldwide“

“Highesttransparency“

* Basis for CO2 output: 2015/16

Sustainability reporting since 2012/13 Gold recognition from the Responsible

Business Alliance Conflict minerals reporting Public CDP reporting on climate change

(C score) and water (B score)

Resourceconsumptionstable/declining

Revenue growth Environment: ISO 14001 Safety: OHSAS 18001 Energy: ISO 50001 Quality: ISO 9001, ISO/TS 16949

AS/EN 9100, DS/EN 13485


AT&S – First choice for advanced applications

IR contactJohannes Mattner

Fabriksgasse 13, 8700 Leoben/Austria

Tel: +43 3842 200 5450Mobile: +43 676 8955 6093Fax: +43 3842 200 [email protected]

www.ats.net

Visit: www.ats.net; @AT&S IR_PR; AtundS

mailto:[email protected]


DisclaimerThis presentation is provided by AT & S Austria Technologie & Systemtechnik Aktiengesellschaft, having its headquarter at Fabriksgasse 13, 8700 Leoben, Austria (“AT&S”), and thecontents are proprietary to AT&S and for information only.

AT&S does not provide any representations or warranties with regard to this presentation or for the correctness and completeness of the statements contained therein, and noreliance may be placed for any purpose whatsoever on the information contained in this presentation, which has not been independently verified. You are expressly cautioned notto place undue reliance on this information.

This presentation may contain forward-looking statements which were made on the basis of the information available at the time of preparation and on management‘s expectationsand assumptions. However, such statements are by their very nature subject to known and unknown risks and uncertainties. As a result, actual developments, results, performanceor events may vary significantly from the statements contained explicitly or implicitly herein.

Neither AT&S, nor any affiliated company, or any of their directors, officers, employees, advisors or agents accept any responsibility or liability (for negligence or otherwise) for anyloss whatsoever out of the use of or otherwise in connection with this presentation. AT&S undertakes no obligation to update or revise any forward-looking statements, whether asa result of changed assumptions or expectations, new information or future events.

This presentation does not constitute a recommendation, an offer or invitation, or solicitation of an offer, to subscribe for or purchase any securities, and neither this presentationnor anything contained herein shall form the basis of any contract or commitment whatsoever. This presentation does not constitute any financial analysis or financial research andmay not be construed to be or form part of a prospectus. This presentation is not directed at, or intended for distribution to or use by, any person or entity that is a citizen orresident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which wouldrequire any registration or licensing within such jurisdiction.

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