AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse13 | A-8700 Leoben Tel +43 (0) 3842 200-0 | E-Mail info@ats.net

www.ats.net

AT&Sfirst choice for advanced applications

Company PresentationDecember 2014

1

Company Overview

Strategy & Market

Annex

Financials

Table of Contents

2

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

Megatrend-driven markets with attractive growth potential

Entering a new high-end business segment by 2016

Pure high-end segment play Technology & quality leader Largest European PCB

producer Partner of choice for blue

chip customer base Balanced industry portfolio

Strong Asian production footprint with focus on high volume/low mix

European footprint: high mix/low volume

Operational excellence: Outstanding process know-how, productivity and efficiency

One of the most profitable players in the industry: above industry EBITDA margins

Strong cash flow generation Proven long term successful

financial track record

3

AT&S – Key Facts

Strong track record1 Balanced portfolio/Global customer base2

Distribution Revenue: Business Unit

Distribution Revenue: Customer Region

488514

542

590

96 103 102127

47 42 3154

2010/11 2011/12 2012/13 2013/14

Revenue EBITDA EBIT

+5%+5%

+9%

Revenue growth 7%

In E

UR

m

27%

7%

19%

47%

Germany/Austria

Other European countries

Asia

Americas

52%48%

Mobile Devices &Substrates

Industrial & Automotive(inkl. Medical)

4

Global footprint ensures cost efficiency

European production facilities: high mix/low volume Asian production facilities: high volume/low mix

Sales network spanning three continents About ~7,400 employees

Plant Shanghai, China

Staff: ~4.250

Plant Ansan, Korea

Staff: ~250

Plant Nanjangud, India

Staff: ~1.100

Plant Chongqing, China under constructionStaff: ~400

AT&S Sales OfficesAT&S Plants

Plant Leoben, AustriaHeadquartersStaff: ~ 800

Plant Fehring, Austria

Staff: ~350

► volatility due to seasonal effects

5

Balanced high-end product portfolioto level seasonality

Characteristic Selected ApplicationsSegment

1) Based on external revenue EUR m in H1 2014/15

Mobile Devices &Substrates

Advanced Packaging

Selected Market Leaders

GoPro

Sony

LG

Canon

Qualcomm

Blackberry

Lenovo

Huawei

Samsung

Xiaumi

ZTE

Intel

Apple

► stable business due to longer product life time

Includes the segment Advanced Packaging (still in the process of being established) as well as group management and financial activities

Others

(Revenue in EUR m)

(Revenue in EUR m)

52%

48%

74.5 90.1 87.7

69.0 68.0 88.7

Q1 13/14 Q2 13/14 Q3 13/14 Q4 13/14 Q1 14/15 Q2 14/15

66.4 66.3 62.9 69.7 72.6 71.7

Q1 13/14 Q2 13/14 Q3 13/14 Q4 13/14 Q1 14/15 Q2 14/15

Industrial & Auto-motive & Medical

Revenue Share1)

Communication

Computing

Automotive:Lighting, thermal, sensors, safety, infotainment, powertrain

Medical:Patient monitoring, Therapy, diagnostic

Industrial:Instrumentation &Control, power solutions, lighting

Consumer Electronics

Osram

Hella

Siemens

General Electric

Continental

Harmann

EADS

Texas Instr. TDK-EPKOS

ST MicroPrescale

RFMDQualcomm

6

Company Overview

Strategy & Market

Annex

Financials

Table of Contents

7

Convincing Business Model

Level of complexity

Strategic focus on high-end segments

„Market intelligence“ – anticipate and industrialise future leading-edge trends and technologies by defining high-end applications and technology niches

Focus on profitable segments with sustainable growth perspectives

Continuous technological process development

Successfully leveraging technology between business segments

Sustainable profitability with strong cash flow out of core business

Continously improve product mix and capacity utilisation for on-going above industry margins

Strict working capital management / Operational Cash Flow driven decision making

EBITDA margin target corridor of 18-20%

Accelerate growth by entering a new high-end business segment

IC-substrates with start of production in 2016

Joint-development with leading semiconductor company

Cost advantage: one of the first companies operating a high-end IC Substrate manufacturing facility in China

1

2

3

8

PCB Market Growth outperforms E-Systems Market

1) Market Size 2013 , in USD bn / Source: Prismark, April 2014 2) AT&S addressable Market Size 2013, in USD bn / Source: BPA, Prismark, AT&S, 2013-2014 3)excl. IC Substrates

Business Unit Industry/E-Systems Market Selected Applications E-Systems Market 1)

CAGR 2013-2018PCB Market Size 2)

CAGR 2013-2018

Mobile Devices & Substrates

Computing Notebooks, PCs, Server 490 bn 2.7% 17.0 bn 3.1%

Communications Smartphones, Tablets 482 bn 3.1% 15.3 bn 3.7%

Consumer Electronics Cameras 147 bn 3.5% 6.4bn 3%

SubstratesMicroprocessors, GraphicProcessors

7.6 bn 4.9%

Industrial & Automotive & Medical

Industrial & MedicalInstrumentation & Control, Therapy, Diagnostic

253 bn 5.8%

3.2 bn 12.9%

Medical 1.3 bn 6.8%

AutomotiveLighting, sensors, safety, infotainment, powertrain

178 bn 6.5% 4.3 bn 7.1%

Total Market Size3)

CAGR 2013-20181,678 bn 3.8% 47.5 bn 4.4%

9

Market Player/Position HDI Technology

Source: Prismark, August 2014

Market position HDI Technology

Rank SupplierRevenue

(in USD m)

1 Unimicron 682

2 Compeq 538

3 AT&S 530

4 SEMCO 480

5 Ibiden 426

6 TTM 406

7 Zhen Ding 343

8 Tripold 305

9 DAP 279

10 Unitech 236

(as of 30/09/2014)

Completion of Infrastructure

Start Equipment Characterisation

Certification

Start Training

Start Equipment Ordering

Plant Lay-outProduct-Specification

Start of Production

10

Q4 Q1 Q2 Q3

FY 2013/14

Q4 Q1 Q2 Q3

FY 2014/15

Q3

FY 2012/13

Q4 Q1 Q2 Q3

FY 2015/16

Q4 Q1 Q2 Q3

FY 2016/17

Q4

Focus on high-end segment of IC Substrates

Development in close cooperation with a world leading semiconductor company

Investment as at 30/09/2014: EUR 163.1 m1)

Equipment for first line installed and internal qualification process finished

Characterisations and certification has started, production of samples started

Start of production is scheduled for 2016

Project Status IC Substrate plant Chongqing

1)Additions to tangible fixed assets as of 30/09/2014

Start Equipment Installation

11

Driving Future Trends: Internet of Things (IoT) and Application Structures

Healthcare

GlassesWearable Electronics

Smart Mobility Autonomous Driving

Car2Car Communication

Smart City Smart Lighting

Smart Buildings Home/Building Automatisation

Energy Management

Smart Production/Industry 4.0 Automatisation/Robotics

Production Control Systems

Smart Healthcare Connectivity (e.g. online patient monitoring)

Smart Energy Smart Metering

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

Wearables market forecast: USD 10 – 60 bn by 2018Source: IHS, 2013

12

Company Overview

Strategy & Market

Annex

Financials

Table of Contents

13

Sound top-line growth, above industry margins and increasing cash conversion

2010/11 2011/12 2012/13 2013/14 Continuous growth path up to full capacity

utilisation

Revenue with products out of Asian production increased from 69% in 2010/11 to 76% in 2013/14

Next significant step-up in growth: start of production of IC-substrate in Chongqing in 2016

EBITDAAND

EBITDA-MARGIN

OPERATING CASH

FLOW / Y-O-Y DEVELOPMENT

EBITDA increase due to high capacity utilisation

Continuous conversion to more high-end product mix

EBITDA margin guidance: 18-20%

Operating cash flow generation driven by strong EBITDA performance

488 514542 590

7187

72

105

Selected Key Financials (EUR m)

REVENUE / Y-O-Y GROWTH

96 103 102127

19.7% 20.0% 18.8%21.5%

14

Efficient operational cost base

106

7582

96106

114

23.6%

20.1%

16.8%18.6%

19.5% 19.3%

Working Capital Working Capital % of Sales

Working Capital Development in EUR m

2008/09 2009/10 2010/11 2011/12 2012/13 2013/14

15

Staff and Capex

STAFF1)

Decreased number of staff in core business reflects improved productivity.

CAPEX (in EUR m)

CAPEX increase includes technology process developments in existing locations and investments in Chongqing project.

Regular Business Employees Project Chongqing

1) incl. leased personel, average for the period

6,9877,417 7,321

7,027

2010/11 2011/12 2012/13 2013/14

54123 115 113

40

90

2010/11 2011/12 2012/13 2013/14

Financials H1 2014/15

16

EUR thousands (unless otherwise indicated)

01.04.2014- 30.09.2014 01.04.2013 – 30.09.2013

STATEMENT OF PROFIT OR LOSS

Revenue 302,077 299,933

produced in Asia 76% 75%

produced in Europe 24% 25%

EBITDA 72,297 65,412

EBITDA margin 23.9% 21.8%

EBIT 39,928 30,567

EBIT margin 13.2% 10.2%

Profit for the period 28,445 21,957

Cash Earnings 60,785 56,785

EPS (average number of sharesoutstanding)1)

0.73 0.94

1) 2014/15: Lower result substantially due to issue of new shares and sale of own shares in Sept. and Oct. 2013Same basis of number of shares than in comparison period would reflect EPS of EUR 1.21

Financials H1 2014/15

17

EUR thousands (unless otherwise indicated) 30.09.2014 31.03.2014

STATEMENT OF FINANCIAL POSITION

Non-current assets 603,549 483,858

Currents assets 453,641 432,201

Equity 465,141 390,680

Non-current liabilities 398,701 370,336

Current liabilites 193,348 155,043

Total assets 1,057,190 916,059

Net debt 179,989 110,874

Net gearing 38.7% 28.4%

Net working capital 126,226 91,722

Net working capital per revenues 20.9% 15.6%

Equity ratio 44.0% 42.7%

Financials H1 2014/15

18

EUR thousands 01.04.2014 – 30.09.2014 01.04.2013 – 30.09.20131)

STATEMENT OF CASH FLOWS

Profit for the period 28,445 21,957

Non cash bearing of profit or loss 40,312 34,337

Changes in Working Capital (35,107) (15,967)

Net cash generated from operatingactivities 33,650 40,327

Net cash used in investing activities (88,699) (40,079)

Net cash generated from financingactivities 12,618 24,246

Net increase/decrease in cash and cash equivalents (42,431) 24,494

19

Overview Debt Portfolio Duration

Maturity

EUR m < 1 Year 1-5 Years > 5 Years Total

Corporate Bond 4.3 99.6 - 103.9

Export Loans 32.0 - - 32.0

Public funds and other - 2.4 1.1 3.5

Bank Borrowings 13.2 200.4 49.1 262.7

Total 30/09/2014 49.5 302.4 50.2 402.1

Total 31/03/2014 46.0 282.9 43.0 371.9

AT&S - Stock Profile

Listing Vienna Stock Exchange, Prime Standard

Indices ATX Prime, WBI

ThomsonReuters (A) ATSV.VI

Bloomberg (A) ATS AV

# of shares outstanding 38.85m

Avg. daily volume 69,000

YTD abs performance 25.38%

Dividend 2013/14: EUR 0.20

Dividend yield: 2.3%

Calendar

3rd Quarter Results 2014/15 27 January 2015

Annual Results 2014/15 7 May 2015

21st Annual General Meeting 9 July 2015

20

YTD price development/liquidity & Shareholder structure

*including direct and indirect holdings

*

*

ATX Prime

AT&S

21

Outlook FY 2014/15

Based on the strong demand in the industry in the second half of the

calendar year 2014 – particularly in the mobile devices segment – and the

low visibility in respect to the first quarter of the calendar year 2015 we are

assuming that, provided the macro-economic environment remains stable

and considering todays foreign exchange rates, business development will

continue to be on a satisfactory level. For the full year 2014/15 we expect

revenues in line with prior year and an EBITDA margin on the upper level

of our target corridor of 18-20%.

22

Company Overview

Strategy & Market

Annex

Financials

Table of Contents

23

HDI microvia printed circuit boards

HDI any-layer printed circuit boards

IMS printedcircuit boards

Multilayerprinted circuit boards

AT&S Product Portfolio

Double-sided printedcircuit boards

Flexible printed circuit boards

Semiflexible printed circuit boards

Rigid-flexible printed circuit boards

Flexible printed circuit boards on aluminium

HDI rigid-flex printed circuit boards

Management

24

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 and other positions:

Member of the Research Council of Styria Degree in Production Engineering from Rosenheim University of Applied Sciences

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 Studied electrical installation with Stadtwerke Judenburg (Judenburg municipal utility company)

Karl M. Asamer, CFO

Joined AT&S as CFO in 2014 Previous positions include:

Managing Director of GEKA Group in Germany Managing Director of Sell GmbH in Germany

Education: Degree: doctorate in business administration in Linz, Austria

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

1) High Density Interconnect (laser-drilled printed circuit boards)

25

History

2013 Collaboration agreement with leading semiconductor manufacturer to enter IC substrate market

2011 Acquisition of land and start of construction of a high-end plant in Chongqing, China

2010 Relocation of Group Headquarters from Vienna to Leoben Ramp-Up plant II in Nanjangud

2009 Restructuring and reorientation of Leoben plant towards high-value industrial business

Focusing Shanghai on high-end mobile devices segment

2008 Relisting on the Vienna Stock Exchange (Prime Market)

2006 AT&S buys flexible plant in Korea

2002 Start of production in new AT&S plant in Shanghai – one of the world’s leading HDI1) facilities

1999 AT&S listed on the Neuer Markt at the Frankfurt Stock Exchange

AT&S buys PCB plant in India

1994 Privatisation and acquisition by Hannes Androsch, Willibald Dörflinger and Helmut Zoidl

1987 Foundation of AT&S

Five core dimensions of sustainability within AT&S

Energy and carbon footprint

WaterAT&S – a learning organisationResources

Thinking ahead –shaping the future

CSR gains importance in long term success Improving efficiency Motivated and qualified staff

CSR as a key to sustainable business success

26

The importance of sustainability is rising within: Authorities

(basis for securing operation licences) Customers

(relevant for placing orders)

AT&S saves CO2 and Water…

27

Sustainability – Figures and Fields of Action

AT&S aims to minimise its environmental footprint by reducing the CO2 emissions per m2 PCB attributable to production processes by 5% a year.

AT&S aims to reduce the Group‘s annual fresh water consumption per m2

PCB by 3%.

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

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AT&S – first choice for advanced applications

IR Contact:Elke KochFabriksgasse 13, 8700 Leoben/AustriaTel: +43 3842 200 5925Mobile: +43 676 8955 5925Fax: +43 3842 200 15909e.koch@ats.netwww.ats.net

Disclaimer

29

This presentation is provided by AT & S Austria Technologie & Systemtechnik Aktiengesellschaft, having its headquarter at Fabriksgasse 13, 8700 Leoben, Austria

(“AT&S”), and the contents are proprietary to AT&S and for information only.

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and no reliance may be placed for any purpose whatsoever on the information contained in this presentation, which has not been independently verified. You are

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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

expectations and assumptions. However, such statements are by their very nature subject to known and unknown risks and uncertainties. As a result, actual

developments, results, performance or events may vary significantly from the statements contained explicitly or implicitly herein.

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