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&S first choice for advanced applications

Company Presentation

September 2015

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

AT&S – Key Facts

Strong track record 1 Balanced portfolio / Global customer base 2

7%

€ in millions

3

Distribution revenue: Business Unit, Q1 2015/16

Distribution revenue: Customer Region, Q1 2015/16 based on sold to party

23%

6%

14%

57%

Germany/Austria

Other Europeancountries

Asia

Americas

60% 40%

Mobile Devices &Substrates

Automotive,Industrial, Medical

488 514 542 590

667

141 194

96 103 102 127 168

29 46 47 42 31 54 90

13 24

2010/11 2011/12 2012/13 2013/14 2014/15 Q12014/15

Q12015/16

Revenue EBITDA EBIT

+5% +5% +9% +13% +38%

Revenue growth

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 ~8,500 employees

Plant Shanghai, China Staff: ~4,600

Plant Ansan, Korea Staff: ~300

Plant Nanjangud, India Staff: ~1,100

Plant Chongqing, China under construction Staff: ~1,100

Plant Leoben, Austria Headquarters Staff: ~ 900

Plant Fehring, Austria Staff: ~300

AT&S sales offices AT&S plants

68.0 88.7

120.9 104.5 115.9

-

50,0

100,0

150,0

Q1 14/15 Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16

72.6 71.7 65.9

72.6 77.8

50,0 60,0 70,0 80,0

Q1 14/15 Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16

► volatility due to seasonal effects

5

Balanced high-end product portfolio to level seasonality

Characteristic

Selected Applications

Segment

1) Based on external revenue € in millions in Q1 2015/16

Mobile Devices & Substrates

Advanced Packaging

Selected Market Leaders

GoPro

Sony

LG

Canon

Qualcomm

Blackberry

Lenovo

Huawei

Samsung

Xiaomi

ZTE

Intel

Apple

► stable business due to longer product life time

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

Others

(Revenue € in millions)

(Revenue € in millions)

Automotive, Industrial, 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 Instruments

ST Microelectronics

Freescale Semiconductor

RFMD

TDK-Epcos

Qualcomm

60%

40%

6

Company Overview

Strategy & Market

Annex

Financials

Table of Contents

AT&S Positioning Strategy

Strategic focus on high-end technologies

High-end HDI PCBs and IC-Substrates

~30%

High-end technology share > 70% HDI and Anylayer PCBs, Embedding

Complementary technology share: <30%

SS, DS, ML, Flex, RF

Structure of general PCB market – based on technologies

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

~70%

AT&S Revenue structure in 2014 - based on technologies

7

Strategy: Selecting segments and applications

Market segments – selected by AT&S:

Mobile Devices & Substrates Automotive Industrial Medical

Attractive, specific application growth:

> 10 %

Potential for sustainable high EBITDA margins :

> 20 %

Technological fit: dense structures:

35 - 60 micrometer

Criteria for selection

Smartphones, Tablets, Ultrabooks, Wearables ..

Navigation, Advanced Driver Assistance Systems, Infotainment..

Machine-2-Machine Communication, Industrial Computer…

Hearing Aids, Patient Monitoring ..

1 2 3

Specific applications that show attractive, overall growth within our addressed market segments :

8

Market-Technology-Strategy Focus on strategic applications with high growth rates and high technological requirements Market growth

PCBs

Technology level

Total segment market

Market addressed by

AT&S

low

medium

high

Mobile Devices

Mobile Devices Industrial

Automotive

low

medium high

Medical

Industrial

Automotive

Medical

Smartphones Tablets, Notebooks

Wearables

Navigation Infotainment

Driver Assistence Systems

Machine-2-Machine Industrial Computer

Test & Reference

Hearing Aids Pace Maker

9

Source: AT&S; Prismark (2015), JMS (2014), YOLE (2015) Advanced Packaging represents the “Embedded die – package” forecast. FC-Substrates represents “FC-BGA” and “FC-CSP” package substrates.

Market per Segments 2014 – 2019 [US$ in millions]

The Total PCB & Substrate Market will reach around 70 bn US $ in 2019

Overall Market development Market per Technology 2014 – 2019 [US$ in millions]

10

CAGR 4% CAGR 4%

11

Market Player/Position HDI Technology

Source: Prismark, August 2014; NTI CY2013; AT&S Strategy

Market position HDI Technology

Revenue (US$ in millions)

Rank Country Supplier HDI Non HDI PCBs

IC-Substrates

Total revenue

1 TWN Unimicron 682 671 795 2,148

2 TWN Compeq 538 509 - 1,047

3 AUT AT&S 530 248 - 778

4 KOR SEMCO 480 173 1,212 1,865

5 JPN Ibiden 426 - 1,080 1,506

6 USA TTM 406 962 - 1,368

7 TWN Zhen Ding 343 1,774 - 2,117

8 TWN Tripod 305 1,077 - 1,382

9 KOR DAP 279 21 - 300

10 TWN Unitech 236 304 - 540

Automotive growth1)

High-end PCB market outperforms segment growth Mobile Phones growth1)

Industrial growth1)

Medical growth1)

12

Other Mobile Devices growth1)

PCB market growth 1)2) HDI market growth1)3)

Source: Prismark May 2015, 1)based on US$ revenue estimates for 2015 vs. 2014 market, 2) Total PCB market of US$ 59.5bn estimates, 3) Total HDI PCB market of US$ 8.2bn estimates. 4) CAGAR 2014-2019

5.2%

IC Substrates growth4)

4.7%

3.1%

2.3%

6.7%

6.4%

5.9%

>10%

~15%

~7%

6.7%

1.3%

1.8%

2.9% ~6%

~5%

13

General Description & Technology Application Areas Customer Base Market Size *

PCBs

PCBs are the interconnection platform for electric, electronic & mechanical components (such as resistors ,

capacitors, IC’s, connectors; etc.) Density: Line/ Space > 25micron

Computer, Consumer, Communication, Automotive

Industrial, Medical

OEM´s Tier 1 Tier 2

AT&S addresses a market of US$ 5.8bn

Substrate-like PCBs

Substrate-like PCBs are the next evolution of high-end HDI PCBs with higher density: Line/Space 20-30micron

Wearables and applications of the “Internet of Things”

OEM’s Tier 1 Tier 2

Technology in introduction, part of High –end HDI and

Low-end Substrate

market

* AT&S addresses part of a total market of USD 47.5bn/ source: Global Production Value 2014, Prismark, March 2015

Extended Technology Portfolio starting 2016: Printed Circuit Boards (PCBs) and IC Substrates

Why AT&S is entering the substrate-like PCB market: Ongoing miniaturisation and increasing modularisation Positioning for next technology generation in early stage

14

General Description & Technology Application Areas Customer Base Market Size *

IC Substrates

IC-Substrates serve as interconnection platform with higher density (Line/Space < 15 micron) between

semiconductors (Chips) & PCBs

High-end processors for Computer, Communication,

Automotive, Industrial

OEM’s Semiconductor

Industry

AT&S addresses a market of US$ 5.1bn

* AT&S addresses part of a total market of USD 7,6bn/ source: Global Production Value 2014, Prismark, March 2015

Extended Technology Portfolio starting 2016: Printed Circuit Boards (PCBs) and IC Substrates

Why AT&S is entering the IC Substrate market? Market demand: “Advanced applications” need high-end microprocessors with increased performance Technology: „High-end PCB-Technology” and Substrate-Technology for Semiconductors is merging

Investment project Chongqing - Overview

15

Location: Chongqing, Central China

Total investment: € 480m in first phase (until mid 2017)

Expected start-up costs of € 70-90m (€ 50-60m capitalised)

Expected CAPEX-revenue ratio: mean of 0.9 (at full expansion)

Expected ramp-up: > IC Substrates: Beginning of 2016 > Substrate-like PCBs: second half 2016

*at full expansion

Plant I Plant II Products: IC Substrates Substrate-like PCBs Capacity: 150,000 sqm/p.a.* 200,000 sqm/p.a.*

Layout Chongqing – IC-S & Substrate-like PCBs

Building 1: IC Substrate plant Specifications: Clean Room Class < 100

Building 2: Substrate-like PCB plant Specifications: Clean Room Class < 10,000 to < 1,000 in special areas

16

(as of 30/06/2015)

Completion of Infrastructure

Start Equipment Characterisation

Certification

Start Training

Start Equipment Ordering

Plant Lay-out Product- Specification

Start of Production up to High Volume Mass Production

17

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

Investment as at 30/06/2015: € 178.5m1)

Characterisations and certification for first line is ongoing

Start of production is scheduled for 2016

Project Status IC Substrates - Chongqing I

1) CAPEX in fixed tangible assets

Start Equipment Installation

Substrate-like PCBs are the next evolution of HDI technology, based on ongoing trend for miniaturisation and modularisation

AT&S addresses next level of technology development and expands leading technology position

Technology synergies: Technology development of SLP takes place in plant Shanghai, first quantities will be available 2015 out of Shanghai plant; high volume mass production of SLPs expected to start second half of calendar year 2016 at new plant in Chongqing

Financed by current and future cashflows and existing debt facilities

18

Project status substrate-like PCBs – Chongqing II

Q4

Start Building & Infrastructure

Start of Production up to High Volume Mass Production

Q1 Q2 Q3

FY 2015/16

Q4 Q1 Q2 Q3

FY 2016/17 FY 2017/18

Q1 Q2 Q3 Q4

Equipment Installation

Qualification

19

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

Healthcare Glasses

Wearable 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 billion by 2018

Source: IHS, 2013

20

Company Overview

Strategy & Market

Annex

Financials

Table of Contents

21

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

488 514

542 590

667

141 194

96 103 102

127

168

29

46

19.7% 20.1% 18.9%

21.6%

25.1%

21.0%

23.0%

€ in millions

71 87

72

105

144

25 38

Revenue Y-O-Y growth

Operating Cash Flow Y-O-Y development

EBITDA and EBITDA-margin

Continuous growth path up to full capacity utilisation

Revenue with products out of Asian production increased from 69% in 2010/11 to 80% in Q1 2015/16

EBITDA increase due to good product mix, high capacity utilisation and efficiency and cost programs

EBITDA margin guidance FY 2015/16: >19% due to impact from ramp-up Chongqing plant

Operating cash flow generation driven by strong EBITDA performance

€ in millions € in millions

Regular business

22

Capex & Staff

CAPEX CAPEX increase reflects technology investments in existing locations and investments in Chongqing project (whereof € 25.6m).

113

40

90

165

43 40

2011/12 2012/13 2013/14 2014/15 Q12014/15

Q12015/16

STAFF* The increased headcount is primarily based on the Chongqing project.

7,417 7,321 7,027 7,638

8,390

2011/12 2012/13 2013/14 2014/15 Q1 2015/16

123 609 54 1,049

* incl. leased personnel, FTE, average for the period (€ in millions)

Employees of project Chongqing

Financials Q1 2015/16

23

€ in thousands (unless otherwise indicated)

01.04.2015 - 30.06.2015 01.04.2014 - 30.06.2014

STATEMENT OF PROFIT OR LOSS

Revenue 194,392 141,310

produced in Asia 80% 75%

produced in Europe 20% 25%

EBITDA 45,518 29,131

EBITDA margin 23.4% 20.6%

EBIT 23,813 13,324

EBIT margin 12.3% 9.4%

Finance costs - net (170) (2,665)

Income Taxes (3,993) (3,080)

Profit for the period 19,650 7,579

Cash Earnings 41.322 23.377

EPS in € (average number of shares outstanding) 0.50 0.19

EBIT increase of € 10.5m: high revenue and capacity utilisation and continuous improvement activities.

Revenue increase of 37.6%: 20.9% from organic growth and 16.7% from FX effects.

Effective group tax rate: 16.9% vs. 28.9% in Q1 2014/15: last years number does not consider Shanghai tax benefit.

Improvement despite slight increase of interest expenses due to FX gains.

24

Profit for the period and earnings per share

Earnings per share increased by 159.2%

23.3 23.3 23.3

30.8

38.9 38.9 38.9

1.51 1.14 0.62 1.24 1.78 0.19 0.50

-20

-15

-10

-5

0

0

10

20

30

40

50

2010/11 2011/12 2012/13 2013/14 2014/15 Q12014/15

Q12015/16

Number of shares, average number; in million pcs. Earnings per share; in €

Financials Q1 2015/16

25

€ in thousands (unless otherwise indicated) 30.06.2015 31.03.2015

STATEMENT OF FINANCIAL POSITION

Non-current assets 735,546 712,757

Current assets 507,822 508,055

Equity 601,073 604,358

Non-current liabilities 415,221 413,070

Current liabilities 227,074 203,384

Total assets 1,243,368 1,220,812

Net debt 137,590 130,510

Net gearing 22.9% 21.6%

Net working capital 96,919 95,319

Net working capital per revenues 12.5% 14.3%

Equity ratio 48.3% 49.5%

Increase from profit of the period of € 19.6m overcompensated by negative impact from FX out of translation.

Only slight increase despite high CAPEX due to significantly improved cash flows from operating activities.

26

Net debt/EBITDA

0,0

0,5

1,0

1,5

2,0

2,5

2010/11 2011/12 2012/13 2013/14 2014/15

2.3 2.0 2.1

0.9 0.8

Expected multiple in temporary peak of Chongqing investments: < 3.5x

27

Overview Debt Portfolio Duration

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

Corporate Bond 3.1 99.7 - 102.8

Export Loans 32.0 - - 32.0

Public funds and other - 2.4 1.1 3.5

Bank Borrowings 13.3 220.1 37.4 270.8

Total 30/06/2015 48.4 322.2 38.5 409.1

Total 31/03/2015 46.0 321.6 37.7 405.3

Average debt portfolio duration: 3.6 years (2014/15: 3.8 years) Average financing costs of 3.4% 177m € of credit lines not utilised

Refinancing 2015/16

Financials Q1 2015/16

28

€ in thousands 01.04.2015 – 30.06.2015 01.04.2014 – 30.06.2014)

STATEMENT OF CASH FLOWS

Profit for the period 19,650 7,579

Non cash bearing of profit or loss 25,078 18,416

Changes in Working Capital (7,041) (1,088)

Cash flow from operating activities 37,687 24,907

Cash flow from investing activities (40,331) (42,937)

Cash flow from financing activities 3,320 19,951

Change in cash and cash equivalents 676 1,921

Increase is based on higher business activities; inventory was reduced. Increase of € 12.8m creates solid base to finance most of CAPEX.

Continuous high CAPEX activities to finalise set up of Chongqing and continuous upgrades of existing production facilities.

29

Net Working Capital Management

Net Working Capital Development - € in millions and in % of revenue

92

103

92 95 97

18.0% 19.0%

15.6% 14.3%

12.5%

2011/12 2012/13 2013/14 2014/15 Q1 2014/15

Net Working Capital development Net Working Capital % of revenue

AT&S - Stock Profile

Listing: Vienna Stock Exchange, Prime Standard

Indices: ATX Prime, WBI ThomsonReuters (A): ATSV.VI Bloomberg (A): ATS AV

Half year results 2015/16 27 October 2015

3rd Quarter Results 2014/15 28 January 2016

Full year results 2015/16 10 May 2016

22nd Annual General Meeting 07 July 2016

30

Financial Calendar 1 year development / Daily volume

ATX Prime

AT&S

# of shares outstanding 38.85m Avg. daily volume: 88,221shares Performance ytd: + 53,04% Performance 1 year: + 54.92% Dividend 2014/15: EUR 0.36/per share

Dividend yield: 2.5%

31

14.9% of Free Float not identified

AT&S – Shareholder structure

32

Outlook FY 2015/16

Provided a stable macroeconomic environment and continuous good customer demand Management expects an ongoing high level of capacity utilisation.

On the basis of the organic growth of the first quarter, a business development at the level of the previous year in the next three quarters and an average USD-EUR exchange rate of 1.19, the Management Board has increased the revenue expected for the financial year 2015/16 to € 725m.

Influenced by the expected costs of the start-up of the new plants in Chongqing, the EBITDA margin should exceed 19% (guidance at the beginning of the financial year: 18-20%). This includes an EBITDA margin in the core business at the level of the previous year.

33

Company Overview

Strategy & Market

Annex

Financials

Table of Contents

34

AT&S Product Portfolio 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 miniaturisation, and higher performance and reliability. AT&S produces HDI any-layer in 4 to 12 layers.

HDI: high density interconnect, meaning laser-drilled connections (microvias). HDI is first step towards miniaturisation. AT&S can produce 4-layer laser PCBs up to 6-n-6 HDI 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 0.1-3.2 mm.

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

Production site Shanghai

Shanghai, Leoben

Leoben, Nanjangud, Fehring

Fehring, Nanjangud

Fehring

Applications Smartphones, 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

35

AT&S Product Portfolio Flexible printed circuit boards

Semi-flexible printed circuit boards

Rigid-flex printed circuit boards

Flexible printed circuit boards on aluminium

AT&S patented technologies

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 circuit boards. The use of a standard thin laminate makes them a cost-effective alternative.

Combine the advantages of flexible and rigid printed circuit boards, yielding benefits for signal transmission, size and stability.

Used when installing LEDs in car headlights, for example, where the printed circuit board is bonded to an aluminium heat sink to which the LEDs are then attached.

Production site Ansan, Fehring

Fehring

Leoben, Ansan

Ansan

Applications Nearly all areas of electronics, including measuring devices and medical applications

Automotive applications

Industrial electronics, such as production machines and industrial robots

Lighting, automotive, building lighting

ECP: Embedded Component Packaging ECP® 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 site: Leoben

2.5D® Technology Platform Combines mechanical and electronic miniaturisation, 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

36

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

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

37

Milestones

Five core dimensions of sustainability within AT&S

Energy and carbon footprint

Water AT&S – a learning organisation

Resources

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

38

The importance of sustainability is rising within:

Authorities (basis for securing operation licences)

Customers (relevant for placing orders)

AT&S saves CO2 and Water…

39

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%.

765.2

834.7

783.9

734.0

2011/12 2012/13 2013/14 2014/15

Freshwater consumption

In liters per sqm weighted PCB

1)

47.4

51.0 50.7

49.0

2011/12 2012/13 2013/14 2014/15

CO2-Footprint 1)

In kg per sqm weighted PCB

1) Since 2012/13 calculation according to EICC standards before that AT&S internal calculation

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

40

AT&S – first choice for advanced applications

IR Contact: Elke Koch Fabriksgasse 13, 8700 Leoben/Austria Tel: +43 3842 200 5925 Mobile: +43 676 8955 5925 Fax: +43 3842 200 15909 e.koch@ats.net www.ats.net

Disclaimer

41

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.

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

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 any loss 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 as a 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 presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. This presentation does not constitute any financial analysis or financial research and may 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 or resident 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 would require any registration or licensing within such jurisdiction.