CORPORATE PRESENTATION AUGUST 2014 EVERY DAY EVERYWHERE

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1 CORPORATE PRESENTATION AUGUST 2014 EVERY DAY EVERYWHERE

2 INTRODUCTION TO ALENT

3 Alent history TODAY A MARKET-LEADING SPECIALTY CHEMICALS AND MATERIALS COMPANY 2012 Alent plc listed on the London Stock Exchange in December 2012 Constituent of the FTSE250 - Specialty Chemicals Sector Significant period of growth Net sales value +21.9% / Return on net sales value from 13.0% to 21.8% Disposal of several non-core businesses (equipment, laminates, EMC) 1999 Acquisition of Enthone Inc., the #2 global supplier of electroplating chemicals 1990s The electronics boom in the early 1990s provided opportunities to acquire further electronics companies 1985 Alpha expansion into Asia 1984 Acquisition of Alpha Metals Inc., a supplier of interconnect materials to the electronics business 1944 Cookson acquired Fry Metals ALPHA & ENTHONE - #1 or #2 GLOBALLY RECOGNISED BRANDS 3

4 Alent today SEGMENT KEY PRODUCTS END-MARKET 2013 Net sales value (NSV) (1) Assembly Materials (ALPHA) Electronic interconnect materials, primarily solder in all forms: Printed circuit board assembly Semiconductor packaging Predominantly electronics market focused 50% 420m (1) 50% Surface Chemistries (ENTHONE) Specialty electroplating chemicals: Semiconductor fabrication Printed circuit board fabrication Corrosion and wear-resistant, and decorative coatings Serving mainly the electronics and automotive/ industrial markets Assembly Materials Surface Chemistries (1) Net sales value = Revenue less commodity metals that pass through to customers (tin, silver and gold) MARKET LEADING POSITIONS #1 OR #2 4

5 Alent products Bar Solder Wire Solder Chemistry Preforms Solder paste Copper Damascene EVERYTHING WITH AN ON/OFF SWITCH EVERY DAY, EVERYWHERE 5

6 Assembly Materials Segments/Products Surface Mount Assembly Segment Products for use in electronic equipment Solder paste - Using a stencil to place small deposits of solder onto a printed circuit board Wire solder - Used in touch-up and rework applications Preforms - Solder components engineered into specific shapes/forms Stencils - Used to apply adhesive and solder paste onto a printed circuit board Wave Solder Assembly Products for use in electronic equipment Bar solder and flux Used in mature wave soldering process Microlectronics Products for use in semiconductors Electronic polymers Used for packaging, sealing and conductive adhesives Solder spheres Used for integrated circuit and printed circuit board connections Die attach Used to attach the semiconductor chip to the package PV ready ribbon A pre-fluxed solder coated copper ribbon used for connecting solar cells within a solar panel Other Reclaim Metal recycling business reclaim of waste solder, reused in solder processes Water treatment Produces chemicals for industrial end-markets 6

7 Surface Chemistries Segments/Products Performance Coatings Products for use in industrial/automotive end-markets Decorative coatings - Decorative electroplating chemistries developed to enable plating directly onto plastic in industrial and automotive markets Wear resistant coatings - Chromium electroplating chemistries used in industrial applications and for use on auto parts such as engine valves and shock absorber cylinders Corrosion resistant coatings - Zinc alloy electroplating chemistries used in industrial, building and auto markets (e.g. on brake calipers and fasteners) Electronics Copper damascene - Electroplating chemistry used to create the wires within a semiconductor integrated circuit chip Wafer bumping chemistries - Electroplating for connections within the integrated circuit Interconnect materials - Electroplating chemistries for fabrication of printed circuit boards 7

8 DELIVERING LONG-TERM GROWTH

9 The Alent model A Global Market Leader + Competitive Advantage Outperformance of attractive end-markets + Financial Strength DELIVERING LONG-TERM GROWTH AND SUSTAINABLE MARGIN IMPROVEMENT 9

10 A GLOBAL MARKET LEADER

11 Competitive landscape Assembly Materials Surface Chemistries Alent (Alpha) Senju (Japan/Private) Tamura (Japan/Public) Indium (US/Private) Kester (ITW - US/Listed) Henkel (Europe/Listed) Shenmao (Taiwan/Private) Atotech (Total) Alent (Enthone) MacDermid (Platform) Dow (Rohm & Haas) OMG (US/Listed) Coventya (Europe/Private) Umicore (Europe/Listed) Top 7 suppliers = 80% of the Market Top 7 suppliers = 65% of the Market MARKET LEADING POSITIONS #1 AND #2 11

12 Strong global presence 2013 revenue by geography 2013 NSV by geography 42% 684.7m 30% 38% 420.1m 28% 28% 34% Americas Europe Asia Americas Europe Asia Present in over 100 countries Just in time supply chain Recent investments in high growth Asia region 12

13 Focus on high unit volume end-markets Auto/Industrial c30% of NSV 6 Auto Electroplating 7 Water Treatment 8 Other Electroplating Electronics c70% of NSV Personal Computers 2 Mobile & Infrastructure 3 Microelectronics & Semiconductors 4 Auto Electronics 5 Other Electronics MARKET LEADING POSITIONS INTO TARGETED END-MARKETS

14 Automotive Auto Electronics Head lamp Reflectors Emblems Shifter Knob Steering Wheel Trim Interior Console, Bezel Trim, Knobs Side View Mirror Interior, Exterior Door Handles Body Side Moulding Critical safety systems (ABS, airbag) External lighting Cabin electronics Communications system Front Grilles Electronics Underhood controllers Entry/exit security Climate control Bumper Performance Coatings External Lighting Underhood Controllers Cabin Electronics Communications System Aluminium Wheels, Plastic Clad Wheels Entry/Exit Security Decorative - Internal and external Anti-wear Critical Safety Systems (ABS, airbag) Climate Control Corrosion resistance 14

15 Electronics Assembly Materials Camera Modules Accelerameters Microprocessors Solder paste Solder spheres Preforms Wire Die attach adhesives Printed Circuit Board Surface Chemistries Molded Antennas Copper damascene Semiconductor wafer level packaging Printed circuit board metallisation Printed circuit board final finishes Molded interconnect devices 15

16 What makes end-markets attractive for Alent HIGH UNIT VOLUME APPLICATIONS HIGH UNIT END-MARKETS HIGH GROWTH POTENTIAL GLOBAL CONSUMER BASE GLOBAL PRODUCTION BASE ALENT TARGETS HIGH UNIT VOLUME GROWTH APPLICATIONS 16

17 Attractive growth drivers More than 85% of middle class growth expected from Asia-Pacific region through , North America Europe Central & South America 3, Global middle class* Millions of people 703 1, ,228 Asia Pacific 664 1, Sub-Saharan Africa Middle East & North Africa *Global middle class defined as daily expenditure of between $10 and $100 per person in purchasing parity terms Source: Organisation for Economic Co-operation and Development (OECD) Development Centre In the past 15 years, 1 billion consumers drove underlying demand for electronics and automobiles In the next 15 years, more than 1.5 billion more consumers will enter the middle class Most of those consumers will live in Asia it is their disposable income that will drive growth in Alent s end-markets in the future OUR END-MARKETS REMAIN ATTRACTIVE GROWTH MARKETS 17

18 Growth markets - Electronics 2013 Total: $1.7b 2018F Total: $2.0b Smartphones $288b/17.2% Smartphones $341b/16.9% Rest of the Electronics Industry $885b/52.8% Tablets $78b/4.6% Servers/Storage/ Comms.Infra $249b/14.8% 3.8% CAAGR Rest of the Electronics Industry $1,019b/50.4% Tablets $111b/5.5% Servers/Storage/ Comms.Infra $305b/15.1% Automotive Electronics $178b/10.6% Automotive Electronics $244b/12.1% CAAGR Smartphones 3.6% Tablets 7.3% Servers/Storage/Comms.Infra 4.1% Auto Electronics 6.5% Rest of Electronics Industry 2.9% TOTAL 3.8% Source: Prismark Partners, March

19 (US$bn) Growth markets - Automotive Automotive production growth in units (m) Automotive electronics content forecasts $244F A 2012A 2013A 2014E 2015E 2016E 2017E 2018E Electronic content (US$bn) 2011A 2012A 2013A 2014E 2015E 2016E 2017E 2018E Source: Prismark Partners, March 2014 Source: Prismark Partners, March 2014 Global automotive production expected to grow above historic rates driven by emerging markets Electronics content within a vehicle growing at an even higher rate The electronics content within a vehicle is growing at a rate that significantly exceeds the underlying automotive unit growth rate Electronics value is on average ~US$2,000 per automobile today Electronics content as a percentage of the total vehicle cost is expected to rise significantly as market penetration of hybrid and electric vehicles increases 19

20 COMPETITIVE ADVANTAGE ALENT KEY COMPETITIVE ADVANTAGE

21 Alent s competitive advantage DELIVERING LONG-TERM GROWTH AND SUSTAINABLE MARGIN IMPROVEMENT Differentiated OEM customer model Customer-driven, fast cycle R&D Technical services Global footprint 21

22 Differentiated customer model Designs, Specifies, Manages Subcontractors (or In-House) Mandates Alent materials and processes Sometimes sole supplier Sometimes dual source supplier SUBCONTRACTORS CONTACT ALENT WITH PROBLEMS 22

23 Alent OEM competitive advantage Market leadership and globally recognised brands gets us to the table Global team of value-in-use technical sales personnel Customer-driven, fast cycle R&D, enabling innovation and new product pipeline R&D facilities to model customer processes and generate data to demonstrate increased efficiencies and yield Value-in-use strategy ensures long-term relationship and price stability Strategic proximity to subcontractors ( customers ) EXCELLENT EXECUTION PROVIDES HIGH BARRIERS TO ENTRY 23

24 Customer-driven R&D Approximate Allocation Strategy CORE PRODUCT DEVELOPMENT 70% ADJACENT MARKETS 20% NEXT GENERATION PRODUCTS & TECHNOLOGIES 10% Customer focused product development Gain market share by continuous stream of innovative products Strategic Technology Initiatives for adjacent markets Key Customer engagements to feed Innovation Pipeline Explore, select and nurture Emerging / Breakthrough / Disruptive Technologies Learn Programs to demonstrate feasibility Approximately 60 R&D projects per year Results in c30-40 new products per year DISCIPLINED ALLOCTION OF R&D RESOURCES ENSURES A SUSTAINABLE & ROBUST ROI 24

25 Advantages of customer-driven R&D Based on real time Voice of Customer ( VoC ) driven by subcontractor We discuss problem and solution with OEM We solve problems at subcontractors Closed feedback loop with the OEM & their chosen subcontractor Innovation centres able to directly translate VoC into products Capability to replicate customers manufacturing process Speeds product to market Capability to generate statistically significant customer relevant data sets Leverages years of expert technical focus on key segments Deep insight into applications Practised at formulating application specific solutions Capability to replicate the customers processes Supported by our significant and sustained investment in equipment Takes advantage of Alent s global presence providing proximity to key markets and customers STRATEGY CREATES TANGIBLE VALUE FOR OUR CUSTOMERS AND DIFFERENTIATES ALENT 25

26 Innovation centre capabilities Centres have the same equipment and testing as customers Generate customer relevant data Lab scale to manufacturing scale-up under one roof Enables quick turnaround of new Alent formulations Guarantees scale-ability of newly developed Alent products Generates 100Ks of data points to characterise products Needed to instil the confidence for our customers to invest their resources for evaluations on their manufacturing lines UNRIVALLED CAPABILITY & SCOPE TO GENERATE RELEVANT CUSTOMER DATA IN-HOUSE 26

27 Fast cycle R&D Mobile requires rapid/continuous development In only months Alent technology can reach volume manufacturing Automotive requires intensive material characterisation to demanding segment specific reliability testing Greater than a year for Alent technology to reach volume manufacturing Fast/long cycle YEARS Mobile Automotive Product approval Product lifecycle ABILITY TO SERVE BOTH MODELS DEMONSTRATES THE STRENGTH OF OUR INTEGRATED OEM/VOC R&D STRATEGY 27

28 Technical services Global team of experienced engineers Deep understanding of customers processes Walking the floor, solving problems in real time Not every problem requires a new product Fast cycle R&D develop, test and improve ON THE FRONT LINE, SOLVING PROBLEMS 28

29 Global footprint Americas 3 R&D centres 8 Factories Europe 2 R&D centres 5 Factories Asia 4 R&D centres 10 Factories Global presence, enabling access to all key growth markets Strategically positioned manufacturing and R&D presence close to industry defining customers Longstanding and collaborative customer relationships Leading position in innovation and product development Strong presence in Asia, particularly China GLOBAL PRESENCE WITH CLOSE PROXIMITY TO OUR GLOBAL CUSTOMERS LOCAL SITES 29 29

30 FINANCIAL STRENGTH

31 Financial strength demerger priorities Maintain stable pricing and strong cost control and discipline Strengthen working capital management Improve cash generation Maintain financial flexibility Develop a strong platform for growth CLEAR PRIORITIES TO DEVELOP FINANCIAL STRENGTH 31

32 Pricing and efficiency supporting NSV margin Gross Margin / NSV % Pricing Pricing remains stable Gross margin stability Cost and efficiency Continued focus on cost control and efficiency improvements Manufacturing footprint consolidation and upgrading Overheads tightly managed but positioned for growth Continuous efficiency improvements Lower operating costs Headcount including top grading Process efficiency improvements Opex / NSV % STABLE PRICING AND CONTINUOUS EFFICIENCY IMPROVEMENTS SUPPORTING GROWTH 32

33 NSV margin progression 13.0 Group NSV Margin % Solid NSV margin growth 13% in 2008 to 22% in 2013 Foundations supporting NSV margin Stable pricing Tight cost control Continuous process efficiency improvements Underlying market growth Continued migration to higher margin products New product/market pipelines Differentiated customer model Customer-driven, fast cycle R&D Assembly Materials NSV Margin % Surface Chemistries NSV Margin % NSV MARGIN GROWTH ASPIRATIONS 33

34 Strong cash generation Working Capital/Sales % 22.6 Working capital 6m cash inflow during 2013 Continued improvement from 23% in 2008 to 18% of sales in 2013 Continuous improvement through Improved supply chain Reduced overdue receivables Continued SKU consolidation Supplier partnership and term extension Cash Generation % Strong cash conversion 100% of EBITDA in 2013 Ongoing asset light requirements STRONG CASH GENERATION TO SUPPORT GROWTH 34

35 Solid platform for growth Operational CAPEX m / % of depreciation Asset light Capex of 1.5x depreciation in 2013 Manufacturing footprint largely complete Stay in business capex 1x depreciation Continued focus on R&D facilities 189% 184% 152% 16.1m 16.4m 13.7m Net Debt/EBITDA (times) Net debt Net Debt at 97m or 1x EBITDA Significant headroom from existing facilities RoCE % Return on capital employed Returns in excess of 20% Inc. goodwill Exc. goodwill BALANCE SHEET STRENGTHENED PROVIDING SOLID PLATFORM FOR GROWTH 35

36 Capital allocation Capital allocation priorities Organic growth Progressive dividend policy Acquisitions in line with our strategy Capital return to shareholders Maintain a capital structure that is efficient and balanced between growth and returns to shareholders Special dividend to shareholders announced with interim results 4 August pence per share Represents a total payment of c 42m Share consolidation Pro forma balance sheet leverage at 30 June 2014 would have been c1.4x DISCIPLINED BALANCE BETWEEN INVESTMENT FOR GROWTH AND RETURNS TO SHAREHOLDERS 36 36

37 OUT PERFORMANCE OF END- MARKETS

38 Delivering outperformance INNOVATION High unit growth end-markets Differentiated customer model (OEM) Customer-driven, fast cycle R&D Transition to a mix of higher margin products Operational efficiencies Financial strength to support organic growth & M&A PEOPLE 38

39 Alent s performance vs markets Market Alent vs Market Automotive Total Electronics Surface Mount Assembly Printed Circuit Boards Semiconductor Electronics chemistries Copper damascene Water Treatment Business CONTINUED OUTPERFORMANCE OF OUR MARKETS 39 39

40 SUMMARY

41 Alent today A producer of highly engineered and customised specialty chemicals and materials with: Global footprint and market-leading positions with high barriers to entry Competitive advantage through:- Fast cycle R&D enables innovation and a sustainable new product pipeline Manufacturing excellence and strategic proximity to customers Embedded customer relationships delivers value to OEMs Financial strength to support organic growth and acquisitions Outperformance of our long-term growth end-markets through the cycle DELIVERING LONG-TERM GROWTH AND SUSTAINABLE MARGIN IMPROVEMENT 41

42 APPENDICES 42

43 Definitions The following are referred to throughout this presentation:- NSV is revenue less commodity metals (tin, silver, gold). Adjusted operating profit, adjusted profit before tax, adjusted profit for the period and adjusted earnings per share are, as appropriate, each stated before: exceptional items; amortisation of acquired intangible assets; deferred tax on acquired intangible assets and goodwill; utilisation of deferred tax assets where initial recognition was an exceptional item; acquisition costs; the impact arising from the fair valuing of financial instruments; and profits or losses arising on business disposal. Additionally, adjusted operating profit is stated before the share of post-tax profit of joint ventures. Adjusted cash generated from operations is cash generated from operations after adding back nil (2013: 4.5m) for demerger cash costs. Free cash flow is defined as net cash from operating activities after net outlays for the purchase and sale of property, plant and equipment and dividends from joint ventures but before additional funding contributions to Group pension plans

44 Group financial highlights Reported Change % H H Reported Constant Net sales value (NSV) ( m) (3.8) 3.6 Manufacturing and raw material costs ( m) (79.7) (83.1) 4.1 (3.6) Gross margin ( m) (3.6) 3.6 Gross margin (%) pts - Overheads ( m) (77.6) (82.0) 5.4 (1.2) Adjusted operating profit ( m) (0.2) 8.1 NSV margin (%) pts 1.0pts Adjusted profit before tax ( m) Adjusted earnings per share (pence) Adjusted cash generated from operations ( m) (26.9) Net debt ( m) Leverage (x EBITDA) 1.0x 1.4x Group NSV increased 4%; stronger in Q2 as electronics demand cycle accelerated in line with seasonal trends Gross margin maintained at 60%; pricing remained stable NSV margin increased 1.0pts Net debt of 102.3m; equivalent to net debt/ebitda of 1.0x 44 44

45 Segmental analysis Reported Change % H H Reported Constant NSV Assembly Materials (3.9) 4.1 Surface Chemistries (3.7) 3.1 Alent Group (3.8) 3.6 Adjusted operating profit Assembly Materials (5.8) 2.4 Surface Chemistries Corporate (3.5) (3.7) Alent Group (0.2) 8.1 NSV Margin (%) Assembly Materials (0.5)pts (0.5)pts Surface Chemistries pts 2.0pts Alent Group pts 1.0pts 45 45

46 Assembly Materials Reported m Change % H H Reported Constant Wave Solder Assembly (14.2) (3.6) Surface Mount Assembly Microelectronics Products (6.8) - Other (10.5) (6.6) Total NSV (3.9) 4.1 Adjusted operating profit (5.8) 2.4 NSV Margin 26.4% 26.9% (0.5)pts (0.5)pts Modest improvement in principal markets Wave Solder Assembly Ongoing mix shift from Wave Solder Assembly to higher margin Surface Mount Assembly Strong growth in Surface Mount Assembly, across all product lines Paste volume up 9% with improved product margin contribution due to further traction with Tier 1/2 auto OEMs Packaged preforms delivered strong growth in volume and margin on the back of design wins with targeted European automotive suppliers Wire volume up 6% due to stronger demand in Asia Microelectronics increased traction in die-attach technology Other continued progress in water treatment business offset by performance of reclaim business Excluding impact of reclaim business, NSV margin progressed 46 46

47 Surface Chemistries Reported m Change % H H Reported Constant Performance Coatings (4.3) 2.1 Electronics Chemistries (1.0) 6.1 Other (25.0) (18.2) Total NSV (3.7) 3.1 Adjusted operating profit NSV Margin 20.9% 18.9% 2.0pts 2.0pts Modest pick up in automotive and industrial markets Performance Coatings and Electronics Chemistries segments outperformed versus underlying markets Solid progress in our Performance Coatings segment Strong performance in our functional and decorative coatings business, particularly in Asia Electronics Chemistries Copper damascene NSV increased by 12% driven by ramp up at 28/20nm nodes Progress at 14nm node with ongoing product evaluations at a number of key customers Good progress in circuit board fabrication due to market share gain in through-hole metallisation and final finishes NSV margin increased 2.0pts to 20.9% 47 47

48 Net debt m H H FY 2013 Adjusted free cash flow Demerger costs Pension top-ups - (4.5) (4.8) - - (1.9) Dividends paid to shareholders (15.9) (15.3) (23.3) Other, including foreign exchange & deferred consideration Movement on net debt in the period (5.8) (0.2) 47.9 Net debt at start of period (96.5) (144.4) (144.4) Net debt at end of period (102.3) (144.6) (96.5) Financial covenants: Net debt to EBITDA (last 12 months) 3.0x Debt facility: 300m syndicated bank facility; Debt maturity x 1.4x 1.0x 48 48

49 Dividends Change Interim (pence) Final (pence) 5.71 Full year (pence) 8.6 Dividend cover 2.8x Interim dividend of 3.0 pence per share Representing 35% of 2013 full year dividend of 8.6 pence per share Progressive dividend policy maintained Dividend at least in line with earnings growth Dividend cover within a range of 3.0 to 2.8 times 49 49

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