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AT&S AT&S AT&S AT&S

Company Company Company Company PresentationPresentationPresentationPresentationFebruary 2013February 2013February 2013February 2013

AT&S Austria Technologie & SystemtechnikAktiengesellschaft

Martin TheyerDirector of Strategy & IR/PRFabriksgasse 13A-8700 Leoben

Tel: +43 3842 200 5909Email: m.theyer@ats.net

Despite a diligent preparation of this presentation we assume no liability for the content or any action basedon this presentation. We do not give any warranty, guarantee or commitment, neither explicitly nor implicitly.Neither AT&S nor any of its employees assume responsibility for the completeness or accuracy of theinformation contained or not in this presentation. The presentation does not include and does not constituteor form part of any offer what so ever, nor does it constitute or form part of any kind of prospectus.

This presentation contains certain forward-looking statements. Actual results may differ materially from those projected or implied in such forward-looking statements. Forward-looking information involves risks and uncertainties that could significantly affect expected results.

DisclaimerDisclaimerDisclaimerDisclaimer

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OverviewOverviewOverviewOverview

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Business Business Business Business modelmodelmodelmodel

� AT&S Austria Technologie & Systemtechnik AG is the largest producer of printed circuit boards in Europe and India, and also ranks among the industry leaders worldwide in innovation and the continuing development of printed circuit board manufacturing technologies. The AT&S Group employs more than 7,500 people around the world.

� AT&S’s main business divisions are Mobile Devices, Industrial & Automotive. Its core activity is the manufacture of high-end printed circuit boards – the nerve centres of so many electronic appliances.

� AT&S is headquartered in Austria and carries out research and development in Austria and China. It has production facilities in Austria, China, India and Korea, a sales service and design centre in Germany, and a sales network spanning four continents.

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LocationsLocationsLocationsLocations

Leoben-Hinterberg: Head Quarter~755 people

Fehring: ~380 people

Klagenfurt: ~110 people

Shanghai: ~4.900 people

Ansan-Korea: ~235 people

� 6 production facilities worldwide� Purchasing & Sales Office: Hong Kong, China� Design-Center: Nörvenich, Germany� 16 Sales Offices on four continents� About 7 500 employees� R&D: Hinterberg and Shanghai – Cooperation with well-known � partners from Industry and Science

Nanjangud-Indien: ~1.040 people

Chongqing~ under construction

AT&S main focus is on highAT&S main focus is on highAT&S main focus is on highAT&S main focus is on high---- end solutions in end solutions in end solutions in end solutions in profitable profitable profitable profitable market market market market segmentssegmentssegmentssegments

Tod

ay‘s

Bus

ines

s

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� Global Player in the PCB premium class

� Top 2 HDI* any-layer supplier

� Largest PCB multilayer manufacturer in India

� Leading supplier to all OEMs of smartphones and tab lets

� Leading supplier to the European Industry & Automot ive

� Largest European PCB manufacturer

WeWeWeWe operateoperateoperateoperate in an in an in an in an atractiveatractiveatractiveatractive marketmarketmarketmarket

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Historical Historical Historical Historical CyclesCyclesCyclesCycles in in in in thethethethe PCB PCB PCB PCB ProductionProductionProductionProduction

7Source: Prismark (2012) *Estimates AT&S AG

Global Turn Over

* * * * *

• Upcoming years expected to be growth years• The average growth cycle last approx. 5.75 years based on history• The market growth for the upcoming cycle is estiamted to be approx. 6% p.a.

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The PCB The PCB The PCB The PCB maketmaketmaketmaket is growing with different is growing with different is growing with different is growing with different speeds and marginsspeeds and marginsspeeds and marginsspeeds and margins

Overall Market development

2011 2016

Market per Segments 2011 – 2016 [Mio. US $] Market per Technology 2011 – 2016 [Mio. US $]

8.636

2.1461.090

2.9753.0677.278

13.312

17.290

11.829

2.4251.462

5.486

3.816

8.268

18.331

22.471

55.794

74.087 Segment CAGR

IC Substrate 6,5%

Av. & Security 2,5%

Medical 6,0%

Industrial 13,0%

Computing 5,4%

Communication 6,6%

Automotive 4,5%

Consumer 2,6%

5,8%p.a.

8.636

9.205

7.423

22.458

5.420

2.652

11.829

13.237

11.019

27.646

6.762

3.593

55.794

74.087 Segment CAGR

IC Substrate 6,5%

Flex/R-Flex 7,5%

HDI 8,2%

SS 6,3%

ML 4,2%

DS 4,5%

5,8% p.a.

2011 2016

Overall

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OurOurOurOur StrategyStrategyStrategyStrategy –––– growthgrowthgrowthgrowth throughthroughthroughthrough innovationinnovationinnovationinnovation

0

100

200

300

400

500

600

700

800

900

1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

AT

&S

Rev

enue

[ME

UR

]

AT&S AT&S AT&S AT&S hashashashas a a a a clearclearclearclear plan plan plan plan howhowhowhow totototo growgrowgrowgrow profitable profitable profitable profitable throughthroughthroughthrough innovationinnovationinnovationinnovation in in in in thethethethe nextnextnextnext yearsyearsyearsyears

AP

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Multi Layer

HDI*

Embedding*IC-Substrates

SS, DS

Core Business

/17

AT&S PCB Technology Road Map

Technology Road map of AT&S

Year Technical Development min. L/S [µm]

Multi Layer

HDI Any Layer

AdvancedPackaging

PCB

HDI Micro Via

IC Substrate

100

40

15

25

60

HDI Anylayer +

1982

1998

2005

2010

2014

2016 8

Core Business New Business

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WhatWhatWhatWhat isisisis a a a a substratesubstratesubstratesubstrate????

What is a substrate?

• IC carrier, „a high end PCB“• Signal routers between IC and PCB + components• Voltage routers between IC and PCB + voltage source• i.o.c. thin, planar, organic, GFR, multilayered, copper clad

laminate

Substrate footprint for Intel micro processor

IC faced (green dots)

• Pitch 135µm• Lines/spaces 12µm

PCB faced (red dots)• Pitch 400µm• Lines/spaces 35µm

Substrates are partof the package(market & industry)

PCBs are not (99.9%)Main difference

between PCB and subtrates

FCFCFCFC----BGA Shipments by SuppliersBGA Shipments by SuppliersBGA Shipments by SuppliersBGA Shipments by Suppliers

AT&S is entering a very attractive market with stellar gr owthopportunities, few players and premium margins expectat ions

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Strong Strong Strong Strong BusinesBusinesBusinesBusines Case for Chongqing PlantCase for Chongqing PlantCase for Chongqing PlantCase for Chongqing Plant

admin. building under construction

14© AT&S AG

• AT&S will have a market share of 6% once Chongqing is ful ly ramped up• Return on Investment is higher than in the HDI* segment• Cash turn over is two times higher than today• For every Dollar invested we expect one Dollar of Revenues• High entry barriers for the competition in the champions l eague

AT&S Segment AT&S Segment AT&S Segment AT&S Segment slpitslpitslpitslpit after the transformationafter the transformationafter the transformationafter the transformation

IC

Cor

e B

usin

ess

New

Bus

ines

s

57%

15

43%

<1%

Revenue SplitToday

Revenue SplitStrategic Plan

45%

29%

3%

24%

FinancialsFinancialsFinancialsFinancials

Distribution of Distribution of Distribution of Distribution of TurnoverTurnoverTurnoverTurnover

17Figures are based on internal management information systems and are subject to change | Source: AT&S AG

Turnover YTD 2012/13 Turnover YTD 2012/13

25%7%

13%

55%

Distribution of Turnover by Headquarter

Austria+Germany

Rest of Europe

Asia

Canada/USA26%

13%

50%

11%

Distribution of Turnover Ship to Party

Austria+Germany

Rest of Europe

Asia

Canada/USA

Mobile Devices

First 9 months revenues up from EUR 211m to EUR 229m

� sales reached new record high

� new products launched successfully

� good loading in Shanghai during the last 3 months

� new OEMs added to customer portfolio

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Segment Segment Segment Segment TurnoverTurnoverTurnoverTurnover

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Industrial & Automotive

First 9 months revenues up from EUR 159m to EUR 175m

� automotive growth rate of 10% YoY, HDI growth of 50% (HDI boards for Multimedia, driver assistance and lighting applications)

� medical segment grows by more than 50% => applications for medical therapy doubled within the last fiscal year especially for flex boards

� Hinterberg shows sustainable performance due to growing prototype business

� industrial development in line with the overall European economic environment

Distribution of Segment Turnover

in EURm

Figures are based on internal management information systems and are subject to change | Source: AT&S AG

54.7 55.5

75.1

56,2

81.4

.47,7

85.8

56.3

69.8

55.9

68.7

59.6

90.7

59.1

0,0

10,0

20,0

30,0

40,0

50,0

60,0

70,0

80,0

90,0

100,0

Mobile Devices Industrial & Automotive

Q1 FY11/12

Q2 FY11/12

Q3 FY11/12

Q4 FY11/12

Q1 FY12/13

Q2 FY12/13

Q3 FY12/13

Financial Financial Financial Financial FiguresFiguresFiguresFigures Q3 2012/13Q3 2012/13Q3 2012/13Q3 2012/13

In EUR '000 Q1 - Q3 2012/13 Q1 - Q3 2011/12

CONSOLIDATED INCOME STATEMENT

Revenues 405,121 371,754

Produced in Asia (in %) 75 72

Produced in Europe (in %) 25 28

EBITDA 74,426 75,913

EBITDA margin (in %) 18.4 20.4

EBIT 20,981 31,644

EBIT margin (in %) 5.2 8.5

Net income 5,439 21,864

Cash Earnings 58,883 66,159

19Figures are based on internal management information systems and are subject to change | Source: AT&S AG

Financial Financial Financial Financial FiguresFiguresFiguresFigures Q3 2012/13Q3 2012/13Q3 2012/13Q3 2012/13

In EUR '000 31.12.2012 31.12.2011

CONSOLIDATED BALANCE SHEET

Total assets 709,546 722,209

Total equity 289,225 289,293

Net debt 252,143 255,727

Net gearing (in %) 87.2 88.4

Net working capital 120,774 108,184

Net working capital / revenues (in %) 22.4 21.8

Equity ratio (in %) 40.8 40.1

20Figures are based on internal management information systems and are subject to change | Source: AT&S AG

No material changes in net debt and net gearing.Net investments relates to Shanghai and construction activities for Chongqing Phase I.

Development of Capital InvestmentDevelopment of Capital InvestmentDevelopment of Capital InvestmentDevelopment of Capital Investment

21Figures are based on internal management information systems and are subject to change | Source: AT&S AG

243 244 255 252

-5%

10%

25%

40%

55%

70%

85%

100%

-

30

60

90

120

150

180

210

240

270

Q4 11/12 Q1 12/13 Q2 12/13 Q3 12/13

Net

Gea

ring

Net

Deb

t(in

EU

Rm

)

21

9

16

8

-

5

10

15

20

25

30

Q4 11/12 Q1 12/13 Q2 12/13 Q3 12/13

Net

CA

PE

X (

in E

UR

m)

Investment HighlightsInvestment HighlightsInvestment HighlightsInvestment Highlights

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AT&S AT&S AT&S AT&S is overlooked and undervalued is overlooked and undervalued is overlooked and undervalued is overlooked and undervalued

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Danke für Ihre Aufmerksamkeit!Danke für Ihre Aufmerksamkeit!Danke für Ihre Aufmerksamkeit!Danke für Ihre Aufmerksamkeit!

ToToToTo find out find out find out find out moremoremoremore –––– visitvisitvisitvisit www.ats.netwww.ats.netwww.ats.netwww.ats.net

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