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 Company Presentation 2014

May 2014

Disclaimer

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Despite a diligent preparation of this presentation the information contained herein has not been independently verified and we assume no liability for the content or any action based on this presentation. We do not give any warranty, guarantee or commitment, neither explicitly nor implicitly. No reliance should be placed on the fairness, accuracy, completeness or correctness of this information or opinions contained herein and neither AT&S nor any of its employees assume responsibility for the completeness or accuracy of the information contained or not in this presentation. The presentation does not include and does not constitute or form part of any offer whatsoever, nor does it constitute or form part of any kind of prospectus. This presentation contains certain forward-looking statements. These are based on management’s views and assumptions and involve known and unknown risks and uncertainties. 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. This document does not constitute an offer or invitation to purchase or subscribe for any shares and neither it nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

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AT&S – the quality leader of PCB production

Best positioned in highly attractive market

Transformation model

Appendix

IC-Substrates – the foundation for future success

Agenda

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Double-sided printed circuit boards

HDI microvia printed circuit boards

HDI any-layer printed circuit boards

IMS printed circuit boards

Multilayer printed circuit boards

AT&S Product Portfolio

AT&S is one of the world’s leading manufacturers of high valued circuit boards

AT&S is committed to the highest quality & CSR standards in the industry

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3D X-ray image of embedded electronic components

ECP® -

Embedded Component Packaging

AT&S – first choice …..

AT&S – …..for advanced applications

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Product: Flexible printed circuit board on aluminium

Application: for Audi A6

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History

2013 Cooperation 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 – AT&S’s seventh high-end manufacturing facility

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 HDI* facilities

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

AT&S buys PCB plant in India

1987 Foundation of AT&S

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

Management

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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, CTO

CTO since 2005; with AT&S since 1981

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

► Seasonality and new product launches twice a year

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Business Segments

Characteristic Applications

54%

Segment Revenue share*

*) Based on external revenues in EURm for FY 2013/14

46%

Mobile Device

Industrial & Automotive

Advanced Packaging

Target market diversification provides for superior earnings stability and a close relationship with selected technology leaders in each market segment

Selected Market Leaders

Siemens

General Electric

EADS

Hella

Continental

Texas Instruments

TDK-EPCOS

Sony

LG

Motorola

Blackberry

Canon

Samsung

Nokia

Huawei

ZTE

Apple

► Higher predictability and fewer product launches

FY 2012/13 FY 2013/14

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

FY 2012/13 FY 2013/14

Others

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Profitable Growth Path

Revenue and margin development

Local presence in key markets & access to emerging Asian smartphone players

Well balanced customer and industry portfolio

Strong presence in both Asia and Europe

Advanced know-how to capture regional market growth

EURm

5yr CAGR 27.5%

Global set-up with access to key markets

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Production plants

Headquarters

Production plant under construction

International presence and key technology production overview

Headquarters: Leoben

Target region: global

Key technologies: HDI, special products, protoypes, quick turnaround business, rigid-flex PCBs

Plant: Chongqing

(under construction)

Key production capability after

completion: IC substrates

Plant: Ansan

Target region: Korea,

Europe

Key technologies: flexible and rigid-flex PCBs

Plant: Shanghai

Target region: global

Key technologies: HDI volume business

Plant: Fehring

Target region: Europe

Key technologies: double-sided, flexible, semi-flexible, rigid-flex PCBs

Plant: Nanjangud

Target region: Europe, India

Key technologies: double-sided and multilayer PCBs

Strategy

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Technology leader for high-end PCBs I

Profitable and sustainably growing market II

Best positioning vs. Asian competitors III

Leveraging on technological leadership IV

Leading innovator in the PCB industry, specialised in integration density & miniaturisation

First choice for top players and quality leaders in each market segment

Highly attractive market with exposure to global key megatrends

Focus on high-quality and thus high-margin markets

Strong production footprint in China is key for cost efficiency and crucial to serve emerging Asian players

Partner of choice for quality components

Advanced Packaging: One of the first manufacturers with a patented chip embedding technology (ECP®)

IC-Substrates: The high-margin segment of the industry

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AT&S – the quality leader of PCB production

Best positioned in highly attractive market

Mid Term Strategy

Appendix

IC-Substrates – the foundation for future success

Agenda

PCB growth cycle

Global PCB turnover ($m)

The PCB Market is a fast growing market We are just at the beginning of a new growth cycle

Source: Prismark; Forecast Prismark (August 2013)

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$6,465 $6,734

$7,437

$10,179 $11,682

.$11,071 $12,348

$18,117 $19,946

20,185 21,500

$18,974 $18,212

$20,842 $22,837

$26,375

$29,703 $32,559

$34,288 .$36,058

$42.642

$33,237 $32,109

$34,485

$38,753

$42,424

$47,626 $50,269

$50,786

$44,155

$52,469

$55,409 $55,039

$56,732 $59,301

$61,555 $63,894

$66,442

$0,000

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

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Mega Trend - Internet of Things (IoT)

Source: http://www.forbes.com and http://de.control4.com

“The world is made up of trillions of things — cars, planes, jet engines, exercise equipment, the items on my desk. And then there’s the Internet. This category is about all of these things and the Internet, as we know it, coming together. Anything I can do over the Internet blended with my things.” Chet Pipkin, CEO and founder of Belkin “Everything Is Connected: What 'The Internet Of Things' Means Now” Forbes Magazine, April 2014

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1995 2000 2014

Fixed Computer You go to the

device

Mobility The device goes

with you

IoT everyday physical things can become a

computer that is connected to the Internet

2020

Internet of Everything

200 Million

*

* Number of connected devices

10 Billion

50 Billion

Mega Trend - Wearable Device

15 Source: http://images.shottracker.com/ShotTrackerWearableTechInfographic.html

3x - the number of wearables sold globally nearly trippled between 2011 and 2012

8.3 Million fitness trackers, smart watches and other connected wearables were bought by consumers in 2012

82% of users believe that wearable tech has enhanced their lives

Forecast: Worldwide spending on wearbale technology $1.4 billion in 2013 to $19 billion in 2018

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AT&S midterm focus

HDI PCB manufacturer ranking

Source: Prismark, August 2013

Rank(2012) Supplier Revenue($m)

1 Unimicron 782

2 489

3 Compeq 468

4 CMK 467

5 Ibiden 455

6 SEMCO 449

7 TTM 390

8 Zhen Ding 345

9 Tripod 260

10 Unitech 242

AT&S – Ready for the next step

Technology leader in the market for high-end

printed circuit boards

Highly innovative solutions implemented with high

process quality on an industrial scale

But no further increase of installed HDI capacities

planned

Leverage leading position in miniaturization &

integration

Focus on entering the field of IC-substrates

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AT&S – the quality leader of PCB production

Best positioned in highly attractive market

Mid Term Strategy

Appendix

IC-Substrates – the foundation for future success

Agenda

What is an IC-Substrate?

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Substrate (15µm – 7µm)

PCB (50µm-25µm)

Chip (40nm – 10nm)

Performance increase

(Moores Law)

Size reduction PCB

(Trend: Miniaturisation)

1

2

3 Technical parameter (~ 25µm) (Physical process border)

3

2

1

Mitochondrion – 1µm DNA – 1nm Hair – 100µm

Scale:

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Main difference

PCB commodity vs. HDI vs. IC-Substrate

Source: Prismark, August 2013 , company estimates

Market size

No. of competitors

Prod-cap. China [%]

Tech. Spec. (L/S)

Quality standards

Level of automation

Entry barriers

PCB Commodity HDI

28,020 M$2012 7,918 M$2012

> 2000 > 50

48% 45%

-40 µm 40 µm

high high

high high

low high

IC Substrate

8,935 M$2012

< 20

5%

10-12 µm

very high

very high

very high

Level of complexity

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Project Chongqing

Projektstatus Chongqing

Completion of Infrastructure

Start Equipment Installation

Start Equipment Characterisation

Certification

Start Training

Start Equipment Ordering

Plant Lay-out Product- Specification

Ramp-up Volume Production

21 Hinweis: Zahlen basieren auf die bereits getätigten Bestellungen und können daher von den unter net capex ausgewiesenen Ziffern abweichen

*Value work done at 31/03/2014

Q4 Q1 Q2 Q3

GJ 2013/14

Q4 Q1 Q2 Q3

GJ 2014/15

Q3

GJ 2012/13

Q4 Q1 Q2 Q3

GJ 2015/16

Q4 Q1 Q2 Q3

GJ 2016/17

Q4

Investment as of 31/3/2014: EUR 111 m*

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AT&S – the quality leader of PCB production

Best positioned in highly attractive market

Mid Term Strategy

Appendix

IC-Substrates – the foundation for future success

Agenda

23

Mid Term Strategy

Increase revenue in selected market niches (medical,

automotive, etc.)

AT&S to leverage its patented chip embedding

technology with a major industry player

Continue growth strategy (High-end Smartphones,

Tablets, Ultrabooks, etc.)

Improve GP-Margin (Portfolio management, Improve

plant utilization)

Strategic partnership with MFLEX to produce HDI

rigid-flex PCBs for new applications and designs

Enter the high-end IC

substrate market

Strategic focus during transformation period

New Business – IC-substrates Core Business – HDI PCBs

AT&S will further improve its technology portfolio to strengthen its market position but will not increase HDI capacity in the next three years

Investments in core activities planned to be in the € 20-40m range per annum

Planned investment of c. € 350m (excl. ramp-up costs) in Chongqing in IC-substrates over the next three years

Financ-

ing

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AT&S – the quality leader of PCB production

Best positioned in highly attractive market

Transformation model

Appendix

IC-Substrates – the foundation for future success

Agenda

Distribution of Turnover

*EUR 451m of revenue in Q1-3 2013/14 ** Revenue split is based on shipping location

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

*EUR 451m of revenue in Q1-3 2013/14 ** Revenue split is based on customer‘s headquarter

24%

12%

52%

12%

Distribution of Turnover* Ship to Party**

Austria/Germany

Rest of Europe

Asia

Canada/USA 25%

6%

15%

54%

Distribution of Turnover* by Headquarter**

Austria/Germany

Rest of Europe

Asia

Canada/USA /Mexico/ Others

/Mexico/ Others

Statement of Profit or Loss

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

1) Adjusted according to IAS 19 revised

In EUR '000 (unless otherwise indicated)

01.04.2013 - 31.03.2014 01.04.2012 - 31.12.20131)

before non-recurring items

after non-recurring items after non-recurring items

STATEMENT OF PROFIT OR LOSS

Revenue 589,909 541,673

produced in Asia 75.9 % 73.9 %

produced in Europe 24.1 % 26.1 %

EBITDA 130,179 127,175 102,356

EBITDA margin 22.1 % 21.6 % 18.9 %

EBIT 56,934 53,930 31,365

EBIT margin 9.7 % 9.1 % 5.8 %

Net income 41,223 38,219 14,573

Cash Earnings 114,417 111,413 85,563

Statement of Financial Position

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

1) Adjusted according to IAS 19 revised

In EUR '000 (unless otherwise indicated) 31.03.2014 31.03.20131)

STATEMENT OF FINANCIAL POSITION

Total assets 916,059 726,663

Total equity 390,680 304,844

Net debt 110,874 217,409

Net gearing ratio 28.4 % 71.3 %

Net working capital 91,722 102,679

Net working capital / revenue 15.6 % 19.0%

Equity ratio 42.7 % 42.0 %

Statement of Cash Flows

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

1) Adjusted according to IAS 19 revised

In EUR '000 01.04.2013 - 31.03.2014 01.04.2012 - 31.03.20131)

CASH FLOW

Net cash generated from operating activities 104,759 71,673

Net cash used in investing activities -90,288 -40,549

Net cash generated from financing activites 169,144 17,933

Net increase in cash and cash equivalents 183,615 49,057

CAPEX, net 90,276 40,459

Net Gearing was reduced from around 70% to 28% over the

last year

Total CAPEX spend of around EUR 91m over the last fiscal year related mainly to Chongqing in 2013/14.

Development of Capital Investment

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

AT&S – Financing Strategy

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

The management has worked to strengthen the balance sheet in the past two years : Successful placement of a retail bond worth

EUR 100m in November 2011

Successful capital increase of gross EUR 100m in September / October 2013

Successful placement of Schuldschein (SSD) loan worth EUR 158m in January 2014

Increase of internal financing power (EBITDA) of about EUR 34m to EUR 127m in the last 5 years

147.985

193.726

242.536 217.409

110.874

71%

84% 86%

70%

28%

0

50

100

150

200

250

300

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

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

Net Debt Net Gearing

EURm

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The AT&S issued in January 2014, SSD loans with

different tranches of maturity 5, 7 and 10 years

terms.

The transaction was offered both in € and in $.

Due to high demand, the initial volume of

EUR 75m was increased to EUR 157.95m

The strong order book made it possible to price the

transaction at the low end of the indicative price

range.

Most of the demand came from Austria (77%); 22%

of the transaction were placed with international

banks.

AT&S – Schuld-Schein-Darlehen (SSD) Details

Distribution by Investor type

45%

19%

25%

9% 2% Banken

Regionalbanken

GenossenschaftsbankenSparkassen

Versicherungen

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Overview Debt Portfolio Duration

Maturity

In EURm < 1 Year 1-5 Years >5 Years Total

Corporate Bond - 99.5 - 99.4

Export Loans 32.0 - - 32.0

Public funds and other 2.0 0.3 0.3 2.6

Bank Borrowings 12.1 182.9 42.8 237.8

Total 2013/14 46.1 282.7 43.1 371.9

Total* 2012/13 129.8 145.7 23.0 298.5

*audited figures 2012/13

AT&S - Stock Profile

Listing Vienna Stock Exchange, Prime Standard

Indices ATX Prime, WBI

Reuters RIC (A) ATSV.VI

Bloomberg (A) ATS AV

# of shares outstanding post right issue 38.85m

Calendar

Annual results 2013/14 8 May 2014

Annual General Meeting 3 July 2014

Dividend Payment 24 July 2014

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Shareholder structure pre and post transaction

To find out more visit @www.ats.net; Twitter @AT&S IR_PR; YouTube AtundS

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AT&S – first choice for advanced applications

Martin Theyer Director Communications Tel: +43 3842 2005909 Mobile: +43 676 8955 5909 Fax: +43 3842 200 15909 m.theyer@ats.net www.ats.net