CORPORATE PRESENTATION AUGUST 2014 EVERY DAY EVERYWHERE

CORPORATE PRESENTATION

AUGUST 2014

EVERY DAY

INTRODUCTION

TO ALENT

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

2008 - 2011 • Significant period of growth

• Net sales value +21.9% / Return on net sales value from 13.0% to 21.8%

2003 - 2007 • 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

Alent today

Assembly Materials (ALPHA)

SEGMENT KEY PRODUCTS

Electronic interconnect materials, primarily solder in all forms:

• Printed circuit board assembly • Semiconductor packaging

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 £420m(1)

2013 Net sales value (NSV)(1)

50% 50%

Assembly Materials Surface Chemistries

Predominantly electronics market focused

(1) Net sales value = Revenue less commodity metals that pass through to customers (tin, silver and gold)

MARKET LEADING POSITIONS #1 OR #2

Alent products

Solder paste Bar Solder

EVERYTHING WITH AN ON/OFF SWITCH – EVERY DAY, EVERYWHERE

Chemistry Wire Solder

Copper Damascene Preforms

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

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

DELIVERING

LONG-TERM

GROWTH

The Alent model

• A Global Market Leader

+

• Competitive Advantage

+

• Financial Strength

Outperformance of

attractive end-markets

A GLOBAL

MARKET

Competitive landscape

 Alent (Alpha)

 Senju (Japan/Private)

 Tamura (Japan/Public)

 Indium (US/Private)

 Kester (ITW - US/Listed)

 Henkel (Europe/Listed)  Shenmao (Taiwan/Private) Surface Chemistries Assembly Materials  Atotech (Total)  Alent (Enthone)  MacDermid (Platform)

 Dow (Rohm & Haas)

 OMG (US/Listed)

 Coventya (Europe/Private)

 Umicore (Europe/Listed)

MARKET LEADING POSITIONS #1 AND #2 Top 7 suppliers =

80% of the Market

Top 7 suppliers = 65% of the Market

Strong global presence

Americas Europe Asia

30%

28% 42%

Americas Europe Asia

£420.1m £684.7m

“Just in time” supply chain

Present in over 100 countries Recent investments in high

Focus on high unit volume end-markets

MARKET LEADING POSITIONS INTO TARGETED END-MARKETS

1 Personal Computers 2 Mobile & Infrastructure 3 Microelectronics & Semiconductors 4 Auto Electronics 5 Other Electronics 6 Auto Electroplating 7 Water Treatment 8 Other Electroplating 1 2 3 4 5 6 7 8

Electronics c70% of NSV

Auto/Industrial c30% of NSV

Automotive

 Critical safety systems (ABS, airbag)  External lighting  Cabin electronics  Communications system  Underhood controllers  Entry/exit security  Climate control  Decorative - Internal and external  Anti-wear  Corrosion resistance Performance Coatings Auto Electronics Head lamp Reflectors Front Grilles Electronics Emblems Steering Wheel Trim

Interior Console, Bezel Trim, Knobs

Body Side Moulding

Bumper

Aluminium Wheels, Plastic Clad Wheels Interior, Exterior

Door Handles Side View Mirror

Shifter Knob

Critical Safety Systems (ABS, airbag) External Lighting Cabin Electronics Communications System Underhood Controllers Entry/Exit Security Climate Control

Electronics

 Solder paste

 Solder spheres

 Preforms

 Wire

 Die attach adhesives

 Copper damascene

 Semiconductor wafer level packaging

 Printed circuit board metallisation

 Printed circuit board final finishes

 Molded interconnect devices

Molded Antennas Printed Circuit Board Microprocessors Camera Modules Accelerameters

Surface Chemistries Assembly Materials

What makes end-markets attractive for Alent

ALENT TARGETS HIGH UNIT VOLUME GROWTH APPLICATIONS

HIGH UNIT

VOLUME

APPLICATIONS

GLOBAL

PRODUCTION

BASE

HIGH GROWTH

POTENTIAL

HIGH UNIT

END-MARKETS

GLOBAL

CONSUMER

BASE

Attractive growth drivers

OUR END-MARKETS REMAIN ATTRACTIVE GROWTH MARKETS

• 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

105 165 234 32 525 57 107 1,740 3,228 181 251 313 664 703 680 338 333 322 2009 2020 2030

Global middle class*

Millions of people

More than 85% of middle class growth expected from Asia-Pacific region through 2020

*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

North America

Europe

Central & South America

Asia Pacific

Sub-Saharan Africa Middle East & North Africa 1,845

3,249

Growth markets - Electronics

TOTAL 3.8% 3.8% CAAGR Smartphones $288b/17.2% Tablets $78b/4.6% Servers/Storage/ Comms.Infra $249b/14.8% Rest of the Electronics Industry $885b/52.8% Automotive Electronics $178b/10.6% Rest of the Electronics Industry $1,019b/50.4% Smartphones $341b/16.9% Tablets $111b/5.5% Automotive Electronics $244b/12.1% Servers/Storage/ Comms.Infra $305b/15.1% 2013 – Total: $1.7b 2018F – Total: $2.0b

Growth markets - Automotive

• Global automotive production expected to grow above historic rates driven by

emerging markets

• Electronics content within a vehicle growing at an even higher rate

166 171 178 187 $244F 100 150 200 250 300

2011A 2012A 2013A 2014E 2015E 2016E 2017E 2018E

(US

$

b

n

)

Electronic content (US$bn)

• 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

Automotive production growth in units (m) Automotive electronics content forecasts

Source: Prismark Partners, March 2014

Source: Prismark Partners, March 2014 79.9 84.1

89.1 93

107.5

COMPETITIVE

ADVANTAGE

Alent’s competitive advantage

•

Differentiated OEM customer model

•

Customer-driven, “fast cycle” R&D

•

Technical services

•

Global footprint

Differentiated customer model

Mandates Alent materials and processes

• Sometimes sole supplier

• Sometimes dual source supplier

Designs, Specifies, Manages Subcontractors (or In-House)

SUBCONTRACTORS CONTACT

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”)

Customer-driven R&D

Approximate Allocation Strategy

DISCIPLINED ALLOCTION OF R&D RESOURCES ENSURES A SUSTAINABLE & ROBUST ROI

• Approximately 60 R&D projects per year

• Results in c30-40 new products per year

CORE PRODUCT DEVELOPMENT

70%

20%

10%

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

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

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

“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

ABILITY TO SERVE BOTH MODELS DEMONSTRATES THE STRENGTH OF OUR INTEGRATED OEM/VOC R&D STRATEGY YEARS 1 2 3 4 5 6 7 8 Mobile Automotive Product approval Product lifecycle

Technical services

ON THE FRONT LINE, SOLVING PROBLEMS

• 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

Global footprint

GLOBAL PRESENCE WITH CLOSE PROXIMITY TO OUR GLOBAL CUSTOMERS’ LOCAL SITES

• 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

FINANCIAL

STRENGTH

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

Pricing and efficiency supporting NSV margin

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

52.4 53.0 57.5 59.0 60.8 59.8 2008 2009 2010 2011 2012 2013 Gross Margin / NSV % 39.4 43.3 41.3 37.2 37.5 37.4 2008 2009 2010 2011 2012 2013 Opex / NSV %

NSV margin progression

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

NSV MARGIN GROWTH ASPIRATIONS

11.1 10.5

16.6

22.0 22.0 _20.3

2008 2009 2010 2011 2012 2013

Surface Chemistries NSV Margin % 19.9

13.5

19.6

25.1 28.2 27.8

2008 2009 2010 2011 2012 2013

Assembly Materials NSV Margin % 13.0 9.7 16.2 21.8 23.3 22.4 2008 2009 2010 2011 2012 2013 Group NSV Margin %

Strong cash generation

Working capital

• £6m cash inflow during 2013

• Continued improvement from 23% in 2008 to

18% of sales in 2013

• Continuous improvement through

• Reduced overdue receivables • Continued SKU consolidation

• Supplier partnership and term extension

Strong cash conversion

• 100% of EBITDA in 2013

• Ongoing asset light requirements

61.3 90.4 81.1 99.7 2010 2011 2012 2013 Cash Generation %

Solid platform for growth

Net Debt/EBITDA (times)

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

Net debt

• Net Debt at £97m or 1x EBITDA

• Significant headroom from existing facilities

Return on capital employed

• Returns in excess of 20%

BALANCE SHEET STRENGTHENED PROVIDING SOLID PLATFORM FOR GROWTH 16.1m 16.4m 13.7m 2011 2012 2013 Operational CAPEX £m / % of depreciation 189% 184% 152%

Capital allocation

DISCIPLINED BALANCE BETWEEN INVESTMENT FOR GROWTH AND RETURNS TO SHAREHOLDERS

• Capital allocation priorities

– 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 2014

– Represents a total payment of c£42m – Share consolidation

OUT

PERFORMANCE

OF END-

Delivering outperformance

High unit growth end-markets Operational efficiencies Differentiated customer model (OEM) Transition to a mix of higher margin products Financial strength to support organic

growth & M&A Customer-driven,

“fast cycle” R&D

INNOVATION

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

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

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.

Group financial highlights

Reported Change %

H1 2014 H1 2013 Reported Constant

Net sales value (NSV) (£m) 201.3 209.2 (3.8) 3.6

Manufacturing and raw material costs (£m) (79.7) (83.1) 4.1 (3.6)

Gross margin (£m) 121.6 126.1 (3.6) 3.6

Gross margin (%) 60.4 60.3 0.1pts -

Overheads (£m) (77.6) (82.0) 5.4 (1.2)

Adjusted operating profit (£m) 44.0 44.1 (0.2) 8.1

NSV margin (%) 21.9 21.1 0.8pts 1.0pts

Adjusted profit before tax (£m) 42.9 41.1 4.4 14.1

Adjusted earnings per share (pence) 11.7 11.4 2.6 12.5

Adjusted cash generated from operations (£m) 23.9 32.7 (26.9)

Net debt (£m) 102.3 144.6 29.3

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

Segmental analysis

Adjusted operating profit

Assembly Materials 26.1 27.7 (5.8) 2.4 Surface Chemistries 21.4 20.1 6.5 13.8 Corporate (3.5) (3.7) 5.4 2.8 Alent Group 44.0 44.1 (0.2) 8.1 NSV Margin (%) Assembly Materials 26.4 26.9 (0.5)pts (0.5)pts Surface Chemistries 20.9 18.9 2.0pts 2.0pts Alent Group 21.9 21.1 0.8pts 1.0pts

Assembly Materials

Reported £m Change %

H1 2014 H1 2013 Reported Constant

Wave Solder Assembly 24.2 28.2 (14.2) (3.6)

Surface Mount Assembly 47.8 44.9 6.5 15.2

Microelectronics Products 5.5 5.9 (6.8) -

Other 21.3 23.8 (10.5) (6.6)

Total NSV 98.8 102.8 (3.9) 4.1

Adjusted operating profit 26.1 27.7 (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

Surface Chemistries

Adjusted operating profit 21.4 20.1 6.5 13.8

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

Net debt

£m H1 2014 H1 2013 FY 2013

Adjusted free cash flow 9.5 16.5 73.2

Demerger costs - (4.5) (4.8)

Pension top-ups - - (1.9)

Dividends paid to shareholders (15.9) (15.3) (23.3)

Other, including foreign exchange & deferred consideration 0.6 3.1 4.7

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 2017

Dividends

2014 2013 Change

Interim (pence) 3.0 2.89 3.8

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