<SEC-DOCUMENT>0001193125-23-229203.txt : 20230906
<SEC-HEADER>0001193125-23-229203.hdr.sgml : 20230906
<ACCEPTANCE-DATETIME>20230906092527
ACCESSION NUMBER:		0001193125-23-229203
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20230906
FILED AS OF DATE:		20230906
DATE AS OF CHANGE:		20230906

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ATS Corp /ATS
		CENTRAL INDEX KEY:			0001394832
		STANDARD INDUSTRIAL CLASSIFICATION:	GENERAL INDUSTRIAL MACHINERY & EQUIPMENT, NEC [3569]
		IRS NUMBER:				980149239
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41713
		FILM NUMBER:		231238007

	BUSINESS ADDRESS:	
		STREET 1:		730 FOUNTAIN STREET NORTH
		STREET 2:		BUILDING #3
		CITY:			CAMBRIDGE
		STATE:			A6
		ZIP:			N3H 4R7
		BUSINESS PHONE:		519 653 6500

	MAIL ADDRESS:	
		STREET 1:		730 FOUNTAIN STREET NORTH
		STREET 2:		BUILDING #3
		CITY:			CAMBRIDGE
		STATE:			A6
		ZIP:			N3H 4R7

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ATS Automation Tooling Systems Inc.
		DATE OF NAME CHANGE:	20070328
</SEC-HEADER>
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<TYPE>6-K
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<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B><FONT
STYLE="white-space:nowrap">FORM&nbsp;6-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REPORT OF
FOREIGN PRIVATE ISSUER </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">TO&nbsp;RULE&nbsp;13a-16&nbsp;OR&nbsp;15d-16</FONT></FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>UNDER
THE SECURITIES EXCHANGE ACT OF 1934 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of September 2023 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission <FONT STYLE="white-space:nowrap">File&nbsp;Number:&nbsp;001-41713</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>ATS CORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Translation of registrant&#146;s name into English) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>730 Fountain
Street North </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Building 3 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Cambridge, Ontario N3H 4R7 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether
the registrant files or will file annual reports under cover <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">of&nbsp;Form&nbsp;20-F&nbsp;or&nbsp;Form&nbsp;40-F.</FONT></FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="white-space:nowrap">Form&nbsp;20-F&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Form&nbsp;40-F&nbsp;&nbsp;&#9746;</FONT> </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P>
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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d505179dex991.htm">Press release dated September 6, 2023 </A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ATS CORPORATION</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(Registrant)</P></TD></TR>
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<TD VALIGN="top">Date: September 6, 2023</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Stewart McCuaig</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Stewart McCuaig</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">Title: Vice President, General Counsel</TD></TR>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="middle" ROWSPAN="2" ALIGN="right" BGCOLOR="#000000"><FONT COLOR="#FFFFFF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEWS&nbsp;
RELEASE&nbsp;&nbsp;</FONT></TD></TR>
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</TABLE> <P STYLE="margin-top:48pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>ATS Hosts 2023 Institutional Investor Day </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">09/06/2023 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">CAMBRIDGE, ON / CNW / ATS
Corporation (TSX and NYSE: ATS) (&#147;ATS&#148; or the &#147;Company&#148;), an industry-leading automation solutions provider, is sharing additional details regarding today&#146;s <FONT
STYLE="font-family:Times New Roman; font-size:11pt" COLOR="#0563c1"><U>Institutional Investor Day</U></FONT><FONT STYLE="font-family:Times New Roman">. Investors who have not registered are invited to attend virtually by webcast via </FONT><FONT
STYLE="font-family:Times New Roman; font-size:11pt" COLOR="#0563c1"><U>the event&#146;s website.</U></FONT><FONT STYLE="font-family:Times New Roman"> A replay will be available on the ATS website following the event. </FONT></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">As part of management&#146;s presentations, the Company will provide additional <FONT STYLE="white-space:nowrap">non-IFRS</FONT> financial
measures and supplementary financial measures for use by investors in understanding the Company and its performance beyond existing disclosures in the Company&#146;s most recently filed public documents. Details with respect to these <FONT
STYLE="white-space:nowrap">non-IFRS</FONT> financial measures and supplementary financial measures are set out below. Management believes these <FONT STYLE="white-space:nowrap">non-IFRS</FONT> financial measures and supplementary financial measures
are useful to investors and plans to disclose going forward. </P> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>Return on invested capital (&#147;ROIC&#148;) </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">ROIC is a measure of the efficiency of capital deployment. For ATS, ROIC is calcuated as follows: tax effected EBIT for return on invested
capital<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> divided by Average Invested Capital<SUP STYLE="font-size:75%; vertical-align:top">2</SUP> and for the period ended March&nbsp;31, 2023, was 12.7%. </P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>Innovation deferred development additions and research expenditures </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">In addition to deferred development additions, which are currently disclosed annually, the Company will disclose research expenditures which
are grouped in cost of revenues on the Company&#146;s Consolidated and Interim Statements of Income. Deferred development additions for fiscal 2023 were $18.1&nbsp;million and research expenditures for fiscal 2023 totalled $9.3&nbsp;million. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Research expenditures are expenditures related to research or development of new technologies or products, and are a component of cost of
revenues on the Company&#146;s Consolidated and Interim Statements of Income. </P> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>Reoccurring revenue </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Reoccurring revenue for ATS is defined as&nbsp;revenue from&nbsp;ancillary products and services associated with equipment sales and&nbsp;revenue from
customers&nbsp;who purchase <FONT STYLE="white-space:nowrap">non-customized</FONT> ATS products at regular </P> <P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><SUP
STYLE="font-size:75%; vertical-align:top">1</SUP> EBIT for return on invested capital is a <FONT STYLE="white-space:nowrap">non-IFRS</FONT> financial measure. See <FONT STYLE="white-space:nowrap">&#147;Non-IFRS</FONT> and Other Financial
Measures&#148; and &#147;Reconciliation of <FONT STYLE="white-space:nowrap">Non-IFRS</FONT> Measures to IFRS Measures&#148; below. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><SUP
STYLE="font-size:75%; vertical-align:top">2</SUP> Average Invested Capital is a <FONT STYLE="white-space:nowrap">non-IFRS</FONT> financial measure. See <FONT STYLE="white-space:nowrap">&#147;Non-IFRS</FONT> and Other Financial Measures&#148; and
&#147;Reconciliation of <FONT STYLE="white-space:nowrap">Non-IFRS</FONT> Measures to IFRS Measures&#148; below. </P>
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<TD VALIGN="middle" ROWSPAN="2" ALIGN="right" BGCOLOR="#000000"><FONT COLOR="#FFFFFF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEWS&nbsp;
RELEASE&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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intervals.&nbsp;Management estimates that reoccurring revenues are in the range of <FONT STYLE="white-space:nowrap">25-35%</FONT> of total revenues on a trailing twelve-month basis. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>Revenue disaggregation &#150; Custom Integration, Equipment / Products, Services </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Additional revenue disclosure is expected to assist investors in understanding the evolution of ATS&#146; portfolio over time. Custom
integration revenues for ATS includes <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-to-end</FONT></FONT> manufacturing solutions customized to customer needs and represented 44% of fiscal 2023 revenues. Equipment / Products
revenues include modular or standardized equipment and other products, and represented 29% of fiscal 2023 revenues; services revenues include consulting, digital and other services, including aftermarket services and spares, and represented 27% of
fiscal 2023 revenues. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>About ATS Corporation </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">ATS Corporation is an industry-leading automation solutions provider to many of the world&#146;s most successful companies. ATS uses its
extensive knowledge base and global capabilities in custom automation, repeat automation, automation products and value-added services including <FONT STYLE="white-space:nowrap">pre-automation</FONT> and after-sales services, to address the
sophisticated manufacturing automation systems and service needs of multinational customers in markets such as life sciences, food&nbsp;&amp; beverage, transportation, consumer products, and energy. Founded in 1978, ATS employs over 6,500 people at
more than 60 manufacturing facilities and over 80 offices in North America, Europe, Asia and Oceania. The Company&#146;s common shares are traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol ATS. </P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For more information, contact:</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">David
Galison</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Head of Investor Relations</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ATS Corporation</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">730 Fountain Street North</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cambridge, ON, N3H 4R7</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(519) <FONT STYLE="white-space:nowrap">653-6500</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">dgalison@atsautomation.com</P></TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For general media inquiries, contact:</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Matthew Robinson</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Director, Corporate Communications</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ATS Corporation</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">730 Fountain Street North</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cambridge, ON, N3H 4R7</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(519)
<FONT STYLE="white-space:nowrap">653-6500</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">mrobinson@atsautomation.com</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">SOURCE: ATS Corporation </P> <P STYLE="margin-top:42pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Note to
Reader: <FONT STYLE="white-space:nowrap">Non-IFRS</FONT> and Other Financial Measures </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Throughout this press release management uses
certain <FONT STYLE="white-space:nowrap">non-IFRS</FONT> financial measures, <FONT STYLE="white-space:nowrap">non-IFRS</FONT> ratios and supplementary financial measures to evaluate the performance of the Company. The terms &#147;EBIT for return on
invested capital&#148;, and &#147;Average Invested Capital&#148; are <FONT STYLE="white-space:nowrap">non-IFRS</FONT> financial measures, &#147;return on invested capital&#148; or &#147;ROIC&#148;, is a
<FONT STYLE="white-space:nowrap">non-IFRS</FONT> ratio, and &#147;reoccurring revenues&#148;, &#147;custom integration revenues&#148;, &#147;equipment / products revenues&#148;, &#147;service including spare parts revenues&#148;, and &#147;research
expenditures&#148; are </P>
</DIV></Center>


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<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><FONT STYLE="font-family:Times New Roman; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" BGCOLOR="#000000">&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="2" ALIGN="right" BGCOLOR="#000000"><FONT COLOR="#FFFFFF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEWS&nbsp;
RELEASE&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
supplementary financial measures, all of which do not have any standardized meaning prescribed within International Financial Reporting Standards (&#147;IFRS&#148;) and therefore may not be
comparable to similar measures presented by other companies. Such measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Reoccurring revenue for ATS is defined as&nbsp;revenue
from&nbsp;ancillary products and services associated with equipment sales and&nbsp;revenue from customers&nbsp;who purchase <FONT STYLE="white-space:nowrap">non-customized</FONT> ATS products at regular intervals.&nbsp;Custom integration revenues
are defined as revenues from <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-to-end</FONT></FONT> manufacturing solutions customized to customer needs. Equipment / products revenues are defined as revenues from modular or
standardized equipment and other products. Services including spare parts revenues are defined as revenues from consulting, digital and other services, including aftermarket services and spares. Return on invested capital is defined as the ratio
between tax effected EBIT for return on invested capital and average invested capital. EBIT for return on invested capital is defined as the sum of net income, tax expense, interest expense, amortization of acquired intangible assets and
restructuring charges. The most directly comparable IFRS financial measure to EBIT for return on invested capital is earnings from operations. Average invested capital is the average quarter end total of bank indebtedness, debt, and
shareholders&#146; equity, less cash for the prior four quarters. Research expenditures are defined as expenditures related to research or development of new technologies or products, and are a component of cost of revenues on the Company&#146;s
Consolidated and Interim Statements of Income. Reoccurring revenues, custom integration revenues, equipment / products revenues and service including spare parts revenues are used by the Company to understand the revenue portfolio of the Company.
Return on invested capital is used in measuring the efficiency of the Company&#146;s capital deployment. Research expenditures are used by the Company to assess investment in innovation. Management believes that ATS shareholders and potential
investors in ATS use these additional IFRS measures and <FONT STYLE="white-space:nowrap">non-IFRS</FONT> financial measures in making investment decisions and measuring operational results. </P>
<P STYLE="font-size:90pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="87%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#e7e6e6">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1.00pt solid #ffffff">&nbsp;</TD></TR>
<TR BGCOLOR="#e7e6e6" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;"><B>&nbsp;&nbsp;(C$ mm)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.00pt solid #ffffff">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:2pt ;"><B>F2023&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>&nbsp;&nbsp;Adjusted earnings from operations</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>343.4&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">&nbsp;&nbsp;Acquisition-related transaction costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.1&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">&nbsp;&nbsp;Acquisition-related inventory fair value charges</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9.2&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" STYLE="padding-bottom:6pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">&nbsp;&nbsp;Mark to market portion of stock-based
compensation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;" ALIGN="right">13.4&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:4pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1.00pt solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.00pt solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>&nbsp;&nbsp;Earnings from operations for ROIC purposes</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317.7&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR></TABLE>
</DIV></Center>


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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.50pt solid #000000"><FONT STYLE="font-family:Times New Roman; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" BGCOLOR="#000000">&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="2" ALIGN="right" BGCOLOR="#000000"><FONT COLOR="#FFFFFF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEWS&nbsp;
RELEASE&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="87%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">&nbsp;&nbsp;Restructuring charges</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27.5&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" STYLE="padding-bottom:6pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">&nbsp;&nbsp;Amortization of acquisition-related intangible
assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;" ALIGN="right">67.7&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:4pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1.00pt solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.00pt solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>&nbsp;&nbsp;Earnings from
operations</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222.5&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;</B></TD></TR>
</TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="60%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#e7e6e6">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1.00pt solid #ffffff">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1.00pt solid #ffffff">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1.00pt solid #ffffff">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1.00pt solid #ffffff">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1.00pt solid #ffffff">&nbsp;</TD></TR>
<TR BGCOLOR="#e7e6e6" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;"><B>&nbsp;&nbsp;(C$ mm)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.00pt solid #ffffff">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="padding-bottom:2pt ;"><B>Q4&nbsp;F22</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.00pt solid #ffffff">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="padding-bottom:2pt ;"><B>Q1&nbsp;F23</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.00pt solid #ffffff">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="padding-bottom:2pt ;"><B>Q2&nbsp;F23</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.00pt solid #ffffff">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="padding-bottom:2pt ;"><B>Q3&nbsp;F23</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.00pt solid #ffffff">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="padding-bottom:2pt ;"><B>Q4&nbsp;F23</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>&nbsp;&nbsp;Bank indebtedness</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>&nbsp;&nbsp;Current portion of long-term debt</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>&nbsp;&nbsp;Long-term debt</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,016.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,087.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,174.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,305.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,155.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>&nbsp;&nbsp;Shareholders&#146; equity</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">985.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">988.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,007.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,081.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,130.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" STYLE="padding-bottom:6pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>&nbsp;&nbsp;Cash and cash equivalents</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;" ALIGN="right">(135.3)</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;" ALIGN="right">(139.9)</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;" ALIGN="right">(95.2)</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;" ALIGN="right">(302.1)</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;" ALIGN="right">(159.9)</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:4pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1.00pt solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.00pt solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.00pt solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.00pt solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" STYLE="padding-bottom:6pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>&nbsp;&nbsp;Invested capital</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;" ALIGN="right"><B>1,868.9</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;" ALIGN="right"><B>1,938.5</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;" ALIGN="right"><B>2,104.7</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;" ALIGN="right"><B>2,097.6</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;" ALIGN="right"><B>2,132.3</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:4pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1.00pt solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.00pt solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.00pt solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.00pt solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>&nbsp;&nbsp;Average invested
capital</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right"><B>2,028.4</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;</B></TD></TR>
</TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="99%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt">


<TR>

<TD WIDTH="86%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#e7e6e6">
<TD HEIGHT="2"></TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-LEFT:1.00pt solid #ffffff">&nbsp;</TD></TR>
<TR BGCOLOR="#e7e6e6" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom" STYLE="padding-bottom:2pt ;"><B>&nbsp;&nbsp;(C$ mm)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1.00pt solid #ffffff">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="padding-bottom:2pt ;"><B>F2023&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">&nbsp;&nbsp;Earnings from operations for ROIC purposes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">317.7&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" STYLE="padding-bottom:6pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">&nbsp;&nbsp;Average effective tax rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;" ALIGN="right">19.19%&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:4pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1.00pt solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.00pt solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">&nbsp;&nbsp;Tax effected earnings from operations for ROIC purposes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">256.7&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" STYLE="padding-bottom:4pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">&nbsp;&nbsp;Average invested capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,028.4&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:4pt ;">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:4pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1.00pt solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.00pt solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>&nbsp;&nbsp;Return on invested capital</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>12.7%&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
</TABLE>
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