1

Results for the half year ended 4 October 2009

Presentations – 3 and 4 November 2009

2

Contents

1. Key Points

2. Market Trends

3. Business Overview

4. Financial Highlights

3

Key Points

1. Revenues down year on year in line with industry,

but up quarter on quarter

2. Profits increasing through higher margin business,

lower commodity prices and tight cost control

3. Strong cash generation with net debt reducing

4. New market focused sales organisation delivering

5. Transformation programs on track

4

When Volex started the new financial year we set forth a clear and measurable strategy to drive revenues and improve margins. This is to be achieved through i) a market sector focused Global Sales and Marketing organisation, ii) implementing efficiency through improved information technology and processes and delivering savings from a streamlined supply-chain process and iii) attracting world-class talent to the management ranks to fully deliver on these initiatives. Despite difficult trading conditions and an unstable macro-economic environment, we are pleased to report progress on all fronts, much of which is evidenced in the half-year financial results.

Ray Walsh

Group Chief Executive

5

Market Overview

6

Relative competitive performanceVolex has suffered smaller revenue declines than it peers, and is

the only company to report improvements in operating profits

Source: Most recent six months results reported by

the Cable Assembly / Connector divisions of each group

Reported

Revenues

Reported

Adjusted

Operating

Profits

Tyco

-41%

Leoni

-41%

Molex

-27%

Amphenol

-18%Volex

-18%

Volex

+48%

Amphenol

-29%

Molex

-256%

Leoni

-125%

Tyco

-113%

7

Performance by product line

• Both divisions have experienced the same year on year

revenue declines, underpinning that the major driver is the

general economic situation

• The Cable Assemblies industry generally has fallen 31.5% from

US$12.4Bn to US$8.5Bn between 2008 and 20091

1 Source : Fleck Research “2009 Compared to 2008” report

TOTALINTERCONNECT

POWER

PRODUCTS

-29%-28%-30%

Constant Currency

Reported

-17% -18% -18%

8

Significant regional variations

• Volex’s regional performance reflects

• respective end market demand

• eastwards migration of our customer’s manufacturing

• performance of individual customers in respective markets

External revenues by destination

- Year on year declines

TOTAL

-18%

EUROPE

-46%

AMERICAS

-17%

ASIA

-2%

9

Sector Performance – Revenues

• Consumer the main sector due to Power Cords - has suffered due

to reduced consumer demand and OEM de-stocking

• Telecoms-Datacoms down due to reduced/delayed network

rollout in India and China

• Healthcare marginally up reflecting traction of new sales org

010203040

5060708090

Consumer Telecoms-

Datacoms

Healthcare Industrial

Re

ve

nu

es

£m

H1 FY09

H1 FY10

Note : subject to minor revisions as boundaries of the 4 sectors currently being re-defined.

10

High Speed

• Mini Displayport

• CXP Cable Plugs

Fiber Optic

• Robust Optical Connector (ROC)

• Robust Transceiver Connectors

Radio Frequency

• Remote Radio WCDMA

• Low profile antennae

Power Products

• Halogen-free power cords

• Power cord accessories

Driving Volex Content & Margins

11

Business Overview

12

At the full year we said we would….

• Develop people skills

• Upgrade IT infrastructure

• Enhance management

information

• Streamline business

processes

• Improve business controls

• Create sector focused

sales organisation

• Enhance global account

management

• Reposition as a value

added content partner

• Introduce new products

• Penetrate new markets

and accounts

• Exploit scale economies

• Rationalise vendor base

• Cut production overheads

• Reduce freight costs

• Minimise working capital

Skills, information,

processes and systems

Marketing, sales and

product development

Procurement, supply chain

and manufacturing

….. we are happy to report that significant progress

is being made in each of these areas

13

Procurement, supply chain and manufacturing

1. Reviewed Copper sourcing and consumption

2. Rationalising vendor base

3. Consolidating to single global freight partner

4. Re-engineering factory processes and layout

5. Re-aligned capacity to current demand levels

6. Improving quality control and assurance standards

7. Generating cash and profits from written-off stock

8. Reducing working capital requirements

9. New Operations SVP to drive further improvements from 1/1/10

14

Marketing, sales and product development

1. Healthcare piloting new sector sales organisation

2. Sales Incentive Plans rewarding sales and margins

3. Global bonuses incenting co-operation and cross-selling

4. Customers enjoying unified service and pricing

5. Substantial new business opportunities under negotiation

6. Intensified participation in standards setting

7. New Volex designed products completed or in process

8. Jeff Bierman, new Sales & Market SVP started 26/9/09

15

Skills, information, processes and systems

• Paul Mather, new Human Resources Director

• Andrew Ducker, new Marketing VP

• Established Business Transformation Program Office

• Moved Head Office from Warrington to London

• New Corporate Performance Management system implemented

• Intranet launched to aid internal communications

• IT infrastructure improvements scheduled for H2

• Data standardisation program in progress

• BPCS upgrade and process standardisation in planning

• Management information tool rolling out in H2

16

Cost reduction and operational

leverage

During the first half Volex :

• Reduced direct headcount across every factory location in

order to maintain margins

• Reduced indirect labour in all regions

In addition a host of initiatives are already delivering or due to

deliver reductions in non-labour costs

The above initiatives have delivered annualised saving of over

£1m. However they have been focused on building efficiencies

rather than just cutting costs. As a result the company is well

positioned to capitalise on any economic upturn by rapidly

increasing capacity at low incremental cost.

17

Financial Highlights

18

Summary Income Statement

3.0p6.3pAdjusted basic earnings per share from continuing operations

0.10.9Retained profit

(1.7)-Loss from discontinued operations

1.80.9Profit/(loss) from continuing operations

(1.0)(0.8)Taxation

2.81.7Profit on ordinary activities before taxation

(1.4)(1.8)Net finance costs

4.23.5Operating profit

0.1(2.7)Non-recurring items

4.16.1Operating profit before non-recurring items

133.9110.2Revenue from continuing operations

H1 FY09H1 FY10£millions

19

Revenues trends

• Reported PP and I/C revenues both declined around 18% year

over year and by 29% on a constant currency basis.

• PP stabilised in H1 FY10 relative to H2 FY09 and grew 17%

quarter over quarter during H1 FY10

• I/C declined in H1 FY10 c.f. H2 FY09 but has stabilised in H1

FY10 (down 6% on reported basis, up 1% on constant currency)

POWER PRODUCTS 80.3

70.466.5

80.3

56.8 55.9

H1 FY09 H2 FY09 H1 FY10

Re

ve

nu

e £

m

INTERCONNECT

53.6

60.9

43.7

53.650.4

38.8

H1 FY09 H2 FY09 H1 FY10

Re

ve

nu

e £

m

Reported Constant Currency

20

Gross margins trends

• Gross profit margins are up significantly year over year in

both PP and I/C

• I/C margins flattened in H1 FY10 c.f. the preceding half while

PP margins increased significantly in part boosted by

reduced copper prices.

14.2

16.2

21.1

14.4

17.4

14.8

18.618.920.1

H1 FY09 H2 FY09 H1 FY10

Gro

ss

Ma

rgin

%

Power Products

Interconnect

Total

21

Adjusted operating profits trends

• Reported PP profits have recovered well having declined

during H2 FY09, and are up quarter over quarter

• Having addressed structural profitability issues in H2 FY09,

I/C profitability has been adversely impacted by declining

revenues especially among Telecom customers.

POWER PRODUCTS

3,474

2,540

4,449

1,501

3,3973,474

H1 FY09 H2 FY09 H1 FY10

Ad

jus

ted

Op

era

tin

g P

rofi

t £

00

0 INTERCONNECT

656

4,505

1,678

656

3,553

1,299

H1 FY09 H2 FY09 H1 FY10

Ad

jus

ted

Op

era

tin

g P

rofi

t

£0

00

Reported Constant Currency

22

Cash flow and net debt

(1.0)(3.4)(1.2)Cash utilised by non-recurring items

14.8

6.5

0.9

5.6

-

(0.8)

(0.9)

(3.0)

10.3

8.6

5.1

H2 FY09

11.218.6Net Debt

0.44.2Net increase in cash and cash equivalents

(2.6)(0.9)Repayment of borrowing

3.15.1Net cash movement b/f repayment of borrowing

(0.8)-Refinancing costs

(1.6)-Disposal of VWS

(0.8)(1.0)Capital expenditures

(1.6)(0.9)Tax and interest payments

7.97.0Cash generated by operations

3.75.1Decrease in working capital

5.23.1Operating cashflow b/f non-recurring items and

working capital

H1 FY10H1 FY09£millions

23

Outlook

24

Outlook and prospects

• Trading environment continues to be

challenging.

• Revenues and adjusted operating profit in the

second half of the year expected to be slightly

higher than in the first half.

2525

Contact Details

CEO Ray Walsh +44 7775 602 577 ray.walsh@volex.com

CFO Andrew Cherry +44 780 123 3366 andrew.cherry@volex.com

London Stock Exchange code : VLX

New London Address

10 Eastbourne TerracePaddingtonLondon W2 6LGEngland

26

Appendices

27

FTSE All Share Liquidity Requirement

• The liquidity of the stock has increased with several renowned

institutions increasing their holdings and we are hopeful of

returning to the FTSE All Share Index in June 2010

Liquidity Test Threshold for admission to All Share Index

0.00%

0.06%

0.11%

0.17%

0.23%

Dec-0

7

Jan-0

8

Feb-0

8

Mar-

08

Apr-

08

May-0

8

Jun-0

8

Jul-08

Aug-0

8

Sep-0

8

Oct-

08

Nov-0

8

Dec-0

8

Jan-0

9

Feb-0

9

Mar-

09

Apr-

09

May-0

9

Jun-0

9

Jul-09

Aug-0

9

Sep-0

9

Oct-

09

Liq

uid

ity

Source: Datastream

28

Share price performance

Volex Competitors - Share Prices

-50%

0%

50%

100%

150%

200%

250%

300%

03/0

4/09

10/0

4/09

17/0

4/09

24/0

4/09

01/0

5/09

08/0

5/09

15/0

5/09

22/0

5/09

29/0

5/09

05/0

6/09

12/0

6/09

19/0

6/09

26/0

6/09

03/0

7/09

10/0

7/09

17/0

7/09

24/0

7/09

31/0

7/09

07/0

8/09

14/0

8/09

21/0

8/09

28/0

8/09

04/0

9/09

11/0

9/09

18/0

9/09

25/0

9/09

02/1

0/09

09/1

0/09

16/1

0/09

23/1

0/09

Volex Tyco Molex Amphenol Leoni

(all figures in millions) Tyco Elect. Molex Amphenol Leoni Volex

Weighted

Average

ex. Volex

Last 12 month - Ended Date 29/07/09 30/06/09 30/09/09 30/609 05/04/09

Market Cap. (29.10.09) $10,160 $3,340 $7,080 € 372 £48 $21,131

Total Revenue $11,479 $2,582 $2,817 € 2,323 £265 $20,316

Adjusted Income $892 $55 $452 -€ 67 £11 $1,300

Ratios:

Mkt. Cap / Rev. 0.89 1.29 2.51 0.16 0.18 1.04*

Mkt. Cap / Op. Inc. 11.39 60.73 15.66 -5.59 4.29 14.71**

* Weighted Average Mkt. Cap / Rev ratio based on Tyco, Molex, Amphenol and Leoni

** Weighted Average Mkt. Cap / Op. Inc. ratio based on Tyco, Molex and Amphenol (Leoni excluded on basis of negative Adjusted Income)