RESULTS FOR HALF YEAR ENDED 30 SEPTEMBER 2011

A solid start to the year despite the uncertain macroeconomic climate
around the world

• Business highlights
• Invensys Operations Management has sustained momentum supported in
  particular by the oil and gas industries in emerging markets; revenue and
  operating profit were up over 20% at CER1
• Invensys Rail received major orders from Network Rail in the UK and, since period
  end, we have received substantial awards from new markets, particularly the
  Middle East
• Despite some resilience in the commercial and wholesale segments, Invensys
  Controls experienced a significant downturn due to a weak appliance market
  Financial highlights – continuing operations
• Order intake was £1,086 million (H1 10/11: £1,148 million), down 5% (4% at
  CER), with circa £600 million of further awards at Invensys Rail since period end
• Revenue was £1,244 million (H1 10/11: £1,162 million), up 7% (8% at CER)
• Operating profit2 was £102 million (H1 10/11: £100 million), up 2% (3% at CER),
  with a good performance from Invensys Operations Management offset by
  Invensys Controls
• Underlying earnings per share3 decreased 7% to 6.9p (H1 10/11: 7.4p) due in
  part to increased restructuring costs
• Operating cash outflow was £11 million (H1 10/11: £83 million inflow) mainly due
  to the cash profile of some major contracts and we expect a significant
  improvement in H2; net cash was £192 million
• Interim dividend increased by 10% to 1.65p per share (H1 10/11: 1.50p per
  share)
• The IAS 19 pension liability reduced by £140 million to £327 million (31 March
  2011: £467 million)
  
  Outlook
  We continue to expect that on a constant currency basis we will achieve a year of
  further progress

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