ISS A/S nine month trading update

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17 October 2011

For immediate release

G4S PLC

PROPOSED ACQUISITION OF ISS A/S

ISS A/S nine month trading update

Today ISS released its trading update for the nine months ended 30 September 2011:

"Group revenue amounted to DKK 57.8 billion in the first nine months of 2011, an increase of 6% compared with the same period in 2010, driven by organic growth of 6.4% and a positive effect from exchange rate movements of 1%, which was offset by negative net growth from acquisitions and divestments of 2%. The organic growth of 6.4% in the first nine months of 2011 was a continuation of the positive organic growth trend seen in 2010, fuelled by the start-up of several large IFS contracts in 2011. Organic growth was 7.0% in the third quarter of 2011 and marks the eighth consecutive quarter with an increase in ISS's organic growth rate. North America, Latin America and Asia delivered double digit organic growth rates.

Operating profit before other items increased by 4% to DKK 3,180 million in the first nine months of 2011 compared with the same period in 2010. The operating margin (operating profit before other items as a percentage of revenue) of 5.5% for the first nine months of 2011 was 0.1 percentage points below the comparable period in 2010. Operating profit increased by 7% to DKK 2,958 million in the first nine months of 2011 compared to DKK 2,761 million in the first nine months of 2010. The increase was due to the increase in operating profit before other items as well as a net decrease in expenses recognised as other income and expenses, which was achieved despite recognition of costs of DKK 100 million primarily related to IPO preparations.

The preliminary balance sheet position and the preliminary LTM cash conversion at 30 September 2011 is slightly lower than in previous periods as a result of a change in payment terms of VAT and payroll and social taxes in certain countries combined with the strong organic growth and a slight increase in debtor days.

The emerging markets, comprising Asia, Eastern Europe, Latin America, Israel, South Africa and Turkey, where more than half of ISS's employees are located, delivered organic growth of 13% and represented 19% of total revenue and 37% of total organic growth for the Group. In addition to boosting organic growth, these emerging markets delivered an operating margin of 6.8% for the nine months ended 30 September 2011, well above most mature markets."

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