Coffey s Board recommends $0.425 cash per share takeover offer by Tetra Tech

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1 Coffey International Limited ABN Level 19, Tower B 799 Pacific Highway Chatswood NSW 2067 Australia Company Announcements Office Australian Securities Exchange - ASX Limited Exchange Centre Level 4, 20 Bridge Street Sydney NSW 2000 t: f: coffey.com 14 October 2015 Via e-lodgements: Sequence #774 Dear Sir / Madam Coffey s Board recommends $0.425 cash per share takeover offer by Tetra Tech Please find attached an announcement for immediate release to the market. Yours faithfully John Douglas Managing Director

2 For immediate release ASX announcement 14 October 2015 Coffey s Board recommends A$0.425 cash per share takeover offer by Tetra Tech The Board of Coffey International Limited (ASX:COF) is pleased to announce that it has entered into a Bid Implementation Agreement ( BIA ) with Tetra Tech, Inc. (NASDAQ:TTEK) under which Tetra Tech has agreed that it, or its nominee, will make an off-market takeover offer for 100% of the Coffey shares on issue (the Offer ). The Offer Under the terms of the Offer, Coffey shareholders will receive A$0.425 cash per share ( Offer Price ), which represents: A 130% premium to Coffey s last closing price of $0.185 on 14 October 2015 (being the last trading day prior to this announcement) A 148% premium to the 1 month volume weighted average price 1 of Coffey shares A 173% premium to the 6 month volume weighted average price 2 of Coffey shares The Offer, governed by the BIA, will be conditional upon the satisfaction of certain customary conditions. These conditions include that Tetra Tech acquire a relevant interest in at least 90% of Coffey s shares on issue. The BIA outlines the key terms and conditions of the Offer and can be found attached to this announcement. The BIA also includes customary deal protection mechanisms, including a break fee of $1.5 million payable to Tetra Tech in certain circumstances as well as exclusivity provisions. Coffey Chairman John Mulcahy welcomed the offer. Tetra Tech s offer represents better value for shareholders than the market has been prepared to pay because it delivers strong operational benefits for Tetra Tech, Mr Mulcahy said. On all indications available to us, it represents superior value to what we can foresee, over a realistic timeframe, from continuing as a standalone business. While this is a valuable opportunity for shareholders it is also very beneficial for the highly talented Coffey team of employees who should see enhanced career opportunities as part of a combined Tetra Tech and Coffey global business. We are very confident that Tetra Tech s offer will deliver benefits for all Coffey stakeholders, including shareholders, employees and clients month volume weighted average price at 14 October 2015 of $ month volume weighted average price at 14 October 2015 of $0.156 Coffey International Limited ABN

3 Tetra Tech Chairman and CEO Dan Batrack said: Tetra Tech is pleased to have reached agreement on a recommended transaction to be put to Coffey s shareholders. Coffey not only expands Tetra Tech s geographic presence, but provides a platform for growth of our international development business with multinational aid agencies. In addition to Coffey s expertise in geoservices and project management, the combined company will also provide water and environmental services to support Australia s infrastructure expansion. Together, we will be able to provide an expanded scope of services to our customers and offer our combined staff even greater professional opportunities. Unanimous recommendation by the Coffey Board The Directors of Coffey have carefully considered the Tetra Tech Offer with the assistance of their advisors and will unanimously recommend that Coffey shareholders accept the Offer, subject to there being no superior proposal. The Directors will accept or procure the acceptance of Tetra Tech s Offer in respect of any shares in Coffey that they, or their associates, own or control or otherwise have a relevant interest in, subject to there being no superior proposal. Timetable Coffey shareholders do not need to take any action at this present time. As set out in the BIA, it is currently expected that Tetra Tech s Bidder Statement and Coffey s Target Statement will be jointly dispatched to Coffey shareholders in November Shareholder information Further information on the Offer will be lodged with ASX in due course and included on Coffey s website at coffey.com. Coffey has retained Gresham Advisory Partners Limited as financial adviser and Norton Rose Fulbright as legal adviser. Tetra Tech has retained ANZ Corporate Advisory as financial adviser and Thomson Geer as legal adviser. - Ends - Coffey International Limited ABN

4 For further information contact: Media contacts Joeley Pettit Coffey Group Communications and Corporate Affairs Manager John Frey GRACosway Investor contact Chris Bowen Investor Relations Consultant About Tetra Tech Tetra Tech is a leading provider of consulting and engineering services. The Company supports commercial and government clients focused on water, environment, infrastructure, resource management, and energy. With 13,000 staff worldwide, Tetra Tech provides clear solutions to complex problems. For more information on Tetra Tech, please visit About Coffey International Ltd Every Coffey relationship is built on trust. Trust that s hard-earned through our proven expertise, our depth of global experience and our commitment to stay one step ahead. Our specialists in geoservices, international development and project management work in partnership with our clients across the globe. We create value throughout the asset lifecycle in the transport and property infrastructure, and energy and resources, sectors. We deliver vital international aid projects for our clients. Our united group of specialists take enormous pride in collaborating with our project partners. By digging deeper. Thinking smarter. And seeing further. All so we can deliver the smartest solutions, every time. Coffey International Limited ABN

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Please find attached an announcement for immediate release to the market.

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