Slides
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JULY 24, 2025 Second Quarter 2025 Earnings Call Presentation
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Forward Looking Statements and Non-GAAP Financial Measures Statements and information in this presentation that are not historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are made pursuant to the “safe harbor” provisions of such Act. Forward-looking statements include, but are not limited to, statements regarding our outlook, guidance, expectations, beliefs, hopes, intentions and strategies. These statements are subject to a number of risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to be materially different. All forward-looking statements are based on information available to us at the time the statements are made. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. You should not place undue reliance on our forward-looking statements. Actual events or results may differ materially from those expressed or implied in the forward-looking statements. The risks, uncertainties, assumptions and other factors that could cause actual events or results to differ from the events or results predicted or implied by our forward-looking statements include factors discussed in our filings with the SEC, including those disclosed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024 and in our subsequent Quarterly Reports on Form 10-Q. These reports are available at the Investor Relations section on our website (www.lkqcorp.com) and on the SEC's website (www.sec.gov). This presentation contains non-GAAP financial measures. Included with this presentation is a reconciliation of each non-GAAP financial measure with the most directly comparable financial measure calculated in accordance with GAAP. 2
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JUSTIN JUDE President and Chief Executive Officer Opening Remarks
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4 Executing on Strategic Initiatives – Making Progress Expand Lean Operating Model Globally & Grow Organically Returning Cash To Shareholders, Maximizing TSR Continued To Drive Multi-year Transformation & Growth Plan Corrective actions implemented in Europe to address operational challenges impacting revenue. Year-to-date, returned $235 million to shareholders, including $79 million in share repurchases and $156 million in dividends. Delivering Consistent Shareholder Returns Achieved more than $125 million in cost savings over the past 12 months through productivity and cost reduction initiatives, with an additional $75 million targeted. Invested $39 million in 2Q 2025 to repurchase 1.0 million shares of common stock. North America wholesale organic revenue outperformed the market, even as repairable claims declined approximately 9%. Distributed $78 million in cash dividends to common stockholders. Refreshed 25% of senior leadership roles over the last 12 months to strengthen execution and performance. $1.6 billion remains authorized for share repurchases through October 25, 2026. Formed a new strategic partnership to expand salvage capabilities in Europe. The Board of Directors authorized a $0.30 per share dividend, payable on August 28, 2025, to shareholders of record as of August 14, 2025.
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Operating Performance Q2 2025 YoY Change Total Revenue $3,642 q (1.9)% Organic Parts and Services Revenue Growth (Decline) q (3.4)% Segment EBITDA(1) $430 q (10.9)% Segment EBITDA(1) Margin 11.8% q (120) bps Diluted EPS(2) $0.75 p 7.1% Adjusted Diluted EPS(2)(3) $0.87 q (11.2)% Cash Flow Metrics YTD 2025 Operating Cash Flow $293 Free Cash Flow(4) $186 Dividends Paid $156 Share Repurchases $79 Q2 2025 Financial Performance Summary ($ in millions, except per share data) (1) Segment EBITDA for each segment is a GAAP measure; total Segment EBITDA is a non-GAAP measure. Refer to Appendix 2 and 3 for reconciliations of Segment EBITDA for each segment and total Segment EBITDA, respectively (2) Reference to Diluted EPS and the corresponding adjusted figures reflect amounts attributable to LKQ stockholders (3) Adjusted Diluted EPS is a non-GAAP measure. Refer to Appendix 4 for Adjusted Diluted EPS reconciliation (4) Free Cash Flow is a non-GAAP measure. Refer to Appendix 6 for Free Cash Flow reconciliation 5
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RICK GALLOWAY Senior Vice President and Chief Financial Officer Q2 2025 Results
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Cash Flow $466 $320$293 $186 YTD 2024 YTD 2025 Operating Cash Flow Free Cash Flow $484 $430 13.0% 11.8% Q2 2024 Q2 2025 Segment EBITDA(1) Consolidated Operating Results – Q2 2025 ($ in millions, except per share data) (1) Segment EBITDA for each segment is a GAAP measure; total Segment EBITDA is a non-GAAP measure. Refer to Appendix 2 and 3 for Segment EBITDA for each segment and for total Segment EBITDA reconciliations (2) Reference to Diluted EPS and the corresponding adjusted figures reflect amounts attributable to LKQ stockholders (3) Adjusted Diluted EPS is a non-GAAP measure. Refer to Appendix 4 for Adjusted Diluted EPS reconciliation (4) Free Cash Flow is a non-GAAP measure. Refer to Appendix 6 for Free Cash Flow reconciliation 7 Total Revenue $3,711 $3,642 $3,552 $3,477 Parts & services revenue Other revenue Q2 2024 Q2 2025 Diluted EPS $0.70 $0.98 $0.75 $0.87 Q2 2024 Q2 2025 Reported Adjusted Parts & Services Organic Growth (Decline) (2.6)% (4.9)% (0.3)% (6.9)% (3.4)% Wholesale - NA EuropeSpecialty Self Service Total (4)(2) (3)
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Total Revenue $1,474 $1,442 $1,398 $1,362 Parts & services revenue Other revenue Q2 2024 Q2 2025 Wholesale – North America – Q2 2025 ($ in millions) 8 Segment EBITDA $256 $227 17.3% 15.8% Q2 2024 Q2 2025 Commentary Parts and Services Revenue Change • Organic Decline: 2.6% (2.2% decline per day) • Acquisitions / Divestitures: 0.3% • Foreign Exchange: (0.2)% Organic Drivers Repairable claims declined approximately 9% Partially offset by pricing initiatives, market penetration and non-collision revenue Gross Margin Lower revenue and unfavorable customer mix partially offset by price increases Selling, General and Administrative Expenses ("SG&A") SG&A dollars relatively flat due to effective cost management offsetting inflationary increases Gross Margin $648 $619 43.9% 42.9% Q2 2024 Q2 2025 SG&A $397 $398 27.0% 27.5% Q2 2024 Q2 2025
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Total Revenue $1,639 $1,607 $1,633 $1,601 Parts & services revenue Other revenue Q2 2024 Q2 2025 Europe – Q2 2025 ($ in millions) 9 Segment EBITDA $174 $151 10.6% 9.4% Q2 2024 Q2 2025 Commentary Parts and Services Revenue Change • Organic Decline: 4.9% (3.8% decline per day) • Acquisitions / Divestitures: (2.2)% • Foreign Exchange: 5.2% Organic Drivers Lower volumes equally weighted to temporary operational challenges and ongoing market conditions Acquisitions / Divestitures Drivers Divestitures of certain operations in Poland, Slovenia and Bosnia in 2024 reflect $36 million decrease Gross Margin Gross margin percentage increased due to net procurement savings Selling, General and Administrative Expenses ("SG&A") $25 million unfavorable foreign exchange impact and $12 million from a non-recurring prior year benefit from a reduction in union related personnel accruals Partially offset by divestitures and other factors including cost savings from restructuring and productivity initiatives Gross Margin $619 $619 37.8% 38.5% Q2 2024 Q2 2025 SG&A $456 $474 27.8% 29.5% Q2 2024 Q2 2025
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Gross Margin $118 $118 25.4% 25.4% Q2 2024 Q2 2025 Total Revenue $466 $465 $466 $464 Parts & services revenue Other revenue Q2 2024 Q2 2025 Specialty – Q2 2025 ($ in millions) 10 Segment EBITDA $41 $39 8.9% 8.5% Q2 2024 Q2 2025 Commentary Parts and Services Revenue Change • Organic Decline: 0.3% Organic Drivers Revenue largely flat as demand softness in the recreational vehicle product lines was partially offset by growth in marine product lines Highest organic revenue performance since Q4 2021 as markets are starting to indicate signs of stabilizing Segment EBITDA Held margins in a competitive environment with rising tariff costs and flat market growth SG&A $79 $82 17.0% 17.6% Q2 2024 Q2 2025
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Gross Margin $56 $56 42.3% 43.5% Q2 2024 Q2 2025 11 Total Revenue $133 $129 $78 $79 $55 $50 Parts & services revenue Other revenue Q2 2024 Q2 2025 Segment EBITDA $13 $13 9.9% 10.0% Q2 2024 Q2 2025 Commentary Parts and Services Revenue Change • Organic Decline: 6.9% (5.9% decline per day) Organic Drivers Lower parts volumes from a reduced number of customer admissions Gross Margin Flat dollars as favorable movements in commodity prices were offset by lower volumes Segment EBITDA Disciplined vehicle procurement and effective cost controls combined with favorable movements in commodity prices helped maintain Segment EBITDA dollars and margin SG&A $44 $44 32.6% 33.8% Q2 2024 Q2 2025 Self Service – Q2 2025 ($ in millions)
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Capital Allocation, Leverage & Liquidity 12 Debt Maturity $22 $543 $521 $1,860 $10 $1,504 Remaining 2025 2026 2027 2028 2029 Thereafter Key Metrics as of June 30, 2025 ($ and shares in millions) Cash $289 Total Debt(1) $4,460 Effective Interest Rate(2) 5.2% Total Leverage Ratio(3) 2.6x Available Liquidity $1,425 Share Repurchase Program Capacity Remaining $1,636 Total Shares Purchased since 2018 66.5 YTD 2025 Capital Deployment Capex Share Repurchases Dividends $107M $79M $156M (1) Including our interest rate swaps, approximately 75% of our borrowings at June 30, 2025 are effectively at fixed interest rates (2) Weighted average interest rate on borrowings outstanding under our Senior Unsecured Credit Agreement, CAD Note and senior notes, including the effects of our interest rate swaps (3) Total leverage ratio as defined in the Senior Unsecured Credit Agreement filed January 6, 2023 (4) On May 2, 2025, we entered into Amendment No. 2 to the Senior Unsecured Credit Agreement which extended the maturity date of the unsecured term loan facility from January 5, 2026 to January 5, 2027 ($ in millions) Total shareholder return $235 million YTD On track with our 2024 Investor Day commitment (4)
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2H 2025 Headwinds Included in Outlook North America • Economic conditions delay recovery in repairable claims • Current estimated tariff impact • Competitive market dynamics Europe • Persistent market softness • Uncertain economic environments: ◦ Geopolitical unrest ◦ Ongoing US trade negotiations Outlook 2025(1) (effective only on the date issued: July 24, 2025) (1) Our outlook for the full year 2025 is based on current conditions, recent trends and our expectations. Outlook includes estimated impacts from the U.S. and retaliatory tariffs in effect as of July 15, 2025. Assumptions used - Tax Rate: 27.2%; Fx Rates: $1.13 EUR, $1.35 GBP, $0.72 CAD; Scrap & Precious Metals Prices: Near Q2 average. Changes in these conditions may impact our ability to achieve the estimates. (2) Actuals and outlook figures are for continuing operations attributable to LKQ stockholders (3) Adjusted Diluted EPS is a non-GAAP measure. Refer to Appendix 4 for the definition of Adjusted Diluted EPS and Appendix 5 for reconciliation of forecasted Adjusted Diluted EPS (4) Free Cash Flow is a non-GAAP measure. Refer to Appendix 5 for forecasted Free Cash Flow reconciliation (5) Previous guidance issued on April 24, 2025 13 2025 Full Year Outlook Organic P&S Revenue Growth (3.5%) to (1.5%) Prior Outlook(5) 0% to 2% Diluted EPS: GAAP(2) $2.47 to $2.77 Prior Outlook(5) $2.91 to $3.21 Adjusted(2)(3) $3.00 to $3.30 Prior Outlook(5) $3.40 to $3.70 Cash Flow: Operating Cash Flow $0.875 to $1.075 billion Prior Outlook(5) $1.075 to $1.275 billion Free Cash Flow(4) $0.60 to $0.75 billion Prior Outlook(5) $0.75 to $0.90 billion
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JUSTIN JUDE President and Chief Executive Officer Closing Remarks
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15 Key Strategic Priorities Operational Excellence Simplify Business Portfolio and Operations Expand lean operating model globally Grow organically Maximize TSR Invest in organic growth Execute high synergy tuck-in acquisitions Return cash to shareholders, while maintaining investment grade Enhance Margins Drive Cash Flow Develop Talent and Embed these Priorities into our Global Culture
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Appendix
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17 Appendix 1 Collision Trends in Wholesale - North America 22 22 2022 2025F *Total Loss Vehicle ("TLV"), End of Life Vehicle ("ELV"), Vehicles in Operation ("VIO") Sources: National Safety Council, NHTSA, CCC and internal proprietary data USA Accident Volumes Units in M Key Drivers of Volume Changes Since 2022 Factor CAGR Market Forces Total Accidents 0% to 1% Net of growth with miles driven, VIO*, density and ADAS Unrepaired Vehicles 7% to 9% Higher insurance rates and lower consumer confidence drive shift to higher deductibles, less coverage and more uninsured vehicles ELVs Due to Collision Insured TLVs 10% to 12% Decline in used car prices combined with increased cost to repair; Lesser impact: unfavorable VIO age mix skewed towards older vehicles Self-Pay Repairs Includes Partial Repairs 3% to 5% Higher deductibles, less insurance coverage, increased concerns about rising insurance premiums after filing a claim Insured Repairable Claims -7% to -9% Decrease driven by the factors above Collision volumes remain steady while increased self-pays, unrepaired vehicles and TLVs/ELVs* reduced repairable claims from 2022 to present Decline in repairable claims is cyclical, not structural
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Appendix 2 Revenue and Segment EBITDA by segment Three Months Ended June 30 (in millions) 2025 % of revenue 2024 % of revenue Revenue Wholesale - North America $1,442 $1,474 Europe 1,607 1,639 Specialty 465 466 Self Service 129 133 Eliminations (1) (1) Total Revenue $3,642 $3,711 Segment EBITDA Wholesale - North America $227 15.8% $256 17.3% Europe 151 9.4% 174 10.6% Specialty 39 8.5% 41 8.9% Self Service 13 10.0% 13 9.9% Total Segment EBITDA $430 11.8% $484 13.0% We have presented Segment EBITDA solely as a supplemental disclosure that offers investors, securities analysts and other interested parties useful information to evaluate our segment profit and loss and underlying trends in our ongoing operations. We calculate Segment EBITDA as Net Income excluding net income and loss attributable to noncontrolling interest; income and loss from discontinued operations; depreciation; amortization; interest; gains and losses on debt extinguishment; income tax expense; restructuring and transaction related expenses; change in fair value of contingent consideration liabilities; other gains and losses related to acquisitions, equity method investments, or divestitures; equity in losses and earnings of unconsolidated subsidiaries; equity investment fair value adjustments; impairment charges; and direct impacts of the Ukraine/Russia conflict. Our chief operating decision maker ("CODM"), who is our Chief Executive Officer, uses Segment EBITDA as the key measure of our segment profit or loss. The CODM uses Segment EBITDA to compare profitability among our segments and evaluate business strategies. This financial measure is included in the metrics used to determine incentive compensation for our senior management. We also consider Segment EBITDA to be a useful financial measure in evaluating our operating performance, as it provides investors, securities analysts and other interested parties with supplemental information regarding the underlying trends in our ongoing operations. Segment EBITDA includes revenue and expenses that are controllable by the segment. Corporate general and administrative expenses are allocated to the segments based on usage, with shared expenses apportioned based on the segment's percentage of consolidated revenue. Refer to the table on the following page for a reconciliation of net income to Segment EBITDA. 18
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Three Months Ended June 30 (in millions) 2025 2024 Net income $193 $186 Less: net income attributable to noncontrolling interest 1 1 Net income attributable to LKQ stockholders $192 $185 Adjustments: Depreciation and amortization 105 100 Interest expense, net of interest income 58 62 Provision for income taxes 68 82 Equity in (earnings) losses of unconsolidated subsidiaries (1) (2) Equity investment fair value adjustments — 2 Restructuring and transaction related expenses 8 49 Restructuring expenses - cost of goods sold — 6 Segment EBITDA $430 $484 Net income attributable to LKQ stockholders as a percentage of revenue 5.3% 5.0% Segment EBITDA as a percentage of revenue 11.8% 13.0% 19 Appendix 3 Reconciliation of Net Income to Segment EBITDA We have presented Segment EBITDA solely as a supplemental disclosure that offers investors, securities analysts and other interested parties useful information to evaluate our segment profit and loss and underlying trends in our ongoing operations. Refer to paragraph in Appendix 2 for details on the calculation of Segment EBITDA. Segment EBITDA should not be construed as an alternative to operating income, net income or net cash provided by operating activities, as determined in accordance with accounting principles generally accepted in the United States. In addition, not all companies that report Segment EBITDA information calculate Segment EBITDA in the same manner as we do and, accordingly, our calculation is not necessarily comparable to similarly-named measures of other companies and may not be an appropriate measure for performance relative to other companies.
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Three Months Ended June 30 (in millions, except per share data) 2025 2024 Net income $193 $186 Less: net income attributable to noncontrolling interest 1 1 Net income attributable to LKQ stockholders $192 $185 Adjustments: Amortization of acquired intangibles 36 36 Restructuring and transaction related expenses 8 49 Restructuring expenses - cost of goods sold — 6 Tax effect of adjustments (11) (15) Adjusted net income $225 $261 Weighted average diluted common shares outstanding 258.3 265.6 Diluted earnings per share: Reported $0.75 $0.70 Adjusted $0.87 $0.98 20 Appendix 4 Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Adjusted Diluted EPS
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Appendix 4 Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Adjusted Diluted EPS 21 We have presented Adjusted Net Income and Adjusted Diluted Earnings per Share as we believe these measures are useful for evaluating the core operating performance of our continuing business across reporting periods and in analyzing our historical operating results. We define Adjusted Net Income and Adjusted Diluted Earnings per Share as Net Income and Diluted Earnings per Share adjusted to eliminate the impact of net income and loss attributable to noncontrolling interest, income and loss from discontinued operations, restructuring and transaction related expenses, amortization expense related to all acquired intangible assets, gains and losses on debt extinguishment, changes in fair value of contingent consideration liabilities, other gains and losses related to acquisitions, equity method investments, or divestitures, impairment charges, direct impacts of the Ukraine/Russia conflict, excess tax benefits and deficiencies from stock-based payments and any tax effect of these adjustments. The tax effect of these adjustments is calculated using the effective tax rate for the applicable period or for certain discrete items the specific tax expense or benefit for the adjustment. Given the variability and volatility of the amount of related transactions in a particular period, management believes that these costs are not core operating expenses and should be adjusted in our calculation of Adjusted Net Income. Our adjustment of the amortization of all acquisition-related intangible assets does not exclude the amortization of other assets, which represents expense that is directly attributable to ongoing operations. Management believes that the adjustment relating to amortization of acquisition-related intangible assets supplements the GAAP information with a measure that can be used to assess the comparability of operating performance. The acquired intangible assets were recorded as part of purchase accounting and contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets. These financial measures are used by management in its decision making and overall evaluation of our operating performance and are included in the metrics used to determine incentive compensation for our senior management. Adjusted Net Income and Adjusted Diluted Earnings per Share should not be construed as alternatives to Net Income or Diluted Earnings per Share as determined in accordance with accounting principles generally accepted in the United States. In addition, not all companies that report measures similar to Adjusted Net Income and Adjusted Diluted Earnings per Share calculate such measures in the same manner as we do and, accordingly, our calculations are not necessarily comparable to similarly-named measures of other companies and may not be appropriate measures for performance relative to other companies.
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Appendix 5 Forecasted EPS and Free Cash Flow Reconciliation Forecasted Fiscal Year 2025 (in millions, except per share data) Minimum Outlook Maximum Outlook Net income(1) $639 $717 Adjustments: Amortization of acquired intangibles 142 142 Restructuring and transaction related expenses 42 42 Other adjustments 2 2 Tax effect of adjustments (50) (50) Adjusted net income(1) $775 $853 Weighted average diluted common shares outstanding 258.4 258.4 Diluted EPS: Reported(1) $2.47 $2.77 Adjusted(1) $3.00 $3.30 We have presented forecasted Adjusted Net Income and forecasted Adjusted Diluted Earnings per Share in our financial outlook. Refer to the discussion of Adjusted Net Income and Adjusted Diluted Earnings per Share for details on the calculation of these non-GAAP financial measures. In the calculation of forecasted Adjusted Net Income and forecasted Adjusted Diluted Earnings per Share, we included estimates of net income, amortization of acquired intangibles for the full fiscal year 2025, restructuring expenses under previously announced plans, and the related tax effect; we included for all other components the amounts incurred through June 30, 2025. 22 (1) Actuals and outlook figures are for continuing operations attributable to LKQ stockholders Forecasted Fiscal Year 2025 (in millions) Minimum Outlook Maximum Outlook Net cash provided by operating activities $875 $1,075 Less: purchases of property, plant and equipment 275 325 Free cash flow $600 $750 We have presented forecasted free cash flow in our financial outlook. Refer to Appendix 6 for details on the calculation of free cash flow.
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Appendix 6 Reconciliations of Net Cash Provided by Operating Activities to Free Cash Flow and Net Income to Adjusted EBITDA Six Months Ended June 30 (in millions) 2025 2024 Net cash provided by operating activities $293 $466 Less: purchases of property, plant and equipment 107 146 Free cash flow $186 $320 Net income $362 $344 Less: net income attributable to noncontrolling interest 1 1 Net income attributable to LKQ stockholders $361 $343 Adjustments: Depreciation and amortization 205 200 Interest expense, net of interest income 115 123 Provision for income taxes 134 153 Adjusted EBITDA $815 $819 23 We have presented free cash flow solely as a supplemental disclosure that offers investors, securities analysts and other interested parties useful information to evaluate our liquidity. We calculate free cash flow as net cash provided by operating activities, less purchases of property, plant and equipment. We believe free cash flow provides insight into our liquidity and provides useful information to management and investors concerning our cash flow available to meet future debt service obligations and working capital requirements, make strategic acquisitions, pay dividends and repurchase stock. We believe free cash flow is used by investors, securities analysts and other interested parties in evaluating the liquidity of other companies, many of which present free cash flow when reporting their results. This financial measure is included in the metrics used to determine incentive compensation for our senior management. We also evaluate our free cash flow by measuring the conversion of Adjusted EBITDA into free cash flow. For the denominator of our conversion ratio, we calculate Adjusted EBITDA as Net Income excluding net income and loss attributable to noncontrolling interest, income and loss from discontinued operations, depreciation, amortization, interest, gains and losses on debt extinguishment, income tax expense, gains and losses on the disposal of businesses, and other unusual income and expense items that affect investing or financing cash flows. We exclude gains and losses on the disposal of businesses as the proceeds are included in investing cash flows, which is outside of free cash flow. Free cash flow should not be construed as an alternative to net cash provided by operating activities and Adjusted EBITDA should not be construed as an alternative to operating income, net income or net cash provided by operating activities, as determined in accordance with accounting principles generally accepted in the United States. In addition, not all companies that report Adjusted EBITDA or free cash flow information calculate these metrics in the same manner as we do and, accordingly, our calculations are not necessarily comparable to similarly-named measures of other companies and may not be appropriate measures for performance relative to other companies.
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24 Q2 2025 vs Q2 2024 Segment EBITDA Impact ($ in millions) Self Service Wholesale - North America Total Scrap Steel $3 $— $3 Precious Metals $1 $1 $2 Total $4 $1 $5 Average Metals Prices $229 $203 $196 $193 $212 $200 $98 $95 $97 $101 $97 $101$91 $100 $97 $95 $97 $113 $43 $45 $45 $46 $49 $52 Scrap Steel per ton Palladium per .1 Troy oz Platinum per .1 Troy oz Rhodium per .01 Troy oz Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 $— $50 $100 $150 $200 $250 Foreign Exchange YoY Impact Q2 2025 Q2 2024 GBP 5.8% 1.34 1.26 EUR 5.3% 1.13 1.08 CAD (1.1)% 0.72 0.73 Q2 2025 GAAP EPS Impact $0.03 Adjusted EPS Impact $0.03 Appendix 7 Metals Prices & Foreign Exchange