HARSCO CORPORATION Return on Invested Capital Excluding Special Items and Harsco Infrastructure Segment (a)  (Unaudited) Trailing Twelve Months  for Period Ended December 31 (in thousands) 2014 2013 Net loss from continuing operations, as reported $÷÷(20,407) $÷(216,696) Special items: Harsco Metals & Minerals Segment site exit and underperforming contract charges 50,111 – Harsco Metals & Minerals Segment contract termination charges 11,557 – Harsco Metals & Minerals Segment Brazilian labor claim reserves 7,451 – Harsco Metals & Minerals Segment Project Orion Charges 11,992 – Harsco Infrastructure Segment loss on disposal 3,865 271,296 Strategic transaction review costs 3,531 – Harsco Infrastructure transaction costs 2,192 20,076 Harsco Rail Segment grinder asset impairment charge 590 8,999 Gains associated with exited Harsco Infrastructure operations retained (2,205) – Non-cash tax impact of Harsco Infrastructure transaction – – Harsco Metals & Minerals Segment bad debt expense – 2,592 Harsco Infrastructure Segment depreciation expense reduction on assets classified as held-for-sale – (17,281) Taxes on above special items (4,166) (23,724) Non-cash tax impact of Harsco Infrastructure transaction – 30,790 Net income from continuing operations, as adjusted 64,511 76,052 After-tax interest expense  (b) 29,680 31,281 Net operating profit after tax, as adjusted $÷÷«94,191 $÷«107,333 Average equity $÷«563,138 $÷«771,176 Plus average debt 857,169 1,022,015 Average capital $1,420,307 $1,793,191 Return on invested capital excluding special items 6.6% 6.0% Net operating profit after tax, as adjusted, from above $÷÷«94,191 $÷«107,333 After-tax (income) loss from Harsco Infrastructure Segment excluding special items – 954 Net operating profit after tax, as adjusted $ 94,191 $ 108,287 Average capital, from above $1,420,307 $1,793,191 Return on invested capital excluding special items and Harsco Infrastructure Segment 6.6% 6.0% (a) Return on invested capital excluding special items and the Harsco Infrastructure Segment is net income from continuing operations excluding special items, after-tax Harsco Infrastructure Segment results, and  after-tax interest expense, divided by average capital for the year. The Company uses a trailing twelve month average for computing average capital. (b) The Company’s effective tax rate approximated 37% on an adjusted basis for both periods for interest expense. The Company’s management believes return on invested capital excluding special items and the Harsco Infrastructure Segment, which are non-U.S. GAAP financial measures, are meaningful in evaluating the efficiency  and effectiveness of the capital invested in the Company’s business. Exclusion of special items permits evaluation and comparison of results for the Company’s core business operations, and it is on this basis that  management internally assesses the Company’s performance. Exclusion of the Harsco Infrastructure Segment provides a basis for comparison of ongoing operations and prospects since the segment was divested in the  fourth quarter of 2013. These measures should be considered in addition to, rather than as a substitute for, net income or other information provided in accordance with U.S. GAAP. 2014 SUMMARY ANNUAL REPORT 18