Appendix 1 NM's key personnel Toby Baum - Managing Director, BVS (since 1 April 2010) Toby Baum, aged 48, was recruited as the new Chief Executive of JAR FM in August 2007 to try {a improve profitabilly. He had previously worked as the Fleet Maintenance Operations Direstor of a smaller, but highly proftable, fleet maintenance company. Despite reducing the losses that the subsidiary company made, the JAR Board decided to sell off JAR FM. He Was instrumental in preparing the business plan and for identifying an interested private equity investor, PIE. in ‘order to establish NN on 1 April 2010, He borrowed funds to invest in 17.5% of the shares in HM Leo Willems - Operations Director Leo Willems, aged 55, has spent his whole career in the vehicle industry. He has worked for several companies in middle management positions involved in fleet management and also fleet maintenance. He joined JAR in 2005, when the company recruited a number of senior managers to improve operational efficiency and profitability. He borrowed funds to invest in 7.5% of the shares in NIM) Phillip Beck - Sales and Customer Support Director Philp Beck, aged 40, was recruited in November 2007 by Toby Baum to identify néw external customers and to market and sell JAR Fils fleet maintenance services. He had previously worked 2s a fleet manager for eight years, responsible for a large fleet of vehicles. In his previous role he had been dissatisfied with the outsourced maintenance service and had Changed the outsourced service provider twice. As a fleet manager, he knew what service he wanted to provide, and his previous experience of running a fleet helps him understand the needs from a fleet manager's perspective, He has brought in, and retained, many large ‘customers with fleets of thousands of vehicles. This has helped generate large levels of revenues with a relatively small impact on fixed costs. He borrowed funds to invest in 7.5% of the shares in NM ‘Annika Larsen - Finance Director Annika Larsen, aged 40, is a qualified accountant, She was recruited by Toby Baum intially a¢ a business consultant to help him arrange and establish the MBO. She hed previously worked in an international business consultancy firm, but had held senior finance roles in the retail and distribution industries, She had no specialised knowledge of the vehicle maintenance industry but Toby Baum considered that her financial skills were excellent. Whilst working direclly for Toby Baum as a consultant, she was offered, and accepted, the role of Finance Director in the newly established company. She borrowed funds to invest in 7.6% of the shares in NM. Jonas Kral - Non-executive Director — PIE's representative Jonas Kral, aged 45, was selected to be PIE's representative on the BVS board. He is extremely ‘experienced in helping newly established businesses and MBO's to achive thei business plans. He has undertaken a Board representative role many times before and brings ‘management experience to NIM. It ig his role to ensure that BVS delivers the levels of cash flow and profitability that are included in H's business plan. Itis also his role to steer NM towards a flotation so that PIE can exit and realise its investment, PIE owns 60% of NIX shares. Jen Grein - IT Manager Jan Grein, aged 32, was recruited by Jonas Kral in April 2010, immediately after NPA was established, in order to help implement and manage the newly created IT systems. Jan Grein Previously worked as an IT manager in a competitor's fleet maintenance company and understands the business well. He has also established good relations with many of the workshop managers, who consider that he is approachable and helpful when they experience IT problems or are confused about any aspects of the new IT systems. Carmen Komp - Human Resources Manager Carmen Kemp, aged 65, was recruited to the newly established company in April 2010 and was given a remit to ensure that all employees understood the importance of creating value in the business and to deliver outstanding levels of customer service.M's Business Plan Appondix 2 Year onded ‘Bi March [34 March | 3t March | 31 March | 1 March zoi1_| 2012 | 2013 | "2014 |” 2016 Business statistics: ‘No.of vehictes ~ End year: JAR 32,100 | 30,100 | 28,100 | 27,000 | 26,000 Other customers 18,600 _| 24.800 | 32200 | 42'600_| 55,000 Total vehicles 50,700_| “84,900 [60,300 | 69,600} ~91,000 No. of vehicles — average for year 49,400_| 52,800 | 57,600 | 64,950 | 75.300 Uilisation lovel at managed workshops | 90.0% | 90.0% | 91.0% | 91.0% | 92.0% Outsourced vehicle hours ‘000 hours | _274 385 516 738__|_ 4,034 Financial plan: € million | €million | € mittion | € million | € milion Revenue 40 | 922 | 1026 | 1181 | 1908 Cost of sales eo | 716 79.7 | 91.9 | 1095 Gross profit ‘a1 | 206 229 | 262 | 303 Distrbution costs 02 02 02 03 03 Administrative expenses 177_| 166 | 476 | 187 | 200 Operating profit 12 38 54 72 | 100 Finance costs 02 02 02 02 02 Profit before tax 40 36 49 70 28 Profit after tax o7 25 34 49 69 20,000 Nor Nar Nar zon _ 2012 Business Plan - Number of vehicles -End year Mar Mar 2013 2042018 Business Plan - Oporating profit ar2014 Mar2012 Mer2013, Nerz014| Mera01sAppendix 3 Extract from N Ms Statement of Comprehensive Income, Statement of Financial Position and Statement of Changes in Equity Year ended Year onded ‘Statement of Comprohensive Incomo 34 March 2012 34 March 2014 million Emilion Revenue 93.9 049 Cost of sates: 72.8 86.2 Gross profit at 187 Distribution costs 02 02 ‘Administrative expenses 165 180, ‘Operating profit 44 Os Finance income ° o Finance expense 02 02 Profit before tax 42 as Tax expense (effective tax rate is 30%) 43 4 Profit forthe period 2.9) oz ‘Ae at Ae at ‘Statement of Financial Position Non-curront assets (not) Current assets Inventory Trade receivables Cash and cash equivalents Total current assets Total assots Equity and! iabilit Equity Issued share capital Share premium Retained ezmings Total Equity Non-curront itabiities Long-term loan Liability for acquisition to JAR) - due over 1 year Current abilities abit for acquisition (to JAR) --due within 4 year Bank overdraft “Trade payables and other liabilies Tax payables Total current liabilities Total equity and liabilities 34 March 2012 31 March 2014 Tinillion-€ milion 32 16 178 }__ 0.3. 497 million € milion | 34 22.9 02 18 34 6A 16. 22.3 13.4 Note: Paid in share capital represents 400,000 shares of €0,50 gach at 31 March 2012, mnt of Ch THEE Share Share Retained Total For the year ended 31 March 2012 capital__promium earnings € million —€ million —€ million —€ milo Balance at 31 March 2011, 02 18 02 22 Profit 0 0 29 29 Dividends paid o o oo Balance at 31 March 2012 oz is a4 61]‘Statement of Cash Flows Appendix 4 Year ended 34 March 2012 | €rnillion million Gash flows from operating activities Profit before taxation (attr Finance costs (net)) 42 Adjustments: Depreciation 04 Finance costs (net) 02 06 (Increase) / decrease in inventories oz) (Increase) ! decrease in rade recoivables a7) Increase | (decrease) in rade payables (excluding taxation) 18. 6) Finance costs (net) paid (02) “Tax paid (0.1) 03) ash generated from operating activiti 09 Gash flows from investing activities Purchase of non-current assets (net) (02) Gash used in investing activitios (02) ‘Cash flows from financing activities: Payment of instalment for acquisition (05) Dividends paid 0 Cash flows from financing activitios 05) Not increase in cash and cash equivalents 02 Cash and cash oquivatents at 34 Match 2014 04 Cash and cash equivalonts at 31 March 2012 03.Appendix & Latest forecast for year ended 31 March 2013 compared to Business Plan Year ended ‘Year ended 341. March 2013 | 34 March 2013 eee Forecast _Plan Buisingss statistics: No of vehicles - end vear JAR 28,100 28,100 ‘Goverment contract (from October 2012) 20,800 ig Other customers 33,200 32,200 Total vehicles - end year 82,100 60,300 No of vehicles - ayerage for year 69,000 57,600, Utilisation level at managed workshops 91.5% 91.0% Outsourced vehicle hours ((000 hours) 851 516 Financial plai € million € million Revenue 122.9 1026 Gost of sales 98.5 737 | Gross proft BAA 28 Distribution costs 02 0.2 Administrative expenses ‘7B 47.6. ‘Operating profit 68 6.1 Finance costs 0.2 _ 02 Profit before tax 64 49 | Profit after tax 45 34 |