Lincoln Financing Holdings Pte. Limited

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Lincoln Financing Holdings Pte. Limited Q1 2017 results 19 May 2017 This report provides the unaudited combined accounts for Lincoln Financing Holdings Pte.

1 Lincoln Financing Holdings Pte. Limited Q results 19 May 2017 This report provides the unaudited combined accounts for Lincoln Financing Holdings Pte. Limited (the ), its finance subsidiary Lincoln Finance Limited (the Issuer ) and its holding subsidiary LP Group B.V. ( LP Group ), and also incorporates the accounts for ( ) for the period ending 31 March The is incorporated in Singapore and operates as a holding company for the investment in by a consortium of long-term responsible investors including leading Dutch pension fund service provider PGGM, Denmark s largest pension fund ATP, GIC, Luxinva S.A., a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and investment funds managed by TDR Capital LLP (the Consortium ). The Issuer is a wholly owned subsidiary of the, incorporated in Jersey for the purposes of raising acquisition finance. LP Group is a wholly owned subsidiary of the incorporated in the Netherlands for the purposes of directly holding the investment in. The acquisition of by the Consortium was completed on 21 March The Issuer issued 1,250 million 6.875% Senior Secured Notes due 2021 and $400 million 7.375% Senior Secured Notes due 2021 (collectively, the senior secured notes ) on 16 March 2016 to finance a portion of the purchase price for the acquisition of. The and the Issuer were each incorporated in March 2015, and LP Group was incorporated in February 2015, but each had no material trading, assets or liabilities prior to the issuance of the senior secured notes and the completion of the acquisition and therefore no prior year comparison figures are included in this report. These accounts provide combined financial information of the, the Issuer and LP Group and provide a consolidated position including. For detailed information on reference is also made

2 to its published Q report on With respect to the income statement, these combined results show the increase in net equity value of over the first quarter of The income statement also shows the accrued interest expense on the senior secured notes and some ongoing operating expenses and certain expenses incurred in relation to the acquisition and the financing thereof. The latter expenses are partly amortisation of capitalised expenses that are amortised over the life time of the senior secured notes. The consolidated accounts do not provide information on the operational performance of, the single (indirect) investment made by the. For information on the operational performance of, please refer to its published results for Q1 2017, which are available at: In Q1 2017, declared a dividend of 112 million, which has been paid on 24 March Note: Defined terms used but not defined in this report have the meaning given to them in the offering memorandum for the senior secured notes issued by the Issuer. Net debt position The debt of the Issuer, which is consolidated by the in addition to the debt of, amounts to 1,544 million, representing the net value of the 1,250 million bonds and the $400 million bonds issued to finance the acquisition of. The net value reflects the nominal value of the notes at current USD/EUR rate, and a deduction for capitalised fees in relation to the issuance of the senior secured notes. The, the Issuer and LP Group have a total cash balance of 701 million. This includes 279 million in the Interest Reserve Account ( IRA ), and 194 million in the Interest Coverage Account ( ICA ). This provides a combined IRA and ICA balance of 473 million, which represents 4.4x the annual interest expense of the senior secured notes. In addition to the balances of the ICA and IRA, the, the Issuer and LP Group have further cash balances of 228 million.

3 Financial statements Income Statement Profit & Loss Revenues Cost of sales ( ) - ( ) Gross margin Staff expenses ( ) - ( ) General and administrative expenses (73.972) (255) (74.227) Depreciation and amortisation (11.763) (3.600) (15.363) Impairment charges on loans and receivables (5.802) - (5.802) Total operating expenses ( ) (3.855) ( ) Other operating incomes Other operating incomes Operating result (3.855) Share of profit of investments accounted for using the equity method Interest and similar income Interest expenses and similar charges (79.280) (33.901) ( ) Net income from other financial instruments at FVTPL - (2.972) (2.972) Unrealised gains/(losses) on financial instruments Financial result (31.535) Result of ordinary activities before taxation (35.390) Income tax (44.263) - (44.263) Result of ordinary activities after taxation (35.390) Profit from discontinued operations net of tax Profit for the period (35.390) Attributable to: - Owners of the parent (35.390) Non-controlling interests Total Profit for the period (35.390) statement of comprehensive income Items that will not be reclassified to profit or loss Remeasurement of post-employment benefit reserve, before tax (12) 12 - Income tax on post-employment benefit reserve 4 (4) - Subtotal changes post-employment benefit reserve, net of income tax (8) 8 - Items that may be subsequently reclassified to profit or loss Changes in cash flow hedges, before tax (3.793) - Cash flow hedges recycled from equity to profit and loss, before tax (1.717) Income tax on cash flow hedges (519) Subtotal changes in cash flow hedges, net of income tax (1.557) - Exchange rate differences (6.419) - Other comprehensive income, net of income tax (7.968) - Changes in post-employment plans in associates Total comprehensive income for the period (43.358) Attributable to: - Owners of the parent (43.358) Non-controlling interests Total comprehensive income for the period (43.358)

4 Balance Sheet Assets Non-current assets Property and equipment under operating lease and rental fleet Other property and equipment Goodwill Other intangible assets Investments accounted for using the equity method Deferred tax asset Other financial assets Total non-current assets Current assets Inventories Amount due from parent companies Receivables from financial institutions Receivables from clients Other receivables and prepayments Corporate income tax receivable Derivative financial instruments Cash Assets classified as held-for-sale Total current assets Total assets Equity and liabilities Capital and reserves Issued share capital Share premium ( ) - Other reserves (1.757) Retained earnings ( ) Result of the year attributable to the Owners of the Parent (43.358) Total equity ( ) Non-current liabilities Debt securities issued Borrowings from financial institutions Funds entrusted Loans from investments accounted for using the equity method Provision Deferred tax liabilities Total non-current liabilities Current liabilities Amounts due to parent companies Trade and other payables and deferred income Derivative financial instruments Other Financial liabilities Corporate income tax payable Liabilities classified as held-for-sale Total current liabilities Total liabilities Total equity and liabilities

5 Cash Flows Statement statement of cash flows Operating activities Profit for the period (35.390) Adjustments Interest income ( ) (10) ( ) Interest expense Impairment on receivables Depreciation operating lease portfolio and rental fleet Depreciation other property and equipment Amortisation and impairment intangible assets Amortisation capitalised fees related to issuance of debt securities Share of profit of investments accounted for using the equity method (1.089) - (1.089) Financial instruments at fair value through profit and loss (5.872) (5.522) (11.394) Income tax expense Changes in Provisions (18.833) - (18.833) Derivative financial instruments Trade and other payables and other receivables ( ) (1.282) ( ) Inventories Amounts received for disposal of objects under operating lease Amounts paid for acquisition of objects under operating lease ( ) - ( ) Acquired new finance leases and other increases of receivables from clients ( ) - ( ) Repayment finance leases Cash generated from operating activities ( ) (1.731) ( ) Interest paid (89.287) (809) (90.096) Interest received Income taxes paid (36.280) - (36.280) Income taxes received Net cash flows from operating activities (49.308) (2.540) (51.848) Investing activities Proceeds from sale of other property and equipment Purchases of other property and equipment (10.660) - (10.660) Purchases of intangible assets (2.947) - (2.947) Divestments of intangible assets Loans provided to investments accounted for using the equity method (250) - (250) Dividend received from investments accounted for using the equity method Movement in held-for-sale investments (4.884) - (4.884) Net cash flows from investing activities (11.884) Financing activities Receipt of receivables from financial institutions Balances deposited to financial institutions ( ) - ( ) Receipt of borrowings from financial institutions Repayment of borrowings from financial institutions ( ) - ( ) Receipt of funds entrusted Repayment of funds entrusted ( ) - ( ) Receipt of debt securities Repayment of debt securities ( ) - ( ) Dividends paid to 's shareholders ( ) - ( ) Net cash flows from financing activities Cash and balances with banks at January, 1st Net movement in cash and balances with banks Exchange gains/(losses) on cash and balances with banks Cash and balances with banks as at closing Cash and balances at central bank Call money, cash at banks Call money and bank overdrafts ( ) - ( ) Balance as at March, 31st for the purpose of the statement of cash flows

6 For further information: About is a global fleet management and driver mobility company of Dutch origin. Our full service offering consists of financing and operational fleet management services to meet the needs of a diverse client base. Established in 1963, we have grown to become the world s leading global fleet management and driver mobility company with more than 85% of our 7,400 strong workforce now operating outside the Netherlands. Our global franchise manages over 1.6 million multi-brand vehicles and provides global fleet management and driver mobility services in 32 countries. We have a proven track record in enhancing our presence in traditional mature fleet markets, as well as expanding into new markets and growing our business to market leading positions. We are able to capitalize on our global presence and international network by providing innovative products and high quality service to meet the needs of our clients globally. We aim to do this by using our expertise to make running a fleet easier for our clients. This is reflected in our universal promise to all our clients: It s easier to leaseplan.for more information, please refer to Website The quarterly reports are available on Disclaimer This information is based on internal information used by the management of the. We caution that the foregoing information has not been and will not be audited or reviewed by our independent auditors. Financial and other information in this document may contain certain forward-looking statements (all statements other than those made solely with respect to historical facts) based upon beliefs and data currently available to management. These statements are based on a variety of assumptions that may not be realized and are subject to significant business, economic, legal and competitive risks and uncertainties. Our actual operations, financial conditions, cash flows and operating results may differ materially from those expressed or implied by any such forward-looking statements.

Lincoln Financing Holdings Pte. Limited

Lincoln Financing Holdings Pte. Limited Q4 results 23 March 2017 This report provides the unaudited combined accounts for Lincoln Financing Holdings Pte. Limited (the Company ), its finance subsidiary