Motor Industry Services Australian Listed Dealer Groups comparison June 2017

Motor Industry Services Australian Listed Dealer Groups comparison June 2017 kpmg.com.au

Executive summary June 2017 results The big are getting bigger and at the same time are preparing their business for the market and regulatory changes affecting the industry. The last 6 months has seen the appetite for growth continue for the listed entities with an overall 11.3 percent growth in revenue over the period. With a static overall market volume, this growth has come from the lock in of acquisitions made prior to the 2017 and the impact of acquisitions made during the period. On boarding these newer acquisitions plus costs of changing business practices to reflect the new regulatory regimes in finance and insurance have contributed to EBIT falling by 0.3 percent and return on equity falling by 21 percent over the period. Challenging market conditions in the first four months of the year (primarily in WA, QLD and NSW) impacted the trading performance of the listed Australian dealer groups. Buoyant May and June trading conditions with record volumes in these months partially recovered the slow start to the 2017 calendar year. Victorian based operations performed well and delivered strong results. This is expected to be a temporary blip as the new acquisitions thrive under the processes and buying power of the large groups and the existing operations make the personnel and process changes to fully leverage the new regulatory regime. The coming will see the first real impact of the alternate fuel vehicles on dealer performance. With global governments now fully mandating zero emission vehicles by set dates, the large OEM s have fully integrated the change with most new full model ranges offering a zero emissions alternative in the coming three years. As the clock ticks to zero emissions day the impetus for change will start to appear. 1

Australia s new motor vehicle sales increased slightly by 0.24 percent in the first half of 2017 totalling 559,522 units compared to the six months to June 2016. The sales increase during the six months to June 2016 on its previous corresponding period (pcp) was 3.4 percent. Whilst overall volume growth reduced in the first half of 2017, it still represented a record year of sales exceeding the previous record year 2016 YTD. New vehicle sales for the first half of 2017 in WA, QLD and NSW decreased on the pcp by 7.1 percent, 1.5 percent and 1.5 percent respectively. Offsetting the decreases was strong growth in VIC up 4.4 percent for the first half of 2017. First half 2017 volumes for TAS and SA were up and offset the declines in the ACT and NT. Private sales decreased again in the first half of 2017 by 2.3 percent, however, this was partly offset by the 2.1 percent increase in business/fleet sales which is a continuing trend for the past several years. Nationally, the Heavy Commercial segment recorded an increase of 7.1 percent, primarily driven by light duty trucks and medium/ heavy duty sales up 4 percent and 15 percent respectively on the pcp. As the age of the national fleet continues to grow, pressure will be applied to turn the fleet over. Once this happens, the segment is expected to grow significantly. 2017 results and 2017/2018 outlook Although the market dynamics remain interesting for Australian retail motor dealers; the continued strong (record) volumes in new passenger vehicle sales have been encouraging. It is anticipated that the record volumes have been and will continue to be driven by low interest rates and reduced usage of traditional internal combustion vehicles as they transition out. Margin impact stemming from the regulatory reviews by ASIC and ACCC will become clearer in the second half of 2017 when the government finalise their positions on these matters. Some of the large groups are already reporting their estimated impact to their profits with AHG flagging circa $15 million EBIT impact from add-on insurance alone. MTO reported an impact of $1.4 million from the regulatory changes to insurance products in their press releases. The Australian listed dealer groups will continue to focus on further acquisitions, where they fit geographically and are earnings accretive, while further rationalising of current cost structures and focusing on incorporating recent acquisitions. Focus is turning onto existing opportunities within their businesses for additional ROI, with used vehicles being the low hanging fruit. APE s Carzoos offering and AHG s Easyauto123 have seen significant investment and focus by these groups. Current market conditions For the remainder of 2017, the following will be the key pressure points for dealers: 1. Dealership transactions have reached a fever pitch and will continue rampantly for the next 24 months. For a seller the question will be timing as the last tranche of sellers will have little value. 2. The big will continue to get bigger (refer above), the OEM s requirements are facilitating the transition to large groups and overseas players to fund facility growth and the change to new power train technology. 3. Debt/capital is likely to be harder to raise and will be more expensive for the private operator. 4. More dealerships will close and become a block of flats as pressures for more accommodation and requirement for less dealership real estate collide. 2

Results Snapshot - Listed Dealer Groups Consolidated Total Revenue AUD Gross Profit AUD EBITDA AUD Average inventory days Supply (Incl. MTO) days Average inventory days Supply (Excl. MTO) days Average Cash Conversion Cycle (Excl. MTO) days 11.3% 7.4% 2.2% 69.7 days 64.0 days 64.5 days Revenue growth was strong across all four listed dealer groups, totalling $11,90 billion. Overall, GP increased YOY by 7.4%; however, the GAP of GP on increased volume of sales was 3.9%. Overall, EBITDA increased by 2.2% YOY, however, increased variable costs (commissions, advertising etc) eroded the additional GP earned on the sales volume increase. Days supply of inventory improved despite increased inventory levels. Inventory days supply (excl. MTO) has improved by 3.8 days or 5.6% any increase in floorplan rates will have a negative impact on profitability. Cash conversion (excl. MTO) improved primarily due to extending the time payables were paid. EBIT AUD EBT Incl. unusual items AUD Total Debt/ Equity % LT Debt/ Equity % 0.3% 0.8% 67.7% 21.5% EBIT decreased 0.3% YOY, Depreciation and Amortisation significantly increasing YOY. EBT increased 0.8% YOY, the decrease of interest rates offset increased inventory levels delivering an uplift to EBT of $2.6m for the listed groups. Total debt to equity decreased significantly in the to December 2017 as ASG s balance sheet emerged post IPO. Long term debt to equity has significantly decreased. EBT Incl. unusual items as a % of sales Return on Equity % EBIT/ Interest Exp. (Incl. MTO) EBIT/ Interest Exp. (Excl. MTO) TEV/ EBIT P/ Diluted EPS Before Extraordinary 9.42% 21% 8.6x 5.4x 14.1x 16.6x Overall EBT as a % of total sales is down 0.27% on the pcp or 9.42%. Return on equity decreased significantly dropped due to the impact on results and issuance of common stock by all the listed dealer groups. Interest coverage significantly increased at MTO, moderately at APE and ASG and decreased at AHG. Interest coverage (excl. MTO) decreased by 4.0% or 0.1x. The weighted average Total Enterprise Value to Earnings before interest and taxes is 14.1x compared to 15.6x at June 16. The share price to earnings per share (before extraordinary items) is 16.6x compared to 18.8x at June 16. 3

At a glance Australian Listed Dealer Groups Comparison / 30 June 2017 Ranking AHG APE ASG 3 MTO Press Release Jun-30-2017A LTM² Jun-30-2017A Press Release Jun-30-2017A Press Release Jun-30-2017A By total revenue 1 2 3 4 By total revenue growth YOY % 4 3 1 2 By profit before tax $ 2 1 3 4 By profit before tax % 3 2 4 1 By total assets 1 2 3 4 By total equity (BV) 1 2 3 4 By market capitalisation 2 1 3 4 By return on equity % 4 2 NM 1 Financial Performance Total Revenue 6,081.7 4,028.3 1,553.3 235.3 Total Revenue Growth YOY 8.1% 16.9% 50.4% 19.3% Gross Profit 1,454.3 723.6 244.5 62.3 Margin % 23.9% 18.0% 15.7% 26.5% EBITDA 197.4 171.3 65.9 14.9 Margin % 3.2% 4.3% 4.2% 6.3% EBIT 150.5 155.4 58.0 14.1 Margin % 2.5% 3.9% 3.7% 6.0% EBT Incl. Unusual Items 109.3 141.6 48.7 13.3 Margin % 1.8% 3.5% 3.1% 5.6% Capital Structure and Funding Ratios Total Debt 1,142.5 788.4 311.0 34.1 Total Equity 802.3 738.4 491.7 42.1 Total Debt/Equity 142.4% 106.8% 63.3% 80.9% LT Debt/Equity 39.2% 38.4% 4.8% 26.1% Total Liabilities/Total Assets 66.4% 58.3% 44.5% 53.9% EBIT / Interest Exp 3.6x 6.4x 6.2x 18.2x Interest Expense (41.4) (24.4) (9.3) (0.8) Common Dividends Paid (74.6) (66.6) (44.2) (2.8) Total Funding Costs 6.0% 6.0% 6.7% 4.7% Market Capitalization 1,067.8 1,509.0 438.2 160.5 - Cash & Short Term Investments 95.0 42.3 17.7 4.5 + Total Debt 1,142.5 788.4 311.0 34.1 + Pref. Equity - - - - + Total Minority Interest 14.9 7.7 3.4 - = Total Enterprise Value (TEV) 2,130.2 2,262.7 735.0 190.1 Management Efficiency Ratios Inventory Turnover 5.4x 5.5x 6.4x 4.2x Accounts Receivable Turnover 18.1x 25.2x 28.3x 106.8x Average Inventory Days Supply 68.1 66.7 57.0 86.8 Avg. Days Sales Out. 20.2 14.5 12.9 3.4 Avg. Days Payable Out. (16.3) (17.8) (11.8) (13.4) Average Cash Conversion Cycle 72.0 63.4 58.1 76.7 Liquidity Ratios Working Capital 177.4 110.4 (22.2) 14.9 Current Ratio 1.1x 1.2x 0.9x 1.4x Quick Ratio 0.4x 0.3x 0.2x 0.2x Cash from Ops. to Curr. Liab. 0.12x 0.19x 0.11x 0.22x In Millions of AUD, except per share items. ¹ All results are taken from the most recently filed statement for each period. 2 Growth rates for the LTM period are calculated against the LTM period ending before. 3 The results for ASG (listed in November 2016) are the actuals for the LTM taken from the December 2016 release and June 2017 release 4

Comparison income statement For the Fiscal Period Ending Press Release Jun-30 2017 AUD AHG APE ASG MTO % of sales (expenses shown % of Gross Profit) LTM Jun-30 2017 AUD % of sales (expenses shown % of Gross Profit) Press Release Jun-30 2017 AUD % of sales (expenses shown % of Gross Profit) Press Release Jun-30 2017 AUD % of sales (expenses shown % of Gross Profit) Revenue 6,081.7 4,028.3 1,553.3 235.3 Other Revenue 0 0 0 0 Total Revenue 6,081.7 4,028.3 1,553.3 235.3 Cost Of Goods Sold 4,627.4 3,304.7 1,308.8 173.0 Gross Profit 1,454.3 23.9% 723.6 18.0% 244.5 15.7% 62.3 26.5% Selling General & Admin Exp. 1,176.4 80.9% 332.5 46.0% 132.3 54.1% 34.7 55.7% Provision for Bad Debts 1.3 0.1% 0 0.0% 0 0.0% 0.00 0.0% R & D Exp. 0 0.0% 0 0.0% 0 0.0% 0 0.0% Depreciation & Amort. 46.9 3.2% 15.9 2.2% 7.9 3.2% 0.8 1.4% Other Operating Expense/(Income) 79.2 5.4% 219.8 30.4% 46.3 18.9% 12.7 20.3% Other Operating Exp., Total 1,303.9 89.7% 568.2 78.5% 186.5 76.3% 48.2 77.4% Operating Income 150.5 2.5% 155.4 3.9% 58.0 3.7% 14.1 6.0% Interest Expense (41.4) -2.8% (24.4) -3.4% (9.3) -3.8% (0.8) -1.3% Interest and Invest. Income 0 0.0% 0 0.0% 0 0.0% 0 0.0% Net Interest Exp. (41.4) -2.8% (24.4) -3.4% (9.3) -3.8% (0.8) -1.3% Income/(Loss) from Affiliates 0.3 0.4 0 Other Non-Operating Inc. (Exp.) 0 7.1 0 0.0 EBT Excl. Unusual Items 109.3 1.8% 138.5 3.4% 48.7 3.1% 13.3 5.6% Merger & Related Restruct. Charges 0 0 (17.1) 0 Impairment of Goodwill (1.8) 2.0 0 0 Gain (Loss) On Sale Of Invest. 0 1.1 0 0 Gain (Loss) On Sale Of Assets (0.6) 0 0 0 Asset Writedown (16.9) 0 0 0 Other Unusual Items 0 0 0 0 EBT Incl. Unusual Items 90.0 6.2% 141.6 19.6% 31.6 12.9% 13.3 21.3% Income Tax Expense 28.9 26.4% 35.9 25.9% 10.3 21.2% 4.0 30.2% Earnings from Cont. Ops. 61.1 1.0% 105.7 2.6% 21.2 1.4% 9.3 3.9% Earnings of Discontinued Ops. 0 0 0 0 Extraord. Item & Account. Change 0 0 0 0 Net Income to Company 61.1 1.0% 105.7 2.6% 21.2 1.4% 9.3 3.9% Minority Int. in Earnings (5.6) (1.9) (0.3) 0 Net Income 55.5 0.9% 103.9 2.6% 20.9 1.3% 9.3 3.9% In Millions of AUD, except per share items. 5

Market share August 2017 VFACTS national retails sales by Marque VFACTS National - AUGUST 2017 Month YTD Variance +/- VOL % % MTD % MTD % +\- YTD % YTD % +\- Total Market 2017 2016 2017 2016 MTH YTD MTH YTD Mshare 17 Mshare 16 % Mshare 17 Mshare 16 % Alfa Romeo 96 41 689 515 55 174 134.15% 25.25% 0.10% 0.04% 130.66% 0.09% 0.07% 33.30% Aston Martin 14 14 101 84-17 0.00% 16.83% 0.01% 0.02% -1.49% 0.01% 0.01% 19.80% Audi 1,438 2,006 14,254 16,101 (568) (1,847) -28.32% -12.96% 1.52% 2.16% -29.38% 1.84% 2.09% -11.80% Bentley 16 19 130 100 (3) 30-15.79% 23.08% 0.02% 0.02% -17.04% 0.02% 0.01% 29.52% BMW 2,005 2,321 17,000 20,124 (316) (3,124) -13.61% -18.38% 2.13% 2.50% -14.90% 2.20% 2.61% -15.83% Caterham 0 0 0 1 - (1) #DIV/0! #DIV/0! 0.00% 0.00% #DIV/0! 0.00% 0.00% -100.00% Chery 0 1 5 12 (1) (7) -100.00% -140.00% 0.00% 0.00% -100.00% 0.00% 0.00% -58.49% Chrysler 27 34 184 337 (7) (153) -20.59% -83.15% 0.03% 0.04% -21.77% 0.02% 0.04% -45.60% Citroen 35 82 352 689 (47) (337) -57.32% -95.74% 0.04% 0.09% -57.95% 0.05% 0.09% -49.10% Dodge 0 28 4 317 (28) (313) -100.00% -7825.00% 0.00% 0.03% -100.00% 0.00% 0.04% -98.74% Ferrari 13 14 126 121 (1) 5-7.14% 3.97% 0.01% 0.02% -8.52% 0.02% 0.02% 3.75% Fiat 136 196 1,389 1,515 (60) (126) -30.61% -9.07% 0.14% 0.21% -31.64% 0.18% 0.20% -8.65% Fiat Professional 95 147 765 943 (52) (178) -35.37% -23.27% 0.10% 0.16% -36.34% 0.10% 0.12% -19.17% Ford 6,645 6,849 53,620 54,126 (204) (506) -2.98% -0.94% 7.05% 7.37% -4.42% 6.94% 7.03% -1.30% Foton Light 0 62 371 617 (62) (246) -100.00% -66.31% 0.00% 0.07% -100.00% 0.05% 0.08% -40.09% Fuso 350 314 2,617 2,572 36 45 11.46% 1.72% 0.37% 0.34% 9.81% 0.34% 0.33% 1.38% Great Wall 29 0 285 11 29 274 #DIV/0! 96.14% 0.03% 0.00% #DIV/0! 0.04% 0.00% 2481.41% Haval 88 52 494 52 36 442 69.23% 89.47% 0.09% 0.06% 66.71% 0.06% 0.01% 846.52% Holden 6,984 7,667 55,564 62,748 (683) (7,184) -8.91% -12.93% 7.41% 8.25% -10.26% 7.19% 8.15% -11.77% Honda 3,724 3,090 29,048 25,921 634 3,127 20.52% 10.76% 3.95% 3.33% 18.72% 3.76% 3.37% 11.65% Hyundai 7,800 6,536 65,120 68,489 1,264 (3,369) 19.34% -5.17% 8.27% 7.04% 17.56% 8.43% 8.89% -5.27% Infiniti 48 83 516 478 (35) 38-42.17% 7.36% 0.05% 0.09% -43.03% 0.07% 0.06% 7.55% Isuzu Ute 2,131 1,647 16,116 14,953 484 1,163 29.39% 7.22% 2.26% 1.77% 27.46% 2.09% 1.94% 7.38% Jaguar 211 332 1,888 1,865 (121) 23-36.45% 1.22% 0.22% 0.36% -37.39% 0.24% 0.24% 0.86% Jeep 591 1,028 5,666 8,817 (437) (3,151) -42.51% -55.61% 0.63% 1.11% -43.37% 0.73% 1.15% -35.97% Kia 4,507 3,710 37,508 28,551 797 8,957 21.48% 23.88% 4.78% 3.99% 19.68% 4.85% 3.71% 30.89% Lamborghini 7 13 78 104 (6) (26) -46.15% -33.33% 0.01% 0.01% -46.95% 0.01% 0.01% -25.27% Land Rover 1,057 1,076 8,478 9,627 (19) (1,149) -1.77% -13.55% 1.12% 1.16% -3.23% 1.10% 1.25% -12.26% LDV 177 140 1,487 1,049 37 438 26.43% 29.46% 0.19% 0.15% 24.55% 0.19% 0.14% 41.23% Lexus 701 789 6,161 6,318 (88) (157) -11.15% -2.55% 0.74% 0.85% -12.48% 0.80% 0.82% -2.84% Lotus 3 17 33 23 (14) 10-82.35% 30.30% 0.00% 0.02% -82.62% 0.00% 0.00% 42.95% Maserati 44 33 516 354 11 162 33.33% 31.40% 0.05% 0.04% 31.35% 0.07% 0.05% 45.23% Mazda 8,511 9,258 79,535 78,691 (747) 844-8.07% 1.06% 9.02% 9.97% -9.44% 10.29% 10.22% 0.70% McLaren 6 5 66 50 1 16 20.00% 24.24% 0.01% 0.01% 18.21% 0.01% 0.01% 31.52% Mercedes-Benz Cars 2,933 2,902 24,878 23,641 31 1,237 1.07% 4.97% 3.11% 3.12% -0.44% 3.22% 3.07% 4.85% Mercedes-Benz Vans 467 357 3,572 3,152 110 420 30.81% 11.76% 0.50% 0.38% 28.87% 0.46% 0.41% 12.91% MG 49 0 421 0 49 421 #DIV/0! 100.00% 0.05% 0.00% #DIV/0! 0.05% 0.00% #DIV/0! MINI 386 328 2,704 2,509 58 195 17.68% 7.21% 0.41% 0.35% 15.93% 0.35% 0.33% 7.38% Mitsubishi 6,649 6,136 52,342 48,813 513 3,529 8.36% 6.74% 7.05% 6.60% 6.75% 6.77% 6.34% 6.84% Morgan 2 1 4 3 1 1 100.00% 25.00% 0.00% 0.00% 97.02% 0.00% 0.00% 32.84% Nissan 4,095 5,616 38,369 44,693 (1,521) (6,324) -27.08% -16.48% 4.34% 6.04% -28.17% 4.96% 5.80% -14.46% Peugeot 374 219 1,554 2,485 155 (931) 70.78% -59.91% 0.40% 0.24% 68.24% 0.20% 0.32% -37.69% Porsche 378 316 3,455 3,265 62 190 19.62% 5.50% 0.40% 0.34% 17.84% 0.45% 0.42% 5.43% Proton 3 16 28 145 (13) (117) -81.25% -417.86% 0.00% 0.02% -81.53% 0.00% 0.02% -80.76% RAM 30 24 229 189 6 40 25.00% 17.47% 0.03% 0.03% 23.14% 0.03% 0.02% 20.72% Renault 914 855 7,270 7,133 59 137 6.90% 1.88% 0.97% 0.92% 5.31% 0.94% 0.93% 1.55% Rolls-Royce 2 4 22 20 (2) 2-50.00% 9.09% 0.00% 0.00% -50.74% 0.00% 0.00% 9.60% Skoda 488 306 3,501 3,027 182 474 59.48% 13.54% 0.52% 0.33% 57.10% 0.45% 0.39% 15.24% Ssangyong 9 28 78 308 (19) (230) -67.86% -294.87% 0.01% 0.03% -68.34% 0.01% 0.04% -74.77% Subaru 4,579 3,362 34,806 30,779 1,217 4,027 36.20% 11.57% 4.86% 3.62% 34.17% 4.50% 4.00% 12.67% Suzuki 1,844 1,616 13,135 13,166 228 (31) 14.11% -0.24% 1.96% 1.74% 12.41% 1.70% 1.71% -0.60% Toyota 18,511 18,650 145,468 138,459 (139) 7,009-0.75% 4.82% 19.63% 20.07% -2.22% 18.82% 17.98% 4.68% Volkswagen 4,730 3,893 37,662 37,895 837 (233) 21.50% -0.62% 5.02% 4.19% 19.69% 4.87% 4.92% -0.98% Volvo Car 375 671 3,169 4,044 (296) (875) -44.11% -27.61% 0.40% 0.72% -44.94% 0.41% 0.53% -21.92% Total Cars 94,307 92,904 772,833 770,001 1,403 2,832 1.51% 0.37% 100.00% 100.00% 100.00% 100.00% - - Caterpillar 5 9 37 41 (4) (4) -44.44% -10.81% 0.21% 0.45% -52.70% 0.23% 0.29% -19.58% Daf 34 26 267 208 8 59 30.77% 22.10% 1.44% 1.30% 11.33% 1.65% 1.45% 14.40% Dennis Eagle 11 1 94 18 10 76 1000.00% 80.85% 0.47% 0.05% 836.52% 0.58% 0.13% 365.39% Foton Heavy 0 8 17 111 (8) (94) -100.00% -552.94% 0.00% 0.40% -100.00% 0.11% 0.77% -86.35% Freightliner 43 50 281 393 (7) (112) -14.00% -39.86% 1.83% 2.49% -26.78% 1.74% 2.73% -36.28% Hino 421 415 3,022 2,870 6 152 1.45% 5.03% 17.88% 20.70% -13.63% 18.73% 19.96% -6.16% Hyundai Trucks 5 0 36 0 5 36 #DIV/0! 100.00% 0.21% 0.00% #DIV/0! 0.22% 0.00% #DIV/0! Isuzu 778 746 5,740 5,365 32 375 4.29% 6.53% 33.04% 37.21% -11.21% 35.57% 37.31% -4.65% Iveco 197 121 1,194 985 76 209 62.81% 17.50% 8.37% 6.03% 38.61% 7.40% 6.85% 8.03% Kenworth 229 153 1,268 1,245 76 23 49.67% 1.81% 9.72% 7.63% 27.43% 7.86% 8.66% -9.24% Mack 101 75 629 513 26 116 34.67% 18.44% 4.29% 3.74% 14.65% 3.90% 3.57% 9.27% Man 109 59 526 186 50 340 84.75% 64.64% 4.63% 2.94% 57.29% 3.26% 1.29% 152.02% Mercedes-Benz Trucks 72 36 494 363 36 131 100.00% 26.52% 3.06% 1.80% 70.28% 3.06% 2.52% 21.28% Scania 88 68 603 382 20 221 29.41% 36.65% 3.74% 3.39% 10.18% 3.74% 2.66% 40.67% UD Trucks 77 61 594 448 16 146 26.23% 24.58% 0.08% 0.07% 24.35% 0.08% 0.06% 32.10% Volvo Commercial 170 156 1,107 1,013 14 94 8.97% 8.49% 7.22% 7.78% -7.22% 6.86% 7.04% -2.61% Western Star 15 21 226 238 (6) (12) -28.57% -5.31% 0.64% 1.05% -39.19% 1.40% 1.66% -15.38% Total Trucks 2,355 2,005 16,135 14,379 350 1,756 17.46% 10.88% 100.00% 100.00% 100.00% 100.00% Total Market 96,662 94,909 788,968 784,380 1,753 4,588 1.85% 0.58% Source: Vfacts 6

Market Share August 2017 (ABS registrations by state) New motor vehicle sales by state/territory of registration New Vehicles Sales Actuals 2016 NSW VIC QLD SA WA TAS(a) NT(a) ACT(a) AUST January 28,392 22,426 17,193 5,208 7,861 1,298 626 1,369 84,373 February 32,633 26,782 18,711 5,988 8,725 1,319 851 1,434 96,443 March 35,963 27,716 21,470 6,087 9,054 1,515 1,023 1,684 104,512 April 29,391 23,963 17,753 5,174 7,601 1,313 969 1,407 87,571 May 32,867 26,125 19,565 5,949 7,935 1,503 1,180 1,548 96,672 June 43,449 34,262 27,270 7,613 10,749 1,853 1,240 2,133 128,569 YTD JUNE 202,695 161,274 121,962 36,019 51,925 8,801 5,889 9,575 598,140 July 30,219 25,517 18,445 5,210 8,234 1,389 831 1,486 91,331 August 31,788 27,096 18,062 5,785 8,144 1,743 881 1,410 91,331 YTD 264,702 213,887 158,469 47,014 68,303 11,933 7,601 12,471 689,471 2017 NSW VIC QLD SA WA TAS(a) NT(a) ACT(a) Total January 29,068 24,535 15,709 5,134 7,037 1,337 652 1,438 84,910 February 30,221 24,917 17,474 5,354 7,526 1,334 760 1,439 89,025 March 35,677 29,252 21,217 6,387 8,712 1,536 946 1,683 105,410 April 28,565 23,292 16,312 4,951 6,634 1,214 910 1,257 83,135 May 31,870 29,077 20,674 6,133 8,154 1,540 1,276 1,502 100,226 June 44,341 37,255 28,768 8,213 10,161 1,953 1,333 2,147 134,171 YTD JUNE 199,742 168,328 120,154 36,172 48,224 8,914 5,877 9,466 596,877 July 30,620 26,584 18,540 5,663 7,576 1,376 914 1,481 92,754 August 32,137 27,569 18,695 5,790 8,487 1,538 904 1,542 92,754 YTD 262,499 222,481 157,389 47,625 64,287 11,828 7,695 12,489 689,631 % change pcp NSW VIC QLD SA WA TAS(a) NT(a) ACT(a) Total January 2.4% 9.4% -8.6% -1.4% -10.5% 3.0% 4.2% 5.0% 0.6% February -7.4% -7.0% -6.6% -10.6% -13.7% 1.1% -10.7% 0.3% -7.7% March -0.8% 5.5% -1.2% 4.9% -3.8% 1.4% -7.5% -0.1% 0.9% April -2.8% -2.8% -8.1% -4.3% -12.7% -7.5% -6.1% -10.7% -5.1% May -3.0% 11.3% 5.7% 3.1% 2.8% 2.5% 8.1% -3.0% 3.7% June 2.1% 8.7% 5.5% 7.9% -5.5% 5.4% 7.5% 0.7% 4.4% YTD JUNE -1.5% 4.4% -1.5% 0.4% -7.1% 1.3% -0.2% -1.1% -0.2% July 1.3% 4.2% 0.5% 8.7% -8.0% -0.9% 10.0% -0.3% 1.6% August 1.1% 1.7% 3.5% 0.1% 4.2% -11.8% 2.6% 9.4% 1.8% YTD JUNE -0.8% 4.0% -0.7% 1.3% -5.9% -0.9% 1.2% 0.1% 0.2% Source: http://www.abs.gov.au/ausstats/abs@.nsf/mf/9314.0 7

Basis of report and disclaimer Basis of this report This report is an extract of summary information compiled from the financial statements available on the Australian Stock Exchange (ASX) from the following Australian Listed Entities. For further information and details refer to the data source, S&P Capital IQ. A P Eagers Ltd (APE) APE has a different financial year end to the other listed groups, therefore the last (LTM) results to 30 June 2017 actual results were utilised. Automotive Holdings Group (AHG) AHG have a June year end. The last actual results to 30 June 2017 were utilised. Autosports Group (ASG) The comparison report utilises the 6 months to December 2016 and the 6 months to June 2017 to aggregate the LTM to June 2017 for the P&L. The Balance sheet utilised is from 30 June 2017. For further information and details refer to the data source, S&P Capital IQ. Disclaimer Information provided in this report is general in nature and does not constitute financial advice. Every effort has been made to ensure that the information provided is accurate. Individuals must not rely on this information to make a financial or investment decision. Company information All data and financial information was taken from the publicly available Annual Financial Reports of the Listed Australian Dealers these are available on www.asx. com.au by searching the entity and downloading the report. There were no other sources of information for the financial data. For most companies the information was from their 30 June 2017 reports, however a number of companies have different year ends and we have used their latest information for each company. Motorcycle Holdings Group (MTO) MTO have a June year end. The last actual results to 30 June 2017 were utilised. 8

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