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Introduction

SB, the lamppost advertising company, was founded in 2001 and is growing rapidly

SB has been funded to date by its founders, Rotch, Apax and New Smith Capital

Its business model is proven and has reached operational breakeven

SB’s Board has decided to pursue the acquisition of Gucci Retail, the retail advertising division of Gucci Outdoor

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Summary Incorporated April 2001 Exclusive long term contracts (10-20) years with councils and property owners in return for income and

new lampposts PFI street lighting market increasing Council awareness and take up £450K turnover 2004, £1.3 m turnover 2005, Estimate £4.5m 2006 First EBITDA achieved December 05 Net profit expected Q3 06 48 staff Offices in London, Tamworth, Stockport (Depot) and Manchester In-house installations and maintenance teams In-house product development ISO9001 Quality Management System Agreements with 20 local authorities and major key land owners Installations in 60 towns and cities £11 million of investment to date Experienced Board and Management Team Excellent reputation with our clients

Introduction

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Management Lee Arthur CEO Nick Crowe FD Mungo Knott MD sales Carl Skinner Sales Manager Noel Lindsell Board Director Dave Ralphs Project

manager Stephen Hewitt Project

manager

Board Martyn Williams Chairman Tilly Franklin Apax Len Sanderson Apax Gordon Dunn NSC Teresa Miles Walsh AMA Vincent Tchenguiz Rotch 3 Management Team

Management Team and Board

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1200 panels 18 cities and towns inc:

Liverpool Leeds London (4 boroughs) Coventry Newport Dundee Sunderland Middlesbrough Greater Manchester Greater Glasgow

Vantage Opportunities

550 panels Shopping Centres,

Entertainment and Retail Parks

39 cities and 58 parks and centres including 17 of the top 20 including:

Manchester London Glasgow Leeds Sheffield Leicester Edinburgh Birmingham

MySite Opportunities

Three panels Pilot scheme in

Coventry (Live Mar) Council, Police and

SB all have real time access to three Full colour LED panels

Same cover, lower frequency

Lower cost than normal paper poster

No production costs

No 1 for EffectivenessSupported by POSTAR

SpendTracker ResearchQuarter hour traffic flows

Streetbroadcast Inventory Today

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Dec 06 1500 panels 1400 new panels installed across

the year 30 towns and cities

Dec 06 1,100 panels 900 new panels in 80 new

shopping locations

At planning stage following pilot Conversion of 100 hand- picked

sites to deliver national digital 6-sheet campaign

Expected to double ROCE

2006 Role out plan: 4,000 panels

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Streetbroadcast building strong competitive position – 1st mover advantage

SB has a strong lead in IP, best practise, reputation and geographic footprint on new entrants

Rated #1 by POSTAR for visibility – strong position

JC Decaux and Clear Channel – main competitors in the roadside outdoor advertising market – are focused on new public tenders, not on new products

Clear Channel planned a lamppost trial in 2002 - did not proceed

Primesight has recently shown interest in the sector

Based on its momentum and quality of its offering Streetbroadcast has a 100% success rate in tenders

Maiden and Clear Channel main competitors in the retail advertising market

Competitive Landscape

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Approximately 700 Shopping malls and 700 Retail Parks in the UK

Maiden: 118 Shopping Centres

Clear Channel: 72 Shopping Centres

Streetbroadcast: 145 by June 06

All front of house, highly visible, full on

Competitive Landscape

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Selected Advertising Clients

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Consolidate leadership position in the Retail outdoor advertising market Combine market leader with the fastest growing player with a proven business model

Delivers unrivalled breadth and quality of Point-of-Sale offering Supermarkets + Malls + Shopping and Retail Parks Better leverage of Roadside properties

Provide immediate scale to Streetbroadcast to improve revenue per panel

Better scale to negotiate service contracts (posting, maintenance, installation) Stronger position to negotiate trading agreements with poster specialists Provide Streetbroadcast strategic leverage and scale to compete on larger contracts

Stronger Balance Sheet and Cash Flow coverage Combined cash flow allows a more aggressive roll-out of property

Streetbroadcast Weekly Revenue per Panel

2005 2006E 2007E

Streetbroadcast £25 £31 £35

Streetbroadcast Pro Forma £31 £38 £41

Implied Premium 24% 23% 17%

Deal Rationale

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Streetbroadcast FinancialsYE 31 Dec (£'000) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Turnover 1,237 4,226 12,249 20,321 31,046 40,191 46,875 52,459 58,480 65,206 72,718Growth(% ) 242% 190% 66% 53% 29% 17% 12% 11% 12% 12%

Rent (100) (350) (1,119) (1,681) (2,716) (3,851) (4,886) (5,489) (6,146) (6,883) (7,711)Revenue share top-up (147) (495) (1,331) (2,383) (3,493) (4,188) (4,489) (5,003) (5,551) (6,158) (6,833)Marketing deductions 0 0 0 0 0 0 0 0 0 0 0Total Landlord Share (247) (845) (2,450) (4,064) (6,209) (8,038) (9,375) (10,492) (11,696) (13,041) (14,544) % Landlord Share of Turnover 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20%Rates (125) (350) (1,119) (1,441) (2,037) (2,824) (3,225) (3,534) (3,861) (4,218) (5,072)Electricity (19) (55) (149) (197) (285) (368) (431) (484) (542) (607) (680)Billposting (69) (232) (762) (1,408) (2,244) (2,985) (3,494) (3,925) (4,395) (4,923) (5,515)Other direct costs (62) (211) (612) (1,016) (1,552) (2,010) (2,344) (2,623) (2,924) (3,260) (3,636)Total Other Cost of Sales (275) (848) (2,642) (4,062) (6,118) (8,187) (9,494) (10,566) (11,722) (13,008) (14,902) % Other Cost of Sales of 22% 20% 22% 20% 20% 20% 20% 20% 20% 20% 20%

Gross margin 715 2,532 7,157 12,196 18,719 23,966 28,006 31,401 35,063 39,156 43,272 % Margin 58% 60% 58% 60% 60% 60% 60% 60% 60% 60% 60% % Growth 254% 183% 70% 53% 28% 17% 12% 12% 12% 11%

Staff Costs (1,350) (1,800) (2,178) (2,635) (3,044) (3,516) (4,061) (4,690) (5,417) (6,257) (7,226)Other Overheads (1,300) (1,300) (1,495) (1,794) (2,153) (2,583) (3,100) (3,565) (4,100) (4,510) (4,735)Operating Profit -1,935 -568 3,484 7,766 13,522 17,867 20,846 23,146 25,546 28,390 31,311 % Margin 28% 38% 44% 44% 44% 44% 44% 44% 43%

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Gucci Retail FinancialsYE 31 Dec (£'000) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Turnover 12,763 14,016 15,196 16,077 16,918 17,728 18,525 19,410 20,405 21,512 22,680 % Growth 15% 10% 8% 6% 5% 5% 4% 5% 5% 5% 5%

Rent (3,740) (4,319) (4,936) (5,313) (5,719) (6,133) (6,560) (7,039) (7,481) (7,974) (8,500)Revenue share top-up (1,900) (2,416) (2,785) (2,932) (3,028) (3,119) (3,203) (3,293) (3,344) (3,448) (3,614)Marketing deductions (460) (500) (500) (500) (500) (500) (500) (500) (500) (500) (500)

Total Landlord Share & Marketing (6,100) (7,235) (8,222) (8,745) (9,247) (9,752) (10,262) (10,833) (11,325) (11,923) (12,615) % of Turnover 48% 52% 54% 54% 55% 55% 55% 56% 56% 55% 56%

Rates (520) (659) (698) (720) (743) (802) (824) (847) (873) (902) (979)Electricity (140) (153) (166) (176) (186) (197) (207) (219) (231) (246) (261)Billposting (650) (693) (775) (860) (926) (997) (1,054) (1,111) (1,174) (1,244) (1,322)Other direct costs (720) (841) (912) (965) (1,015) (1,064) (1,111) (1,165) (1,224) (1,291) (1,361)Other Cost of Sales (2,030) (2,345) (2,551) (2,721) (2,870) (3,060) (3,196) (3,341) (3,503) (3,683) (3,922) % of Turnover 16% 17% 17% 17% 17% 17% 17% 17% 17% 17% 17%

Gross margin 4,633 4,436 4,424 4,611 4,800 4,916 5,066 5,236 5,577 5,907 6,143 % Margin 36% 32% 29% 29% 28% 28% 27% 27% 27% 27% 27% % Growth 18% -4% 0% 4% 4% 2% 3% 3% 7% 6% 4%

Gucci projections based on Streetbroadcast maintenance assumptions

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YE 31 Dec (£'000) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Turnover 14,000 18,664 29,171 38,819 50,061 60,124 67,059 72,704 79,629 87,351 95,901Growth(% ) 33% 56% 33% 29% 20% 12% 8% 10% 10% 10%

Rent (3,840) (4,669) (6,055) (6,994) (8,435) (9,983) (11,446) (12,528) (13,627) (14,857) (16,211)Revenue share top-up (2,047) (3,002) (4,489) (5,838) (6,975) (7,783) (8,051) (8,477) (9,055) (9,743) (10,555)Marketing deductions (460) (500) (500) (500) (500) (500) (500) (500) (500) (500) (500)

Total Landlord Share (6,347) (8,171) (11,044) (13,333) (15,910) (18,267) (19,996) (21,505) (23,182) (25,100) (27,267) % Landlord Share of Turnover 45% 44% 38% 34% 32% 30% 30% 30% 29% 29% 28%

Rates (645) (1,009) (1,817) (2,161) (2,780) (3,626) (4,048) (4,381) (4,734) (5,121) (6,051)Electricity (159) (207) (315) (372) (471) (565) (638) (702) (773) (852) (940)Billposting (719) (925) (1,537) (2,268) (3,170) (3,983) (4,548) (5,036) (5,569) (6,167) (6,837)Other direct costs (782) (1,075) (1,617) (2,112) (2,681) (3,192) (3,545) (3,833) (4,189) (4,585) (5,024)Total Other Cost of Sales (2,305) (3,217) (5,286) (6,913) (9,102) (11,366) (12,779) (13,952) (15,265) (16,725) (18,852) % Other Cost of Sales of Turnover 16% 17% 18% 18% 18% 19% 19% 19% 19% 19% 20%

Gross margin 5,348 7,276 12,840 18,574 25,049 30,492 34,284 37,247 41,182 45,525 49,782 % Margin 38% 39% 44% 48% 50% 51% 51% 51% 52% 52% 52% % Growth 36% 76% 45% 35% 22% 12% 9% 11% 11% 9%

Staff Costs (1,350) (1,800) (2,178) (2,635) (3,044) (3,516) (4,061) (4,690) (5,417) (6,257) (7,226)Additional Staff Costs 0 (216) (475) (523) (549) (576) (605) (529) (445) (350) (245)Other Overheads (1,300) (1,300) (1,495) (1,794) (2,153) (2,583) (3,100) (3,565) (4,100) (4,510) (4,735)

Operating Profit 2,698 3,960 8,692 13,621 19,304 23,817 26,518 28,462 31,221 34,409 37,575 % Margin 30% 35% 39% 40% 40% 39% 39% 39% 39%

YE 31 Dec (£'000) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015Value to Streetbroadcast

Streetbroadcast Base -1,935 -568 3,484 7,766 13,522 17,867 20,846 23,146 25,546 28,390 31,311

Earnings EnhancementCombined Entity - SB + Gucci Retail 2,698 3,960 8,692 13,621 19,304 23,817 26,518 28,462 31,221 34,409 37,575

Gucci Retail 4,633 4,436 4,424 4,611 4,800 4,916 5,066 5,236 5,577 5,907 6,143Premium 0 92 784 1,244 982 1,033 606 80 97 111 121Uplift - additional profit 4,633 4,528 5,208 5,855 5,781 5,949 5,672 5,316 5,675 6,018 6,264

Pro Forma Financials – Equity Case

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Timetable

Wednesday 15th February Due Diligence Questions List

Friday 17th February Draft Term Sheet & Structure

Wednesday 22nd February Credit Approved Offer