William Burnman: Good morning, everybody, and welcome to the Pinewood Full Year 2023 inaugural

results presentation. I'm Bill Burnman, CEO. And with me today is the Group CFO, Olly Man. I will start
with an introduction of Pinewood's first set of results as a stand-alone Software-as-a-Service or SaaZ
business.

Olly will then take you through the financial performance for FY '24 before I run through an operational
review and summary of our current strategy. As always, we'll be happy to take any questions at the
end of today's presentation. If you turn to Slide 4. Following the comprehensive strategic review
completed in 2023 by the Board and its advisers, the decision was made to dispose of the UK Motor
and Leasing divisions and transform the Group into a pure-pay Software-as-a-Service business.

This has resulted not only in a 24.5 pens per share dividend for shareholders, which will be paid on the
7th of May, but also unlock Pinewood from being part of an automotive retail group. This has opened
up a number of growth opportunities for Pinewood both in the U.K. and abroad. During FI '23, we have
grown the business with strong double-digit growth in both revenue and profitability.

This has been achieved through growth in our U.K. international users as well as through pricing in our
vertical sales channels. Our strategic partnership with Libya, which has seen both of us invest GBP 10
million in a North American joint venture will create access to the lucrative North American market.
We are committed to maximizing growth for our shareholders by utilizing our unique product, going
our market share both in the U.K. and our international markets and by continuing to develop more
products in opening up the North American market.

Next, on Slide 5. For those of you that are not familiar with Pinewood, we thought it'd be worthwhile
giving you an overview of our product and our business model. We are a Software-as-a-Service or SaaZ
group, and our product is 100% cloud-based, as Euro hosted, it's an automotive retail ecosystem. Our
system is used in automotive dealership is used by the vast majority of the employees in the stores
where our system is installed.

This includes all aspects of the customer journey from front of house, reception, the sales teams,
service technicians, and back-office accounting. We offer omnichannel sales channels, service products
that allow our customers to effectively operate up of a single platform. Our system is multi-tentative,
and the same version is used by all customers worldwide, whichever country the world you are located
in, and it is language agnostic.

We operate in 21 countries and have a very high levels of customer retention. We have partnerships
with 50 OAM brands worldwide, and most of those are long-standing relationships. We are continually
evolving our system, which is powered by 180 individuals in our product development teams out of a
total of 243 associates.

All of our developers are based in the U.K. We have sales implementation teams in Sweden and Japan,
and we have partners in South Africa, the Netherlands and the Middle East as well as the rest of our
U.K.-based teams.

I will now hand over to Olly to cover the numbers.

Olly Mann: Thanks, Bill, and good morning, everyone. I'll start with the statutory income statement,
and I'll explain how this has been presented as a result of the UK Motor and Leasing divisions being
disposed of to Libya at the end of January 2024. The UK Motor and Leasing divisions, along with their
share of central costs have been presented as discontinued operations.

The continuing operations at the Pinewood core business, which is how the Pinewood division was
previously reported as well as PLC costs and the wind down costs of our legacy US Motor Business. FY
'23 is a 30-month period ended 31st of January 2024, and FY '22 is the year ended 31st December
2022. I will move on to a light-for-light comparison shortly, but just a couple of key points to take away
here are the gross margin being broadly maintained at just under 90% and the PLC costs increasing
purely as a result of FY '23 being a 30-month period. Looking next at Slide 8.

This shows the continuing group performance, including PLC costs and Legacy US Motor costs on a like-
for-like basis. The comparative period is the 13 months ended 31st January 2023. You can see that like-
for-like revenue increased by 15.5%. Key drivers for the revenue increase were a 4% increase in user
numbers in FY '23 as well as the impact of our pricing and vertical sales channels.

Our 9% increase in international users was driven by new system implementations in a number of
countries, including Denmark and Luxembourg, as well as other countries across Europe and Asia
Pacific. This led to a like-for-like EBITAAH increase of 25.8% from GBP 12.4 million to GBP 50.6 million
with EBITDA margin increasing from 44.8% to 48.8%.

Core business EBITAAH was GBP 19.4 million in the 13-month period ended 31st January 2024. Slide 9
shows the balance sheet position at the end of January 2024 compared to the end of December 2023.
The majority of the group's assets and liabilities were sold to Libya at the end of January 2024, with the
cash being received from Libya on the 1st of February 2024.

This is the reason for the large data at the end of January '24. The GBP 13.8 million of our intangible
assets relates to capitalized development costs, and there is GBP 6.5 million of Pinewood deferred
income within the payable balance of GBP 28.5 million. Going forward, there will be a GBP 10 million
investment in our US joint venture and initially GBP 10 million to GBP 15 million of cash on the balance
sheet. We also have a GBP 10 million RCF facility that we're not currently utilizing.

I'll now hand back to Bill and will cover the operational and strategic update.

William Burnman: Thanks, Olly. If you turn to Slide 11, please. Operational highlights for FY '23 include
increasing our like-for-like revenue by 15.5%, increasing our like-for-like EBITAAH by 25.8%. At the end
of FY '23, we had approximately 2600 users in the U.K. and 7,000 users internationally.

Our international users grew by 9% as we continued our international expansion, which was driven by
a combination of having strong partnerships with our OAM partners as well as our international sales
teams. We had a number of new oversees implementations in FY '23, including systems insulations and
Denmark and Luxemburg.

In a number of overseas markets, we have been approached by OAMs to implement the Pinewood
system across all of their locations in a geography. We have particularly strong relationships with
Volkswagen Group and Porsche. Our other route to market internationally is to our international sales
teams, including one team based in Sweden, one based in Japan.
Northern Europe and Asia Pacific are true of our most important international growth areas. Our
current customer retention continues to be extremely strong with a net new user churn of circus 2%.
On Slide 12, you can see our strategy. We are going to do a full strategic update as part of our Capital
Markets Day in October of this year.

We are currently focused in making the most of the opportunity we have in the U.K. market. In the
past, when we were part of a motor retail group, we understandably had certain customers unwilling
to engage with us. Now that barrier has been removed, we're now able to engage with a number of
new customers in the U.K. We have demonstrated how our system is a key diver for increasing both
our operational performance and cost efficiencies in large U.K. groups via Pantdragon.

This puts us in a good position to showcase what we can do to enhance performance and reduce costs
for our U.K. customers. Our system rollout of the ex-Jeni Motor Group stores that are now part of the
Lithia U.K. is starting eminently and will be completed by the end of 2024, adding approximately 250
additional users.

Our international expansion is continuing at a good pace with particular focus on Northern Europe and
Asia Pacific. Our strategic partnership with Lithia, where we both have invested into a U.S. joint
venture, where we'll see start our system rollout in the U.S. during 2025. I'll talk through this a little bit
more on the next slide.

Finally, just to reiterate our FY '27 EBITAAH target that we first shared as part of the Lithia transaction
-- presentation in September '23 is still GBP 27 million of EBITAAH in FY '27. However, this does not
include any contribution from the U.S. joint venture. Looking at Slide 13. We are in the early stages of
our expansion in North America initially be identifying the key pieces of development work that we
need to do to be able to function in the U.S.

The Painwood system itself is the same in whichever country we operate in, but for the North
American market, there are 2 key areas of development. First being the OEM integrations and
secondly, integrations with the layered apps that are used in U.S. dealerships. We will also need to
ensure that our system is integrated with anything else that is specific to the U.S. market, for example,
tax title licensing, which varies significantly by estate.

All development work will be done in the U.K. Following that, we plan on piloting our system in parallel
along U.S. systems during the first half of 2025 and then starting our rollout shortly after that. Lastly,
on Slide 15. In terms of outlook, we have a good start to FY '24. And although there are some
challenges in the broader macroeconomic environment, we do not see these of having a material
impact on trading due to our relatively sticky customer base and our nature of our product portfolio.

We have a strong order bank and are in dialogue with a number of new customers, both in the U.K.
and internationally. Although it's relatively early in the new financial year, the Board is confident in the
prospects of the group and expects FY '24 to be in line with current market conditions. Lastly, I'd like to
thank all of our associates at our prior group of Pantdragon, and look forward to taking the company
going forward.

Thank you. Olly and I will take any questions.