AMA GROUP LIMITED — AGM Information 2008

Nov 27, 2008

Allomak Limited

Restructuring for the Current Environment: Operational Update for Shareholders ANNUAL GENERAL MEETING

28 November 2008

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CONTENTS

1. The Past

2. The Present 3. The Future

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1

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The Past
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1. THE PAST

• Growth focused model

• 16 Acquisitions

• 2 Equity raisings (IPO – Aug 2006, secondary Oct 2007)

• Major master license agreement entered into

• • High earnings growth year on year

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The Present
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2. THE PRESENT

• The most diversified player in the Australian wholesale automotive aftermarket

• Built strong national footprint in otherwise very fragmented market

• Assembled a good portfolio of leading aftermarket niche players

• Market leader in aluminium bullbars

• First mover in consolidating top end panel business

• Market leader in LP Gas conversion

• Coast to coast distribution network

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The Present
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• Expected good resilience to weather downward in economic conditions...although not immunity

• (eg fewer new car purchases leads to increase in average age of fleet = stronger aftermarket)

• Robustness against major macro economic factors through diversification although individual businesses impacted in different ways. For example:

• Exchange rate – good for exporters, hurts importer

• Fuel price – reduces large car purchases, great for LPGas conversions

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The Present
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• Current year earnings down (although sales generally holding)

• Some challenges with manufacturing led to a delay in collectibles – (largely now resolved)

• Current gearing level provides little headroom for worsening conditions

• $34m bank debt

• $6m owing to vendors through Dec 2009

• Share price at historic low – limits flexibility

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The Present
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The dramatic recent changes in the operating business environment has impacted Allomak.

External Enviroment has Changed:

Group-wide

CHANGE IMPACT • Sharemarket valuations dramatically down • Money moved out of small Allomak share price caps significantly lower • Equity markets very tight • Debt markets very tight

• 35% devaluation in $US in • Cost of imports higher – Business two months difficult to respond in time specific • Fall in New Car Sales • Sales impacted in some business units

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2

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The Present
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KEY CHALLENGES

• Several Vendor payments still to be made between now and Dec 2009

• Potentially large equity issue exists within Mr Gloss share sale agreement (will require shareholder approval)

• Restructuring costs need to be incurred to increase run rate – continued impact on first half results

• Discussions continuing with bankers but as yet review not completed.

• Disgruntled shareholders – looking to see share price back on the rise quickly

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Allomak Response
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ACTION STEPS TAKEN

1. Conducted Strategic Review of each business unit and the group overall

2. Reassessed the Business Model in light of the current environment

3. Developed specific Action Plan

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3

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The Future
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3. THE FUTURE

• Focus on modified business model

• Implement Specific action steps – 3-Phase Plan (i) Immediate Initiatives

• (ii) Three Month Plan

(iii) Twelve Month Plan

• Bring In new personnel and expertise

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The Future
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In light of the current external conditions Allomak has revised its core operating business model (at least for the short to medium term)

1. Reassessed Business Model

Original Business Model

• Identify profitable leading niche players in the automotive aftermarket undergoing generational change

• Acquire synergistic businesses for a good price for combination of cash and equity with earnouts as a large part of the purchase price to reduce integration risks

• Drive business performance improvements in acquired businesses

• Drive and encourage synergies across each acquired business

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Current Business Model

• Consolidate existing businesses and manage for profit and cash generation

• Identify internal high growth opportunities and exploit strengths of the group to develop these

• Drive business performance improvements in acquired businesses

• Drive and encourage synergies across each acquired business

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The Future
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2. 3-Phase Action Plan

Phase I: Immediate Actions

ACTION ITEM

STATUS

• Reset the business forecast (November to June 2009) and support underlying performance of the “ongoing” operating entities. • Stop current operations losses and cash drain: - Relocate Diesel Test/Emission Services - Restructure other cash negative businesses • Cut expense structure on Allomak (corporate activities) • Defer dividend obligation (for further review) • Evaluate Vendor payment plans • Gain banking support for the restructure • Lay ground work for Capital Restructuring • Bringin appropriate expertise to executeplans

COMPLETED COMMENCED FINALISING COMPLETED NEGOTIATING NEGOTIATING COMPLETED COMPLETED

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The Future
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3-Phase Action Plan

Phase II: Next Three Months

• Reforecast models to run “leaner”

• Actions already commenced in ECB, Mr Gloss, Dyno

• Continue NetSuite Implementation – financial consolidation & operations

• Implement synergies in entities:

• Consolidate backroom (finance, payroll, payables, banking)

• Complete a detailed savings action plan from initiatives

• Initiate Capital restructure plan (likely including rights issues component)

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The Future
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3-Phase Action Plan

Phase III: Next Twelve Months

• Complete NetSuite implementation

• Implement next level synergies in entities:

• Consolidate backroom (Finance, payroll, payables, banking)

• Restructure for longer term management of the company

• Identify and support further earnings growth initiatives (both internally and externally)

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New Expertise
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3. New Leadership and Expertise

Kevin Clarke

• Allomak has invited Mr Kevin Clarke to join the company as a consultant to advise the board and management on its restructuring plan, and proposed recapitalisation.

• Mr Clarke, BSc (Eng), MBA, MAICD, brings an extraordinary range of skills and experience to such a role.

• Until 2006, Mr Clarke was CEO of Alesco Corporation Limited for 11 years—a company with a similar business model to Allomak that grew from a market capitalisation of less than $100 million to almost $1 billion.

• Prior to that, he was CEO of Hudaco Industries Limited, a publicly listed manufacturer and distributor of branded industrial products servicing the industrial and mining sectors in South Africa. He has had more than 25 years’ experience in manufacturing and industrial marketing

• Mr Clarke is non-executive chairman of a number of entities, including Jeminex Limited, Australasian Retail Projects Pty Ltd and National Fire Solution Pty Ltd; the latter two being private equity backed property services companies.

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Results of Initiatives
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Outcomes and Key Results

• Business restructures:

• Increase profits and cash flows in key business units

• Redundancies generate $400K p.a in 2009

• Savings of $2.5m (ongoing savings of $3m approx)

• Smoothed cash flow requirements of one off outgoings

• Revised Capex plan built around income generating investment

• A revised operational forecast

• New leadership team to drive forward new model

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