IMPEL GROUP

Performance in 2011 Management’s Presentation

Warsaw 20 March 2012

2

IMPEL Group – General Information

VISION - Our objective is to develop our company in a responsible manner. Our operations are characterized by partnership, mutual honesty, respect for business environment, and support forcreativity

MISSION - We take care of our Clients – our common success depends on it.

cash handling

CCTV and GPS monitoring

manned guarding

facility management cleaning services

technical maintenance of facilities

payroll and personnel outsourcing

accounting services

temporary work

delivery logistics(safety-at-work, hygiene, office supplies)

electronic security systems

laundry services

rental and service of work clothes

Optimisation of areas and restructuring

handling services

facility furnishings: flooring and suspended ceilings

telecommunication and IT services

insurance brokerage

3

IMPEL Group – business highlights

comprehensive offer – the largest number of services for business on the Polish market

countrywide reach – 30 branches ensuring service availability in every place in Poland

experience – 22 years of competence development in optimising work organisation, technology selection and staff management

Contact Center – multichannel platform for communication with Clients, integrated with the SAP CRM system:

- centralised service for the IMPEL Group’s Clients- centre of knowledge of operational events related to the rendered services- monitoring of event handling- receiving complaints and alarm calls- providing information about the rendered services

4

Our clothes rental service is currently used by 9,500 people .We deliver 200,000 pieces of clothing a month.

We wash over 1 million kg of linen a

month.

Every day we serve 60,000 meals in 80facilities. Lunch for companies’

employees and service at events and

conferences.

No. 1 on the market . Every day we

keep clean the area of 10 million square metres all over Poland. Over 1,300 Clients. We provide cleaning

services in 8,000 facilities. Our services

are performed by 14,000 trained

employees.

IMPEL Group in figures

For 20 years among the top three largest entities on the manned security market in Poland. The service is provided by 10,000employees. We have 1,400 pieces of

firearms.

Every month we count over 12.5 billion zloty.

We have 250 special vehicles to carry out

collection services. We make 450,000 "stops" a year.

5

Impel S.A . - podmiot dominujący w Grupie Impel.Notowany na GPW od 2003 r. Odpowiada za kwestie strategiczne oraz korporacyjne.

Skład zarz ądu Impel S.A.� Grzegorz Dzik – Prezes Zarządu� Józef Biegaj – Wiceprezes Zarządu ds. handlowych� Wojciech Rembikowski – Wiceprezes Zarządu ds. finansowych� Danuta Czajka – Wiceprezes Zarządu ds. rozwoju

3 SEGMENTY PODSTAWOWE

OBSŁUGA NIERUCHOMOŚCI OCHRONA DYSTRYBUCJA

Impel Group – organisational structure

PLN 612 m 1) PLN 405 m 1) PLN 222 m 1)

POZYCJA KONKURENCYJNA Impel 2)

49% 33% 17%

NUMBER 1UPC TON

NUMBER 3 NUMBER 3-4CAT LOG REN+PR HR+KP

1) Share in the Impel Group’s revenue in 2011 (percentage and value)2) Data from the Marketing Office of Impel S.A. (March 2012)3) SOLID - Solid’s revenue includes total revenue from activities other than security

1%

2%

2%

3%

17%

0% 10% 20%

Clar

System

Grupa

EVER

Dozorbud ISS

Impel

1%

1%

1%

2%

3%

0% 2% 4%

ZST

DTZ

Polska

Cofely

Dalkia

Impel

3%

4%

8%

9%

16%

0% 10% 20%

Juwentus

G4S

Impel

Konsalnet

Solid

2%

2%

3%

7%

0% 5% 10%

Gastropol

Impel

Eurest

Sodexo

1%

2%

2%

4%

0% 2% 4%

Impel

Henry

Kruse

Merida

Lyreco

1%

3%

6%

6%

0% 5% 10%

Bardusch

Impel

Berendsen

CWS Boco

5%

10%

16%

20%

0% 10% 20% 30%

Impel

Adecco

Randstad

Work

Service

Impel S.A. - parent undertaking in the Impel Group.WSE listed since 2003.Responsible for strategic and corporate issues..

Composition of the Management Board of Impel S.A.� Grzegorz Dzik – President of the Management Board� Józef Biegaj – Vice President responsible for Commercial Function� Wojciech Rembikowski – Vice President responsible for Finance� Danuta Czajka – Vice President responsible for Development

3 BASIC SEGMENTSFACILITY MANAGEMENT SECURITY DISTRIBUTION

IMPEL’s COMPETITIVE POSITION 2)

UPC (Cleaning) REN+LAUNDRYTON technical facility manag. HR+payroll&account.

6

PLN'000 2010 2011

Sales revenue 1 110 671 1 240 413

Subsidies 37 681 37 917

EBITDA 93 110 86 013

EBITDA margin 8,4% 6,9%

EBIT 66 057 54 608

EBIT margin 5,9% 4,4%

Depreciation/Amortization (27 053) (31 405)

Net profit 53 961 58 976

Assets 585 477 660 035

Equity and reserves 301 588 333 178

Net debt 12 692 69 040 balance-sheet data at end of periods

Dynamic increase in revenueBetter organic sales

Consolidated financial results [1]

organic sales revenue of PLN 97.3 million

revenue increase by 11.7%

revenue from acquisitions of PLN 32.4 million

Recommendation of Impel SA Management Board conc.

dividend payment:PLN 1.5 per share

• decreased revenue and margin– services for the army

• policy of reserves (receivables and employee claims)

• increased cost of new products’development

7

Higher labour cost, involvement in new projects.

Consolidated financial results [2]

1 002,1

1 240,4

1 110,7

1 033,3

900950

1 0001 0501 1001 1501 2001 250

2008 2009 2010 2011Przychody ze sprzedaży w mln zł

21,5

48,7

66,0

54,6

4,4%

5,9%4,7%

2,1%0

10203040506070

2008 2009 2010 2011

0%

2%

4%

6%

8%

EBIT w mln zł Marża EBIT

14,0

33,5

53,9 58,9

4,7%4,9%3,2%1,4%

0

20

40

60

80

2008 2009 2010 2011

0%

2%

4%

6%

8%

10%

Zysk netto w mln zł Marża netto

43,4

69,7

93,1 86,0

6,9%8,4%

6,7%

4,3%

0

20

40

60

80

100

2008 2009 2010 2011

0%

2%

4%

6%

8%

10%

EBITDA w mln zł Marża EBITDA

Revenue EBITDA

Operating profit (EBIT) Net profit

+11,7%

-7,6%

+11,8%-17,3%

EBIT (PLN million) EBIT margin Net profit (PLN million) Net margin

Sales revenue (PLN million) EBITDA (PLN million) EBITDA margin

8

Q4 2011 – retained dynamics of sales; adjusted margin s

Comparison of consolidated results

2,1

(7,9)

8,9

16,7

7,1

329,6

Q4 2011

7,9

(7,6)

10,3

17,9

10,5

288,9

Q1 2011

53,9

(25,1)

66,1

93,1

37,7

1 110,6

2010PLN million

Q1 2010

Q2

2010

Q3

2010

Q4

2010Q2

2011Q3

2011 2011

Sales revenue 266,3 267,2 275,9 301,2 304,9 316,9 1 240,4

Subsidies 9,0 8,9 9,6 10,1 10,7 9,6 37,9

EBITDA 17,5 20,7 29,0 25,6 23,9 26,9 86,0

EBIT 11,1 14,3 22,7 17,7 16,2 18,7 54,6

Depr/Amort. (6,4) (6,449) (6,3) (7,9) (7,8) (8,1) 31,4

Net profit 11,0 10,8 17,6 14,2 34,1 14,4 58,9

+PLN 2.2 m revised method of estimating allowances for receivables from external customers,

+PLN 3.2 m release of provisions for employee claims

+PLN 3 m settlement of one-off contracts in FM services – recognition of margin

PLN 22.3 m deferred tax asset

9

1) Revenue from sales outside the Group2) Relative to sales revenue, taking account of charges for trademarks, as well as strategic and corporate management services3) EBIT of Impel S.A. net of val.allowances for shares and dividend (except for dividend from TMSI)4) Adjustments unallocated to any segment

PLN’000 RazemFacility

ManagementSecurity Distribution

2010 2011 2010 2011 2010 2011 2010 2011

Sales revenue 1) 1 110 671 1 240 413 523 353 612 672 413 463 405 364 173 855 222 377

BUSINESS SEGMENT RESULTS

66 669 56 701 31 560 29 479 32 338 22 955 2 771 4 267

EBIT margin 2) 6,0% 4,5% 6,0% 4,8% 7,8% 5,7% 1,6% 1,9%

Group’s overhead 3) - 515 - 3 458

Eliminations 4) - 97 1 365

EBIT 66 057 54 608

Reflection of market situation: stiff competition, p ricing pressure.

Business segments

� new contracts from (cross selling)

� strong competition results in decreased margins on

one-off contracts

� high cost in implementing new services

� lower revenue from contracts with the army –relative to 2010

� pricing pressure and reduction in rates – completion of contracts

at lower margins

� employment restructuring costs relating to statutory elimination of

part of subsidies

� companies’ revenue from acquisitions+PLN32 million

EBIT margin 2010 5.0%+ PLN 2 m recognition of profit from taking

control of Consensus company+ PLN 3.2 m release of provisions for

employee claims

Total

10

Major events at IMPEL Group in 2011 [1]

Consolidation of market position

� increase in market share of cash processing services (Citi Handlowy, BH w Warszawie S.A.), CCTV and GPS monitoring (Ramirent S.A.), handling services (airlines - Enter Air, PLL LOT) and temporary work (Krajowa Spółka Cukrowa, MAHLE Polska, Federal-Mogul);

� cross selling – joint concept of contract execution – comprehensive service including cleaning,guarding of property, FM and catering – Swissmed Hospital Centrum Zdrowia Warszawa, Military Hospital and Outpatient Clinic SP ZOZ in Żary;

� synergy of the Group’s services – comprehensive service offer including accounting, payroll&personnel, IT and temporary work.

� Impel Catering – franchise agreement with NORDSEE concerning exclusivity for opening NORDSEE brand restaurants within the territory of Poland;

� CleanPRO – new brand covering professional products for cleaning companies;

� new activities in business area – acquisition of Impel Gwardia Wrocław sports company and formation of Impel Volleyball S.A., incorporated to support the team and promote women’s volleyball in Lower Silesia;

11

Major events at IMPEL Group in 2011 [2]

Changes in regulations

New undertakings in the Group

� finalised acquisition of two companies (AGROBUD BHP S.A. and Brokers Union sp. z o.o.) – return to development path through market acquisitions;

� Formation of Rest&More Sp. z o.o. and Rest&More Sp. z o.o. S.K – companies formed to manage the franchise agreement signed with Nordsee GmbH, and authorized as the exclusive agent of the brand in Poland;

� two new entities in Luxemburg – activation of the Impel trademark making use of the international structure

Payment of dividend for 2010

� payment of dividend at the level of PLN 2.00 per share� dividend yield of 8% for 2010� ranked 26th among the companies with the highest

dividend for 2010.

� Regulations conc. Sheltered Employers of the Disabled (ZPCHr) – reduction in subsidy amounts for remunerations of persons with minor disability (as from 2011) and moderate disability (as from 2012)

� Minimum wage – increase in minimum wage up to PLN1,500 i.e. by 8.2%;

� Disability pension contribution – increase in the premium by 2% on the part of the employer

12

Sources of value at IMPEL Group

Capital-related activities

� Value increase through acquisitions:

• of companies whose profile is consistent with corebusiness

• of companies restructuring their operations

• enabling entry into new niche segments

Operating and financial activities

� Thorough knowledge of customers + cross selling

� Further streamlining of the capital and business structure

� Process optimisation + economies of scale in purchasing

� Growing role of service integrator

� New outsourcing services

� Steady improvement in the quality of offered services

� Incentive schemes

� Tax optimisation

� Positive effect of negotiations concerning the Group’s financial terms

13

The Division – property development business spin-off

• division of Impel S.A. effected by transferring a part of its assets, i.e. Zakład Ecoimpel, to Vantage Development S.A. pursuant to Art. 529.1.4 of the Code of Commercial Companies(in return for Vantage shares)

• 1 March 2012 – registration of the division by Court

• 6 March 2012 – determination of reference rate for IMPEL shares – share price adjustment by 30.12%,

• 7 March 2012 – adjusted price of IMPEL shares = PLN 20.47

• 9 March 2012 – reference day

• 20 March 2012 – allocation of shares according to parity 1:3.2109,

• 26 marca 2012 – IPO of Vantage Development S.A.,

• fair value of 1 division share of Vantage Development S.A. = PLN 4.72

• increase in value of 1 Impel S.A. share follow. adjustment from PLN 20.47 to 24.99 (by 22%).

Enhanced transparency of ownership structure.Concentration on IMPEL’s core business .

The separation will enable investors to match their investment portfolio with the desirable risk profile

14

20,8x

19,2x

21,7x

17,2x

14,9x 15,3x14,5x

13,3x

5,0x

3,0x

6,0x

9,0x

12,0x

15,0x

18,0x

21,0x

24,0x

Sodexo Capita G4S Compass Prosegur Serco Mitie Securitas Rentokil

Initial

Impel (po

podziale)

Mediana spółek porównywalnych = 16,2x

-69%

11,0x

10,0x9,5x 9,4x

8,2x 8,3x 8,3x 8,2x

5,6x

4,7x

3,0x

5,0x

7,0x

9,0x

11,0x

13,0x

Capita Compass Sodexo Serco Prosegur G4S Securitas Mitie Rentokil

Initial

Impel (po

podziale)

-43%

Mediana spółek porównywalnych = 8,3x

Potential valuation vs. comparable companies

EV/EBITDA ratio

P/E ratio

Impel’s current market valuation discount (following the division) in relation to comparable companies is about 43% (according to EV/EBITDA)

Source: Bloomberg, status as at 14 March 2012.*Impel’s EBITDA and net profit (with deferred tax asset) used for determination of multipliers ‘’Impel (after the division)” was not adjusted for the results relating to the separated assets (the impact of these results on the Group’s results was immaterial)

Impel’s current market valuation discount (following the division) in relation to comparable companies is about 69% (according to P/E; net result was not adjusted by deferred tax asset from trademark)

*

*

Impel

(after the division)

Impel

(after the division)

Average of comparable companies = 16.2x

Average of comparable companies = 8.3x

Thank you for your attention