Group turnover

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Group turnover Joint venture turnover Total
turnover Group operating profit Operating
margin Pre-tax profit Eps Dps Operating cashflow
Notes 1 1
2003 1,105.5m 111.7m 1,217.2m 79.6m 7.2 6
2.7m 33.7p 13.0p 58.4m
2002 904.7m 44.7m 949.4m 62.5m 6.9 45.8m 2
8.2p 11.5p 51.5m
Change 22.2 149.9 28.2 27.4 4.3 36.9 19
.5 13.0 13.4
1 Before goodwill amortisation and exceptional
items
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Operating profit Non-cash items Change in
working capital Other adjustments Cashflow from
operating activitiesInterest/Tax/Dividends Capex
/Investments Net cash inflow/(outflow)
2003m 71.2 18.9 (32.0) 0.3
58.4 (45.5) (11.8) 1.1
2002 m 54.4 19.8 (21.8) (0.9) 51.5 (35.9) (22
.7) (7.1)
Notes 1 2 3

• 1 Depreciation and Goodwill amortisation2
  Excludes 5.2m Capex funded via finance leases 3
  2003 excludes transfer to bank account with
  restricted use

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Working capital at start of year Impact of
increase in turnover Pension credit for the
year FM asset enhancement works Other Non
operating working capital Working capital at year
end
2003m 16.5 7.2 19.0 (10.7)
2002m 18.5 7.3 (1.9)
2003m 74.8 32.0 (3.5) 103.3
2002m 53.3 23.9 (2.4) 74.8
Note 1

• 1 Comprises corporation tax liability, deferred
  consideration and dividends payable

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Net debt Gearing - based on reported debt-
including Tube Lines letters of
credit Interest cover
Notes 1 23 4
2003 83.3m 3562 7x
2002 79.7m 40n/a 7x
1 Excludes Tube Lines commitments excludes
non-recourse debt in subsidiaries (20.6m)2
Gearing is group net debt excluding non-recourse
debt (83.3m) divided by group net assets
(237.4m)3 Excludes Amey support plan4
Interest cover is group operating profit (EBITA
79.6m) divided by group net interest (11.5m)
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Infrastructure Services Rail Roads Pension
credit Accommodation Services Systems
Technologies Group operating profit
Margin 7.4 6.5 8.1 6.3 7.2
2002m 32.4 10.7 7.3 50.4 17.1 (5.0)
62.5
Margin 6.9 7.0 8.1 6.1 6.9
2003m 44.5 11.3 7.2 63.0 21.0 (4.4)
79.6
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• Includes BMT of 3.9m (20024.1m)

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• Three defined benefit schemes
• Major scheme is the Railway Pension Scheme
  (RPS)RPS Latest actuarial valuation as at 31
  December 2001- Completed in January 2003-
  Remains in surplus- Taking into account fall in
  market since 31.12.01, actuaries advise
  contributions to remain at current levels -
  Next valuation due as at December 2004SSAP 24
  Valuation - all schemes
• - 154 positively fundedFRS 17 valuation - all
  schemes
• 31.03.03 43m deficit

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Careful choice of key markets- Health -
Schools- Transport - Universities- Local
GovernmentCreated a track record of consistent
growth- Turnover- Breadth of service
Committed to a culture of continual
improvement- Innovation- Quality
programmesMet important milestones for future
growth
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Year ended 31 March Rail Road Accommodation
Services
2003m 654.3 189.9 348.7
2002m 473.9 180.3 290.2
2001m 303.3 155.0 243.5
2002/2003 Turnover Growth 28
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Transport Education
Health Agilisys
Tube Lines European opportunities Ultramast
Diagnostic and treatment centres Primary health
services Ambulatory care
Jarvis Schools nurseries Jarvis Education
Services Schools - Catering services
Schools IT services Health IT opportunities
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Year Ending
Indicative pre-tax profit Secondment fees -
cash Share of joint venture - largelynon
cash Total pre-tax profit
31/3/04 m 6 13 19
31/3/05 m 6 14 20
First 7.5yrs m 42 104 146
Assumes a one-third share But 1.5m p.a.
anticipated in first 7.5 years
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• Infrastructure Service Charge (ISC) paid by LUL
• Payments under the ISC comprise
• - A pre-agreed element
• - A performance element
• ISC is subject to RPIX indexation
• Performance element
• - Capability of network
• - Availability of trains
• - Ambience of stations, trains
• - Service points
• On target on all 4 measures

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Costs Capital costs Operating costs Other
costs, including interest tax and loan
repayments Funded by Infrastructure service
charge Debt and mezzanine Equity and shareholder
loans
Year to31/3/04 m 244 283 107 634406 228
- 634
First 7.5yrs m 2,429 2,111
974 5,5143,730 1,649 135 5,514
30yrs m 5,808 9,035 5,434 20,27718,480 1,66
2 135 20,277
Based on Tube Lines financial model Provided
in Q1 2003
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Estonian freight railways - vertically integrated
privatised railway
m
Pre-Privatisation
Post-Privatisation
100
90
80
80.0
Key
70
72.4
66.0
Turnover
65.2
60
Pre-Tax Profit
50
40
30
17.9
20
8.6
5.9
10
1.5
0
2000
2001
2002
2003 (F)
December Year End
Pre-tax return to Jarvis on its 8 share is 32
on its 4.7m investment, including US500,000
management fee
European Rail Privatisation and outsourcing
opportunities Exploitation of Jarvis Rail
intellectual property rights
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SlingerLifts 250 yards of track and sleepers in
a single lift MoleLeaves smooth ballast bed in
its wake ClipperInstalls and removes rail clips
from sleepers
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Extensive rights to build and operate masts for
mobile telecom network operators along the rail
network Jarvis has already erected 175 masts for
Network Rail along West Coast Main
Line Substantial demand from mobile telecom
operators for railway coverage New business
model - non-recourse finance supported by long
term annual rentals
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• Operational efficiency - Highest output to date
  from new production and research facility
• R D new products - Colourbright-
  Rippleprint
• Techspan- New variable message signs contract
  for Wales
• Improved International Marketing- Atlanta Sales
  Office
• New Contracts Street Lighting
• - North Ayrshire (whole life value 1.5m) -
  East Sussex, Brighton Hove (whole life value
  6m)
• Street Scene - Herefordshire (whole life value
  135m)

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• Recent Awards
• PFI- Croydon Schools - Rhondda Schools-
  Tyne Wear Fire Stations - Salford Schools-
  Norfolk SchoolsUPP - Lancaster
  University - Reading University - Phase II-
  Nottingham University - Nottingham TrentFM
  - Wirral schools extension -
  Redcar and Cleveland- Institute of European
  Studies - British Antarctic Survey UK
  Headquarters - Herefordshire - N. Yorks
  Agilisys Contract
• Whole life value - 1.5 billion

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• Jarvis schools nurseries - 10 planned or under
  constructionand 15 expected by next year end
• Jarvis Education Services established in the year
  and already awarded first major contract by DfES
  to assist local authorities
• Direct delivery in schools catering - serving
  100,000 pupils
• Excellent overlap with Agilisys in ICT provision
  to schools

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JV to provide front line health clinics New
partnership with Interhealth Canada to bid for
Diagnostic and Treatment Centres- Elective
care follows format in USA and Europe- New
process of design, build and operate-
Interhealth on NHS approved intervention list in
UK - Jarvis will provide the design,
construction and FM Financial close on the first
Ambulatory Care Centre in Birmingham
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• Preferred bidder on its first major e-government
  contract for N. Yorks councils - 270m
• Final discussion on major contracts with two LEAs
  to provide ICT services for schools
• Shortlisted for one of four ICT pathfinder
  projects for schools. Bidding for the three
  others
• Opportunities in IT outsourcing for NHS

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• Herefordshire - Jarvis Highways and Jarvis FM
• Redcar - FM and IT
• Schools and Health - Agilisys and Jarvis FM

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Strong visibility of earnings with a bid pipeline
growing to its current level of 14.5bn
Rail Education Highways University Health Other Ag
ilisys Local authority bundled services
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As at June
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2008/9
2007/8
2006/7
2005/6
2004/5
2003/4
m
0
200
400
600
800
1000
As at June
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Construction phase still in progress
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Partial FM services being delivered