24th July 2007

Private and Confidential

The information provided on this term sheet and in any direct communication with the Investor or
parties to the Investor is Private, Confidential and Proprietary to Duke Equity Limited.
It is a term and condition of the provision of this Term Sheet to the Investor that they agree to
honour this condition.

Duke Transport
Term Sheet (Provisional)
1.

Introduction

Duke Equity Limited (Duke) has arranged the investment in an automotive assemblies group, Duke
Transport (DT). DT has obtained assembly facilities in Denmark, is revitalising an Italian plant in
which it will transfer technology and skills, has obtained a facility in Jebel Ali Freezone Dubai
and has arranged a facilty with a growing Indian automotive component company.
Growth in Income, Sales and Earnings will exceed 18 % per annum and market share is anticipated in
the chosen markets to exceed 12 %.
Substantial returns on investment are projected.
Investors should be aware of the Private Equity investment environment. These details are available
from Duke Equity.
2.

Capital Amount

USD 55,0 million ( United States dollars fifty five million).

The investment will be made in 2 equal tranches, 60 days apart, the first tranche due on 30 days
from closure which is the 30th September 2007.
3.

Instrument

The minimum investment is USD 5,0 million in equity of Duke Transport.

Each Unit will have a nominal value of USD 1,0 million.
4.

Term of Investment

Units have a minimum term of 5 years.

Liquidation of the investment either on exit from the investment or via a realisation of part or all
of the investment, will not take place, except in extraordinary circumstances before 5 years.
While units may be offered through the Manager for disposal or transfer by the registered holder
before the initial term of 5 years elapses,such arrangement is at the discretion of the Manager.
5.

Income and Return to Investors

Each unit will entitle the holder to the dividend distribution made by DT and to any capital
distributions made by DT.
No distributions are considered likely to be made within the 24 months from subscription.
Distributions will be made at the discretion of the Manager on the advice of the Advisory Board.
The environment of investment cannot be guaranteed and no guarantee is given for the returns
expected.
6.

Special Terms and Conditions

Investors must be sophisticated and wholesale investors and are subject to the normal Terms and
Conditions for Investment in Duke Managed Investments. The Fund is a Private Equity Investment and
Investors will be required in proportion to their investment in the Fund to assist the Advisory
Board. An Advisory Board will be established and Investors may be called upon for additional advice
and support to the investment at the discretion of the Manager. Duke Equity Limited is the Manager
and its normal charges and management fees will be charged on the DT.

Term Sheet Duke Transport dated 24th July 2007 to selected Investors.