2369M $1362M $986M $177M $96M $69M 7.5% 7.1% 6.9% 57000 19000 7500

Group overview We have five operating divisions and leading positions in all of our markets. First Student First Transit Greyhound The largest provider of student transportation One of the largest private sector providers of The only national operator of scheduled in North America – over twice the size of the public transit management and contracting intercity coach transportation services in the next largest competitor. in North America. US and Canada, serving 48 US States and ten Canadian Provinces and Territories. ■■ $24bn marketplace, of which 37% ■■ $30bn marketplace in North America, is outsourced of which around 30% is outsourced ■■ 3,800 destinations served via a fleet of approximately 1,700 vehicles ■■ We operate a fleet of approximately 49,000 ■■ Transporting almost 350m passengers school buses, and carry around 6m a year, we operate and manage more ■■ Point-to-point Greyhound Express now students per school day throughout the than 12,500 vehicles and maintain a serves 1,000 city pairs in more than US and Canada further 36,000 135 markets ■■ Around 1,300 multi-year contracts in more ■■ Nearly 350 contracts from around 320 ■■ Our unique nationwide network is a than 500 locations locations, delivering fixed route, paratransit, significant competitive advantage shuttle and vehicle maintenance services ■■ Our industry-leading safety programmes, ■■ Yield management, real-time pricing and strong customer relationships and service ■■ Mainly capital-light operating model; our customer relationship management tools record are key differentiators managerial and bidding expertise and operational in 2015/16 financial year technology are key differentiators 2014/15 2014/15 2014/15 Approximate revenue by type Approximate revenue by type Approximate revenue by type Contract 91% Fixed route 37% Passenger revenue 80% School and third party charter 9% Paratransit 27% Package Express 8% Shuttle 26% Food service 2% Vehicle Services 10% Charter 1% Other 9% Revenue Operating margin Revenue Operating margin Revenue Operating margin $2,369m 7.5% $1,362m 7.1% $986m 6.9% Operating profit Employees Operating profit Employees Operating profit Employees $177m 57,000 $96m 19,000 $69m 7,500 06 FirstGroup Annual Report and Accounts 2015 Strategic report Read more in the Business review First Student Pages 20-23 First Transit Pages 24-27 Greyhound Pages 28-31 UK Bus Pages 32-35 UK Rail Pages 36-39 Contribution by division Revenue (as % of Group) UK Bus UK Rail One of the largest bus operators in the UK, One of the UK’s most experienced rail with around a fifth of the deregulated market. operators, carrying around 280m passengers and operating over a fifth of the UK’s ■■ £4.4bn deregulated market (outside London) passenger rail network in the year. First Student 24% First Transit 14% ■■ 6,300 buses, carrying around 1.7m Greyhound 10% ■■ Experienced operator of all types of rail passengers per day UK Bus 15% network, including intercity, commuter and UK Rail 37% ■■ We serve seven of the 12 most densely regional franchises populated cities in the UK, with opportunities ■■ We currently operate the First Great Western Operating profit to continue to grow patronage in our and First TransPennine Express franchises (as % of Group) key markets and First Hull Trains, an open access ■■ We have invested to enhance our passenger rail service commercial proposition and improve service ■■ Highly experienced management team quality, which is delivering increased well placed to bid for the two thirds of UK rail volumes, yield and margins franchises by revenue to be let before 2020 First Student 34% First Transit 17% 2014/15 2014/15 Greyhound 12% Approximate revenue by type Approximate revenue by type UK Bus 15% UK Rail 22% Number of employees (as % of Group) Passenger revenue 64% Passenger revenue 78% Concessions 25% Government funding1 15% Tenders 5% Other revenue 7% Other 6% First Student 52% First Transit 17% 1 Revenue Operating margin Revenue Operating margin Greyhound 7% UK Bus 17% £896m 5.8% £2,207m 3.4% UK Rail 7% Operating profit Employees Operating profit Employees Employee numbers are calculated on £52m 18,000 £74m 7,500 a monthly average basis, excluding the First Capital Connect and First ScotRail franchises which ended during the year. 1 Includes subsidies but does not take into account total premium payments made to Government during the year of £170.3m. FirstGroup Annual Report and Accounts 2015 07.

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