FTSE COMPANY REPORT Share price analysis relative to sector and index performance Anexo Group ANX Industrial Support Services — GBP 1.415 at close 10 August 2021 Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 10-Aug-2021 10-Aug-2021 10-Aug-2021 1.5 115 115 1D WTD MTD YTD Absolute 0.0 0.4 -0.4 8.8 1.45 110 110 Rel.Sector -0.1 0.5 -0.5 -7.2 Rel.Market -0.4 -0.2 -2.3 -2.7 1.4 105 105 VALUATION 1.35 100 100 Trailing 1.3 95 Relative Price Relative Price Relative 95 PE 13.4 Absolute Price (local (local currency) AbsolutePrice 1.25 90 EV/EBITDA 8.3 90 1.2 85 PB 1.5 PCF +ve 1.15 80 85 Div Yield 1.1 Aug-2020 Nov-2020 Feb-2021 May-2021 Aug-2021 Aug-2020 Nov-2020 Feb-2021 May-2021 Aug-2021 Aug-2020 Nov-2020 Feb-2021 May-2021 Aug-2021 Price/Sales 1.9 Absolute Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Net Debt/Equity 0.4 100 90 90 Div Payout 9.4 90 80 80 ROE 12.2 80 70 70 70 Index) Share Share Sector) Share - - 60 60 60 DESCRIPTION 50 50 50 40 40 The Company provides integrated credit hire and 40 RSI RSI (Absolute) legal services. 30 30 30 20 20 20 10 10 10 RSI (Relative to FTSE UKFTSE All to RSI (Relative RSI (Relative to FTSE UKFTSE All to RSI (Relative 0 0 0 Aug-2020 Nov-2020 Feb-2021 May-2021 Aug-2021 Aug-2020 Nov-2020 Feb-2021 May-2021 Aug-2021 Aug-2020 Nov-2020 Feb-2021 May-2021 Aug-2021 Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: Anexo Group 10 August 2021 Valuation Metrics Price to Earnings (PE) EV to EBITDA Price to Book (PB) 30-Jul-2021 30-Jul-2021 30-Jul-2021 20 13 3 18 12 11 +1SD 2.5 +1SD 16 +1SD 10 14 Avg 9 Avg 2 12 Avg 8 -1SD 10 7 1.5 -1SD -1SD 8 6 6 5 1 Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020 Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020 Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020 Network International Holdings 120.0 Diploma 35.9 Clipper Logistics 25.0 Essentra 120.0 SIG 30.0 FDM Group Holdings 14.7 Robert Walters 89.4 Network International Holdings 28.5 Experian 13.0 Diploma 74.7 FDM Group Holdings 25.9 PayPoint 10.3 Speedy Hire 67.2 Pagegroup 24.9 DWF Group 9.4 Industrial Support Services 63.6 Industrial Support Services 14.0 Industrial Support Services 5.3 Anexo Group 13.4 Anexo Group 8.3 Anexo Group 1.5 DWF Group -10.0 De La Rue 7.2 Mears Group 1.4 Inchcape -23.9 Mears Group 6.4 Equiniti Group 1.3 MITIE Group -106.1 Speedy Hire 5.2 Costain Group 1.0 Pagegroup -120.0 Capita 4.0 RPS Group 0.9 Equiniti Group -120.0 Costain Group 0.0 Capita 0.0 -150 -100 -50 0 50 100 150 0 5 10 15 20 25 30 35 40 0 5 10 15 20 25 30 Price to Cash Flow (PCF) Dividend Yield % Price to Sales (PS) 30-Jul-2021 30-Jul-2021 30-Jul-2021 80 ‖ ‖ ‖ ‖ 1.4 4 70 1.3 3.5 60 1.2 +1SD Avg +1SD 50 1.1 3 40 Avg 1 Avg 30 2.5 0.9 20 -1SD -1SD 2 -1SD 10 0.8 0 ‖ ‖ 0.7 1.5 Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020 Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020 Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020 Anexo Group 80.0 DWF Group 4.2 Network International Holdings 8.5 Diploma 43.1 FDM Group Holdings 3.9 Experian 7.1 MITIE Group 36.8 PayPoint 2.7 Diploma 6.8 Experian 25.7 DCC 2.6 FDM Group Holdings 4.8 Robert Walters Rentokil Initial Electrocomponents 25.5 2.3 3.7 Industrial Support Services 1.3 Anexo Group 1.9 Industrial Support Services 13.6 Anexo Group 1.1 Industrial Support Services 1.4 Mears Group 2.2 SIG 0.0 MITIE Group 0.4 Capita 1.5 RPS Group 0.0 SIG 0.3 Costain Group -3.3 MITIE Group 0.0 Mears Group 0.3 SIG -7.1 IWG 0.0 Capita 0.2 De La Rue -25.8 Capita 0.0 Costain Group 0.2 -40 -20 0 20 40 60 80 100 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 0 1 2 3 4 5 6 7 8 9 Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing. 2 of 4 FTSE COMPANY REPORT: Anexo Group 10 August 2021 Valuation Metrics Net Debt to Equity Dividend Payout (DP) Return on Equity (RoE) 30-Jul-2021 30-Jul-2021 30-Jul-2021 0.45 20 26 +1SD 24 +1SD 0.4 +1SD 15 22 20 Avg Avg 0.35 10 Avg 18 16 -1SD 0.3 5 -1SD -1SD 14 0.25 0 12 Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020 Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020 Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020 IWG 13.6 Essentra 100.0 PayPoint 50.0 Clipper Logistics 7.6 Robert Walters 100.0 Clipper Logistics 44.7 DWF Group 4.8 Speedy Hire 100.0 FDM Group Holdings 37.8 Rentokil Initial 3.0 PayPoint 100.0 Mears Group 32.4 PayPoint 2.2 Rentokil Initial 70.9 Experian 30.0 Industrial Support Services 1.1 Industrial Support Services 69.1 Anexo Group 12.2 Anexo Group 0.4 Anexo Group 9.4 Industrial Support Services 8.5 SThree 0.3 Mears Group 0.0 Inchcape -12.0 Hays 0.3 Hays 0.0 Costain Group -49.6 FDM Group Holdings 0.2 De La Rue 0.0 DWF Group -50.0 Euromoney Institutional Investor 0.1 DWF Group 0.0 SIG -50.0 Diploma 0.1 Inchcape 0.0 IWG -50.0 0 2 4 6 8 10 12 14 16 0 20 40 60 80 100 120 -60 -40 -20 0 20 40 60 ROE vs. PB — sector Du Pont Analysis 25 1.8 30 1.6 CLG 25 20 1.4 1.2 20 15 FDM 1 15 PB EXPN 0.8 10 PAY 0.6 10 DWF RTO ITRK 0.4 DPLM FERG IWGPAGE 5 Industrial SuppoSTEMECM 5 NETW 0.2 DLAR INCH RWA HAS MTO GFTU DCC SRP SHI ERM 0 0 EQNESNTSDY ANX MER COSTRPS 2017 2018 2019 2020 2021 0 0 10 20 30 40 50 60 Net Margin Asset Turnover Gearing ROE (rhs) ‖ ROE Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing. 3 of 4 FTSE COMPANY REPORT: Anexo Group 10 August 2021 Brief description Brief description Price to Earnings Price to Earnings (PE) is price over earnings per share. Earnings are based on the latest Gearing Gearing is Total Assets divided by Common Equity. Total Assets and Common Equity are (PE) available fiscal year earnings. each averaged over two years, that is, t and (t-1). Price to Sales (PS) Price to Sales (PS) is price divided by sales per share. It is based on sales from continuing Asset Turnover Asset turnover is Sales divided by Total Assets. Total Assets is averaged over two years, operations for the fiscal year. that is, t and (t-1). Price to Book (PB) Price to Book (PB) is price at the indicated date divided by common equity per share. Dupont Breakdown Return on Equity (RoE) = Net Margin * Gearing * Asset Turnover Common/ordinary equity is generally as reported at the most recent fiscal year-end but is Analysis adjusted to exclude minority interest, preferred stock and selected items as appropriate. RoE vs PB Plot of RoE versus PB at last month end for all FTSE UK All Share stocks in the sector Price to Cash Flow Price to Cash Flow (PCF) is price at the indicated date divided by cash flow per share. relative to the stock in question. Data may be limited to the stock in question if there are (PCF) currently no stocks in the corresponding FTSE UK All Share sector. Net Debt Equity Net Debt Equity is Net Debt as a percentage of common equity. Not calculated if Absolute Absolute graphs reflect performance for the stock in question for up to 366 days adjusted denominator (common equity) is negative for intervening corporate actions. EV to EBITDA EV to EBITDA is Enterprise Value divided by EBITDA (Earnings before Interest and Taxes, Relative Relative charts reflect the performance for the stock in question relative to the depreciation and amortisation). EV is full company Market Capitalisation at the data date corresponding sector of the FTSE All Share Index for up to 366 days, rebased to the start plus last annual net debt and Preferred Stock.