1) The document summarizes meetings with several fleet customers of AUM including Al Majal Al Arabi Group, NADEC, Danya Food, Saudi MALCO Group, and Best Rent a Car. 2) It discusses each company's fleet needs and preferences, issues or problems with their current vehicles, and prospects for future vehicle purchases or lease agreements. 3) Key topics included competitive lease and purchase prices, specifications or quality issues with different models, and the customers' businesses which require vans or trucks for distribution, cleaning, or maintenance.

1. Fleet Information (AUM)
NO.4
As of 2011/2/22

2. Contact Details : [On 2011/1/29]
■Shary  Mr.Hamoud (AGM), AUMMr.Wassim, Mr.Husam, MC  Kambara
(1) AUM got information about Safi-Dannon, who is now trying to procure vehicles (more than 150 units of NPR class).
Safi-Dannon is thinking about operation-lease scheme, then this time AUM brought deal to Shary.
The deal is C/C basis + refrigerator units + VAN branding as package. Leasing period is 5 years maximum.
(2) Compared with BTC, Shary is more flexible and seems to offer better price to customer and AUM both side.
And BTC offering condition is with 4 years period.
(3) Today, as a first price AUM quoted 97,000 SR to Shary, but AUM will check their strategy price to BTC and will
offer same price as BTC immediately.
(4) Decision making of Safi-Dannon will be in FEB. so there is still time. Shary will study upon receiving updated price
from AUM.
(5) As a one of idea, AUM can do service for Safi-Dannon instead of Shary, as the location for the maintenance (E18 work
shop) is very close to Shafi-Dannon place (also in E18). I that case, Shary’s rate will be smaller than usual.
(6) As a indication, BTC’s offer rental rate for Safi-Dannon is around 3,500SR / month. Which means, 3,500 x 48 month =
168,000 SR. 168,000-95,000(Cash price)=73,000SR (Charges). 73,000 / (95,000x4year) = 19.2% / year, including
all charges like interest, mantenance, replacement charges.
Shary Rent -A-Car (2)

3. Saudi Orix leasing Company
Name : Saudi Orix Leasing Company
Business : Finance Lease
History : Started in 2001,
Location : Head office in Riyadh
Capital : Saudi Investment Bank 38% / TDIG 32% / Orix Japan 27.5% / Orix Pakistan 2.5%
Website : http://www.saudiorix.com.sa
General Information (on 2011/1/29 at Riyadh HQ)
Orix  Mr.Durrani/Mr.Sheikh, AUM  Mr.Mazen/Mr.Wassim, MC Kambara
[Business Type] Finance Lease for Vehicles / Heavy Equipments / Medical Equipment
[Licensed Financing Company] In the Kingdom, only 4 companies are licensed by SAMA.
Orix is 2nd licensed financial company (After Al Amther)
[Meeting Minutes]
(1) AUM sold around 200 units to Orix in 2010, then AUM and Orix are eager to grow their business in 2011 each other.
Orix themselves got instruction from Japan HQ to have more business with ISUZU in 2011. They want to boost the
transaction from Feb.2011.
(2) Orix is now almost concentrating into Fleet segment, as the risk can be managed. And also in terms of volume.
*however, Orix seems to be thinking about re-entering into Retail segment.
(3) As AUM asked about joint marketing, Orix ws positive, but they prefer more direct cooperation, which is like visiting
customer jointly. (Orix aim is to utilize AUM’s customer data-base) AUM salesman can explain the benefit of AUM
and ISUZU product, and Orix salesman can explan why leasing, why Orix, which is compensate each other.
(Conditions are different from customer by customer)
(4) This year, Orix is targeting on SME segment. As a revenue wise, less than 20 mil is around 20%, 20mil – 100 mil is
50%, and more than 100mil is 30% of the market. If SME is defined as “less than 100 mil revenue”, ratio is more than
70%, which is quite big and potential market.
(5) Banks will never care about the company less than 100mil, so such kind of customers will come to private financing
company like Orix. And the reason why customer comes to Orix is “No loan from Banks”, “Time saving (borrowing
from Bank will take 3 months at least)” and “No need fro security deposit (Bank requires)”.
(6) AUM offered Orix to put one Orix salesman in AUM’s office or showroom, then Orix will study and will put soon.
And also AUM offered maitenance package program to Orix (Finance from Orix and maitenance from AUM), and
Orix showed positive reply. It will be discussed in detail later.
(7) AUM suggested monthly meeting among managers of AUM and Orix, and quarterly meeting among managements.
This is agreed.

4. Al Majal Al Arabi Group
Name : Al Majal Al Arabi Group
Business : Cleaning Contractor
Location : Head office in Riyadh
Website : http://www.mag-sa.com
General Information :
[Fleet]
In 2010, they purchased 81 D-MAX, 10 FVR, 2 NPR from AUM.
[Business Type] Town Cleaning Contract / Pest Control etc… (same as Al Fahhad)
[Meeting Minutes] Al Majal  Mr.Waleed (Purschase MGR), AUM  Mr.Wassim, MC  Kambara
(1) They had a lot of project like Al Fahhad, and they are using FTR class as water-tanker, FVR class as Garbage.
(2) They are now very sensitive to the price, and according to them HINO FG (C/C basis) is 203,000, while AUM
FTR33P 212,000 (AUM can offer same level price as HINO). And warranty of HINO is 2 years / 200,000 km which
is stronger than FTR.
(3) They are also purchasing GH, and HINO dealer (Jamjoom) regards them as VIP customer in Riyadh in 2010. HINO
payment condition is 90 days, which is same as AUM’s condition.
(4) Before, they purchased vehicles from YEMCO, but recently all vehicles are from AUM, because of the payment
condition (longer credit than YEMCO).
(5) This time, they have 20 units pickup deal with GAS model restriction. However, after negotiation this time, they
agreed to check with Gov sector (requiring party) for 3.0L DSL. AUM provided diesel merit leaflet to them for that.
(6) AUM invited him to Thailand, as fleet incentive trip in March.
Class MDT Pickup
Brand ISUZU HINO FUSO ISUZU(D-MAX) NISSAN/TOYOTA
Volume 50 units 30 units 120 units 480 units NSN: 240u’/TYT: 40u’
Body/Spec FTR/FVR
(Tanker/
Garbage)
FG/GH
(Tanker/
Garbage)
FM/FP
(Tanker/
Garbage)
Before from Yemco,
Now from AUM

5. NADEC
Name : National Agriculture Development Company (NADEC)
Business : Dairy food / Agriculture
Location : Head office in Riyadh, many branches in the region
History : Established in 1981
Website : http://www.nadec.com.sa/
General Information :
[Fleet]
Among NPR, 11MY10 units, 10MY50 units
They don’t have any pickups, instead they have many small vans (Suzuki carry APV).
[Replacement Cycle] When the vehicle is broken. More than 7 years usually.
[Business Type] Distribution of their dairy products to retailers.
[Meeting Minutes on 2011/2/21]
NADEC  Eng. Sulaiman (Maint. MGR)/Mr.Victor (WS MGR), BTC  Mr.Ammar /
Mr.Amjad, AUM  Mr.Wassim, ISUZU  Mr.Yamaguchi / Mr.Yamanouchi, MC  Kambara
(1) They had some problems on the vehicles (engine head, leaf springs, air filters), then AUM will visit with service
MGR immediately.
(2) Currently, they don’t have any lease vehicles, according to Nadec people. They have with direct purchase from
dealer, mainly from AUM. They don’t have intention to go with leasing at this moment.
(3) Recently, they are going with AC models mainly (80%).
(4) They don’t have any intention to go with Toyota Dyna. They are satisfied with ISUZU basically, but they have some
product requests. First the location of the air-filter should be upper position, as sometimes water is coming inside
the filter. And they need stronger air-filter (pre-air cleaner necessary ?). And leaf springs seems to be week after
07MY (729)  This seems to be from spec change from 729, less number of front leafs.
(5) They are requesting AUM to have mechanic training, and AUM will coordinate and arrange it.
(6) We suggested D-MAX as a replacement of vans, and they had interest. We will provide benefit explanation.
Class LDT / MDT
Brand ISUZU HINO FUSO
Volume 700 units (LDT) apx 100 units (MDT) Apx 30 units (LDT)
Body/Spec NPR with
VAN/Cooling unit
1021 with VAN/
Cooling unit
FE with VAN/
Cooling unit

6. Best Rent a Car (Best Trading Co. : BTC) (2)
Contact Details : [On 2011/2/21]
■BTC  Mr.Yaser/Mr.Adel/Mr.Ammar/Mr.Luckose, AUMMr.Wassim, ISUZU  Mr.Yamanouchi/Mr.Yamaguchi
MC  Kambara
(1) After visit to Nadec, we had a brief meeting together with.
(2) BTC requested Isuzu side to reduce the price difference between NPR and Dyna, with deleting unnecessary options
from NPR. Isuzu replied to have benchmark for Dyna, and will try to adjust the specification soon.
(3) According to BTC, Toyota will change some specification from 12MY, which is alternator, chassis strength, HP up etc…

7. DANYA FOOD
Name : Danya Food s Ltd.
Business : Dairy food
Location : Head office in Riyadh, many branches in the Kingdom
General Information :
[Fleet]
Recently, they are taking cars with operating lease only (4 years back).
Body is made by CGS (Body maker).
[Replacement Cycle] During leasing period (4 years).
[Business Type] Distribution of their dairy products to retailers.
[Meeting Minutes on 2011/2/22]
Danya  Mr.Per (Finance MGR, Danish) / Mr.Mukaram (Purchase MGR),
BTC  Mr.Luckose, AUM  Mr.Wassim/Mr.Mutaz
ISUZU  Mr.Yamaguchi / Mr.Yamanouchi, MC  Kambara
(1) They are satisfied with ISUZU NPR, however they started to take Dyna as the price is
much different. They understand the quality of ISUZU, but the price is prioritized.
(2) They have own workshop in remote area, like Khamis, Sakaka, Tabuk etc…
(3) Dyna price (lease rate) is same level as NMR, but NMR is not suitable for Van body
installation. They insist that the chassis width should be more. ( Should be checked
with CGS in details.)
(4) They started to take with lease, because their core-biz is dairy product, and owning and
maintaining vehicles are not their job. Operation related to vehicles should be done by
another parties, this is their opinion.
(5) Their Dyna model is 4t (current price 80,500R).
(6) Dyna and NMR will be with small truck license, but NPR will be heavy truck license.
That’s why they prefer NMR. ( Under checking the fact)
Class LDT
Brand ISUZU (lease) ISUZU (Own) Toyota (lease)
Volume 86 units 20 units 14 units
Body/Spec NPR Short with
VAN/Cooling unit
NPR Short with
VAN/Cooling unit
Short WB 4t with
VAN / Cooling unit

8. SAUDI MALCO GROUP (Pand’or)
Name : Saudi MALCO Group (Paind’or)
Business : Bread / Chocolate / Ice cream manufacturing and Distribution
Location : Head office in Riyadh IC2
General Information :
[Fleet]
All of their vehicles are operating lease vehicles. Cooling unit has 2 types, which are
chiller (for ice-cream/chocolate) and freezer (for breads). They started Toyota from Sep.2011.
All body installation is done by CGS, including chassis extension.
[Replacement Cycle] During leasing period (4 years = 48 months).
[Important points in purchase] Better quality with better price (lease rate)
[Meeting Minutes on 2011/2/22]
MALCO  Mr.Mehieddine (Executive MGR)/ Mr.Hussein (Maitenance MGR)/
Mr.Saleem (Purchase MGR), BTC  Mr.Luckose, AUM  Mr.Wassim, Mr.Mutaz
ISUZU  Mr.Yamaguchi / Mr.Yamanouchi, MC  Kambara
(1) They recognize that Isuzu has good quality, but Toyota has better price. Roughly,
leasing charges has difference about 15-20%. They pointed out that Isuzu become out of
market due to the price, compared with Toyota.
(2) According to them, Isuzu NPR has problem with AC and Clutch, while Toyota has no
problems on those items. However, AC is fitted by BTC with local parts, then AUM
suggested to have ACfrom Denso. As for clutch, wearing out is faster than Toyota.
(3) At this moment, they have no plan to increase vehicles in this year.
Class LDT (Only Riyadh Portion)
Brand ISUZU(NPR) TOYOTA (Dyna)
Volume 150 units (lease) 110 units (lease)
Body/Spec With Van/Cooling unit With Van/Cooling unit