YOUR NEW MOTORCYCLE. We ll help you find the right finance deal for you with a range of finance options from Black Horse.

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1 YOUR NEW MOTORCYCLE We ll help you find the right finance deal for you with a range of finance options from Black Horse. Ride away on your new or used motorcycle with a finance arrangement that suits your circumstances. You might not even need a deposit, and our interest rates are fixed so you can budget more easily. With a range of products to choose from, you will find the right one to suit you. With Black Horse motorcycle finance the dealer arranges it all for you and explains everything. We hope you enjoy your new wheels.

2 WHAT IS Your new car MOTORCYCLE FINANCE? Motorcycle finance helps to spread the cost of a new or used motorcycle. Instead of paying the full amount upfront, you can pay monthly with interest. Black Horse offers a range of finance products to suit individual preferences and circumstances, such as Personal Loan, Hire Purchase and Personal Contract Purchase (PCP). Finance is subject to status and is only available to UK residents aged 18 and over. Finance provided by Black Horse, St William House, Tresillian Terrace, Cardiff, CF10 5BH

3 HOW Your DOES new IT car WORK? The Products Each of these products works a little differently, but in general terms, the finance company will buy the motorcycle on your behalf and then you will repay the amount borrowed, plus interest when you have paid the final payment the motorcycle will be yours. The exception is Personal Loan where you own the motorcycle from the outset. Your Options The choice is yours Own the motorcycle from the beginning of the agreement as in the case of a Personal Loan Own the motorcycle at the end of the agreement Or ride a new motorcycle for a set term, handing it back at the end. This is an option under Personal Contract Purchase (PCP).* Payment Duration Dependent on the product you choose you would typically pay a deposit, and make monthly payments from 1 5 years to tailor the finance to meet your budget. Where the product is secured against the motorcycle for the duration of the agreement (not in the case of a Personal Loan) the motorcycle will be owned by the finance company (not the dealer). You do not take title of the motorcycle until the final payment is made. * Under our PCP product, you have the option at the end of the agreement to return the motorcycle and not pay the final lump sum payment. If the motorcycle is in good condition and has not exceeded the allowed mileage you will have nothing further to pay. If the motorcycle has exceeded the allowed mileage a charge for excess mileage will apply.

4 OUR PRODUCTS Hire Purchase Personal Loan Personal Contract Purchase (PCP) Deposit required Flexible Deposit Options 0% deposit may be available subject to status Flexible Deposit Options 0% deposit may be available subject to status Flexible Deposit Options 0% deposit may be available subject to status Maximum age of the motorcycle at the end of the agreement 16 years* 16 years* Up to 5 years Length of the agreement 1 5 years 1 5 years 2 4 years Ownership options at the end of the agreement You own the motorcycle once the final payment has been made. You can still part exchange** You own the motorcycle from the outset. You can still part exchange** Part exchange** Pay the outstanding lump sum payment to own the motorcycle Return the motorcycle (under the goods return option)*** Fixed payments No mileage restrictions Large lump sum payment at the end of the agreement * Some exceptions apply ** Part exchange is subject to settlement of your existing finance agreement, new finance agreements are subject to status. *** You have the option at the end of the agreement to return the vehicle and not pay the final lump sum payment. If the vehicle is in good condition and has not exceeded the allowed mileage you will have nothing further to pay. If the vehicle has exceeded the allowed mileage a charge for excess mileage will apply.

5 HIRE PURCHASE Black Horse Hire Purchase could help you buy the motorcycle you want while spreading the cost. Agree an initial deposit with the dealer and your agreement term and monthly payment amount then the dealer will submit the finance application to us and subject to your application being approved, you can just ride it away and after you ve made all the payments including the interest the motorcycle s all yours. Sound good?

6 HIRE PURCHASE How it Works Get finance on used motorcycles up to 12 years old Flexible Deposit Options 0% deposit may be available subject to status Set payments to suit your budget Repayment periods of 1 5 years

7 HIRE PURCHASE WHAT YOU WILL PAY Flexible Deposit Options 0% deposit may be available subject to status FIXED INTEREST RATE PAY OVER 1-5 YEARS IN EQUAL MONTHLY PAYMENTS AFTER ALL THE PAYMENTS HAVE BEEN MADE, you own the MOTORCYCLE

8 HIRE PURCHASE WHAT YOU Need to Know Ideal if: You want to own the motorcycle outright You want fixed, regular repayments Your motorcycle is at risk of repossession if you do not maintain contractual payments You have no protection against depreciation as a result of an unexpected fall in the value of the motorcycle Protection under the Consumer Credit Act Termination Rights and Protection under the Consumer Rights Act You do not own the motorcycle until all the payments have been made

9 Personal Loan With a Black Horse Personal Loan, you can spread the cost of a new motorcycle, you can even borrow a little extra to cover the accessories you ll need to get safely on the road. Agree an initial deposit with the dealer and your agreement term and monthly payment amount, then the dealer will submit the finance application to us and subject to your application being approved, you can just ride it away. So if you ve found the motorcycle for you a Black Horse Personal Loan might be the answer.

10 PERSONAL LOAN How it Works Set payments to suit your budget Repayment periods of 1 5 years Choose a new or used motorcycle up to 12 years old

11 PERSONAL LOAN WHAT YOU WILL PAY FLEXIBLE DEPOSIT OPTIONS 0% deposit may be available subject to status FIXED INTEREST RATE PAY OVER THE CHOSEN PERIOD IN EQUAL MONTHLY PAYMENTS over 1 5 years

12 PERSONAL LOAN What you need to know Ideal if: You want to own your motorcycle outright from the start You want fixed, regular payments Budget with confidence Fixed regular payments, giving you peace of mind Get kitted out You can also include factory fitted accessories or equipment such as leathers and your helmet You do not have the right to terminate the agreement and hand the vehicle back You have no protection against depreciation as a result of an unexpected fall in the value of the motorcycle Satisfactory Quality Rights

13 Personal Contract Purchase (PCP) With Black Horse Personal Contract Purchase you can keep your monthly payments lower by deferring a significant proportion of the amount of credit to the final payment at the end of the agreement. Agree an initial deposit, how many miles you are likely to ride each year and how long you want the agreement to run for and the dealer will then calculate the Guaranteed Future Value (GFV) of your motorcycle and confirm your monthly payment. The dealer will submit the finance application to us and subject to your application being approved; you can just ride your motorcycle away. The options at the end of the agreement are: (1) part exchange the motorcycle subject to settlement of your existing finance agreement; new finance agreements are subject to status. (2) return the motorcycle and not pay the final lump sum payment. If the motorcycle is in good condition and has not exceeded the allowed mileage you will have nothing further to pay. If the motorcycle has exceeded the allowed mileage a charge for excess mileage will apply. (3) pay the Final Lump Sum Payment to own the motorcycle.

14 PERSONAL CONTRACT PURCHASE How it Works Get finance on new and used motorcycles up to 3 years old Guaranteed Future Value When the vehicle is returned to us under the Goods Return option Terms from 2 4 years Agree on annual mileage and set payments to suit your budget Decide which end-of-agreement option is best for you Personal Contract Purchase is available to Limited Companies on a non regulated basis Flexible Deposit Options 0% deposit may be available subject to status For used vehicles up to 3 years old the maximum permitted vehicle mileage at the start of the agreement is 3,000 miles per month of age or 60,000 miles Set your annual mileage at up to 24,000 miles a year. Your annual mileage will affect your monthly payments and Guaranteed Future Value

15 PERSONAL CONTRACT PURCHASE WHAT You WiLL PAY FLEXIBLE DEPOSIT OPTIONS 0% deposit may be available subject to status FIXED INTEREST RATE PAY OVER THE CHOSEN PERIOD of 2 4 YEARS IN REGULAR MONTHLY PAYMENTS At the end of your chosen period YOU HAVE 3 Options: Part Exchange it for a newer model** Return the motorcycle to Black Horse (under the goods return option)* Buy it outright by paying a final lump sum payment * If the motorcycle is in good condition and has not exceeded the allowed mileage you will have nothing further to pay. If the motorcycle has exceeded the allowed mileage a charge for excess mileage will apply. ** Subject to settlement of your existing finance agreement, new finance agreements are subject to status.

16 PERSONAL CONTRACT PURCHASE What you need to know Ideal if: You like to keep your options open You want fixed, regular payments Ride a better motorcycle by deferring part of the credit to the end, you keep your payments lower and can finance a newer, higher specification motorcycle Flexibility Set payment periods from two to four years, then take the best option for you when you reach the end of the agreement Your motorcycle is at risk of repossession if you do not maintain contractual repayments Protection against depreciation as a result of an unexpected fall in the value of the motorcycle when you exercise the Goods Return option (when you hand the motorcycle back) You do not own the motorcycle until the final payment including interest has been made Protection under the Consumer Credit Act Termination Rights and Protection under the Consumer Rights Act A significant proportion of the credit is deferred until the end of the contract so you should prepare for this

17 HIRE PURCHASE PERSONAL LOAN Personal Contract Purchase (PCP) Flexible Deposit Options 0% deposit may be available subject to status FIXED INTEREST RATE PAY OVER 1-5 YEARS IN EQUAL MONTHLY PAYMENTS AFTER ALL THE PAYMENTS HAVE BEEN MADE, you own the MOTORCYCLE FLEXIBLE DEPOSIT OPTIONS 0% deposit may be available subject to status FIXED INTEREST RATE PAY OVER THE CHOSEN PERIOD IN EQUAL MONTHLY PAYMENTS over 1-5 years FLEXIBLE DEPOSIT OPTIONS 0% deposit may be available subject to status FIXED INTEREST RATE PAY OVER THE CHOSEN PERIOD of 2 4 YEARS IN REGULAR MONTHLY PAYMENTS At the end of your chosen period YOU HAVE 3 Options: Part exchange it for a newer model** return the motorcycle to black horse (under the goods return option)* buy it outright by paying a final lump sum payment * If the motorcycle is in good condition and has not exceeded the allowed mileage you will have nothing further to pay. If the motorcycle has exceeded the allowed mileage a charge for excess mileage will apply. ** Subject to settlement of your existing finance agreement, new finance agreements are subject to status.

18 Common features of our Hire Purchase, Personal Contract Purchase (PCP) and Personal Loan products: AT THE START OF THE AGREEMENT Flexible deposit options - 0% deposit may be available subject to status. DURING THE AGREEMENT You can change your payment date during the first 30 days of your agreement free of charge. A loss of interest charge is payable after the first 30 days. You will have fixed monthly payments with a fixed interest rate for the term of your agreement. You can make additional lump sum payments to reduce your balance or settle your agreement at any time. We will provide you with a settlement quotation on request. You can part exchange your motorcycle at any time subject to settling the outstanding finance. New finance agreements are subject to status. If the goods are not of satisfactory quality, you will have rights against Black Horse.

19 Difference between our Hire Purchase, Personal Contract Purchase (PCP) and Personal Loan products: Key Customer Information Hire Purchase Personal Contract Purchase (PCP) Personal Loan How long can I take the finance over? From 1 5 years From 2 4 years From 1 5 years Maximum age of the motorcycle at the end of the agreement 16 years* 16 years* Up to 5 years Is it true I don t own the motorcycle until I have made all the payments? Yes Yes No Are there any mileage restrictions? No Yes No You agree your mileage at the outset and if you exceed this and wish to return the motorcycle at the end of the agreement, additional charges will apply. What happens at the end of the agreement? You own the motorcycle once the final payment has been made. You can still part exchange. You can pay the final lump sum payment and own the motorcycle. OR You can exercise the goods return option and return the motorcycle to Black Horse. NB If the motorcycle has exceeded the allowed mileage a charge for excess mileage will apply. You own the motorcycle from the outset. You can still part exchange. Is my motorcycle at risk of repossession if I fail to maintain contractual payments? Yes Yes Not applicable Do I have any protection against depreciation as a result of an unexpected fall in the the motorcycle s value? No Yes You can return the motorcycle at the end of the contract instead of paying the final lump sum payment regardless of the motorcycle s value. If you have not kept the motorcycle in good condition or exceeded the agreed mileage, excess charges will apply. No Do I have to pay a lump sum at the end of the agreement? * Some exceptions apply No Yes A substantial proportion of the amount payable is deferred to the end of the agreement. If you wish to own the motorcycle, prepare for this. No

20 GLOSSARY & USEFUL INFORMATION Agreement Term The length of time over which you agree to repay the finance also referred to as the Length of Agreement. Annual Percentage Rate (APR) The APR shows the annual cost of a finance agreement over and above the amount you have borrowed. The APR will include interest rate charges and any other fees included in the agreement, such as administrative fees. By law, the APR must be shown on relevant documentation presented to customers in showrooms. You can use the APR to compare the cost of different finance products. Balloon Payment/ Final Lump Sum A balloon payment is the lump sum deferred to the end of a finance agreement on Personal Contract Purchase agreements. Making this payment completes the finance agreement and allows you to take ownership of the motorcycle. Credit Agreement A credit agreement is a legally-binding contract between you (the customer) and the finance company. It must include details of the loan amount, the term, rates of interest, other charges and your rights and responsibilities for the duration of the agreement. You will receive a copy of the agreement you have entered into. Deposit A deposit is often required to secure and finance your motorcycle. The larger the deposit the less you will need to borrow and this could mean lower monthly payments. A deposit could be cash or part exchange or a combination of both. If you are part exchanging your motorcycle and you still have outstanding finance then your deposit will be the part exchange value of your motorcycle less the outstanding settlement figure. Your dealer should be able to take care of these arrangements for you. Depreciation A motorcycle is an asset, but inevitably with age and wear and tear it will reduce in value. This is depreciation. Early Settlement This is when you pay off a finance agreement before the agreed term is completed. By doing so you may save on the interest that would have been charged for the remainder of the agreement. Guaranteed Future Value (GFV) A Guaranteed Future Value is equivalent to the deferred balloon payment and is set based on the estimated value of the motorcycle at the end of the agreement. This value assumes that when returned the motorcycle is within the set agreed mileage and in good condition.* The GFV is deferred to the end of the agreement and, along with any purchase fee applicable, is the Final Lump Sum Payment. The risk of depreciation above the level of the GFV is taken by Black Horse so the customer can hand the motorcycle back with nothing further to pay at the end of the agreement. *If the vehicle is in good condition and has not exceeded the allowed mileage you will have nothing further to pay. If the vehicle has exceeded the allowed mileage a charge for excess mileage will apply. Hire Purchase (HP) Black Horse buys the motorcycle on your behalf less any deposit that you have paid to the dealer. The remaining balance plus interest is then paid over an agreed period of one to five years. These are fixed costs, meaning that the APR (Annual Percentage Rate) is set before the contract begins and will not change. Option to Purchase Fee A voluntary payment at the end of some finance agreements (such as hire purchase) which, if paid, transfers ownership of the motorcycle from the finance company to the customer. Part Exchange Part-exchange involves trading in your existing motorcycle and using its value as part payment for your new motorcycle, perhaps to help fund a deposit under a finance agreement. Personal Contract Purchase (PCP) PCP is essentially, the same as a standard Hire Purchase agreement, but with a significant proportion of the amount of credit deferred until the end of the agreement. The value of the motorcycle at the end of the contract is guaranteed to at least equal that of the deferred final payment if the customer exercises the Goods Return Option. Under PCP, the customer has the following options at the end of the agreement: (1) return the motorcycle and not pay the Final Payment. If the motorcycle is in good condition and has not exceeded the allowed mileage you will have nothing further to pay. If the motorcycle has exceeded the allowed mileage a charge for excess mileage will apply. (2) pay the Final Payment to own the motorcycle or (3) part exchange the motorcycle subject to settlement of your existing finance agreement; new finance agreements are subject to status. Personal Loan A Black Horse Personal Loan is different from other finance products in that you own the motorcycle from the outset. It is still arranged in the same way at the dealership. Please note that with a Personal Loan you will not have Voluntary Termination rights that you would have with a Hire Purchase or Personal Contract Purchase product. Satisfactory Quality By law, goods sold must be of satisfactory quality and fit for the purpose for which they were intended. Where there is a credit agreement in place the finance company has a responsibility for the quality of the goods and to resolve any disputes where the goods are not of the required standard. Voluntary Termination You have a right to end the agreement by giving us written notice. If you do so you must immediately return the goods to us which includes making the payments detailed in the Termination: Your Rights section on your credit agreement. Version 18 November 2015

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