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Mclaren Q1 2019 Results ▪May 22, 2019 2 | Mclaren FY2018 Results Highlights 3 | Mclaren Q1 2019 Results

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Mclaren Q1 2019 Results ▪May 22, 2019 2 | Mclaren FY2018 Results Highlights 3 | Mclaren Q1 2019 Results McLaren Q1 2019 Results ▪May 22, 2019 2 | McLaren FY2018 Results Highlights 3 | McLaren Q1 2019 Results Automotive Racing Applied Technologies Q1 2019 ◼ Q1 2019 production delivered 1,289 vehicles delivered in comparison to 1,258 delivered in Q1 Revenue by division Car volumes by region 2018 (3% growth) ◼ Vehicle wholesales in Q1 2019 totalled 953 (1,064 in Q1 2018). Automotive global sales Applied Technologies volumes impacted by timing of deliveries only but Q1 2019 revenue up 17% versus Q1 6% Formula 1 North 12% 2018 and on track for full year Europe America 34% ◼ Order book demand remains good with Ultimate Series sold out, Super Series orders 36% taken into Q3 2019 and with Sports Series 600LT Coupe sold out into Q4 and 600LT Spider orders for delivery into Q3 2019; total order book 1,855 units ◼ Racing EBITDA improvement in the quarter driven predominantly by the increase in th Rest of World prizemoney from finishing 6 in the Constructors Championship in 2018 APAC, ex. Automotive 4% China China 82% ◼ Q1 2019 Group revenues £284m (Q1 2018 £241m) driven by Automotive mix and Racing 4% 22% prize money. ◼ Q1 2019 LTM EBITDA £150m 4 | McLaren Q1 2019 Results Automotive Racing Applied Technologies Q1 2019 ◼ McLaren surpasses the 20,000th car hand-assembled at the McLaren Production Centre (“MPC”) in Woking, Surrey ◼ McLaren GT announced - superlight Grand Touring ◼ 371 McLaren Sennas now delivered to customers. The first McLaren 600LT Spiders and 720S Spiders delivered to customers during the quarter ◼ McLaren currently 4th in the Formula 1 World Constructors’ Championship. Revenue and sponsor partnerships on plan ◼ New Racing leadership team now in place ◼ New CEO of McLaren Applied Technologies, Anthony Murray, has started and Paul Buddin confirmed as Group CFO on a full time basis 5 | McLaren Q1 2019 Results Business Update 6 | McLaren Q1 2019 Results Automotive 7 | McLaren Q1 2019 Results McLaren Production – 20,000th car built ◼ McLaren Automotive celebrates its 20,000th car to be hand-assembled at the McLaren Production Centre (MPC) in Woking, Surrey ◼ The latest milestone represents yet another significant achievement coming eight years after the first McLaren road car left the MPC in July 2011 McLaren Automotive production volumes (cumulative) 20,000 18,289 13,426 10,097 5,198 6,798 3,517 2,103 550 2011 2012 2013 2014 2015 2016 2017 2018 May 2019 8 | McLaren Q1 2019 Results McLaren GT - Superlight Grand Touring ◼ The superlight new McLaren GT challenges the conventions of the Grand Tourer category ◼ To be positioned alongside the established Sports, Super and Ultimate Series ◼ A new McLaren for a new audience in an expanding market segment ◼ The fourth new model introduced in the McLaren Track25 business plan announced in July 2018 9 | McLaren Q1 2019 Results McLaren Automotive – Q1 production highlights ▪ McLaren 600LT Coupe and Spider ▪ All production slots for Coupe full ▪ Strong order book for Spider variant extending into H2 2019 ▪ McLaren 720S Spider ▪ H1 2019 sold out ▪ Order book extends into H2 2019 ▪ McLaren Senna ▪ 371 delivered to date ▪ All 500 sold out in advance 10 | McLaren Q1 2019 Results Global Volumes - Q1 2019 Europe – (12%) China – 33% North America – (20%) 390 343 36 401 27 321 RoW – (49%) APAC – 27% 78 40 213 168 ▪ Demand in all markets strong ▪ North America and Europe wholesale volume variances purely due to delivery timing ▪ RoW declined due to a weaker middle east regional economic conditions, as reported at the end of 2018 11 | McLaren Q1 2019 Results Racing 12 | McLaren Q1 2019 Results Formula 1 World Championship A good step forward – but work to do Formula 1 - on track ▪ Good pre-season preparation was followed by 4,000 km’s of track testing - a 46% increase on prior year ▪ The car is more competitive on track this year and the gap to the fastest cars has been reduced ▪ Clear improvements in reliability and operational competitiveness (pit stops / launches / race strategy) are also visible ▪ The new driver pairing of Carlos Sainz and Lando Norris both settling into the team well, showing a promising start to the season ▪ The team currently sits in 4th place (of 10 competitors) in the Constructors Championship after 5 races in 2019 ▪ Andreas Seidl and James Key have now taken up their positions Formula 1- off track ▪ Following improved on track competitiveness the team has continued to build the commercial partnerships with new agreements signed including BAT, Huski Chocolate, Coca-Cola, Dell Estrella Galicia and Arrow Electronics 13 | McLaren Q1 2019 Results The Sporting Environment The Sporting Environment ▪ We support the aims and intentions of the Commercial Rights Holder (Formula One Group) and the regulating body the FIA. We are working very closely with both parties to help provide a more sustainable Formula 1 business model ▪ The introduction of a cost cap and redistributed revenue model is welcomed and we are preparing our future business plans on this basis on the assumption that written confirmation of these changes are confirmed during 2019 ahead of the last year of our commercial agreement with the sport in 2020 ▪ Formula 1 and motor racing have been core to our business for decades and have contributed to our brand, our capability and our technology ▪ The new era of Formula 1 provides an exciting opportunity to make a number of changes to the sport to enhance its position as the pinnacle of motorsport and the commercial framework to grow value for commercial rights holder and the teams ▪ We would expect to be reducing our cost base in F1 over the next 4 years at the same time as becoming more competitive on and off the track ▪ We expect the new regulations to be confirmed before the end of the Formula One season 14 | McLaren Q1 2019 Results Applied Technologies 15 | McLaren Q1 2019 Results McLaren Applied Technologies – in pursuit of advantage Motorsport Automotive Public Transport Health ▪ 3rd Generation Standard ECU ▪ Autonomous vehicle ▪ LNER passenger ▪ Wearable digital for F1 performing as expected partnership development reservation system orthopedic device in all cars for the 2019 season programme has been installed, now live development progresses formally extended to work ▪ 2nd Generation Formula E ▪ Virgin Trains West Coast’s ▪ Health analytics platform on the next phase batteries performing well and new WIFI solution going is showing strong in line with expectations ▪ Development of the Motor live in May interest, with the “Born Control Unit for the ▪ On-going development of F1 ▪ Singapore proof of concept in Bradford” research McLaren Speedtail data visualisation tool ‘Atlas opportunities on condition study signing up for a continues 10’ based maintenance are in collaborative study development Q1 2019 Revenue (£m) McLaren Applied Technologies announces new CEO 16 15 ▪ In Q1 Anthony Murray has now joined McLaren Applied Technologies from Qualcomm. Anthony has a strong background in building and scaling small to large businesses in highly relevant industry sectors and product sets, ranging from automotive, consumer electronics and health Q1 2018 Q1 2019 16 | McLaren Q1 2019 Results Financials ▪ Q1 2019 17 | McLaren Q1 2019 Results Results – Q1 2019 Automotive wholesale volumes Revenue (£m) EBITDA (£m) 284 22 1,064 953 241 8 Q1 2018 Q1 2019 Q1 2018 Q1 2019 Q1 2018 Q1 2019 ▪ All three series - Sports, Super and Ultimate - ▪ Revenue growth of 17% as a result of having ▪ Improvement in Automotive EBITDA Q1 2019 on sale during the quarter for the first time the full Series range (Sports, Super and driven by Ultimate Series on sale in Q1 2019 ▪ Order books for Sports Series and Super Ultimate) on sale in Q1 2019 vs Q1 2018 ▪ Racing EBITDA reflects the increased revenue Series remain strong with dealer allocations ▪ Racing revenue increased due to higher level versus the prior year and favourable continuing to reflect customer demand of prizemoney, reflecting the improved movement in Heritage car sales ▪ Small volume variance a result of the timing Formula One Constructors’ Championship of deliveries only – still on track to deliver position in 2018 around 4,800 units by the end of the year 18 | McLaren Q1 2019 Results Q1 2018 – Q1 2019 EBITDA Bridge +176% growth ▪ Racing EBITDA driven by higher prize money following the improved 2018 Championship result ▪ Automotive EBITDA growth driven by having all three series on sale in Q1 2019, whereas only Sports and Super Series on sale in Q1 2018 ▪ Heritage cars positive in quarter reflecting timing on sales versus prior year 19 | McLaren Q1 2019 Results Net Debt & Liquidity ▪ Gross debt reflects $250m and £370m 5-yr Q1 2019 Senior Secured Notes issuance in July 2017 1 Gross debt 552 ▪ During April, additional overdraft facilities under the RCF were increased to the full Cash and cash equivalents (29) available permitted credit facility amount of £110m of which £97m is now available for liquidity purposes Underlying net debt1 523 ▪ Cash utilisation due to investment in new Net Leverage / EBITDA2 3.50x models (720S Spider, 600LT Spider, McLaren GT and Speedtail) and the development of the Formula 1 car for 2019 season ▪ The shape of cash flow in 2019 expected to mirror 2018 cash flows Undrawn committed liquidity and 87 overdraft lines3 ▪ Although Capex investment is higher in Q1 2019 we expect the full year Capex Total available liquidity 116 investment to be in line with last year Senior Secured Notes (SSNs) outstanding of £564m plus £5m accrued interest. The SSNs includes £15m capitalised fees and revaluation FX gain £2m
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