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 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 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 , 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 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 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 ▪ and 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 ( 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 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 ▪ 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 2 Net Leverage includes reported gross debt £552m less cash of £29m and LTM EBITDA of £150m 3 Consists of RCF £100m less committed drawn Ancillary Lines (bank guarantees) 20 | McLaren Q1 2019 Results

Appendix 21 | McLaren Q1 2019 Results

Group Overview 22 | McLaren Q1 2019 Results Summary Income Statement

1 Includes FX gains and losses apart from FX on translation of USD bond 2 Includes FX on translation of USD bond 23 | McLaren Q1 2019 Results Group Cash Flow Statement

▪ Financing activities include £49.3m of investment from Nidala that was paid ahead of schedule 24 | McLaren Q1 2019 Results EBITDA by company

*Racing includes the sale of heritage cars, £3.7m (Q1 2019) and £0.4m (Q1 2018) 25 | McLaren Q1 2019 Results One Outstanding Luxury Automotive & Technology Group

Automotive Racing Applied Technologies

◼ Delivering advantage at the intersection of physical ◼ Offering the ultimate ownership experience ◼ Legendary racing history and digital creating the iconic sportscar ◼ 20 Formula 1 World Championships ◼ Customers in Motorsport, Automotive, Public ◼ 20,000+ road cars hand-assembled to date Transport and Health Highlights Sales and car volume split Revenue by division Car volumes by region ◼ Global leader in high-performance luxury and technology offering the ultimate ownership experience Applied Formula 1 Europe North Technologies 11% 33% America ◼ 55 year history of innovation and technical excellence 5% 36% ◼ Group revenue and cash generation underpinned by Automotive order book and production capacity now demonstrated Rest of ◼ Latest McLaren models 600LT Spider, 720S Spider, McLaren GT and Automotive World APAC, 84% “Speedtail” continue to demonstrate the success of McLaren product 6% China ex. China 7% 18% pipeline + strength in brand 26 | McLaren Q1 2019 Results McLaren has a long history rooted in Racing & Innovation

Success in racing created a culture of outstanding performance, excellence and innovation 27 | McLaren Q1 2019 Results

McLaren has a long history in Racing & innovation ▪

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Success in racing created a culture of outstanding performance, excellence & innovation 28 | McLaren Q1 2019 Results Globally recognized brand World-class car platform built on a foundation of racing success

Successful racing performance led to a culture of innovation & excellence, enabling success in cars

The only company to win each of the 4 classic competitions: Formula One, Le Mans, Indianapolis and Can-Am

12C P1 650S 675LT 570S 720S

Launched year: 2011 Launched year: 2013 Launched year: 2014 Launched year: 2015 Launched year: 2015 Launched year: 2017

2012 2013 2015 2016 2016 2017 for Outstanding British Best Ranked #1 in car reviews of 2012 EVO Middle East Car of the Year: Five Star Award Technical Achievement China Performance Car of the Year Performance Car Jalopnik of the Year 675LT Coupé AUTOCAR & EVO Royal Automobile Club Auto Express New Cars Awards & Evo2012 2013 2014 2016 2015 2017

James May’s Car of the Year Jeremy Clarkson’s Car of the Year Supercar of the Year Car of the Year Best Car on Sale – Best Every Day Supercar Performance Car of the Year BBC Top Gear Magazine BBC Top Gear Magazine AUTOCAR ASEAN CAR Magazine (675LT Spider) BBC Top Gear BBC Top Gear & Road and Track

2012 2013 2014 2016 2016 2017

Best Over £120,000 Hypercar of the Year Performance Car of the Year Hardcore Car of the Year: Best Car on Sale Super Car of the Year What Car? BBC Top Gear Magazine Auto Express Top Gear (675LT Spider AUTOCAR Octane & EVO

2012 2013 2014 2016 2017 Hypercar of Middle East Car Car of the Year Best of the Best Sport Car of the Year the Year of the Year Awards Middle East Motor Awards Red Dot Design Award CAR Magazine GQ Best Supercar

Every model won multiple prestigious awards for unique technology and design 29 | McLaren Q1 2019 Results Automotive operates in distinct segments

Sports Grand Tourer Super Ultimate Motorsport

▪ Brings McLaren’s advanced ▪ Positioned alongside our ▪ Super Series is the core of ▪ High performance cars ▪ Track cars built for racing established Sports, Super and technologies to the McLaren's range with the ▪ Built on the same basis as ▪ Based on road car models Ultimate Series, this is a new sportscar arena, a lower best technology available the Super series with but without road car Description McLaren for a new audience additional ground-breaking price point ▪ Derivatives include Coupe, regulations and built to a providing an alternative to technology ▪ Derivatives include Coupe, Spider and LT limited racing specification existing products ▪ Further track-only products Spider, LT limited editions editions offers ▪ 540C, 570S, 570S Spider, ▪ 650S, 650S Spider, 720S, Models ▪ McLaren GT ▪ P1 & GTR, McLaren Senna, ▪ 650S GT3, 570S GT4 and 570GT, 600LT, 600LT Spider 720S Spider Senna GTR, Speedtail 570S Sprint, 720S GT3

▪ Best power-to-weight ratio of ▪ Attributes of competition ▪ High performance super ▪ Includes the first hybrid ▪ Strictly limited editions for sports car range in their class levels of performance and cars with track hyper car in the world racing only Features ▪ Lightweight construction with continent crossing capability, performance ▪ Strictly limited production, carbon (75kg) yet lighter, faster, more sold out years in advance engaging ▪ MonoCage II carbon body

Purpose ▪ Road ▪ Luxury Grand Touring ▪ Road / track ▪ Road / track ▪ Track

Price range ▪ £125-200k ▪ >£160k ▪ £200-300k ▪ >£500k ▪ £200-400k

MSO1 Experiences Ownership

✓ Bespoke customisation options ✓ Pure McLaren track experience ✓ Expert advice and support ✓ Limited editions and one-off models ✓ Pure GT racing series ✓ Unique service cover ✓ Lifestyle and heritage 1 McLaren Special Operations