André Lacroix Group Chief Executive Distributor and retailer for the world’s leading automotive brands

Right Markets: Right Categories: 2/3 revenues Five distinct from Asia Pacific revenue streams & Emerging offering growth / Markets defensive mix

Right Brands: Right Financials: 90% of profits Attractive growth from 6 leading prospects, strong premium cash generation & OEMs robust balance sheet

Distinct and attractive business model in the automotive sector

3 4 Majority of global growth in population and GDP will come from Asia Pacific and Emerging Markets

Western Europe Eastern Europe & Russia North America GDP 2012: $16,847bn GDP 2012: $4,870bn GDP 2012: $17,414bn Growth 2012-17: + $2,708bn Growth 2012-17: + $2,292bn Growth 2012-17: + $4,431bn Pop 2012: 413m Pop 2012: 449m Pop 2012: 350m Growth 2012-17: + 7m Growth 2012-17: + 1m Growth 2012-17: + 17m

Middle East GDP 2012: $2,559 bn Growth 2012-17: + $616bn Pop 2012: 231m Growth 2012-17: + 26m

Africa Asia & Oceania South & Central America GDP 2012: $2,069bn GDP 2012: $22,350bn GDP 2012: $5,788bn Growth 2012-17: + $777bn Growth 2012-17: + $9,497bn Growth 2012-17: + $1,811bn Pop 2012: 1,060m Pop 2012: 3,858m Pop 2012: 584m Growth 2012-17: + 132m Growth 2012-17: + 199m Growth 2012-17: + 35m

Source: IMF (nominal GDP, population) Updated Sept 2012 Asia Pacific and Emerging Markets will represent 94% of population growth

2012 – 17 and 71% of GDP growth 5 …this pattern is reflected in car industry growth

Western Europe Eastern Europe & Russia North America TIV 2012 13.2m TIV 2012 5.1m TIV 2012 15.9m Growth 2012-17: +1.9m Growth 2012-17: +1.7m Growth 2012-17: +2.5m

Middle East South & Central America TIV 2012 2.8m TIV 2012 6.7m Growth 2012-17: +0.6m Growth 2012-17: +2.1m

Africa Asia & Oceania TIV 2012 0.9m TIV 2012 33.1m Growth 2012-17: +0.4m Growth 2012-17: +12.5m

Source: IHS Automotive (Global Insight) / Inchcape estimates Updated Sept 2012 Asia Pacific and Emerging Markets will represent 66% of global car sales

by 2017 and 80% of car industry growth 2012 – 17 6 Strong growth forecast in global car market

Global TIV Global Car Parc

+27% +22% 100 97 1,157 93 1,094 87 1,054 984 1,017 79 82 951 million million

2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017

Source: IHS Automotive (Global Insight) Source: LMC Automotive (JD Power)

Growth opportunitiesGrowth inopportunities all categories: across New, the Used, value F&I, chain Service & Parts

* TIV – Total Industry Volume (number of new cars sold) ** Car Parc refers to the number of cars on the road Updated Sept 2012 777 Inchcape scale exposure to fast growing APAC / Emerging Markets

Inchcape % Inchcape % Inchcape Average EBIT GDP growth TIV growth Car parc markets Revenue Trading profit Margin % CAGR 2012-17 CAGR 2012-17 growth CAGR 2009-11 2009-11 2009-11 (Source: IHS Automotive 2012-17 (Source: IMF) (Global Insight)) (Source: LMC Automotive (JD Power))

Asia-Pacific & Emerging Markets 21 48% 65%5.5% +3.9% +6.6% +3.6%

UK & Europe 5 52% 35%2.7% +2.3% +3.9% +0.9% More than 2/3 of Group earnings derived from high margin APAC / EM

Updated Sept 2012 8 Inchcape is focused on high growth regions

Global Vehicle Sales* Inchcape Trading Profit Mix**

Russia and Middle East E Europe & Emerging 4% Africa Russia 1% Markets Australasia 7% 21% 21% South & Central Asia & America Oceania 9% 41%

North America North Asia 19% UK 16% 23% South Asia W Europe Europe 10% 19% 9%

* 2011 Total Industry New Light Vehicle Sales (Source: IHS Automotive) ** 2011

9 10 Leading premium brands as core partners

Six core relationships deliver c90% of profit

Strong R&D Premium capability to brand’s pricing lead powertrain power deliver and segment superior innovation margins

Portfolio of the world’s leading premium automotive brands

Creating value with the world’s leading automotive brands

11 Inchcape’s brand partners outperform

• Premium & luxury OEMs forecast to outperform the Cars: upmarket growth in overall market “There are good reasons for thinking this market trend will • Global luxury continue. While the phenomenal growth in Chinese car vehicle sales demand over the past decade may be cooling, the country’s appetite for premium vehicles still appears to be expanding at grew at double very healthy rates. More than 970,000 top-end vehicles are the rate of the thought to have been sold there in 2011 (15 per cent of the overall market in premium market globally) – up from under 700,000 in 2010. That figure could exceed 1.1m in 2012 (a decade ago, it was 2011 little more than 30,000). Russia, although a much smaller market, is also hot. And US demand is recovering nicely.”

* FT/Lex Column January 9, 2012

12 Long Standing Relationships

Inchcape length of brand relationships

• Established 45 relationships with 40 brand partners 35 across multiple 30 continents 25 • Inchcape delivers Years 20 on market share 15 and customer service 10 excellence 5 0 Subaru BMW VW Mercedes JLR Toyota

13 Inchcape delivers for its brand partners

Subaru Market Share* Expertise with Brand Partners

• Focused portfolio of premium 4.5% 4.0% brands enabling deeper 3.5% relationships 3.0% 2.5% • Inchcape delivers best in 2.0% 1.5% class performance 1.0% • Highest global market share 0.5% 0.0% for Subaru in Australia** 1992 1997 2002 2007 2012 Australia Mkt Share Global Mkt Share

* Inchcape became the distributor for Subaru in Australia in 1992 (2012 YTD) ** ex Japanese mini cars

14 Inchcape (Crown Motors) • 20 consecutive years of market share leadership in passenger and commercial vehicles • Crown Motors the world’s first distributor of all the major Toyota Group brands

15 16 Diversity of profit streams

New Finance Vehicle & Insurance Growth Sales Products Value Drivers c40% of gross profit 4

Used Defensive Aftersales Vehicles Parts Value Drivers Service Sales c60% of gross profit

Value driver focus delivering strong margins

17 Addressable markets beyond new vehicles

Motoring costs breakdown • Significant Other motoring proportion of the costs 4% motoring value Cars, vans and chain outside of motorcycle the initial purchase Petrol, diesel and purchase other oils 32% • Aftersales and 32% Finance & Insurance offer high margin Repairs, opportunities Vehicle insurance servicing, spares and taxation and accessories 19% 13%

Source: UK ONS 2009

18 Vehicle base for aftersales business

Hong Kong units in operation at Dec 2011 (car parc)*

• Inchcape Inchcape has a Other commanding 13% Toyota, Lexus, share of the Audi Land Rover, VW 3% Jaguar & Ford vehicles on the 3% 33% road in Hong Mazda Kong 4% Nissan • Scale presence 7% in new car mkts across the world BMW 9% provides scale in Honda aftersales Mercedes Benz 14% 14%

* Source: Motor Trades Association of Hong Kong (Passenger vehicles only)

19 Singapore margin resilience

Singapore TIV* Singapore Margin*

Market decline of c70% 140 12.0% 120 10.0% 100 8.0% 80 6.0% 60

40 4.0%

20 2.0%

0 0.0% 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 H1 2012

Source: LTA

* TIV (Total Industry Volume) refers to the number of new vehicles sold ** South Asia trading margin

20 Defensive used vehicle sales

UK used vehicle volumes • UK is the most 100

important used 95 vehicle market for Inchcape 90

• Counter cyclical 85 margin dynamics (lower new car 80 supply) 75 • Used vehicles offer 70 growth potential in 2005 2006 2007 2008 2009 2010 2011 developing mkts UK New Vehicle Vol Rebased UK Used Vehicle Vol Rebased

Source: SMMT and Experian

21 Trading across the right categories offers growth and margin resilience

Inchcape EBIT margin & revenue • 2011 revenue 6,500 5.0% c£1.2bn from 4.5% peak 6,000 4.0% 3.5% • 2011 EBIT 5,500 3.0% margin 20 BPS 2.5% from peak 5,000 2.0% • H1 2012 PBT 1.5%

back to peak 4,500 1.0% • Geared recovery 0.5% potential 4,000 0.0% 2005 2006 2007 2008 2009 2010 2011 Revenue £m (LHS) EBIT Margin (RHS)

22 23 Inchcape margin stability

EBIT Margin • Cost structure for 4.5% the group is 50% fixed & 50% 4.0% variable 3.5% • £124m in

operating costs 3.0% (c18% of the

2008 base) taken 2.5% out* • Defensive profit 2.0% streams 2007 2008 2009 2010 2011 Inchcape

* £124m is the expected cumulative cost reduction by Dec 2012 before inflation (£99m at the end of 2011 and £25m estimated for 2012)

24 High ROCE business model

ROCE • Distribution, the 25.0% core of Inchcape 23.0% (66% of Group 21.0% profit), is fixed asset 19.0% capital light 17.0% • ROCE is strong on 15.0% a lease capitalised 13.0% basis* 11.0% • Inchcape ROCE 9.0% compares 7.0% favourably across 5.0% industries 2008 2009 2010 2011 Inchcape

* 2011 Group operating lease charge £48m ROCE: Underlying OP over an average of the opening and closing net assets adjusted for net debt/cash

25 Cash generative business model

Robust free cash flow* • Average cash 200

conversion since 150 2005 is c135% • Strong balance 100

sheet, net cash 50 of £228m at 30 June 2012 0 • 2011 dividend -50 payout ratio 32% -100 2007 2008 2009 2010 2011 FCF (£m)

* Net operating cash flow less gross capex

26 Appendix V – Definitions

27 Inchcape Customer 1 st Strategy

STRENGTHEN EXPAND To be the Superior customer world’s most Consolidation in value proposition customer centric high margin / high through Inchcape automotive growth areas retail group Advantage

28 Operational discipline on Top Five Priorities

Customer 1 st strategy to create differentiation

Commercial initiatives to grow revenues ahead of competitors

Cash initiatives to grow profit and operating cash faster than revenue

Brand portfolio of the world’s leading premium and luxury automotive brands

Balanced focus between commercial and cash initiatives

29 The premium choice in the automotive industry

Right Markets: Right Categories: 2/3 revenues Five distinct from Asia Pacific revenue streams & Emerging offering growth / Markets defensive mix

Right Brands: Right Financials: 90% of profits Attractive growth from 6 leading prospects, strong premium cash generation & OEMs robust balance sheet

Distinct and attractive business model in the automotive sector

30

Appendices Broad geographic spread

Retail in 4 markets Distribution in 22 mkts, across small and medium size automotive mkts

Significant competitor barriers to entry

Fast growing economies Scale and positions advanced markets

33 Professional and well financed route to market for world’s leading automotive brands

Distribution : • Master-franchise partner Manufacturer operating as exclusive national sales and marketing company OEMs • Vertically Integrated: Distributor (Vehicles National Distributor and & Parts) exclusive Retailer in city states Inchcape • 22 small & medium size mkts Retailer (Vehicles, F&I, Parts & Service) Retail : xx • Scale operations on a regional basis Customer

34 Direct & franchised footprint

• Capital selectively Inchcape owned and operated Franchisee deployed sites* sites* Total • As a distributor UK 116 - 116 Europe 22 196 218 Inchcape typically runs North Asia 23 - 23 10-20% of the retail South Asia 9 - 9 network Australasia 21 108 129 • Retail only operations Russia 22 - 22 EM 46 47 93 in the UK, Poland, Russia and China 259 351 610

* Sites that offer sales and aftersales as at 30 June 2012

35 Appendix V – Definitions Definitions

Like-for-like The following are excluded from like-for-like sales: 1. Businesses that are acquired, from the date of acquisition until the 13 th month of ownership 2. Businesses that are sold or closed 3. Retail centres that are relocated from the date of opening until the 13 th month of trading in the new location

Emerging markets Emerging markets are those markets in which the Group operates that prior to the global downturn had entered the growth phase of their development cycle and we expect these markets to return to that growth phase in the medium term This currently covers the following countries: •The Balkans •China •The Baltics •Africa •Poland •South America •Russia

36 Broad geographic spread – truly international

United Kingdom (MLP) R Australasia South Asia North Asia Europe 35.3% of ’11 Group Revenue 17.4% of '11 Group Revenue 5.1% of '11 Group Revenue 7.4% of '11 Group Revenue 13.8% of '11 Group Revenue 23.1% of ’11 Group Trading 21.1% of '11 Group Trading 9.9% of '11 Group Trading profit 16.1% of '11 Group Trading profit 9.2% of '11 Group Trading profit profit profit

Australia Singapore Hong Kong (ML) Belgium D R VIR VIR D R Greece (ML) New Zealand Brunei (ML) Guam (ML) D R D VIR VIR Finland Key: Saipan (ML) D R R = Retail VIR D = Distribution Luxembourg VIR = Vertically integrated retail Macau (ML) D R (ML) = A market leader (MLP) = A market leader, premium brands VIR

Russia and Emerging Chile (MLP) Ethiopia (ML) Macedonia Russia Markets R VIR VIR VIR R 21.0% of '11 Group Revenue Peru (MLP) China Latvia (ML) VIR 20.6% of '11 Group Trading R R VIR profit Poland R Estonia Lithuania D (ML) Romania VIR Bulgaria R VIR D R D R

Note: Percentage figures represent revenue from third parties and trading profit (defined as operating profit excluding the impact of exceptional items and central costs) 37 Disclaimer The information and opinions contained in this presentation are provided as at the date of the document. Certain statements in this presentation, particularly those regarding the future prospects of Inchcape plc (“Inchcape”), returns, pricing, acquisitions, divestments, industry growth or other trend projections are or may be forward-looking statements. These forward-looking statements are not historical facts, nor are they guarantees of future performance. Such statements are based on current expectations and belief and, by their nature, are subject to a number of known and unknown risks and uncertainties which may cause the actual results, prospects and developments of Inchcape to differ materially from those expressed or implied by these forward-looking statements. Except as required by any applicable law or regulation, Inchcape expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this presentation to reflect any change in Inchcape’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. All information in the presentation is the property of Inchcape plc and may not be reproduced or recorded without the written permission of the company. Nothing contained in the presentation constitutes or shall be deemed to constitute an offer or invitation to invest in or otherwise deal in any shares or other securities of Inchcape plc.

© Inchcape 2012. All rights reserved. Proprietary and confidential information. No unauthorised copying or reproduction. Inchcape and the Inchcape logo are the registered trademarks of the Inchcape Group.

The information contained in this presentation has been obtained from company sources and from sources which Inchcape believes to be reliable but it has not independently verified such information and does not guarantee that it is accurate or complete.

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