McLaren FY2018 Results ▪April 25, 2019 2 2 | McLaren FY2018 Results Highlights 3 | McLaren FY2018 Results

Automotive Racing Applied Technologies

FY2018

◼ FY2018 was a record year for production with 4,863 vehicles delivered in comparison Revenue by division Car volumes by region to 3,329 delivered in FY2017, growth of 46% on the prior year ◼ Vehicle wholesales totalled 4,829 (3,340 in FY2017), Automotive global sales volumes up 45% and revenue up 76% year on year Applied Technologies Formula 1 11% 5% North ◼ Strong order book through out 2018 with continuation of positive order growth Europe 33% America into 2019. Ultimate Series remains sold out. Super Series sold out into Q3 2019 36% with strong Sports Series 600LT and 600LT Spider orders for delivery into H2 2019; total order book 1,856 units Rest of ◼ McLaren Automotive have produced more than 18,000 cars since production World APAC, ex. Automotive commenced in 2011 6% China 84% China 7% 18% ◼ FY2018 Group revenues £1,257m (FY2017 £871m) driven by Automotive volumes an increase of 44%, 2018 Adjusted* EBITDA £143m *Adjusted EBITDA excludes exceptional costs for restructuring 4 | McLaren FY2018 Results

Automotive Racing Applied Technologies

FY2018

◼ 259 McLaren Senna now delivered to customers. The first McLaren 600LT coupes delivered to customers during the year. McLaren ‘Speedtail’ first production-bodied prototype commences road testing

◼ McLaren finishes sixth in the Formula 1 World Constructors’ Championship, a forward step from the ninth place in 2017. The 2019 driver line up of Carlos Sainz and confirmed and new sponsor partnerships announced

◼ Applied Technologies continues to grow its core strengths across Automotive, Motorsport, Public Transport and Health segments

◼ McLaren Holdings Limited finalised the Corporate Simplification of its subsidiaries in January 2019 formalising the organisational restructuring of the group first announced in 2017 5 | McLaren FY2018 Results

Business Update 6 | McLaren FY2018 Results

Automotive 7 | McLaren FY2018 Results McLaren Automotive – New models revealed

▪ McLaren Speedtail revealed ▪ Limited edition of 106 to be delivered from 2020

▪ McLaren Senna GTR ▪ Announced and fully allocated ▪ Delivery in 2019

▪ McLaren 720S Spider revealed ▪ Commencing production in 2019 8 | McLaren FY2018 Results McLaren Automotive – 2018 production highlights

▪ McLaren Senna commenced production ▪ 259 delivered in 2018 ▪ All 500 sold out in advance

▪ McLaren 600LT in production ▪ H1 2019 sold out strong order book into H2 2019 9 | McLaren FY2018 Results McLaren Special Operations - MSO

▪ Strong revenue growth of 201% versus 2017

▪ 2018 Order book value has trebled

▪ Growth across all aspects of MSO ▪ Defined options ▪ Bespoke features ▪ MSO Limited Collections ▪ Heritage ▪ Aftermarket

▪ MSO content on Senna orders exceeded plan and reflected enhanced customer engagement. Senna metrics included producing more than 12,000 different images of Senna livery designs for customers

▪ Strong demand of MSO content on 600LT pre-orders

▪ Strong demand for Limited Editions including regional / dealer commissions, e.g. Racing Through The Ages collection for McLaren Beverley Hills 10 | McLaren FY2018 Results Exceptional Press Reviews ▪ McLaren Automotive has been 2018 Award Highlights recognised globally with 23 McLaren Senna International awards in 2018 EVO – Hyper Car of the Year ▪ The 600LT won EVO’s Car of the Top Gear – Wing of the Year Autocar – Five Stars Year. Following the win of the 720S in 2017 720S ▪ McLaren Automotive was named Road & Track – Performance Car of the Year Britain’s Most Admired Car Company. An achievement that 600LT was reached in less than eight EVO – Super Car of the Year EVO – Car of the Year years in production 11 | McLaren FY2018 Results 2018 awards & achievements

MotorTrend World’s Greatest Automobile All Star – Automotive Video Road & Track Performance Festival Automobile Robb Report Best Drag Race 8 Winner – McLaren McLaren 720S Association Performance Car Car of the Year 2018 – International de Paris Most of Best – McLaren 720S of the Year 2018 – McLaren McLaren 720S Beautiful – McLaren 720S 720S 720S

Autoguide.com Readers Motorsport FR Sport Auto FR 5 China Performance Car Evo Car of the Year – The Best 10 China Autocar Britain’s Best Choice Exotic of Sports Car of the Star Car – McLaren of the Year 2018 – McLaren 600LT Performance Car of the Drivers’ Car – McLaren the Year – McLaren 720S Year – McLaren 720S McLaren 720S Year 2019 – McLaren 600LT 720S 600LT

GQ Magazine ‘Technological Autocar 5 Star Car 2018 Sao Paulo Motor Top Gear Magazine Wing of Auto Bild Readers’ Auto Bild Klassik - Hedonism’ award – McLaren - McLaren Senna Show – Best Car of the the Year – McLaren Senna Choice Award – McLaren Senna 570S Spider Show Award - McLaren McLaren Senna Senna 12 | McLaren FY2018 Results MCTC opened and operational

▪ In November, The Duke and Duchess of Cambridge and the Crown Prince of Bahrain opened the £50m McLaren Composites Technology Centre (“MCTC”) in Sheffield

▪ The MCTC will help the company further innovate and produce lightweight carbon fibre ‘tubs’ that will enable it to deliver the lightest in class products

▪ The MCTC currently employs around 60 people which will rise to over 200 when full production commences in 2020

▪ Carbon fibre has long been part of McLaren’s DNA, the company having first introduced the material into Formula 1 in the early 1980s 13 | McLaren FY2018 Results

AUTOMOTIVE - TRACK25 On a fast track to an exciting and successful future

Independent 100% 18 and strong member Electrification by end of New cars or derivatives by 2024 of the McLaren Group the business plan period

A successor to the £1.2 billion 6000 McLaren P1™ invested in research and Sports and to be development by 2025 produced annually from 2024 Battery development The McLaren of EVs 14 | McLaren FY2018 Results Global Volume Growth: FY2018 Europe – 43% China – 141% North America – 42% 1,599 1,748 1,115 354 1,234 147

RoW – (7%)

APAC – 57% 306 285 843 538

▪ Demand continues with a 45% increase in year on year volumes coupled with continued sales growth across the major regions of North America, Europe and APAC including China ▪ Strong China volume growth year on year with all series now on sale in 2018 versus 2017 when 570S and 720S only available for part of the year ▪ North America and Europe performing strongly against prior year ▪ RoW declined due to a weaker middle east region, however, volume remains good at 285 15 | McLaren FY2018 Results

Racing 16 | McLaren FY2018 Results 2018 in focus

Identifying and improving the fundamentals ▪ McLaren improved to 6th place in 2018 from 9th in 2017 in the constructors championship, increasing prizemoney for 2019 and instigating clear plans to return to improved competitiveness in future years ▪ The Renault partnership completes its first year ▪ The 2019 MCL-34 car development and build successfully completed following an earlier commencement in the year in line with new regulations ▪ Driver line up for 2019 of Carlos Sainz, Lando Norris and Sergio Sette Camara joining the team in the role of Test and Development Driver ▪ New key F1 management positions complete including and both joining in 2019 ▪ Increased levels of sponsorship signed in 2018 ▪ McLaren Racing announces its return to the Indianapolis 500 in 2019 with , as he attempts to become only the second driver in history to achieve the Triple Crown of world motorsport: winning the Formula 1 Monaco Grand Prix; the 24 Hours of Le Mans; and the Indy 500 17 | McLaren FY2018 Results The sporting environment

F1 Sporting Environment

▪ Teams continue to work constructively with the commercial rights holder FOM and the Technical Regulator FIA towards making the sport a more sustainable long term proposition ▪ Management (FOM) have recently revealed to the teams a revised income distribution model for Prize Money, a proposed cost cap for Formula 1 starting in 2021 and achieving a target cost base in 2023 as well as revised governance plans. McLaren’s Board of Directors have discussed these proposals with FOM management and are working towards a target agreement date during 2019 ▪ The FIA and financial staff from the teams have drawn up draft financial regulations to support these commercial aims with strict governance, transparency and reporting requirements ▪ The subject of what intellectual property and parts can be shared between teams continues to be the subject of much debate as the sport evaluates the impact of customer teams and the business model implications for all ▪ McLaren supports control of costs and strategic growth plans for Formula 1 and recognises the fundamental challenges of the existing business model of the sport. We are also actively involved and see great value potential in embracing the digital technologies and marketing platforms including e-sports 18 | McLaren FY2018 Results

Applied Technologies 19 | McLaren FY2018 Results

Digital Technologies at the intersection of technology and human ingenuity

Motorsport Automotive Public Transport Health

▪ 3rd Generation Standard ECU ▪ Autonomous vehicle ▪ LNER passenger ▪ Wearable digital for F1 manufactured and partnership development reservation system orthopeadic device delivered to teams for start of programme ongoing installed, now live development continues 2019 season ▪ Sales prospect focus on ▪ New Virgin Trains West to progress ▪ 2nd Generation Formula E our Vehicle Dynamic Coast WIFI programme ▪ Health analytics platform batteries shipped to all teams Simulator underway and being showing strong interest and performed as planned in deployed on trains ▪ Young racing driver first race of season 5 in ▪ Singapore proof of concept accelerator programme December 2018 opportunities on condition designed and marketed ▪ Development of F1 data based maintenance in with good new driver visualisation tool ‘Atlas 10’ development uptake

FY2018 Revenue (£m) McLaren Deloitte Collaboration ▪ Developing SupplyCycle, an advanced modelling, optimisation & simulation tool for manufacturing 59 65 ▪ Development and marketing of Aviation Performance Optimiser, an advanced modelling, optimisation & simulation tool for airspace management, in conjunction with National Air Traffic Control (NATS) ▪ Concepting of Airports Operations Performance Predictor, an optimisation tool for airport ground 2017 2018 movements 20 | McLaren FY2018 Results Financials

▪ FY2018 21 | McLaren FY2018 Results Results

Automotive wholesale volumes Revenue (£m) Adjusted EBITDA (£m)

4,829 1,257 143 3,340 871

65

FY2017 FY2018 FY2017 FY2018 FY2017 FY2018

▪ Significant Automotive improvement in ▪ First year all three series on sale with a ▪ 45% increase in wholesales volumes in FY Adjusted EBITDA between 2017 and 2018, strong volume performance in the Super and 2018 compared to FY 2017 reflected in covered on following slide Ultimate Series Revenue ▪ Racing EBITDA reduction in line with revenue ▪ Order books for Super Series and Sports ▪ Favorable sales mix in 2018 with 87% volume decrease Series remain strong with dealer allocations growth in Super Series and 259 Ultimate continuing to reflect customer demand Series vehicle sales compared to nil in 2017 ▪ Improved Applied Technologies positive movement year on year ▪ Ultimate Series remains sold out. Sports ▪ Revenue in Racing impacted by reduced Series orders transition into 600LT as partnership income and reduced prize money expected. Super Series orders on 720S Spider reflecting Constructors championship position strong and sold out into Q3 2019 in prior year 22 | McLaren FY2018 Results FY2017 – FY2018 EBITDA Bridge

▪ Significant improvement in Automotive as production rates were consistently achieved resulting in a sales volumes increase of 45%, with 2017 impacted by the implementation of SAP, McLaren 720S launch and 570S Spider launch

▪ Favourable sales mix included a shift from Sports to Super Series, and 259 Ultimate Series, compared to nil in 2017

▪ Racing EBITDA declines in line with reduced sponsorship and partnership income 23 | McLaren FY2018 Results Net Debt & Liquidity

FY2018 ▪ Gross debt reflects $250m and £370m 5-yr Senior Secured Notes issuance in July 2017 Gross debt1 562

Cash and cash equivalents (97) ▪ First £100m tranche of new Equity received in H1 2018, second tranche of £50m received in November Underlying net debt1 465 ▪ £90m RCF, £78m available Net Leverage / Adjusted EBITDA2 3.25x ▪ Cash utilisation due to investment in new models (Senna, 600LT and Speedtail) and the development of the Formula 1 car for 2019 season Undrawn committed liquidity and 78 overdraft lines3 ▪ Positive cash inflow in Q4 2018 as EBITDA delivered and new equity Total available liquidity 175 received

Senior Secured Notes (SSNs) outstanding of £550m plus £12m accrued interest. The SSNs includes £16m capitalised fees and revaluation FX loss £2m 2 Net Leverage includes reported gross debt £562m plus overdraft £1m less cash of £98m and Adjusted EBITDA of £143m excluding exceptional items of £7m 3 Consists of RCF £90m less committed drawn Ancillary Lines (bank guarantees) 24 | McLaren FY2018 Results

Appendix 25 | McLaren FY2018 Results

Group Overview 26 | McLaren FY2018 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 27 | McLaren FY2018 Results Group Cash Flow Statement 28 | McLaren FY2018 Results EBITDA by company

*Racing includes the sale of heritage cars, £10.0m (FY2018) and £27.5m (FY2017) 29 | McLaren FY2018 Results Reconciliation of McLaren Group and McLaren Holdings 30 | McLaren FY2018 Results One Outstanding Luxury Automotive & Technology Group

Automotive Racing Applied Technologies

◼ Offering the ultimate ownership experience ◼ Legendary racing history ◼ Delivering advantage at the intersection of physical and digital creating the iconic sportscar ◼ 20 Formula 1 World Championships ◼ 18,000+ road cars hand-assembled to date ◼ Customers in Motorsport, Automotive, Public 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 “Speedtail” continues to demonstrate the success of Automotive World APAC, 84% McLaren product pipeline + strength in brand 6% China ex. China 7% 18% 31 | McLaren FY2018 Results McLaren has a long history rooted in Racing & Innovation

Success in racing created a culture of outstanding performance, excellence and innovation 32 | McLaren FY2018 Results McLaren has a long history in Racing & innovation

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Success in racing created a culture of outstanding performance, excellence & innovation 33 | McLaren FY2018 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 Dewar Trophy 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 Supercar 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 Sports Car 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 34 | McLaren FY2018 Results Automotive operates in four distinct segments

Sports Super Ultimate Motorsport

▪ Brings McLaren’s advanced ▪ Super Series is the core of ▪ High performance cars ▪ Track cars built for racing technologies to the sportscar McLaren's range with the best ▪ Built on the same basis as the ▪ Based on road car models but arena, with a lower price point technology available Super series with additional Description without road car regulations ground-breaking technology than other McLaren series ▪ Derivatives include Coupe, and built to a racing ▪ Further track-only products ▪ Derivatives include Coupe, Spider and LT limited editions specification offers Spider, GT and LT limited editions Models ▪ 540C, 570S, 570S Spider, ▪ 650S, 650S Spider, 720S, 720S ▪ P1, P1 GTR, McLaren Senna, ▪ 650S GT3, 570S GT4 and 570S 570GT, 600LT Spider McLaren Senna GTR, Speedtail Sprint, 720S GT3 ▪ Best power-to-weight ratio of ▪ High performance super cars ▪ Includes the first hybrid hyper ▪ Strictly limited editions for sports car range in their class with track performance car in the world racing only Features ▪ Strictly limited production, sold ▪ Lightweight construction with ▪ One-piece MonoCage II carbon out years in advance carbon chassis (75kg) body Purpose ▪ Road / GT ▪ Road / track ▪ Road / track ▪ Track

Price range ▪ £125-200k ▪ £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