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Mclaren Q3 (YTD) 2019 Results .November 27, 2019 2 | Mclaren Q3 (YTD) 2019 Results Highlights 3 | Mclaren Q3 (YTD) 2019 Results

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Mclaren Q3 (YTD) 2019 Results .November 27, 2019 2 | Mclaren Q3 (YTD) 2019 Results Highlights 3 | Mclaren Q3 (YTD) 2019 Results McLaren Q3 (YTD) 2019 Results .November 27, 2019 2 | McLaren Q3 (YTD) 2019 Results Highlights 3 | McLaren Q3 (YTD) 2019 Results Automotive >> Racing >> Applied Technologies Q3 (YTD) 2019 Revenue by division Results continue to build on strong first half results: Applied Formula 1 Q3 (YTD) 2019 Group revenues £1,009m up 19% versus £847m in Q3 (YTD) 2018, Technologies 12% 4% driven by Automotive volume and mix growth, Ultimate Series sales and an improvement in Racing results Q3 (YTD) 2019 Reported EBITDA £89m up 140% versus £37m Q3 (YTD) 2018 Automotive Q3 2019 LTM Revenue £1,419m with Automotive contributing 84% of Group revenue 84% Q3 2019 LTM Reported EBITDA £188m up 80% since Q3 2018 LTM (£104m) Car volumes by region Europe Q3 (YTD) 2019 production delivered 3,760 vehicles in comparison to 3,686 in Q3 (YTD) 25% 2018 (2.0% growth) North America Rest of World Racing recovery continues, with Reported EBITDA improvement driven by increased 47% 6% th th prizemoney from finishing 6 (versus 9 in 2017) in the Constructors Championship in China 2018 and improved sponsorship revenue 5% APAC, ex. China 17% 4 | McLaren Q3 (YTD) 2019 Results Automotive >> Racing >> Applied Technologies Q3 (YTD) 2019 McLaren Automotive on plan through Q3 2019: Vehicle wholesales in Q3 (YTD) 2019 totalled 3,306 (3,463 in Q3 (YTD) 2018), marginally down 4.5%. Full year volumes still expected to be in line with 2018. Total committed order book at Q3 (YTD) 2019 was 1,741 units (in line with prior year). McLaren Senna GTR and Speedtail Ultimate Series sold out; Super Series and Sports Series 600LT Spider sold out into Q1 2020. McLaren GT orders continue to grow strongly. Previously teased new open top speedster Ultimate Series fully announced in November. The car, named Elva with a limited production of 399, delivers in late 2020. The order book is building and deposits on first orders now being collected All McLaren Sennas now built and on plan to be delivered to customers during Q4 following MSO customisation McLaren have finished 4th in the Formula 1 World Constructors’ Championship with only the Abu Dhabi GP to go. This will result in a positive step up in prizemoney in 2020 5 | McLaren Q3 (YTD) 2019 Results Key Metrics - Q3 (YTD) 2018 vs Q3 (YTD) 2019 Net Leverage Net Leverage Revenue (£m) Net Debt (£m) 4.4x 3.6x +19% Net Debt includes the additional USD $100m Notes raised in Q3 2019. At Q3 2019 the £130m SSRCF was £40m drawn and the additional $24.9m Revolver Facility remained undrawn EBITDA1 (£m) Liquidity (£m) +140% Full year EBITDA expected to be between £165m and £180m as significant deliveries completed Wholesale Volume F1 Championship (Units) points 4th (4.5%) th 4th place in the constructors 6 championship locked in with one 1 Reported EBITDA race to go 6 | McLaren Q3 (YTD) 2019 Results Business Update 7 | McLaren Q3 (YTD) 2019 Results Automotive 8 | McLaren Q3 (YTD) 2019 Results McLaren Automotive – 2019 GT . GT ULTIMATE . First deliveries made . McLaren Senna . Strong order book . All now sold and built continues to build . Final models with MSO delivered Q4 SPORTS . McLaren Senna GTR . 600LT Coupe and Spider . In production; all sold . Coupe allocation complete . Speedtail . Spider orders into Q1 2020 . Production commences Q1 2020; all sold SUPER . Elva . 720S Spider . Revealed November 2019 . 2019 order book now fully . Strong interest received allocated; orders into Q1 . Production Q4 2020 2020 9 | McLaren Q3 (YTD) 2019 Results Global Volumes – Q3 (YTD) 2019 Europe (25%) China (33%) North America +21% RoW (31%) APAC +2% (4%) . Demand in North America and Asia Pacific markets remains strong . European performance weaker driven by macro economic conditions . Middle east volumes declining as a result of weakening regional economic conditions 10 | McLaren Q3 (YTD) 2019 Results Elva – the new McLaren Ultimate Series Previously teased new Ultimate Series Speedster now announced as the McLaren Elva. The open-cockpit two-seater celebrates the Bruce McLaren-designed 1960s McLaren-Elva sportscars The lightest road car ever from McLaren Automotive McLaren Active Air Management System (AAMS) is a world-first; shelters occupants by manipulating air flow while retaining their connection to the elements Homologated for all major markets Priced at £1,425,000 (Inc VAT), final price will depend upon level of MSO customization Limited to 399 examples Solid order bank with deposits now being collected 11 | McLaren Q3 (YTD) 2019 Results Racing 12 | McLaren Q3 (YTD) 2019 Results Formula 1 World Championship 4th in the Constructors Championship locked in with final race to complete Formula 1 - on track . 4th in the 2019 F1 Constructors’ World Championship now assured, with the team scoring 140 points . 140 points is the team’s highest total since 2014, with one race to go in Abu Dhabi . Carlos Sainz finished 3rd in Brazil, marking McLaren’s first podium since Australia 2014 . The team will continue the positive momentum, started following the restructure in early 2018, into the 2020 season Formula 1- off track . Petrobras and McLaren conclude their technical and sponsorship agreement by mutual consent, with neutral impact to the Racing business plan . Revenue targets achieved with more sponsor partnerships than any other F1 team this year; now focussed on 2020 . Well on track for start of 2020 season with MCL35 development making good progress 13 | McLaren Q3 (YTD) 2019 Results FIA Financial Regulations (Cost Cap) – 2021 and beyond New financial regulations now agreed FIA Regulations . The financial cost cap will be introduced from the 2021 season . Operational expenditure cap confirmed as USD $175m / GBP £136m . The cap will be in place for at least 5 seasons . Capital expenditure allowance of USD $36m / GBP £28m for a 4 year rolling period Exclusions . Power unit supply . Drivers and top 3 highest paid employees including bonuses up to a capped limit . Travel expenses, marketing activities, heritage asset activities . HR, finance and legal activities, property costs, depreciation, finance costs, FX and tax Compliance and enforcement . FIA will undertake an independent audit of the F1 team’s accounts and reporting documentation, may undertake comparative analysis of F1 teams reporting documentation and encourage and respond to complaints from Teams and whistleblowing Penalties . Financial, public reprimand, deduction of championship points, limitations on testing, reduction of cost cap, suspension from stages of competition / entire competition, individual penalties for Team Principles and Directors Key dates . 31 October 2019 – Financial, technical and sporting regulations approved by World Motor Sports Council . 1 January 2020 – Soft implementation / dry run . 1 January 2021 – Full implementation of new regulations 14 | McLaren Q3 (YTD) 2019 Results Applied Technologies 15 | McLaren Q3 (YTD) 2019 Results McLaren Applied Technologies – A new focus . Commencing in March, a strategic review of McLaren Applied Technologies long term positioning has now been completed . The strategic review focused on future growth looking at a wide-ranging assessment of market conditions, future technology demands and trend analysis in order to meet future market, customer needs and continued growth . Motorsport remains core to the business with further up scaling on core technologies Strategic Trajectory Current Long Term High level of non-repeatable consulting Consulting only in support of product roadmap Bespoke developments Scaling / leverage of platforms Motorsport drives development Showcase in Motorsport, scale in other markets 4 core markets Scaling product lines cross markets Multiple tech development areas Scale / leverage 3 core areas of technical focus 16 | McLaren Q3 (YTD) 2019 Results McLaren Applied Technologies – Three Strategic Technical Pillars Applied Technologies will be restructured around three key product platforms building differentiation Virtual Product Development Telemetry, Control and Analytics Electrification . Increasing complexity & time-to- . Physical and analytical insight to deliver . Optimisation of electrical eco-system market pressure in product business outcomes focusing on development driving demand for . Transport IoT ecosystem including . Batteries Virtual Product Development condition monitoring is booming – . Inverters . Capability and tools delivering benefit vehicles are 3rd fastest growing . Motors throughout the product lifecycle segment after phones/tablets . Sustainability concerns driving . Development is faster and less . Digitisation shows strong growth across Electrification. A major theme across expensive all sectors; decision support tools for Motorsport, Automotive . Product performance is enhanced complex / high value decisions and other Transport sectors . Assets monitored and optimised in service 17 | McLaren Q3 (YTD) 2019 Results Financials . Q3 (YTD) 2019 18 | McLaren Q3 (YTD) 2019 Results Results – Q3 (YTD) 2019 Automotive wholesale volumes Revenue (£m) Reported EBITDA (£m) 3,461 3,306 1,009 CAGR* +28% CAGR +35% 847 CAGR +248% 89 2,020 558 37 (8) Q3 (YTD) 2017 Q3 (YTD) 2018 Q3 (YTD) 2019 Q3 (YTD) 2017 Q3 (YTD) 2018 Q3 (YTD) 2019 Q3 (YTD) 2017 Q3 (YTD) 2018 Q3 (YTD) 2019 . Four series – GT, Sports, Super and . Revenue growth in 2019 of 22% as a . Automotive Reported EBITDA driven by Ultimate – now on sale in 2019 vs 3 in result of having the full Series range (G T, timing and volume change of Ultimate 2018 Sports, Super and Ultimate) on sale Series in Q3 . Order books for GT, Sports Series
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