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Investor Presentaiton

Cazoo's valuation is attractive on a growth-adjusted basis 1.8 x 11.2 x 2022F 4.1 x 2.4 x EV / Revenue CAZOO CARVANA 2.0 x 24.1 x 13.1 x 4.9 x 2.3 x 1.0 x vroom High Growth Internet¹ Inv. Carrying E-Comm.2 15.9 x 56.5 x 14.0 x 50.9 x 35.8 x 2022F EV / GP 25.8 x 31.8 x 10.8 x 15.4 x 6.5 x 0.9 x 8.2 x 1.4 x 19.6 x 11.3 x 2023F EV / Revenue 3.4 x 1.9 x 1.3 x 3.0 x 0.7 x 6.3 x 39.0 x 2023F EV / GP 17.8 x 12.6 x Growth Adj. Multiple (3) 8.7 x 35.5 x 31.0 x 10.7 x 5.6 x 6.7 x Note: These forward-looking projections are for illustrative purposes and should not be relied upon as being necessarily indicative of future results. Source: Company Information, CapitalIQ and IBES Consensus Estimates; Market data as of 19-Mar-2021. Note: Aggregate values based on medians. (1) Includes CarGurus, Etsy, MercadoLibre, The Realreal, Shopify, Zillow, and Amazon. [2] Includes Chewy, Revolve, Stitch Fix, Wayfair, Zalando, ASOS, Boohoo, Ocado. (3) Calculated as Multiple divided by 21E-23E growth multiplied by 100. CAZOO Investor Presentation - March 2021 41
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