Inchcape Strategy & Growth Ambitions Update

Inchcape Capital allocation policy: highly attractive and disciplined 1) Invest in the business Capex for organic growth and technological investment 2) Dividends 3) Value accretive M&A Policy: Disciplined 40% annual payout of basic EPS (adjusted) approach to valuation 4) Share buybacks Consider appropriateness of share buybacks Cumulative 2016 to 2022 £450m capex spend (<1% of sales) £560m of dividends £1.9bn of distribution acquisitions £440m of share buybacks Net debt to EBITDA of max 1x (pre IFRS16) Cumulative outflow on M&A includes net debt acquired (ex-leases) and the value of shares granted (in the case of Derco the transaction included £280m of shares, to be issued to the Del Río family) 13

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