Over 106 years of putting our customers above all else

mmhplc.com

MARSHALL MOTOR HOLDINGS PLC2015 FULL YEAR RESULTS PRESENTATION

INTRODUCTION

2

AGENDA

§ Highlights

§ Financial Overview

§ Operating and Strategic Review

§ Current Trading & Outlook

§ Summary

3

HIGHLIGHTS

§ Record financial performance at both revenue and PBT§ Revenues up 13.5%§ Adjusted PBT* £15.8m (21.4% increase YoY)§ Full year dividend 2.98p per share

FINANCIALSUMMARY

§ PBT retail +29.0%, leasing PBT +24.0%§ New car unit sales +9.9%, used +8.2%§ Aftersales revenues +8.5%

OPERATIONALOVERVIEW

§ IPO completed April 2015§ Acquisition of SG Smith Holdings completed November 2015§ Ongoing rollout of Phoenix 2 and iPad customer enquiry system§ 3 major site re-developments underway

STRATEGICDEVELOPMENTS

§ Q1 to date in line with our expectations§ Strong balance sheet§ Pipeline of potential acquisitions

TRADING UPDATE

4

* Prior to acquisition costs

FINANCIAL OVERVIEW

5

CONTINUED TRACK RECORD OF STRONG GROWTH

* All references to Adjusted PBT are prior to acquisition costs.

Revenue (£m)

CAGR15.8%

Adjusted PBT* (£m)

CAGR51.5%

Net Assets (£m)94

0.5

794.

4

1,08

5.9

10.2

4.6

13.1

60.7

56.0 66

.2

1,23

2.8 15

.8

129.

9

600

650

700

750

800

850

900

950

1000

1050

1,100

1,150

1,200

1,250

1,300

2012 2013 2014 2015

ClassLeadingReturns

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

13.0

14.0

15.0

16.0

2012 2013 2014 2015 2012 2013 2014

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

2015

6

FINANCIAL SUMMARY

* Calculated on average number of shares. (15.2p based on shares at 31/12/15) ** Excludes asset backed finance relating to leasing segment

ClassLeadingReturns

Var20142015

Gross Profit % 17bps11.6%11.8%

Adjusted Operating Profit (£m) 21.6%15.418.7

(%) 10bps1.4%1.5%

Finance Costs 22.7%(2.4)(2.9)

Adjusted PBT (£m) 21.4%13.115.8

Tax 22.9%23.8%

DPS (p) N/A2.98

Basic EPS (p)* N/A19.7

Revenue (£m) 13.5%1,085.91,232.8

Net Cash (£m) ** 1.824.1

Net Debt (£m) (51.7)(27.2)

7

Reported PBT (£m) 12.915.4

SEGMENTAL RESULTS

Segmental Revenue (£m) 2015 2014 Var

Retail 1,195.5 1,050.5 13.8%

Leasing 37.0 35.2 5.2%

Unallocated 0.2 0.2

Total 1,232.8 1,085.9 13.5%

Leasing 4.9 3.9 24.0%

Total 15.8 13.1 21.4%

Unallocated (7.8) (5.4)

Retail 18.8 14.5 29.0%

ClassLeadingReturns

Adjusted Segmental PBT (£m) 2015 2014 Var

8

RETAIL: REVENUE AND VOLUMES

Revenue (£m) 2015 2014 Var % LFL Var %

New 637.8 544.8 17.1% 10.5%

Used 459.2 413.1 11.2% 3.1%

Aftersales 127.8 117.9 8.5% 2.4%

Internal (29.3) (25.3)

Total 1,195.5 1,050.5 13.8% 6.6%

New 35,103 31,951 9.9% 7.2%

Total 62,802 57,549 9.1% 4.7%

Used 27,699 25,598 8.2% 1.5%

ClassLeadingReturns

Unit Sales 2015 2014 Var % LFL Var %

9

RETAIL: GROSS PROFIT

New Used Aftersales / Other

Mix % 2014 2015

Revenue 50.6% 52.1%

Gross Profit 33.4% 33.6%

2014 2015

45.739.3

0

6

12

18

24

30

36

42

48

54

60

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

2014 2015

33.3

0

6

12

18

24

30

36

42

48

54

60

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

2014 2015

56.950.5

0

6

12

18

24

30

36

42

48

54

60

40%

42%

44%

46%

48%

50%

52%

54%

56%

58%

60%

Gross Profit (£m)

GP%

Mix % 2014 2015

Revenue 38.4% 37.5%

Gross Profit 23.6% 24.5%

Mix % 2014 2015

Revenue 11.0% 10.4%

Gross Profit 43.0% 41.9%

ClassLeadingReturns

27.7

10

LEASING SUMMARY

Fleet (No. Vehicles) Disposal Profit Per Unit (£) Leasing Equity (£m)5,

610

5,21

2 6,03

1

2,10

1

1,86

7 2,25

0

45.6

42.1 47

.0

9.9

11.3 11

.355.553.4

58.3

Funded Equity

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

7,000

2012 2013 2014 2015

6,02

9

0

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2,500

2,750

3,000

3,250

3,500

2012 2013 2014 20152,

330

2012 2013 2014

0

5

10

15

20

25

30

35

40

45

50

55

60

65

70

2015

51.4

11.1

62.5

ClassLeadingReturns

11

BALANCE SHEET

ClassLeadingReturns

2015 2014

Intangible 38.2 22.1

Property, Plant & Equipment 107.3 91.0

Other 2.0 2.0

Fixed Assets 147.5 115.1

Inventory 240.6 163.0

Trade / Other Receivables 42.7 73.2

Cash & Equivalents 24.1 1.8

Current Assets 307.5 238.0

Trade / Other Payables (268.5) (230.0)

Leasing Debt (51.4) (47.0)

Bank Debt - (6.5)

Other (5.2) (3.5)

Total Liabilities (325.1) (287.0)

Shareholders’ Equity 129.9 66.1

Net Cash 24.1 1.8

Net Debt (27.2) (51.7)

Trade / Other Receivables

2015 2014

Inter-Company - 39.7

Trade Debtors 21.5 19.4

Other 21.2 14.1

Total 42.7 73.2

Trade / Other Payables

2015 2014

Inter-Company - (56.1)

Vehicle Funding (186.2) (110.4)

Other (82.3) (63.5)

Total (268.5) (230.0)

Net Inter-Co - (16.4)

12

Working Capital

Inventory (77.6)

I/C Settlement (16.4)

Stock Funding 75.7

Other 10.7

Total (7.6)

CASHFLOW

ClassLeadingReturns

2015 2014

EBIT 18.2 15.2

Depreciation:

Retail 3.8 3.7

Leasing 17.2 17.3

Share based payments 0.6 -

Adjusted EBIT 39.8 36.2

Working Capital (7.6) 14.0

Operating Cashflow 32.2 50.2

Tax / interest (6.7) (6.5)

Gross Cashflow 25.5 43.8

CAPEX:

Retail (9.8) (5.8)

Leasing (29.8) (27.3)

Disposal Proceeds 8.6 8.4

Free Cashflow (5.5) 19.1

Acquisitions (21.5) (15.8)

Dividends (15.4) (4.5)

Borrowings (2.2) 1.2

Investments 30.0 -

Net IPO Proceeds 36.9 -

Cashflow 22.3 0.0

13

Underlying Total Cash Inflow

Cashflow 22.3

I/C Settlement 16.4

Acquisitions 21.5

Pre-Admission Dividends 15.0

Investments (30.0)

Net IPO Proceeds (36.9)

Underlying Total Cash Inflow 8.3

BALANCE SHEET STRENGTH FOR FUTURE GROWTH

§ Net assets £129.9m which equates to £1.68 per share

§ £49.4m of unencumbered inventory and £11.1m of leasing fleet equity

§ Adjusted net cash at year end of £24.1m

§ Unsecured and un-utilised £75m RCF with £25m accordion facility

ClassLeadingReturns

14

FINANCIAL GUIDANCE: 2016

§ H1:H2 split broadly in line with 2015

§ Unallocated segment loss broadly flat

§ SG Smith increases interest cost

§ Tax rate expected to be broadly in line with 2015

§ 2016 retail capital expenditure c£24m (2015: £9.8m)

ClassLeadingReturns

15

OPERATING & STRATEGIC REVIEW

16

1

2

3

4

5

6

7

20112010 20122009 2013 2014

UK Used Car Transactions (m)

2015

0

0.5

1.0

1.5

2.0

2.5

3.0

20112010 20122009 2013 2014 2016F2015

UK New Car Registrations (m)

MARKET BACKDROP

§ 2.63m new units registered in 2015 up 6.3%§ Fleet up 11.8%, retail up 2.5%§ 2016 SMMT forecast broadly flat§ At macro level a number of overseas markets

continue to remain challenging – China, Russia, Brazil and Middle East

§ UK market fuelled by strong PCP offers and low interest rates

§ Increased vehicle parc positive for aftersales growth

§ 71% of new car finance cases PCP with used at 37%

§ Franchised sector winning share from independents

Source: SMMT and Experian

17

TO BE THE UK’S PREMIER AUTOMOTIVE RETAIL AND LEASING GROUP

VISION

ClassLeadingReturns

CustomerFirst

RetailingExcellence

PeopleCentric

StrategicGrowth

18

34

36

38

40

42

44

Source of Customers: Previous / Recommended

46

32

Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15

CONTINUED HIGH LEVELS OF CUSTOMER ADVOCACY Customer

First

10,222 respondents

in 2015

28,755customers surveyed

>96%showroom satisfaction

Source: Internal Management Information

43% previous customers or recommended

19

0%

20%

40%

60%

80%

100%

Device Traffic (Marshallweb)

01/09 01/10 01/11 01/12 01/13 01/14 01/1601/15

CUSTOMER FIRST – ONLINE

CustomerFirst

Source: Hitwise and internal data

Tablet / MobileDesktop

www.marshallweb.co.uk

Fullyoptimised website

launched March 2016

8.1% increase in visits

YoY

7thmost visited dealer group website in UK

0

0.5

1.0

1.5

2.0

2.5

3.0

Website Visitors (m)

2008 20142009 2010 2011 2012 2013 2015

H2H1

20

CUSTOMER FIRST - ONLINECustomer

First

21

CUSTOMER FIRST - LEASINGCustomer

First

6,029vehicles on the fleet total value £62.5m

16new accounts

opened

2fleets converted to sole supply

Telematicsoffering & MI portal

well received

22

Increasedsales executive activity

and productivity management

RETAILING EXCELLENCE – IN SHOWROOMRetailing

Excellence

Customerfriendly iPad solution

– piloted 2014

RobustFCA, data capture and enquiry management

process

70%locations brought online

through 2015.Remainder through 2016

400+iPads deployed across

sales community

23

RETAILING EXCELLENCE – PHOENIX

RetailingExcellence

Margin and returns optimisation.Net

Development of Phoenix 2

Alertscall to action

FullyOptimised

§ Bespoke developed MI reporting system

§ Fully embedded in the business and DMS integrated

§ Unique system designed to provide real time information across the business

§ Developed in-house over 7 years

§ Working capital, stock management, WIP, customer experience, sales analysis

24

2

RETAILING EXCELLENCE – PHOENIX 2

RetailingExcellence

25

44

48

52

56

60

64

68

72

76

80

84

88

92

96

100

2008 2015

Engagement Score - Trust Index

2009 2010 2011 2012 2013 2014

PEOPLE CENTRIC

Source: Great Place to Work Survey

PeopleCentric

26thBest Employer

in the UK(Large Category)

89%Participation rate

83%Trust index score

in 2015

26

PORTFOLIO STRATEGY

§ Increase geographic footprint to create scalable national business

§ Partner with the right brands

§ Grow scale with existing brand partners to drive economies of scale

§ Ongoing portfolio management

§ Build and maintain balanced portfolio

StrategicGrowth

27

PORTFOLIO DEVELOPMENTStrategicGrowth

AC

QU

ISIT

ION

S /

STA

RTU

PS

EX

ITS

CO

RP

OR

ATE

*Start-up

2009 2010 2011 2012 2013 2014 2015 2016

1ST

GERMAN BRAND ADDED

MERCEDES-BENZ

2ND

GERMAN BRAND ADDED

VOLKSWAGEN

3RD

GERMAN BRAND ADDED

AUDI

4TH

GERMAN BRAND ADDED

BMW

1TRANSACTION2TRANSACTIONS 2TRANSACTIONS2TRANSACTIONS&1START-UP

*

2 TRANSACTIONS2TRANSACTIONS&4START-UPS

*

* *

MMH LISTSON THE LSE

EXIT OF 25 NON-CORE, SUBSCALE OR LOSS MAKING OPERATIONS

3TRANSACTIONS&1START-UP

*

28

STRATEGIC GROWTH - SG SMITH ACQUISITION

StrategicGrowth

MERCCV SKODA

AUDI

AUDI

TPS

AUDIAUDI

TPS

TPS

29

§ £24.0m off-market transaction§ Attractive multiple

§ Increases Audi from 3 centres to 7, Skoda 1 to 2, TPS 1 to 3 and adds Mercedes CV AR

§ Adds 3 new attractive and affluent markets: Kent, Surrey and London

§ 2015 revenues £183.1m

§ 427 colleagues

§ Integration ongoing

PORTFOLIO TODAY

§ Balanced portfolio covering 19 counties

§ Highest brand coverage of any dealer group

§ “Headroom” for growth with all OEMs

1.3%Specialist

36.8%Prestige

28.9%Alt Premium

32.9%Volume

StrategicGrowth

30

CURRENT TRADING & OUTLOOK

§ Leasing growth returning to more normalized levels

§ New car registrations up 4.7%

§ March plate change month critical to H1 performance

§ Q1 order take in line with management expectations§ Achievement of brand partner targets underpin the period

31

SUMMARY

§ Record results

§ SG Smith acquisition materially earnings enhancing

§ Targeting further material revenue and profit growth in 2016 in line with current expectations

§ Pipeline of quality acquisition opportunities building

32

Over 106 years of putting our customers above all else

mmhplc.com

APPENDIX

INVESTMENT HIGHLIGHTS

87.5%brand coverage –

highest of any dealer group

4thfastest growing top 100 dealer (since 2008)

Fullyintegrated leasing

business

BespokePhoenix 2 system

Balanced Brand portfolio

10thlargest UK dealer

group with £1.2bn revenue

Excellentfinancial

track record

7thmost visited

Dealer Group website

26thbest employer in UK

34

APPENDIX: 4 YEAR TRACK RECORD (1)

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Operating Costs %

0%

2.5%

5.0%

7.5%

10.0%

12.5%

15.0%

Gross Margin %

0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

EBITDAR ROS%

0%

0.3%

0.6%

0.9%

1.2%

1.5%

1.8%

EBIT ROS %

20132012 2014 2015 20132012 2014 2015

0.9%

1.3% 1.4% 1.

5%

11.6

%

11.8

%

12.1

%

11.7

%20132012 2014 2015 20132012 2014 2015

10.2

%

10.3

%

10.8

%

10.9

%

2.0%

2.4%

2.4%

2.4%

35

APPENDIX: 4 YEAR TRACK RECORD (2)

6.0

6.5

7.0

7.5

8.0

8.5

9.0

Leasing

5

10

15

20

25

30

35

Used

30

35

40

45

50

55

60

After Sales

20

25

30

35

40

45

50

New

6.2%

6.4%

6.6%

6.8%

7.0%

7.2%

7.4%

22.0%

22.5%

23.0%

23.5%

24.0%

24.5%

25.0%

6.2%

6.4%

6.6%

6.8%

7.0%

7.2%

7.4%

39.0%

40.0%

41.0%

42.0%

43.0%

44.0%

45.0%

Gross Profit %Gross Profit (£m)

20132012 2014 2015 20132012 2014 2015

25.9

32.9

39.3

45.7

27.7

33.3

24.1

17.5

20132012 2014 2015 20132012 2014 2015

7.9

9.0

7.5

6.842

.0

50.5

56.9

48.7

£

£

£

£

36

APPENDIX: MMH VOLUMES

0K

3K

6K

9K

12K

15K

18K

21K

24K

27K

30K

33K

36K

39K

42K

2008 2014

New Vehicles Used Vehicles

2009 2010 2011 2012 2013

31,9

51

27,2

50

25,2

45

20.2

07

16,0

38

12,6

99

12,1

88

0K

3K

6K

9K

12K

15K

18K

21K

24K

27K

30K

33K

36K

39K

42K

2008 20142009 2010 2011 2012 2013

25,5

98

23,3

95

18,9

65

16,6

15

16,6

35

14,2

89

12,5

40

CAGR16.3%

CAGR12.0%

2015

35,1

03

2015

27,6

99

37

APPENDIX: MMH NEW VEHICLE MARKET SHARE

0%

0.1%

0.2%

0.3%

0.4%

0.5%

0.6%

0.7%

0.8%

0.9%

1.0%

1.1%

1.2%

1.3%

1.4%

2008 2013 2015

0.64

%

0.57

%

0.79

% 1.04

%

1.23

%

1.20

% 1.33

%

2011 20122009 2010 2014

1.29

%

38

APPENDIX: MARKET BACKDROP (2/2)

Source: SMMT

0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

2.8

15

NEW CAR MARKET (MILLION VEHICLES) USED CAR MARKET (MILLION VEHICLES)

04 06 08 10

0

0.7

1.4

2.1

2.8

3.5

4.2

4.9

5.6

6.3

7.0

7.7

8.4

9.1

9.8

1205 07 09 11 13 04 1406 08 10 1205 07 09 11 1314

40

Disclaimer

§ This document comprises the written materials/slides for a presentation concerning Marshall Motor Holdings plc (the “Company”) and its full year results for the period ended 31 December 2015 (the “2015 Results”).

§ By reviewing this presentation you agree to be bound by the conditions set out below. § No reliance may be placed for any purposes whatsoever on the information in this document or on its completeness. The

presentation is intended to provide a general overview of the Company’s business and does not purport to deal with all aspects and details regarding the Company. Accordingly, neither the Company nor any of its respective directors, officers, employees or advisers nor any other person makes any representation or warranty, express or implied, as to, and accordingly no reliance may be placed on, the fairness, accuracy or completeness of the information contained in the presentation or of the views given or implied. Neither the Company nor any of its respective directors, officers, employees or advisers nor any other person shall have any liability whatsoever for any errors or omissions or any loss howsoever arising, directly or indirectly, from any use of this information or its contents or otherwise arising in connection therewith.

§ Certain statements in this presentation regarding the Company are or may be forward-looking statements. These forward-looking statements are neither historical facts or 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 the Company to differ materially from those expressed or implied by these forward-lookingstatements.

§ The information contained in this presentation is for background purposes only. The subject matter of the presentation may besubject to change and the Company does not take any responsibility for updating or amending the contents to reflect such changes. The material contained in this presentation reflects current legislation and the business and financial affairs of the Company which are subject to change without notice and audit, and is subject to the provisions contained within legislation.

§ This presentation summarises information contained in the Interim Results. Without prejudice to the generality of these conditions, this summary information, including any views given or implied, or any statement made, in relation to such information should not be relied upon, nor should it be treated as accurate or complete. This presentation and all such information contained herein should be read subject to the Interims Results.

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

§ No statement in this presentation is intended to be a profit forecast and no statement in this presentation should be interpreted to mean that earnings per Company share for current or future financial years would necessarily match or exceed the historical published earnings per Company share.

41

Over 106 years of putting our customers above all else

mmhplc.com

2015 FULL YEAR RESULTS PRESENTATIONMARSHALL MOTOR HOLDINGS PLC