#1CAZOO Search. Drive. Smile. Investor Presentation February 2022#2Disclaimer This presentation [this "Presentation"] is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential investment in Cazoo Group Ltd ["Cazoo"] and for no other purpose. By accepting this Presentation, the recipient acknowledges and agrees that all of the information contained herein is confidential, that the recipient will use such information only for the purpose of evaluating a potential investment in Cazoo, and that the recipient shall not distribute, disclose or use such information in any way detrimental to Cazoo. This Presentation is being distributed solely for the consideration of sophisticated potential investors who are institutional accredited investors with sufficient knowledge and experience in investment, financial and business matters and the capability to conduct their own due diligence investigation and evaluation in connection with a potential transaction. No representations or warranties, express or implied are given in, or respect of, this Presentation. To the fullest extent permitted by law, in no circumstances will Cazoo or any of its subsidiaries, shareholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from use of this Presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. This Presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of Cazoo. You should not construe the contents of this Presentation as legal, tax, accounting or investment advice or a recommendation. You should consult your own counsel and tax and financial advisors as to legal and related matters concerning the matters described herein, and, by accepting this Presentation, you confirm that you are not relying upon the information contained herein to make any decision. Forward-Looking Statements The statements contained or referred to in this Presentation may include "forward-looking statements" within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of Cazoo may differ from actual results and, consequently, you should not rely on forward-looking statements as predictions of future events. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this Presentation, including but not limited to: [1] realizing the benefits expected from the business combination with Ajax I [the "Business Combination"); [2] achieving the expected revenue growth and effectively managing growth; [3] executing Cazoo's expansion strategy in Europe; [4] acquiring and integrating other companies; [5] achieving and maintaining profitability in the future; [6] having access to suitable and sufficient vehicle inve resale to customers and for Cazoo's subscription offering and reconditioning and selling nventory expeditiously and efficiently; [7] expanding Cazoo's subscription offering: [8] increasing Cazoo's service offerings and price optimization; [9] effectively promoting Cazoo's brand and increasing brand awareness; [10] expanding Cazoo's product offerings and introducing additional products and services; [11] enhancing future operating and financial results; [12] acquiring and protecting intellectual property: [13] attracting, training and retaining key personnel; [14] complying with laws and regulations applicable to Cazoo's business; [15] successfully deploying the proceeds from the Business Combination; and [16] other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in the registration statement on Form F-1 and the prospectus included therein filed by Cazoo Group Ltd. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the disclosure included in other documents filed by Cazoo from time to time with the Securities and Exchange Commission [the "SEC"). These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cazoo assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Cazoo gives no assurance that it will achieve its expectations. Industry and Market Data This Presentation includes market data and other statistical information from sources believed by Cazoo to be reliable, including independent industry publications, governmental publications or other published independent sources. Some data is also based on the good faith estimates of Cazoo, which in each case are derived from its review of internal sources as well as the independent sources described above. Although Cazoo believes these sources are reliable, Cazoo has not independently verified the information and cannot guarantee its accuracy and completeness. Financial Information; Non-IFRS Financial Measures Certain of the financial information and data contained in this Presentation has not been prepared in accordance with International Financial Reporting Standards as adopted by the International Accounting Standards Board. You should review Cazoo's audited financial statements, which are included in the company's filings with the SEC. No Offer or Solicitation This Presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction, or pursuant to an available exemption from registration or qualification. Use of Guidance and Projections Any financial information in this Presentation (including specifically guidance and projections] that are forward-looking statements are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond Cazoo's control. While such information, guidance and projections are necessarily speculative, Cazoo believes that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. All subsequent written and oral forward-looking statements concerning Cazoo or other matters and attributable to Cazoo or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements. Trademarks This Presentation contains trademarks, service marks, trade names and copyrights of Cazoo and of other companies, which are the property of their respective owners. CAZOO Investor Presentation 2#3Contents CAZOO Investor Presentation Progress to date The size of the opportunity Significant new funding Financial performance and guidance 3#4What we have achieved over the last 2 years Retail Units Sold 50,000+ In-house Reconditioning Sites 11 Countries of Operation 5 Reconditioning Capacity p.a. ~250k Total Subscribers ~10,000 Total Employees 4,000+ Trustpilot 14k+ Reviews 4.8/5.0 CAZOO UK Brand Awareness 76% Note: Vehicles sold and Subscribers since launch in Dec 19, as of Jan 22. Employees, reconditioning capacity, reconditioning sites as of Jan 22, UK Brand Awareness as of Oct 21 per Kantar Brand Tracker. CAZOO Investor Presentation 4#5Progress over the last 12 months Launched fully integrated subscription service Grown from 1 to 11 in-house reconditioning sites across UK and EU CAZOO Investor Presentation Taken UK reconditioning fully in house ل Launched Cazoo in France and Germany Launched direct car buying channel Acquired great businesses & teams in Italy and Spain 5#6Established market leading operations and logistics in the UK CAZOO Investor Presentation Cazoo Customer Centre Vehicle Preparation Centre Head Office Support Centre Cazoo Hubs CAZOO 260 CAZ60 CAZOO In-House Reconditioning Capacity 120k+ cars per annum today 10 locations with scope to reach 250k+ cars per annum Best-in-class operations & UK-wide infrastructure Customer Centres 21 open Collection, distribution, storage, servicing, brand & engagement Delivery Infrastructure 250+ fleet of car transporters Unique delivery & collection experience that delights customers 6#7Executed key M&A to enhance capabilities and expand TAM Jul-2020 IMPERIAL CARS Expand infrastructure and retail locations across the UK CAZOO Investor Presentation Jan-2021 DROVER Expand into subscription offering and into France via acquisition of leading car subscription platform in UK and France Feb-2021 smart fleetsolutions we tick every box Move reconditioning capabilities in- house via acquisition one of the UK's leading reconditioning specialists Feb-2021 CLUNO Expand into Germany via acquisition of one of Europe's leading car subscription platforms Sep-2021 cazana Boost Cazoo's data capabilities and enhance technical capabilities Sep-2021 SMH Fleet Solutions DELIVERING EXCELLENCE Expand operations and infrastructure in the UK, supporting acceleration of move in-house of reconditioning capabilities Oct-2021 VANS 365 Expand into commercial vehicles, a new customer proposition Nov-2021 SWIPCAR Expand into Spain via acquisition of leading Spanish car subscription player Jan-2022 brumbrum C'È L'AUTO PER TE, FIDATI. Expand into Italy via acquisition of leading Italian used car retail & subscription player 7#8Headline FY2021 results Total Units Sold ~49,500 Total Units Sold FY 2021 ~230% YOY Growth Revenue(¹) £665m+ Revenue FY 2021 300%+ YOY Growth [1] Note: Financial information and data is unaudited and subject to change. [2] Source: Kantar Brand Tracker as of Oct 21. CAZOO Investor Presentation Customer Engagement 4.8 / 5.0 14k+ Reviews on Trustpilot 76% National Brand Awareness (2) 8#9We are addressing a massive market opportunity TAM >£300bn TAM 1st 5 target countries £100bn+ £200bn+ "Big 4" 000€ # of used car transactions per annum ~8m ~18m ~£175bn Rest of Europe £475bn+ EU TAM Medium and Long Term Targets ~39m Market Share Retail Units Retail GPU GP Potential UK 3% ~240k £2k Medium Term Big 4 1% ~180k £1.5k ~£480m ~£270m ROE Total ~420k ~£750m Long Term Total 5% ~2m £3k ~£6bn ~13m Source: OC&C estimate for Europe and UK retail Used Cars market in 2019 and number of used cars sold per annum as of 2018. OC&C, CCFA, L'Argus, KBA, DAT, UNRAE, Autobiz, Faconauto, Febiac, Statistik Austria, VWE, Samar, Omnipret, ACEA, UNECE, World Bank, SMMT. Management estimates for future projections and market share at scale. Note: These forward-looking projections are for illustrative purposes and should not be relied upon as being necessarily indicative of future results. CAZOO Investor Presentation 9#10$630m convertible provides cash balance to support continued execution of the strategy Size Security Key Terms Use of Proceeds PF Cash Balance Investors [1] Market data as of 09-Feb-22 CAZOO Investor Presentation $630 million • Convertible senior unsecured notes, convertible into Class A ordinary shares of Cazoo, offered as a private placement ● Ranking: Senior unsecured obligations and rank pari passu with any other senior unsecured indebtedness • Maturity: 5 years • Coupon: 2.0% • Conversion Price: $5.00 (which represents approximately a 20% premium to the trailing 5 trading day VWAP of the shares][¹] • Provisional Call Right: Non-callable for 3 years, provisionally callable thereafter at 150% of conversion price without make-whole At closing, a Current Report on Securities and Exchange Commission ["SEC"] Form 6-K will be filed with the SEC which will describe the investment in additional detail, including exhibits with copies of associated transaction documentation. • The Company receives gross proceeds of $630 million which are intended to be used to support the Company's continued growth and expansion strategy, for general corporate purposes and to pursue strategic opportunities that may arise • The new proceeds, combined with Cazoo's existing cash and cash equivalent position of ~$260 million as of December 31, 2021, will leave the Company with a pro forma cash balance approaching $900 million following the Transaction • The Transaction is led by new investor Viking Global Investors alongside participation from several existing shareholders including Mubadala Investment Company, D1 Capital and Willoughby Capital as well as other new and existing investors 10#11Performance and guidance Retail units sold £ d Revenue Retail GPU (1) 2020 ~12k £162m £[229] 2021 34.7k+ £665m+ 300%+ YOY Growth ~£450 2022 Guidance 100k+ £2bn+ ~200% YOY Growth ~£900 Long Term Target ~2m ~£40bn ~£3k CAZOO Search Drive Smile, Note: Forward-looking projections are for illustrative purposes and should not be relied upon as being necessarily indicative of future results. 2021 financial information and data is unaudited and subject to change. [1] Retail GPU for 2020, 2021, and 2022 is UK only. CAZOO Investor Presentation 11#12The building blocks to increase GPU Retail GPU(1) [£] Current Retail GPU More purchasing direct from consumer Greater reconditioning efficiencies ܕܐܐ Improving # of days to sale Increasing finance attachment rate Growing ancillary revenue streams ~2,000 Medium Term GPU Target Bringing financing in-house Additional Improvements Retail GPU Improvements Note: Forward-looking projections are for illustrative purposes and should not be relied upon as being necessarily indicative of future results. [1] Retail GPU defined as retail and ancillary gross profit divided by retail units sold. CAZOO Investor Presentation 12#13Summary We have accomplished an enormous amount in the two years since launch We have established a market leading platform, team, brand, and infrastructure in the UK We are incredibly well positioned to capture the huge opportunity across the UK and EU We have put all the building blocks in place and have great momentum into 2022 and beyond! CAZOO Investor Presentation 13