#1CAZOO Search. Drive. Smile. Investor Presentation Q4 and FY 2022 30 March 2023#2Disclaimer Forward-Looking Statements This communication contains "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 its 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 press release, including but not limited to: (1) the implementation of and expected benefits from our business realignment plan, the winddown of operations in mainland Europe, the revised 2023 plan, and other cost-saving initiatives; (2) realizing the benefits expected from the business combination (the "Business Combination") with Ajax I; (3) reaching and maintaining profitability in the future; (4) global inflation and cost increases for labor, fuel, materials and services; (5) geopolitical and macroeconomic conditions and their impact on prices for goods and services and on consumer discretionary spending; (6) having access to suitable and sufficient vehicle inventory for resale to customers and reconditioning and selling inventory expeditiously and efficiently; (7) availability of credit for vehicle and other financing and the affordability of interest rates; (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) achieving our long-term growth goals; (13) acquiring and integrating other companies; (14) acquiring and protecting intellectual property; (15) attracting, training and retaining key personnel; (16) complying with laws and regulations applicable to Cazoo's business; and (17) other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Forward-Looking Statements" in the Reports on Form 6-K filed with the U.S. Securities and Exchange Commission (the "SEC") by Cazoo Group Ltd on June 9, 2022 and September 8, 2022 and in subsequent filings with the SEC. 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 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. Cautionary Statement Regarding Preliminary Results The financial results for the three months and full year ended December 31, 2022 and for the two months ended February 28, 2023 in this presentation are preliminary, unaudited and represent the most recent current information available to Cazoo's management. Preliminary financial results are subject to risks and uncertainties, many of which are not within Cazoo's control. Cazoo's actual results as of and for the three months and the full year ended December 31, 2022 and as of and for the three months ended March 31, 2023 may differ from these estimated financial results, including due to the completion of its financial closing procedures, final adjustments that may arise between the date of this presentation and the time that financial results as of and for the three months and the full year ended December 31, 2022 and as of and for the three months ended March 31, 2023 are finalized, and such differences may be material. In addition, these financial results do not reflect important limitations, qualifications and details that will be included in the financial results as of and for the full year ended December 31, 2022, to be included in a Report on Form 20-F to be filed with the SEC, and as of and for the three months ended March 31, 2023 to be included in a Report on Form 6-K to be filed with the SEC. The preliminary results included herein have been prepared by, and are the responsibility of, Cazoo's management. Cazoo's independent registered public accounting firm has not audited, reviewed, compiled, or performed any procedures with respect to this information. Accordingly, Cazoo's independent registered public accounting firm does not express an opinion or any other form of assurance with respect thereto.. Non-IFRS Financial Measures This presentation includes certain financial measures not based on IFRS, including Adjusted EBITDA and Adjusted EBITDA Margin (together, the "Non-IFRS Measures") In addition to Cazoo's results determined in accordance with IFRS, the Company believes that Adjusted EBITDA and Adjusted EBITDA Margin provide useful information for management and investors to assess the underlying performance of the business as they remove the effect of certain non-cash items and certain charges that are not indicative of Cazoo's core operating performance or results of operations. Cazoo believes that non-IFRS financial information, when taken collectively with financial measures prepared in accordance with IFRS, may be helpful to investors because it provides an additional tool for investors to use in evaluating Cazoo's ongoing operating results and trends and because it provides consistency and comparability with past financial performance. However, Cazoo's management does not consider non- IFRS measures in isolation or as an alternative to financial measures determined in accordance with IFRS. Adjusted EBITDA and Adjusted EBITDA Margin are presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation from, or as a substitute for, the analysis of other IFRS financial measures, such as loss for the period from continuing operations. Some of the limitations of Adjusted EBITDA and Adjusted EBITDA Margin include that they do not reflect the impact of working capital requirements or capital expenditures and other companies in Cazoo's industry may calculate Adjusted EBITDA and Adjusted EBITDA Margin differently, or use a different accounting standard such as U.S. GAAP, which limits their usefulness as comparative measures. Cazoo urges investors to review the reconciliation of Adjusted EBITDA to loss for the period from continuing operations included below, and not to rely on any single financial measure to evaluate its business. Adjusted EBITDA is defined as loss for the year from continuing operations adjusted for tax, finance income, finance expense, depreciation, amortization and impairment of intangible assets, share-based payment expense, fair value movement in Convertible Notes and embedded derivative, fair value movement in warrants and foreign exchange movements, and exceptional items which do not relate to our core operations. Adjusted EBITDA margin is defined as the ratio of Adjusted EBITDA to revenue. 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 2#3Contents CAZOO Progress to date and opportunity FY 2022 and Q4 2022 Performance Highlights Focus on unit economics, reducing fixed cost base and maximizing cash runway FY 2022 Financial Performance and Guidance Summary remarks 3#4Achieved since launch in December 2019: Retail Units Sold 120,000+ In-house Vehicle Preparation Centers 4 Focus on the core UK market ~ ✓ £100bn Retail Reconditioning Capacity p.a. ~85k+ CAZOO UK Brand Awareness 80%+ Customer Centers 7 ★★★★★ Trustpilot 33k+ Reviews 4.5/5.0 v Retail GPU¹ ~£950 Note: Vehicles sold to retail consumers online since launch in December 2019 through to the end of February 2023. The UK market size as per OC&C report, Jun 2021. UK Brand Awareness as of July 22 per Engage Survey among potential used car buyers in the UK. Additional reconditioning capacity could be made available at a mothballed site. ¹Retail GPU estimate for Q1 2023. The financial results for three months ended March 31, 2023, presented in this announcement are estimates and unaudited. CAZOO 4#5Further progress over 2022 and YTD 2023 2022 Record £1.25bn revenue & 65,366 retail units go Rightsizing of operational footprint and headcount largely completed CAZOO Grew direct car buying channel to ~50% of retail units sold Laser focused on optimizing unit economics Enabled end-to-end in-house retail reconditioning Largely exited EU businesses to fully focus on UK market 5#6Near-term focus on unit economics to achieve profitable growth in large UK market Size ~£100bn 78% Disrupting the traditional model Traditional dealership -11% pt 73% 67% 2019 ■2021 ■2022 Likely to use dealership to complete next purchase (% of respondents) 40% Transactions ~7m Online +12% pt 52% 52% Consideration of online for next car purchase, used cars (% of respondents), drivers only Medium and Long-Term Targets Market Share Retail Units Retail GPU GP Potential Today ~1% ~40-50k ~£1,000 ~£50m Medium term 2% ~160k ~£1,500 ~£250m Source: OC&C Speedometer 2022 Survey, OC&C analysis. SMMT 2022 used cars sales data. OC&C estimates for UK retail Used Cars market used for market share assumptions. 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 Long term 5% ~400k ~£2,000 >£750m 6#7Q4 2022 & FY 2022 Highlights FY 2022 Q4 2022 FY 2022: Ancillary products TOTAL REVENUE £1.25bn +91% YOY £318m +39% YOY ANCILLARY REVENUE £40m +159% YoY RETAIL UNITS SOLD 65,366 +88% YoY 17,849 +105% YOY REVENUE PER RETAIL UNIT £605 +38% YOY hi RETAIL GPU £403 -6% YoY £596 +156% YOY FINANCE ATTACHMENT RATE 46.5% Q4 22: 51.5% Note: Financial infformation for three months and full year ended December 31, 2022 is unaudited. Note: Retail GPU (Gross Profit per Unit) is derived from UK retail and ancillary product revenues, divided by UK retail units sold (net of returns). EU operations are classified as discontinued operations in 2022 results. Ancillary revenues include financing commission, warranty commission, paint protection, delivery charges, administrative fees and any add-ons. CAZOO 7#8Actions to improve the unit economics of the business in 2022 and Q1 2023 Better car selection and ancillary revenue opportunities Improving purchasing channel mix, car selection and margins with growth of direct buying channel CAZOO Cars retailed by source in 2022 Corporate ■Consumer c.50% ■Auction ■ Other Capturing additional revenue opportunities from ancillary and financing product sales 55% 50% 45% 40% 35% 41.8% Finance attachment rate Q4 22 finance attachment rate: 51.5% 52.7% Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sept 22 Oct-22 Nov-22 Dec-22 8#9Actions to improve the unit economics of the business in 2022 and Q1 2023 (cont.) Optimizing the operational footprint and managing fixed cost base; focus on the UK opportunity Rightsizing operational footprint to enable efficient reconditioning and logistics Cazoo Customer Centers From 21 to 7 Collection, distribution, storage, servicing, brand and engagement Cazoo In-House Reconditioning Capacity From 8 to 4: 3 retail vehicle preparation and 1 wholesale reconditioning center 85k+ cars per year Best-in-class operations geographically optimized Cazoo Delivery Infrastructure From c.250 to c.190 fleet of car transporters Unique delivery & collection experience that delights customers CAZOO Manchester. Birmingham Bristol Portbury Cazoo Customer Center Vehicle Preparation Center ● Customer Services Site Head Office Cold Meece ●Northampton Bedford Wembley Lakeside London Chertsey Southampton Reducing our fixed cost base through optimizing the network and headcount Wind-down retail: Q1 23 Wind-down subs: Q2 23 Wind-down: Q1 23 Subs business sold Cluno near-complete, wind-down: Q2 23 Exited: Q4 22 Reduction in headcount 3226 Dec-31-22 Withdrawal from mainland Europe to focus resources on substantial UK opportunity 1511 Mar-20-23 9#10The building blocks to further increase Retail GPU in 2023 Retail GPU (£/unit) Q4 2022 £596/ unit Better stock selection More purchasing direct from consumer Greater refurbishment efficiencies 100% Decreasing number of days-to-sale Increasing finance attachment rate Growing ancillary revenue streams Note: Forward-looking projections are for illustrative purposes and should not be relied upon as being necessarily indicative of future results. Retail GPU defined as retail and ancillary gross profit divided by retail units sold. CAZOO Full-year 2023 Retail GPU approaching £1,200/unit 10#112022 Operational and Financial results (Unaudited) Units ('000) of which Retail units ('000) Revenue Gross profit¹ Gross Profit margin (%) Retail GPU (£/unit) SG&A² Adjusted EBITDA¹,3 Adjusted EBITDA margin+ (%) YE-22 £m CAZOO 85 65 1,249 20 1.6% 403 (284) (254) -20.3% YE-21 £m YOY % Comments 72% Strong growth in units as our proposition to buy and 88% sell cars online resonates strongly with consumers 91% Record revenue due to higher unit volumes 49 35 655 23 -13% Lower GP margin due to inventory clearance early in 2022 3.6% -2ppts and push for growth, but sequential improvement QoQ with -6% stronger exit rate 427 (196) 45% Investment in logistics and headcount to drive growth (168) 51% Larger loss due to lower gross profit and investments to drive -25.6% 5.3ppts growth ¹ Cost of sales includes £10 million (2021: £5 million) of depreciation on subscription vehicles which is excluded in the Adjusted EBITDA calculations. 2 SG&A excludes depreciation of property, plant and equipment and right-of-use assets, amortization of intangible assets, impairment of intangible assets and goodwill, share-based payments and exceptional items. 3 "Adjusted EBITDA" is defined as loss for the year from continuing operations adjusted for tax, finance income, finance expense, depreciation, amortization and impairment of intangible assets, share-based payment expense, fair value movement in Convertible Notes and embedded derivative, fair value movement in warrants and foreign exchange movements and exceptional items which do not relate to our core operations. 4 Adjusted EBITDA margin represents the ratio of Adjusted EBITDA to revenue. 11#122022 Cash flow (Unaudited) Total loss for the year Adjustments¹ Movement in working capital, interest and tax credits received Net cash used in operating activities Capital expenditure and disposals of PPE Business acquisitions, disposals and sale/leasebacks Net cash used in investing activities Net proceeds from Convertible Notes Net proceeds from the Listing Movement in inventory and subscription financing Interest paid Lease payments and other financing activities Net cash provided by financing activities Net increase/(decrease) in cash and cash equivalents Foreign exchange difference Cash and cash equivalents at the end of the year Self-funded inventory YE-22 YE-21 £m £m (704) (544) Includes £186m loss from discontinued operations 329 323 124 (336) Mainly inventory movement (250) (556) (43) (44) (32) (191) (76) (235) 460 (33) (19) (28) 380 54 11 258 ~75 Comments in relation to 2022 results (50) (1) 193 ΝΑ Includes PPE and technology development brumbrum acquisition in 2022 626 138 Offsets with inventory movement (4) Convertible Notes issued in February 2022 (19) Growth in leasehold properties and transporters 741 Issuance of $630m of Convertible Notes Includes proceeds from warrants from Drover acquisition and exercise of share options 1 Adjustments include depreciation of property, plant and equipment and right-of-use assets; amortization and impairment of intangible assets; finance income; finance expense; share-based payment expense; IFRS 2 expense on the business combination with Ajax; fair value movement in the Convertible Notes and embedded derivative, fair value movement in the warrants and foreign exchange movements; tax credit; impairment loss on remeasurement of the disposal group; loss on disposal of property, plant and equipment; loss on sale of discontinued operations; loss on sale and leaseback transactions; and movement in provisions. CAZOO 12#132023 guidance reiterated Actions to deliver turnaround in performance GPU approaching £1,500 by Q4 2023 Headcount reduction (largely completed) to ~1,500 employees CAZOO CAZOO Search. Drive. Smile. CAZOO Retail units Adjusted EBITDA SG&A reduction Q4 2023 vs Q4 2022 of >£25m 40-50k + wholesale units of 10K Note: Forward-looking projections are for illustrative purposes and should not be relied upon as being necessarily indicative of future results. £(100)-(120)m Focus on unit economics Retail GPU £8 Cash Quarterly cash use reduced to ~£30m/quarter Approaching £1,200/unit ~3x from £403/unit in 2022 £110-£130m Year-end cash + ~ £15-25m Self-financed inventory 13#14In summary We have accomplished an enormous amount in the three years since launch We have established a market leading platform, team, brand and infrastructure in the UK Near-term focus on unit economics, optimization of operational footprint and maximizing cash runway CAZOO Swift delivery on the restructuring gives us confidence in laying solid foundations for profitable growth in the future 14#15CAZOO Appendix 15#16UK used car market UK used car transactions 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 7.6 7.6 7.5 7.1 2005 2006 2007 2008 6.9 Source: Auto Trader and Society of Motor Manufacturers & Traders (SMMT) CAZOO 7.0 Total number of transactions, million 7.0 7.0 7.2 7.4 7.6 8.2 8.1 2009 2010 2011 2012 2013 2014 2015 2016 2017 7.9 2018 7.9 6.8 7.5 6.9 2019 2020 2021 2022 16#17Adjusted EBITDA reconciliation (Unaudited) Loss for the year Loss for the year from discontinued operations Loss for the year from continuing operations Adjustments: Tax credit Finance income Finance expense Depreciation Amortization and impairment of intangible assets¹ Share-based payments IFRS 2 expense on the Listing (non-cash) Fair value movement in instruments Exceptional items² Total adjustments Adjusted EBITDA³ YE-22 YE-21 £ m £m (704) (544) 186 14 (518) (529) (7) (2) 53 45 319 44 Comments Larger loss due to lower gross profit and restructuring Decision made in 2022 to withdraw from EU (2) (0) 5 Higher due to issuance of Convertible Notes in February 2022 26 36 Includes non-cash impairment of £299m following the Revised Business Plans 44 241 (194) (27) Includes Convertible Notes and embedded derivative, warrants and foreign exchange 7 39 Primarily restructuring costs in 2022; listing-related fees in 2021 264 362 (254) (168) Larger loss due to lower gross profit and investment in growth ¹ Amortization and impairment of intangible assets includes a non-cash impairment charge of £299 million largely related to actions taken in the Group's Revised Business Plans. 2 Exceptional items of £7 million include restructuring costs of £6 million with the remainder primarily related to transaction costs incurred on the acquisition of brumbrum. 3 "Adjusted EBITDA" is defined as loss for the year from continuing operations adjusted for tax, finance income, finance expense, depreciation, amortization and impairment of intangible assets, share-based payment expense, fair value movement in Convertible Notes and embedded derivative, fair value movement in warrants and foreign exchange movements, and exceptional items which do not relate to our underlying operations. CAZOO 17