2022 Annual Meeting Presentation

1• 2022 ASM PRESENTATION TURNERS AUTO GROUP
2022 Annual
Meeting
Presentation
17
th
August 2022

2• 2022 ASM PRESENTATION TURNERS AUTO GROUP
We love cars
2• 2022 ASM PRESENTATION TURNERS AUTO GROUP

3• 2022 ASM PRESENTATION TURNERS AUTO GROUP
Board of Directors
Grant Baker
Non-executive Chairman
Matthew Harrison
Non-executive Director
Alistair Petrie
Non-executive Director
Antony Vriens
Independent Director
John Roberts
Independent Director
Martin Berry
Independent Director
Lauren Quaintance
Emerging Director

4• 2022 ASM PRESENTATION TURNERS AUTO GROUP
Meeting Agenda
Presentations
•Address from the Chair, Grant Baker
•Address from the CEO, Todd Hunter
•Address from Directors up for re-election
Shareholder Discussion
Resolutions are per Notice of Meeting
•Auditors’ Remuneration
•Re-election of Grant Baker and Alistair Petrie
General Business

5• 2022 ASM PRESENTATION TURNERS AUTO GROUP
Chairman’s Address
Grant Baker
5• 2022 ASM PRESENTATION TURNERS AUTO GROUP

6• 2022 ASM PRESENTATION TURNERS AUTO GROUP
Turners continues to build a strong and sustainable
business with a proven track record...
* Dividends fully imputed from FY17 onwards
-8.5
45.5
84.7
109.6
15.1
41.9
63.7
79.2
-20.0
-
20.0
40.0
60.0
80.0
100.0
120.0
FY11 - FY13FY14 - FY16FY17 - FY19FY20 - FY22
Total NPBT/NPAT over 3 year period ($m)
NPBTNPAT
0.00
0.23
0.47
0.57
0.0
0.1
0.2
0.3
0.4
0.5
0.6
FY11 - FY13FY14 - FY16FY17 - FY19FY20 - FY22
Aggregate dividends paid over 3 year period (cps)*

7• 2022 ASM PRESENTATION TURNERS AUTO GROUP
We have made great progress in our operating KPIs in the last 3
years...
KPIFY19FY22Progress
No. of owned cars sold
16,179
22,170+
Auto retail market share
4.85%
6.55%+
Avg GP per owned unit
$470
$818+
Average monthly premium lending
$2m$14m+
Consumerarrears
10.6%2%+
Average credit score
650710+
Insurance Claims Ratio MBI
72%53%+
GrossWritten Premium MBI
$32.6m$31.9m-
Debt Collected
$56.8m$36.7m-
Revenue$336.6m$344.5m+
Reported Net Profit Before Tax$29.0m$43.1m+
Earnings per Share
26.3 cps36.4 cps+
Dividends Paid per Share
$0.17$0.23+

8• 2022 ASM PRESENTATION TURNERS AUTO GROUP
FY22 was another excellent year...
1.We achieved 15% growth in PBT in FY22...another record year for the business, and 48%
growth in profits since FY19
2.Full year dividend at 23.0 cps versus guidance of 22.0 cps.Based on current share price this is
a gross yield of over 8.0% pa.
3.Our plan for growth has been proven up and de-risked over the last three years:
1.Building out an omni-channel experience in Auto Retail
2.Auto Retail optimisation
3.Focus on growth in premium borrower segment
4.Digitised distribution in Insurance
4.There are clear NZ and global economic challenges over the next 12-24 months, but we still
see opportunities in the markets we operate in, and are well positioned to take advantage of
these.
5.Our updated target is $50m in Underlying NPBT in FY25

9• 2022 ASM PRESENTATION TURNERS AUTO GROUP
We operate to a simple formula

10• 2022 ASM PRESENTATION TURNERS AUTO GROUP
Quality
outcomes for our
shareholders
Quality
environment
for our
people
+
Quality
customer
experiences
=

11• 2022 ASM PRESENTATION TURNERS AUTO GROUP
Quality Environment –our team engagement scores at all time
high
PeakonEmployee Engagement Scores
Across nearly 700 employees we are averaging 9/10 to the question “How likely
is it that you would recommend Turners Auto Group as a place to work?”
7.2
7.4
7.6
7.8
8
8.2
8.4
8.6
8.8
9
9.2
Aug-20Oct-20Dec-20Mar-21Jun-21Sep-21Nov-21Mar-22Jul-22
How likely is it that you would recommend Turners Automotive
Group as a place to work?
•Having a strong culture and an
engaged team is very important to
us, particularly at a time when
recruitment and retention is
challenging
•Turners rank in the top 5% of
consumer businesses using the
Peakonsurvey tool
•We continue to invest in training,
remuneration, and other benefits.
We have launched an Employee
Share Scheme this month

12• 2022 ASM PRESENTATION TURNERS AUTO GROUP
Our customer experience is market leading, but still work to
do...

13• 2022 ASM PRESENTATION TURNERS AUTO GROUP
We are delivering strong returns for shareholders despite
the challenges...
Dividend per Share ($)
Dividends fully imputed from FY17 onwards
•Proven track record of delivering strong, sustainable and
growing dividends in the business
•Directors declared a final dividend of 7.0 cents per share
(fully imputed) taking YTD dividends to 23.0 cents per
share.
•Based on the current share price the gross yield 8%+
pa
0.10
0.13
0.145
0.155
0.17
0.14
0.20
0.23
0.00
0.05
0.10
0.15
0.20
0.25
FY15FY16FY17FY18FY19FY20FY21FY22
COVID
impacted
year

14• 2022 ASM PRESENTATION TURNERS AUTO GROUP
Property investment is strategic and delivers value for
shareholders
•Property ownership is strategic where it protects a
location, we also leverage surplus capital in insurance
business to purchase property.
•Generating significant unrecognised property gains o
$18.8m or 22c per share of value for shareholders since
we have started buying properties
•Committed sites for
Napier –expanded cars site
Timaru –new cars branch
Tauranga (Tauriko) –new commercial branch
•Offers and negotiations under way in East Auckland,
Tauranga and Christchurch
Note -Unrecognised property gains are generated from group owned properties that are subject to
annual independent valuations and the unrecognised gain is the difference between the valuation as at
31 March 2022 and the original cost of the properties.
7 properties on
balancesheet at cost
$47.3m
7 properties @ 31
March 2022 valuation
$66.1m
Nelson and Rotorua
being developed
Commitments in
Napier, Timaru and
Tauranga (Tauriko)
$10.5m
$17.7m

15• 2022 ASM PRESENTATION TURNERS AUTO GROUP
There are some challenges but we are in a strong position...
Competitive advantages...
•High trust brands in our stable...
•Biggest buyer and seller of cars in NZ
•Unmatched national footprint
•Diversified sources of cars
•Agility in finance and insurance systems
•Technology capability and data advantages
•Highly engaged and capable team of people
Challenges
•Economic situation
•Rapidly increasing interest rate environment
•Supply chain
•Recruitment and retention of people
•Regulatory

16• 2022 ASM PRESENTATION TURNERS AUTO GROUP
We are ready for what’s next ... $50M PBT by FY25
The broader economic environment has moderated our growth expectations
Underlying Net Profit Before Tax ($M)
1
1
Underlying NPBT is a non-GAAP measure
Reported NPBT ($m) for FY18 31.1, FY19 29.0, FY20 29.1, FY21 37.4, FY22 $43.1
Reconciliations for each of the periods can be found in the respective Annual Results Presentation
Targets are dependent on factors outside our control, are not guidance. (See disclaimer Slide 2)
26
25.8
28.8
34.3
44
45
50
20
25
30
35
40
45
50
55
FY18FY19FY20FY21FY22FY24FY25
3yr FY21
target
3yr FY22
target
•Set our first 3 year target in FY21 of $45m, essentially
achieved in FY22.
•Updated 3 year target communicated in FY22 results
announcement. Growth expectations have been moderated
due to economic conditions.
•Growth will come from
•Retail optimisation and branch expansion
•Vehicle purchasing decision-making
•Margin management and premium lending
•Invest in digital distribution and omni-channel customer
experience

17• 2022 ASM PRESENTATION TURNERS AUTO GROUP
CEO’s Update
Todd Hunter
17• 2022 ASM PRESENTATION TURNERS AUTO GROUP

18• 2022 ASM PRESENTATION TURNERS AUTO GROUP
FY22 Results snapshot
Revenue
Net profit aftertax
Revenue
$344.5m+14%
Shareholders’Equity
$252m as at 31March 22
Underlying Net Profit BeforeTax
$44.1m+29%
Final Dividend7.0cps
FY Div23.0cps+15%
Net Profit BeforeTax
$43.1m+15%
FY22 Earnings PerShare
36.4cps
(FY21 31.4cps,+16%)
EBIT*
$47.7m+11%
Net Profit After Tax
$31.3m+16%
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
FY16FY17FY18FY19FY20FY21FY22
Millions
2H
1H
0
100
200
300
400
FY16FY17FY18FY19FY20FY21FY22
Millions
2H
1H
* EBIT adjusted for interest expense in Finance
(non-IFRS measure)

19• 2022 ASM PRESENTATION TURNERS AUTO GROUP
0
20,000
40,000
60,000
80,000
100,000
120,000
JanFebMarAprMayJunJulAugSepOctNovDec
2019202020212022
NZ used car market transactions down in FY23...
•Overall transaction levels in late 2021 and early 2022
tracking behind pre-Covid levels.
•The exception was March 2022 where a significant
number of pre-registrations occurred to pre-empt
fees under government’s Clean Car Discount scheme.
•Still expecting supply constrained market for next few
years due to impact of semi-conductors, disruption to
material supply, and impact of government regulation
•Demand for higher value cars is moderating and
shifting into the lower price point segments.
Impact of Govt
FeebateScheme
NZ Used Car Change of Ownerships (Source Waka
Kotahi)

20• 2022 ASM PRESENTATION TURNERS AUTO GROUP
2900
3000
3100
3200
3300
3400
3500
3600
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Dealers are leaving the NZ market...the opportunity is for the
strong to get stronger
Registered Dealer Numbers NZ (source MBIE)
•Harder for under capitalised
operators to survive
•Registered dealer numbers at lowest
point in the last 5 years (3k), down
14% from peak in 2017...
•We expect to see dealer numbers
reduce further due to challenges in
supply and impact of government
regulation (sourcing and finance)

21• 2022 ASM PRESENTATION TURNERS AUTO GROUP
Business divisions

22• 2022 ASM PRESENTATION TURNERS AUTO GROUP
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%
11.00%
12.00%
Apr 12
Sep 12Feb 13
Jul 13
Dec 13
May 14
Oct 14
Mar 15
Aug 15
Jan 16
Jun 16
Nov 16
Apr 17
Sep 17Feb 18
Jul 18
Dec 18
May 19
Oct 19
Mar 20
Aug 20
Jan 21
Jun 21
Nov 21
Apr 22
Rolling 3 Month Average
Automotiveretail
•Selling more locally owned vehicles, buying less used imports
which enables quicker turnaround in processing
•Improving our finance and insurance conversion rates post
CCCFA changes
•Shifting sales out of our wholesale / auction channel and into our
retail channel...we still sell around 35% of cars through
wholesale/auction channel
•Opening more branches –bringing a supermarket approach to
the used car market
•Continue to grow commercial business –trucks and machinery
and damaged/end of life vehicles
•Less demand for higher priced vehicles and margin moderating
as a consequence
Turners Retail Market Share (3 Month Rolling
Average)
Online sales during
lockdown in 2020
Huge pre-
registration of
used imports
Jul-22 market
share at 8.9%

23• 2022 ASM PRESENTATION TURNERS AUTO GROUP
Rotorua –on track for completion of development by end of Q2
•Sold over 500 cars in first 6 months of operation
•Operating from half a site and during building development
•On track to deliver $1m+ operatingprofit contribution to group

24• 2022 ASM PRESENTATION TURNERS AUTO GROUP

25• 2022 ASM PRESENTATION TURNERS AUTO GROUP
Nelson operational 2 months ahead of schedule...

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28• 2022 ASM PRESENTATION TURNERS AUTO GROUP
Finance
Total Receivables (ex impairments)
•Key focus areas are...
•Continued highly efficient credit decisioning process
•Pricing management critical in a rapidly increasing
interest rate environment
•Early settlement reductions and loan application
conversion improvement
•Loan book has grown 28% over FY21 to $423m, driven out
of strong premium borrower lending. Growthis moderating
as our pricing focus is more of a priority.
•Total arrears continue to track at historic low levels,
Consumer arrears at 2.4% at end of Q1 (3.4% Q1-FY22)
and Commercial arrears at 1.0% (0.9% Q1-FY22).
•Still carrying a material Covid-19 arrears provisionbuffer to
allow for future uncertainty and performance of loans that
have been in hardship status.
200
250
300
350
400
450
Millions
The finance book is in excellent shape but there are some short term pricing challenges

29• 2022 ASM PRESENTATION TURNERS AUTO GROUP
The quality of the finance book continues to improve...
Total New Lending with Premium Tier Risk
Split
Average Credit Score
560
580
600
620
640
660
680
700
720
Avergae consumer CENTRIX
credit score
-
20
40
60
80
100
120
140
160
180
200
H1FY20H2FY20H1FY21H2FY21H1FY22H2FY22
Premium RiskOther Risk

30• 2022 ASM PRESENTATION TURNERS AUTO GROUP
75%
66%
60%
58%
FY19 AFY20 AFY21 AFY22 A
Insurancereturns improving through less consumers
driving less and higher investment returns
•Strategic initiatives -Benefits of our risk pricing
analysis flowing through into improved loss ratios
•WFH and cost of fuel resulting in consumers driving
less...this is resulting in fewer lodged claims. Some
of this reduction is offset by parts price inflation and
labour rate increases.
•Digital distribution arrangements working well (MTF,
Marac Finance and Motorcentral using Autosure
API), and pipeline of opportunities being worked on.
•Investment returns improving from higher interest
rates
Mechanical Breakdown Insurance Loss Ratio
Performance (claims expense over premium)

31• 2022 ASM PRESENTATION TURNERS AUTO GROUP
Creditmanagementperformance expected to improve
•Business recovering from historically low consumer arrears
and corporates working back into recovery action
•In FY22 debt load down 54% on pre-pandemic levels and
debt collected down 35%.
•Recovery rates have continued to improve after change to
“resolution” collections focus FY22 34% cf. FY19 24%
•Key focus areas...
•Investing in our SME lead generation capability
•Continue to develop our “resolution” focused collections
strategy
•Continue working closely with corporates to manage
reputational risk
•Economic environment expected to deteriorate which will
mean increased debt loads
Recovery Rate on Debt Loaded
236,711
225,044
119,409
107,820
0
50,000
100,000
150,000
200,000
250,000
FY19FY20FY21FY22
Total Debt Loaded ($000s)
24%
29%
33%
34%
15%
20%
25%
30%
35%
40%
FY19FY20FY21FY22

32• 2022 ASM PRESENTATION TURNERS AUTO GROUP
Supporting NZ’s
fleet transition

33• 2022 ASM PRESENTATION TURNERS AUTO GROUP
Transitioning to a cleaner NZ vehicle fleet
•Fleet still has 830,000 vehicles more than 20 years
old...vehicles that are above the average scrapping age
•EV and Hybrid sales are growing as a % of total cars
sold in Turners, and as more corporate and government
fleets transition we will see these numbers grow further.
•We helped 19,000 vehicles exit the fleet in FY22
through our damaged and end of life division.
•We have also launched and seeded EVs and hybrids
into Turners Subscription to provide a flexible and low
cost way of trying EVs and hybrids
EV/Hybrid sales as % of total sales
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
CY18CY19CY20CY21
The NZ vehicle fleet has 830,000 vehicles that are more than 20 years old

34• 2022 ASM PRESENTATION TURNERS AUTO GROUP
EVs and Turners Subscription
•Turners Subscription provides a highly flexible way of
accessing exclusive use of a vehicles. Rolling 30-day
subscription driver pays subscription + fuel.
•in partnership with EECA we have expanded our EV fleet.
•We currently have 150 vehicles on subscription of which
44 are EVs or Hybrids. There is high demand for these
subscription cars...and helps with “try before you buy”
•Used EVs continue to be difficult to source...Japan is the
major source of used vehicles for NZ. There are 303k EVs
in vehicle fleet out of a total of 78m cars. New EV sales in
2021 were 20k against new car sales of 4.4m
Turners Vehicle Subscriptions at Month End
15
35
55
75
95
115
135
155
175

35• 2022 ASM PRESENTATION TURNERS AUTO GROUP
3. Looking forward ...

36• 2022 ASM PRESENTATION TURNERS AUTO GROUP
Resilient and well diversified, poised for further growth ahead
1.Used car market is resilient...proven over time
2.830,000 cars in NZ out of 4m are at the end of their
economic life (20+ years old)
3.Diversified business –geographic diversity and
earnings diversity (annuity earnings more than 55% of
profits)
4.High “trust” brands –consumers move to high trust
brand in times of uncertainty...we are building market
share
5.Digital has become a competitive advantage -already
demonstrated in both lockdown and normal periods
Thebusiness benefits from strong geographical and earnings diversification during
restrictions.
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
03040506070809101112131415161718192021
% Change Yr on Yr, New Car vs Used Car Sales
Used Car % Change Y on YNew Car & LCV % Change Y on Y

37• 2022 ASM PRESENTATION TURNERS AUTO GROUP
Roadmap to $50M NPBT...
•Auto retail growth continues to come from retail optimisation
and branch expansion. We are targeting a 10% market
share.
•Continued improvement in the way we source should
deliver margin expansion
•Headwinds in finance offset by growth driven out of direct
lending and improvements in distribution
•Insurance growth to come from direct and digital
distribution
•Halo effect of an expanding Auto Retail business for our
finance and insurance divisions
Net Profit Before Tax Bridge ($M)

38• 2022 ASM PRESENTATION TURNERS AUTO GROUP
•Whilst the pandemic uncertainty has decreased, NZ’s economic uncertainty has increased, therefore it is
still too early to give guidance.
•Auto Retail –car sales strong, margins moderating, demand shifting to the lower price end of the market,
further upside from new branches.
•Finance –lower lending volumes as interest rates rises take effect and lending market wide contracts,
arrears holding, NIM has compressed as expected.
•Insurance –benevolent claims environment combined with payback from strategic initiatives.
•Credit –debt load expected to increase through the year.
•Despite Omicron disruptions (team and customers) we are pleased to see FY23 Q1 underlying profit
performance is in-line with last year.
Trading update + outlook

39• 2022 ASM PRESENTATION TURNERS AUTO GROUP
Key messages ...
1.Business is in the best shape it has ever been
Robust business with a sustainable dividend yield. We achieved 15% growth in PBT in
FY22...another record year for the business, and 48% growth in profits since FY19.
2.Used car market is mostly needs based...lots of market resilience in this segment
20% of NZ vehicle fleet is 20 years or older...this is over 830,000 cars that are at the end of their
life.
3.Our business model is based on vehicle churn...neutral on what powers the vehicle
Turners do have a role to play in helping the vehicle fleet transition but the solution is more
than just EVs...it will include Hybrids and other types of Low Emission Vehicles.
4.We are very conscious of the clear NZ and global economic challenges over the next 12-24
months
We are aware of the challenges and have plans to mitigate these. We still see opportunities in
the markets we operate in, and are well positioned to take advantage of these. The strong will
get stronger.
5.Our updated target is $50m in Underlying NPBT in FY25
FY25 projection would have been higher however given economic situation we have been more
conservative in our outlook.

40• 2022 ASM PRESENTATION TURNERS AUTO GROUP
Shareholder
Discussion
40• 2022 ASM PRESENTATION TURNERS AUTO GROUP

41• 2022 ASM PRESENTATION TURNERS AUTO GROUP
3. Resolutions

42• 2022 ASM PRESENTATION TURNERS AUTO GROUP
Resolutions
ORDINARY RESOLUTIONS:
•RESOLUTION 1: That Baker Tilly Staples Rodway be reappointed as auditors of the Company and
that the Directors be authorised to fix the auditor’s remuneration.
•RESOLUTION 2: That Grant Baker, who retires by rotation and has offered himself for re-election,
be re-elected as a Director of the Company.
•RESOLUTION 3: That Alistair Petrie, who retires by rotation and has offered himself for re-
election, be re-elected as a Director of the Company.

43• 2022 ASM PRESENTATION TURNERS AUTO GROUP
Voting
Resolution: Proxies FORAGAINST
PROXY
DISCRETION
Auditor’s reappointment / remuneration8,332,47478,5912,275,152
Re-election of Grant Baker8,378,446317,9251,992,846
Re-election of Alistair Petrie8,141,502316,5582,229,884
Total proxies received in respect of 10,686,217 shares representing 12.34% of total shares on issue.
Voting on each resolution will be by way of poll.

44• 2022 ASM PRESENTATION TURNERS AUTO GROUP
Close of meeting
ToddHunter
Group CEO
T: 64 21 722818
E:todd.hunter@turners.co.nz
Aaron Saunders
Group CFO
T: 64 27 4938794
E: aaron.saunders@turners.co.nz
44• 2022 ASM PRESENTATION TURNERS AUTO GROUP