2023 Annual Meeting Presentaion

1• 2023 ASM PRESENTATION TURNERS AUTO GROUP
2023 Annual
Meeting
Presentation
23
rd
August 2023

2• 2023 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
Independent Director

3• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Meeting Agenda
1. Presentations
•Address from the Chair, Grant Baker
•Address from the CEO, Todd Hunter
•Address from Directors up for re-election
2. Shareholder Discussion
3. Resolutions are per Notice of Meeting
•Auditors’ Remuneration
•Re-election of John Roberts, Matt Harrison and Lauren Quaintance
•That the pool for Directors’ fees be increased by $255,000 from $665,000 to $920,000 per financial year, with effect for
the financial year commencing 1 April 2023
•To alter the Constitution of the Company by deleting clause 4 of Schedule 2 and substituting the following: A proxy form
must be sent or made available with each notice of meeting.
4. General Business

4• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Chairman’s Address
Grant Baker
4• 2023 ASM PRESENTATION TURNERS AUTO GROUP

5• 2023 ASM PRESENTATION TURNERS AUTO GROUP
We are getting
even stronger
5• 2023 ASM PRESENTATION TURNERS AUTO GROUP

6• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Turners has built a strong and sustainable business
with a proven track record...
* Dividends fully imputed from FY17 onwards
3
65
89
126
8
51
67
91
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
FY12 - FY14FY15 - FY17FY18 - FY20FY21 - FY23
Total NPBT/NPAT over 3 year period ($M)
NPBTNPAT
0
38
47
66
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
FY12 - FY14FY15 - FY17FY18 - FY20FY21 - FY23
Aggregate dividends paid over 3 year period (cps)

7• 2023 ASM PRESENTATION TURNERS AUTO GROUP
A record result in FY23 of ...and positioned for future growth.
1.Record result despite macro headwinds
2.Auto Retail Division grows profits 28%, Insurance 9% helping to offset
material impact from increasing interest rates in Finance Division.
3.Full year dividend at 23.0 cps.
4.Our plan for growth has been proven up and our business de-risked over
the last three years:
1.Auto Retail growth from focus on domestic sourcing and retail
optimisation
2.Auto Retail branch expansion pipeline building
3.Finance quality metrics continue to improve
4.Insurance distribution improving
5.EC Credit debt load increasing as wider environment deteriorates
5.NZ and global economic challenges will persist over the next 12-24 months.
Still see opportunities in the markets we operate in, and are well positioned
to take advantage of these.
EBIT*$52.2M (+9%)
Net Profit Before Tax$45.5M (+6%)
Auto RetailProfit+28%
Insurance Profit+9%
* EBIT adjusted for interest expense in Finance
(non-IFRS measure)

8• 2023 ASM PRESENTATION TURNERS AUTO GROUP
FY23 Results snapshot
Revenue
Net profit aftertax
Revenue
$389.6M+13%
Shareholders’Equity
$272Mas at 31March 23
Net Profit BeforeTax
$45.5M+6%
Final Dividend7.0cps
FY Div23.0cps0%
EBIT*
$52.2M +9%
FY23 Earnings PerShare
37.6cps
(FY22 36.4cps,+3%)
Net Profit After Tax
$32.6M+4%
* EBIT adjusted for interest expense in Finance
(non-IFRS measure)
0.0
100.0
200.0
300.0
400.0
500.0
FY16FY17FY18FY19FY20FY21FY22FY23
Millions
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
FY16FY17FY18FY19FY20FY21FY22FY23
Millions
CAGR 11%

9• 2023 ASM PRESENTATION TURNERS AUTO GROUP
We operate to a simple formula

10• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Quality
outcomes for our
shareholders
Quality
environment
for our people
+
Quality
customer
experiences
=

11• 2023 ASM PRESENTATION TURNERS AUTO GROUP
High team engagement + ownership mindset is powerful
combination.
•Turners rank in the top 5% of consumer
businesses globally using the Peakon survey tool
•We continue to invest in training, remuneration,
and other benefits eg.in FY23 we launched an
Employee Share Scheme with 43% take up.
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?”
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
Aug-20Oct-20Dec-20Mar-21Jun-21Sep-21Nov-21Mar-22Jul-22Oct-22Mar-2323-Jun
How likely is it that you would recommend Turners Automotive
Group as a place to work?

12• 2023 ASM PRESENTATION TURNERS AUTO GROUP
We're building
our“ownership” of
the used car category.
Most trusted winner
for 4th year in a row.

13• 2023 ASM PRESENTATION TURNERS AUTO GROUP
0.10
0.13
0.145
0.155
0.17
0.14
0.20
0.230.23
0.24
0.00
0.05
0.10
0.15
0.20
0.25
0.30
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24 (F)
Turners has been growing dividends for almost a
decade
Dividend per Share ($)
Note -Dividends fully imputed from FY17 onwards
•Proven track record of delivering strong, sustainable
andgrowing dividends in the business.
•Full FY23 dividends to 23.0 cents per share, with
forecastfor FY24 of 24.0 cents per share.
•Dividend payoutratio is 60-70% of NPAT.
•Based on the projected 24.0 cents per share
dividendand a share price of $3.75 this is a gross yield
of [8.5%]pa.
•Dividend reinvestment plan (DRP) will continue.
•Quarterly dividend payments
COVID
impacted year

14• 2023 ASM PRESENTATION TURNERS AUTO GROUP
We have acted to mitigate our challenges...
ChallengeMitigationFY23 rating for TRAFY24 rating for TRA
Rapid
increases in
interest and
Inflation rates
•Diversifying funding sources
•Increase volume of direct lending
•Increase hedging
HighMedium
Recession
•Acquiring more lower value cars <$15k
•Tightening of credit policy
HighMedium
Supply Chain
•Focus on local vehicle sourcing
•Investing more resource in parts procurementin Insurance
•Increase number of mobile claims assessors
MediumLow
Recruitment
and retention
of people
•Employee share scheme launched
•Parental leave benefit strengthened
•Investment in training and development
HighLow
Regulatory
•Continued focus on improving customer experience
•Continueto engage constructively with regulators directly
MediumLow

15• 2023 ASM PRESENTATION TURNERS AUTO GROUP
31.1
29.0
29.1
37.4
43.1
45.5
45.0
50.0
20
25
30
35
40
45
50
55
FY18FY19FY20FY21FY22FY233 Year FY24
target set in
FY21
3 year FY25
target set in
FY22
We remain focused on our target of $50M PBT by FY25
The OCR track could have a timing impact on achieving our FY25 goal
Net Profit Before Tax ($M)
1
3yr FY21
target
3yr FY22
target
Target $45M by FY24(target set in FY21)
•Achieved 12 months ahead of time.
Target $50M by FY25 (target set in FY22)
•Scenario 1–OCR peak of 5.50% by June 2023 and
interestrates start down cycle in H2 CY23 thenon
track to achieve$50M target by FY25.
•Scenario 2–OCR peaks higher than 5.50% and
increasingcycle continues into 2023/24 thenmore
likely to achieve$50M target by FY26.

16• 2023 ASM PRESENTATION TURNERS AUTO GROUP
What’s next...
•Business has never been stronger, building genuine ownership of the used car category in
NZ.
•On track to achieve our 10% market share goal in Auto Retail in the near term...
•Still so much opportunity in the used car space, 20% of registered cars in NZ 20+ years old.
•A strong Auto Retail business has a great halo effect for finance and insurance.
•We have huge strength in the Turners brand, systems, technology and people...we need to
push ourselves to see what else we can do with this brand.
•Membership into the “NZX50 club” is close, as is our $50M profit target.

17• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Some insights into what it is like to work at Turners
[play video]

18• 2023 ASM PRESENTATION TURNERS AUTO GROUP
CEO’s Update
Todd Hunter
18• 2022 ASM PRESENTATION TURNERS AUTO GROUP

19• 2023 ASM PRESENTATION TURNERS AUTO GROUP
What is happening in the
markets we operate in?

20• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Regulatory changes driving drop in used car market sales...
•Government regulation continuing to constrain the supply of used
vehicles in NZ.
•Demand for higher value cars is moderating and shifting into the
lower price point segments.
•Turners car unit sales up 14% FY23 v FY22, and tracking ahead of
prior year for FY24 YTD
NZ Used Car Change of Ownerships (000s)
Source NZTA
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
0
200
400
600
800
1,000
1,200
FY19FY20FY21FY22FY23
Turners cars Sales
NZ Used car Market Transations
NZ MarketTurners Sales

21• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Cars advertised for sale on TradeMe still falling...
•Low numbers of cars advertised for sale due
to difficulty in sourcing.
•Costs of TradeMe increasing and dealers
listing fewer cars on TradeMe and using
alternatives like Facebook market place.
•Two paced market...demand for cars <$15k
holding, >$15k falling
•Sourcing critical competitive advantage for
Turners in used car market
Used Car Listings Advertised on TradeMe by month

22• 2023 ASM PRESENTATION TURNERS AUTO GROUP
2,700
2,800
2,900
3,000
3,100
3,200
3,300
3,400
3,500
3,600
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Apr-22
Jul-22
Oct-22
Jan-23
Apr-23
Jul-23
Registered dealer numbers continue to decline...
•Registered dealer numbers at lowest point since Feb-
2014.
•We expect to track down further due to challenges in
supply and impact of government regulation.
•Scale, digital capability and vehicle sourcing
capability are critical to growing in this environment.
Source: MBIE
Registered Dealer Numbers NZ (source MBIE)
19% drop
3,518
2,860

23• 2023 ASM PRESENTATION TURNERS AUTO GROUP
EVs account for round 2% of the total vehicle fleet in NZ
At the end of July ~86k EVs were registered in NZ out of a total light vehicle fleet of ~4.4M
cars
Total number of BEVs and PHEVs in NZ Vehicle Fleet
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
2017201820192020202120222023 Jul
YTD
% market share of total NZ vehicle fleet
Number of EVs registered in NZ
PHEVBEVMarkt Share of Evs
Turners Subscription EVs

24• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Business divisions

25• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Source
smarter
More retail
cars for sale
Digital
audience +
branch
expansion
More retail
market share
More F&I
opportunity
Higher
transaction
margins
Our “flywheel” for our Auto ecosystem
Brand awareness + branch network +
data + diagnostic tools
Secure the right cars at right price
Supply + Customer Data builds reachBuilding “retail” market share
Higher X-Sell + Margins
More margin = more competitive
sourcing and selling

26• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Auto Retail Division
Focus:Sourcing and retail optimisation

27• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Automotiveretail
•Selling more locally owned vehicles, buying less used imports
which enables quicker turnaround in processing
•Opening more branches –bringing a supermarket approach to
the used car market
•Less demand for higher priced vehicles and prices moderating
as a consequence
0
10
20
30
40
50
60
70
80
90
100
2011201320152017201920212023
Search interest in topic
'Turners Cars''Used Cars'
Number of Google Searches for Used Cars v Turners Cars

28• 2023 ASM PRESENTATION TURNERS AUTO GROUP
100,000
110,000
120,000
130,000
140,000
150,000
160,000
170,000
180,000
190,000
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Turners Cars retail m2Retail Market Share %
Organic Growth (2017 Branches)New Branches post 2017Retail m2
Branch expansion, local sourcing and brand awareness
driving market share growth
Retail market share v Forecasted property retail m2
Focus on local
sourcing and
launch of Tina
from Turners
Material growth opportunity to shift wholesale/auction units into retail sales channel
Forecasted
retail m2 in
FY26

29• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Retail expansion pipeline
LocationSizeTiming
Expected additional
profit contribution
Timaru4,000m2Q4 FY24$500k
Napier (site expansion)8,000m2Q4 FY24$500k
Christchurch -Hornby15,500m2Q4 FY25$400k
Christchurch –Burnside
(Airport precinct)
8,000m2Q4 FY25$300k
Christchurch –City Centre6,000m2Q1 FY26$500k
New locations
•Takanini/Drury
•Whanganui
•North East Christchurch
•Lower Hutt
•Albany North
Existing locations expansion
•Invercargill
•New Plymouth
•Tauranga
Committed development pipeline
“Opportunities” pipeline
Ready for expansion. We have a balance of committed sites and future opportunities​
We own 14 of our sites
with a cost value of $95M

30• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Timaru: New territory open Nov-23

31• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Napier: Bigger better branch open Nov-23

32• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Christchurch: 1 becomes 3 from mid-2025 to 2026
Hornby
Wairakei
Moorhouse

33• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Damaged and End of Life Vehicle volumes on the rise
•20% of the NZ vehicle fleet are more than 20 years old​
•​Accident damaged vehicles and older vehicles getting more
expensive to repair (parts/labour), vehicles more technical​
•​Insurers are writing off more vehicles as uneconomic to repair​
•Weather events led to more cars being written off​
Damaged and End of Life Vehicle Units sold through
Turners
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
FY15FY16FY17FY18FY19FY20FY21FY22FY23
Insurance Written Off VehiclesGeneral End of Life Vehicles

34• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Our digital engagement continues to grow...
1M+
Unique website visitors up 25% to over
1m visitors in first 4 months of FY24
26,500
People saved a vehicle to
watchlists up 26% FY24 YTD
24%
increase to 13,500 vehicle
appraisals booked online FY24 YTD
32%
Lift in test drives booked
online
30%
Lift in online generated vehicle
selling leads
24%
Increase in online vehicle
finance applications FY24 YTD

35• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Finance Division
Focus: Quality and Margin

36• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Finance
Total Receivables (ex impairments)
•Growth has moderated as credit quality,
regulatory compliance and margin
becomehigher priorities.
•A 110% or ~$7M increase in interest expense
has had a material impact on profits on average
loan book.
•Strong receivables growth through our own
Turners and Direct channels, up 20% in FY23 to
$108m.
200
250
300
350
400
450
Millions

37• 2023 ASM PRESENTATION TURNERS AUTO GROUP
560
580
600
620
640
660
680
700
720
740
1H172H171H182H181H192H191H202H201H212H211H222H221H232H23
Average consumer CENTRIX credit score
The quality of the finance book continues to improve...
Average Credit Score

38• 2023 ASM PRESENTATION TURNERS AUTO GROUP
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
Total consumer arrearsIndustry arrears (Centirx)
Quality lending strategy resulting in arrears at well below
industry benchmarks
3.5%
2.0%
Consumer arrears
5.7%

39• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Insurance
Focus: Growing distribution

40• 2023 ASM PRESENTATION TURNERS AUTO GROUP
66%
60%
58%
58%
FY20FY21FY22FY23
Insurance
•Market share gains continuing to provide robust policy sales
despite challenging market conditions.
•Digital distribution arrangements continuing to work well with
further opportunities in pipeline.
•Pandemic and weather events have confirmed no catastrophe
risk in portfolio, and our de-risking strategy has worked
effectively.
•Claims Costs inflation being offset by frequency of claims
reducing due to changes in consumer behavior (WFH and cost
of living).
Net Earned Premium FY22 to FY23 ($000’s)
MBI Loss Ratio Performance

41• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Examples of our digital distribution
52 franchisees and 200 dealer
originators
605 dealerships using their
dealer management system to
buy/sell and trade-in vehicles
Autosureintegrated directly into their
vehicle selling process which easily quote
for Mechanical breakdown insurance
Autosuremechanical breakdown
insurance and Car insurance integrated
into the finance application system
400 dealer and finance broker
originators
Full suite of Autosureinsurance
products integrated into the
finance application system

42• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Credit Management
Focus: Growing debt load

43• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Creditmanagement
•Debt value loaded increased by 20% ($22M) over FY22 however
80% ($18M) of this increase was from harder to contact and collect
second placement debt.
•Debt value collected was down 9% to $34.4M due to diminished
customer payment capacity requiring lower repayment amounts to
be accepted, and payment arrangements being extended.
•Promises to Pay kept rate has remained stable through the last 12
months at over 75%.
Total Debt Loaded ($M)
$237m
$225m
$119m
$108m
$130m
$0m
$50m
$100m
$150m
$200m
$250m
FY19FY20FY21FY22FY23

44• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Debt load increasing as NZ credit arrears metrics deteriorate
Centrix NZ Credit Metrics to June 2023
•Consumer arrears at 11.4% of the credit
active population in June
•Number of people that are behind on their
payments is 414,000
•The current arrears level is 5% higher year-
on-year, just above pre-pandemic levels
(2019) after coming off historic lows.
•4.6% of credit active consumers are
currently 30+ days past due and 2.7% of
consumer are at 90+ days in arrears.
Consumer Arrears Trend
Source –Centrix Credit Bureau

45• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Funding

46• 2023 ASM PRESENTATION TURNERS AUTO GROUP
425
92
26
330
75
7
0
50
100
150
200
250
300
350
400
450
Finance Receivables
(80% of total borrowings)
Property
(18% of total borrowings)
Inventory
(2% of total borrowings)
AssetBorrowings
Fundingrun conservatively and optimised to support growth
Borrowings byAsset Class ($M) as at Mar-23
•Receivables funding capacity of $41M and Corporate and
Property funding capacity of $65M
•Inventory funding broadened to provide flexibility for local
purchasing as well as imports.
•Oxford capacity expected to support lending over the next 12-
24 months.
•Corporate funding capacity more than sufficient to support
current committed branch expansion plans in Auto.
80% of borrowings are related to the finance receivables business

47• 2023 ASM PRESENTATION TURNERS AUTO GROUP
3. Looking forward ...

48• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Group guidance:
•Positive results for FY24 year to date, and on track for our FY24 result to be ahead of record FY23 result.
•Forecast dividend at this level of profit will be 24 cents per share (+4%), and Directors have declared a Q1 dividend of 6.0 cents per
share fully imputed.
Macro summary:
•NZ still has a high level of economic uncertainty. Costs are up significantly, interest rates have never increased faster, and there has
been moregovernment regulation in finance and vehicle markets than ever before.
•Despite this environment,Turnersbusiness has continued to perform.​
Segment outlooks:
•Auto Retail -Upside in H2 from our new branches.Supply-constrained market to continue with supply of vehicles an advantage for
Turners.The transition of wholesale auction units into retail sales channel to underpin further market share growth.
•Finance-Quality and margin management remain key priorities within the finance division in the short term. We are seeing economic
downturnimpacting arrears. Margins expected to expand in near term although still some sensitivity to OCR track.
•Insurance -we expect new policy sales to be buoyant based on our distribution and market share gains and claims ratios to be stable.
•Credit Management -will perform better as the economic conditions worsen and the resultant lift in debt loads from corporate and
SME clients. We arewell positioned for the next stage of the NZ credit cycle.
Outlook + guidance

49• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Shareholder
Discussion
49• 2023 ASM PRESENTATION TURNERS AUTO GROUP

50• 2023 ASM PRESENTATION TURNERS AUTO GROUP
3. Resolutions

51• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Resolutions
ORDINARY RESOLUTIONS:
•Resolution 1-That Baker Tilly Staples Rodway be reappointed as auditor of the Company and that the Directors be
authorisedto fix the auditor’s remuneration. Directors
•Resolution 2-That John Roberts, who retires by rotation and has offered himself for re-election, be re-elected as a
Director of the Company.
•Resolution 3-That Matthew Harrison, who retires by rotation and has offered himself for re-election, be re-elected as a
Director of the Company.
•Resolution 4-That Lauren Quaintance, who was appointed by the Board since the Company’s last annual meeting and
retires pursuant to NZX Main Board Listing Rule 2.7.1 and, being eligible, has offered herself for election, be elected as a
Director of the Company.
•Resolution 5 -That the pool for Directors’ fees be increased by $255,000 from $665,000 to $920,000 per financial year,
with effect for the financial year commencing 1 April 2023.

52• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Resolutions
SPECIAL RESOLUTIONS:
•Resolution 6-To alter the Constitution of the Company by deleting clause 4 of Schedule 2 and substituting the following:
Proposed new clause 4 Schedule 2
4Proxy form must be sent or made available with notice
A proxy form must be sent or made available with each notice of meeting.

53• 2023 ASM PRESENTATION TURNERS AUTO GROUP
Voting
Resolution: Proxies FORAGAINST
PROXY
DISCRETION
1. Auditor’s reappointment / remuneration21,563,72797,8421,973,737
2. Re-election of John Roberts21,675,34323,5891,943,047
3. Re-election of Matthew Harrison21,658,6069,4391,942,495
4. Election of Lauren Quaintance21,586,04111,2511,982,041
5. Directors fee pool increase13,201,3523,368,1291,757,370
6. Minor change in constitution to Clause 4 Schedule 220,983,750413,6092,020,716
Total proxies received in respect of 23,672,683 shares representing 27.1% of total shares on issue.
Voting on each resolution will be by way of poll.

54• 2023 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
54• 2022 ASM PRESENTATION TURNERS AUTO GROUP