CAR GROUP LIMITED — Investor Presentation 2021

Dec 6, 2021

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Welcome International Sustainability Australia Financial Summary Q&A Session

Disclaimer and Non-IFRS Information

Disclaimer

Non-IFRS Financial Information

The material in this presentation has been prepared by carsales.com Limited (ASX: CAR) ABN 91 074 444 018 (“carsales") and is general background information about carsales’ activities current as at the date of this presentation. The information is given in summary form and does not purport to be complete. In particular you are cautioned not to place undue reliance on any forward looking statements regarding our belief, intent or expectations with respect to carsales’ businesses, market conditions and/or results of operations, as although due care has been used in the

preparation of such statements, actual results may vary in a material manner. Information in this presentation, including forecast financial information, should not be considered advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities. Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice.

carsales' results are reported under International Financial Reporting Standards (IFRS). This presentation also includes certain non-IFRS measures including “adjusted”, “underlying” “proforma” and “look-through”. These measures are used internally by management to assess the performance of our business and our associates, make decisions on the allocation of resources and assess operational management. Non-IFRS measures have not been subject to audit or review. All numbers listed as reported comply with IFRS.

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Disclaimer and Non-IFRS Information

What is IFRS and non-IFRS financial information?

• IFRS financial information is financial information that is presented in accordance with all relevant accounting standards.

• Non-IFRS financial information is financial information that is presented other than in accordance with all relevant accounting standards. For example:

• Revenue or profit information calculated on a basis other than under accounting standard definitions or calculated with accounting standards and then adjusted e.g. “adjusted”, “underlying” or “look- through”.

What non-IFRS financial information does carsales disclose in its half year and year end results presentations?

• carsales presents reported financial information for its business segments, associates and investments where applicable IFRS financial information exists. The financial information

presented is sourced directly from financial information prepared in accordance with all relevant accounting standards and has been subject to either review or audit by carsales’ external auditors (PwC).

• In carsales’ investor presentations the company aims to provide equal or greater prominence to IFRS financial information. However, we also present or refer to non-IFRS financial information. Please note, all information labelled “Reported” in this presentation complies with IFRS.

• Non-IFRS financial information is calculated based on statutory IFRS financial information and adjusted to show either a position excluding significant items which have been removed OR presented based on carsales’ effective equity ownership interest of an entity’s underlying revenue, EBITDA or NPAT.

• Any non-IFRS financial information is clearly labelled as “underlying”, “Adjusted” or “lookthrough” to differentiate it from reported/IFRS financial information.

• carsales provides reconciliations on the face of

slides, appendices and in footnotes of presentations in order to allow the reader to clearly reconcile between the IFRS and non-IFRS financial information.

Why does carsales disclose non-IFRS financial information in its half year and full year results presentations?

• carsales has invested in businesses in Malaysia, Thailand, Indonesia, South Korea, Mexico, Chile and Brazil and has become a global portfolio of online automotive assets. Accordingly carsales management believes that the presentation of additional non-IFRS information in its half year and full year results presentations provides readers of these documents with a greater understanding into the way in which management analyses the business as well as meaningful insights into the financial conditions of carsales overall performance.

• The Australian Securities and Investment Commission (“ASIC”) acknowledges the relevance of non-IFRS financial information in providing “meaningful insight” as long as it does not mislead the reader.

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Purpose of Today

Overview of long term growth opportunities and how we will execute on these Meet Trader Interactive CEO Lori Stacy and hear about their strategic priorities and growth opportunities

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Discuss trends and factors affecting our industries

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Present our ESG key focus areas

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Meet the Leadership Team

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Welcome
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Today’s Agenda

Time	Topic	Presenter(s)
9:00	Welcome to the carsales Investor Day	Cameron McIntyre
9:10	carsales International	Paul Barlow, Lori Stacy and SB Kim
9:40	Sustainability	Nicole Birman, Jo Allan, Jason Blackman and Kane Hocking
9:50	carsales Australia	Ajay Bhatia and Mark Cripsey
10:15	Financial Overview	William Elliott
10:20	Summary	Cameron McIntyre
10:25	Q&A Panel	Executive Team
11:00	Close	-

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Q&A Session
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Today’s Speakers

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Cameron McIntyre

Chief Executive Officer

Lori Stacy

CEO - Trader Interactive

Paul Barlow

Managing Director – International

Nicole Birman

General Counsel & Company Secretary

William Elliott

Chief Financial Officer

Jason Blackman

Chief Information Officer

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SB Kim

CEO - Encar

Mark Cripsey

Chief Data & Product Officer

Jo Allan

Chief People Officer

Ajay Bhatia

Managing Director – Australia

Kane Hocking

Investor Relations

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carsales’ Investment Proposition

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1 2 3 4 5 6
Clear leadership Significant High growth Globally scalable Valuable data Highly profitable,
in the markets we domestic growth international technology assets and strong cash flows,
operate in opportunities portfolio platform and insights capability robust balance
services sheet
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carsales is a Global, Diversified Business

carsales is a geographically diverse multi-industry business

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Look-through Revenue Contribution by Market [1] Look-through Revenue Contribution by Industry [1]
Australia International Auto Non-auto
$600m $600m
$500m $500m
22%
37%
$400m $400m
$300m 11% $300m
5%
78%
$200m $200m
63%
89% 95%
$100m $100m
$0m $0m
FY14 Today FY14 Today
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Q&A Session

1.carsales “look-through” methodology: For equity accounted associates and consolidated subsidiaries, add the total FY21 adjusted revenue or adjusted EBITDA for the period of ownership within the reporting period multiplied by the current % ownership. Some “look-through” numbers involve the disclosure of non IFRS information - Refer to carsales’ Disclosure of Non IFRS information on slide 3 for further details. ‘Today’ includes unaudited Trader Interactive adjusted revenue and adjusted EBITDA from 1 Apr 21 to 30 Jun 21 multiplied by 4 multiplied by the current % ownership.

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With Large Addressable Markets

carsales operates in large addressable markets, that have been accelerated by COVID-related digitisation

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Core International Emerging Opportunities Non-Marketplace
Dealer Private Media US Korea LatAm Digital Digital Dealer Data &
Tyres
Advertising Seller Advertising Non-auto Auto Automotive Retailing Trade-ins Finance Services
$700m $175m $800m $1.6bn $550m $500m $81-135m $225m $50m $9bn $500m
$1.7bn $2.6bn $0.4bn $9.5bn
$4.7bn in Total Addressable Markets $9.5bn Non-Marketplace
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Total Addressable Market calculation methodology: Dealer advertising: 2m B2C transactions multiplied by estimated average marketing spend/car of $250. Includes estimated non-auto advertising spend of $200mil. Private Seller: 1.75m transaction multiplied by $100 average marketing spend/car (carsales average yield). Media Advertising: Standard Media Index (SMI), spend on automotive advertising 2019. US non-auto: global consulting firm estimate, please refer to slide 21 for calculations. Korea Auto: 5.5m transactions multiplied by $100 average marketing spend/car. LatAm Automotive: 20m transactions multiplied by estimated marketing spend of $25 per car. Dealer finance, digital trade-ins and digital retailing please refer to slide 42 for calculations. Tyres: IBISWorld Tyre Retailing in Australia Market Research Report and carsales management estimates. Data & Services: carsales management estimates

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Market Trends are Driving Opportunity

carsales operates in markets with strong demand and increasing digital penetration upside

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Strong Automotive Demand Surging Demand for Lifestyle Assets Increasing Digital Penetration
Car usage has become the preferred Demand for lifestyle assets has accelerated Digital adoption of marketplaces and
method of transport post COVID during COVID, increasing RV and motorbike willingness to buy online has
industry participation and underpinning significantly increased
Car Driving and Public future growth
Transport Usage [1]
US New Vehicle Sales, RV and carsales % of Consumers
Motorbike (m) [2] Traffic Growth [3]
Pre-covid Today Willing to Buy a
Used Car Online [4]
RVs Motorbikes +31%
+11%
1,000
-32%
800
600
400 37%
200
0
Pre-COVID Today
Driving Public Tansport
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Welcome
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1. Apple Mobility Data. https://www.apple.com/covid19/mobility. Data is generated by counting the number of requests made to Apple Maps for directions in select Australia 11 November 2021 v 13 January 2020. 2. Reported new vehicle sales from RV Industry Association, US MotorCycles Data. 2021FC is calculated by multiplying the last 3 quarters of sales by 1.33. 3. carsales total sessions FY21 v FY19. 4. Nature Buy Online Research Survey, n = 1,013.

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Other Industry Themes

Electric Vehicles (EV)

Environmental considerations are driving EV adoption, with some regulators looking to limit and in some cases ban the sale of Internal Combustion Engine (ICE) vehicles (i.e. EU ICE ban in 2035)

Global EV sales volumes are expected to rise from 2m vehicles in 2020 to 13m in 2025, and 74m in 2040[1]

Possible Outcomes for carsales

EVs will continue to trade on carsales in a similar way to ICE vehicles

Increased opportunities to drive consumer adoption of EVs on carsales

carsales will support the transition to EVs and associated regulatory changes required (we are a member of the EV Council of Australia)

The Agency Model

Typically, dealers buy new car stock from vehicle manufacturers (OEMs) and are free to negotiate the final selling price. Under the new ‘agency’ model, OEMs retain stock ownership and dealers are agents paid a flat fee by the OEM to deliver each car.

The model is in its infancy and has only been adopted by select OEMs

Possible Outcomes for carsales

Used cars will become a more important driver of dealer profitability if the agency model proliferates, increasing the importance of carsales given our orientation to used cars

Increased media opportunity as dealer new car sales teams re-orient from sales to delivery

Supply Chain

Supply run-rate of new vehicles has slowed due to semiconductor and component shortages

Supply chain issues are not expected to be resolved until at least H2 CY22

Possible Outcomes for carsales

carsales subscription-based businesses are expected to benefit as inventory returns to normal levels

As inventory levels rise and the imbalance between supply and demand normalises, vehicle advertising markets are expected to improve

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1. Goldman Sachs Electric Vehicles: What’s Next VI: Impact of EU ICE ban in 2035. Raising EV demand outlook (21-Jul-21)

Multiple Large Domestic and International Growth Drivers

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Australia International
Dealer, Data
Research & Private Domestic Korea US LatAm
Media
Services Seller Investments Auto Non-Auto Automotive
(DR&S)
Market
Auto Dealer
Extension into Premium ad leadership,
Traditional Consistent volume, yield & depth diversification penetration and
adjacent penetration and penetration
Growth Drivers growth and native product
markets yield and product
growth expansion
expansion
Regional
Customer data Digital retailing,
carsales Select Dynamic pricing Scaling Dealer direct expansion,
Additional platform (CDP) new and
and Dealer and expand businesses for and home adjacent
Growth Drivers and self-serve adjacent
Finance Instant Offer future growth delivery markets and
environment markets
digital retailing
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Welcome International Sustainability Australia Financial Summary Q&A Session

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carsales’ International History

Having established leading marketplaces in Australia, we have grown our footprint by leveraging our technology and expertise into new, large and fastgrowing international markets

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2021
2017
2016
2013 2015
2014
Acquired 49% of United
States non-auto
classifieds business
Trader Interactive
Acquired remaining
Encar stake
Acquired Chilean
Acquired 30% of Brazilian Acquired 49.9% of Korean Acquired Mexican auto classifieds
auto classifieds business auto classifieds business auto classifieds business chileautos
webmotors SK Encar business soloautos
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Track Record of Strong Growth

The carsales international portfolio has delivered strong look-through revenue and earnings growth

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International Look-through Revenue (AUDm) [1]
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2
Encar webmotors LatAm Trader Interactive
198
105
88
79
67
56
43
36
28
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY21 PF 2
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International Look-through EBITDA (AUDm)[1]

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2
Encar webmotors LatAm Trader Interactive
103
49
41
34
29
24
19 19
14
2
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY21 PF
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1. carsales “look-through” methodology: For equity accounted associates and consolidated subsidiaries, add the total adjusted revenue or adjusted EBITDA for the period of ownership within the reporting period multiplied by the current % ownership over the period. Constant currency shown. Some “lookthrough” numbers involve the disclosure of non IFRS information - Refer to carsales’ Disclosure of Non IFRS information on slide 3 for further details. 2. FY21 pro-forma (‘FY21PF’) includes unaudited Trader Interactive adjusted revenue and adjusted EBITDA from 1 Apr 21 to 30 Jun 21 multiplied by 4 multiplied by the current % ownership. 3. CAGRS exclude Trader Interactive adjusted revenue and adjusted EBITDA.

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With Significant Upside to Come

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carsales Operates In Enormous Addressable Markets [1]
Annual Transaction Volume (m)
7x 45
40
35
30
25
20
15
10
5
0
Australia International
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Where Dealer Gross Margin Take-rates Are Lower [2]
Take-rate % of Gross Margin
14%
12%
Benchmark
10%
8%
6%
4%
FY16 2%
FY14
FY13
FY15
0%
US Brazil LatAm Korea
% of gross margin taken per item
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1. National transactions calculated from data supplied by Transport for NSW. International: carsales management estimates. 2. Australia: Dealer 2021 Cost per sale divided by Deloitte Profitfocus Dealership benchmark average gross profit per unit. International: carsales management estimates

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How We Will Execute

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1 Grow customers and 1 Re-orient Encar from a 1 Increase dealer 1 Traffic and lead growth
audience classifieds site to a penetration and
vehicle trading platform monetisation
2 Dealer acquisition
Increase share of
2 2 Increase penetration and 2 Increase the contribution
advertising wallet
usage of Guarantee from finance revenue
3 Key product deployment
product
3 3 Expand Webmotors
Diversify revenue mix
3 Strengthen Dealer Direct regional brand presence
and Home Service
product offering 4 Increase contribution
from media products
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Welcome International Sustainability Australia Financial Summary Q&A Session

Summary

History

Founded in Norfolk, Virginia, with c.380 employees TI operates classifieds websites across four key segments in the US, with a focus on Recreational Vehicles (RVs), motorcycle, truck and equipment industries

Total annual sessions are c.300 million, generating sales for nearly 9,000 dealer customers making it the biggest non-automotive classifieds business in the US

In September 2021 carsales acquired 49% of the company

~~Brand summary~~

~~Brand summary~~	~~Brand summary~~	~~Brand summary~~	~~Brand summary~~	~~Brand summary~~	~~Brand summary~~
	~~B~~	~~rand summar~~	~~y~~
Category Recreational vehicles (RV) Powersports Commercial trucks Commercial equipment Recreational Vehicles (RVs) Powersports Commercial Trucks Equipment	Key Brand	Monthly Visits (m)1	Lead over nearest competitor2	Published Inventory (000)7
		10.9	6.6x3	191
		7.4	6.3x4	140
		2.6	0.8x5	129
		1.5	0.3x6	128

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International
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Trader Interactive Financial Performance (USDm)[8]

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Adjusted Revenue Adjusted EBITDA FY14-FY21
CAGR
139
Revenue
12%
123
119
112
90
80
80
EBITDA
61 16%
54
51
47
38
9
CY16 CY17 CY18 CY19 CY20 Q2 CY21
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1. Average monthly visits Jan-21-Sep-21. 2. 1. Position determined by Similarweb monthly visits March-21 v nearest competitor 2. Similarweb monthly visits March-21. 3. rvtrader.com + rvt.com 4. cycletrader.com v nearest competitor 5. commercialtrucktrader.com + nexttruckonline.com v nearest competitor 6. equipmenttrader.com + rockanddirt.com + tradequip.com v nearest competitors. 7. Listings published on key brand site as at 28-Nov-21. 8. Adjusted Revenue and Adjusted EBITDA for CY16 to CY17 as provided by Trader Interactive excluding certain pro forma adjustments that have been made to CY18 – CY20. Adjusted Revenue and Adjusted EBITDA for CY18 to CY20 includes pro forma and other normalisation adjustments and excludes new ventures. Refer to slide 3 regarding the disclosure of non-IFRS information. 9. 2. Q2 CY21 includes unaudited Trader Interactive adjusted revenue and adjusted EBITDA from 1 Apr 21 to 30 Jun 21 multiplied by 4 multiplied by the current % ownership.

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Strategy

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Expanding our market leadership and enhancing the buying and selling experience for dealers and consumers

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Market New Products Leadership and Services Grow our leadership in RV Deploy new products and and Powersports and services to enhance the attain market leadership buying and selling in trucks and equipment experience of our customers

Value Proposition and ROI Offer the most measurable and compelling value proposition in market for dealers

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Digital
Retailing
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Seamlessly connect all services to build a completely online used transaction model for the benefit of dealers and consumers

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Large Addressable Markets

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Recreational Vehicles (RVs) Powersports Commercial Trucks Equipment Total	Recreational Vehicles (RVs) Powersports Commercial Trucks Equipment Total	Recreational Vehicles (RVs) Powersports Commercial Trucks Equipment Total	Recreational Vehicles (RVs) Powersports Commercial Trucks Equipment Total	Recreational Vehicles (RVs) Powersports Commercial Trucks Equipment Total	Recreational Vehicles (RVs) Powersports Commercial Trucks Equipment Total
Key Brand
Annual sales volume	15m x	0.75m	1.5m	10m	2.5m
Average unit price	$35k ~~=~~	$32k	$10k	$35k	$60k
Annual sales value	$516bn ~~x~~	$24.5bn	$16bn	$335bn	$140bn
Marketing % of sales	0.6% ~~=~~	2%	2%	0.5%	0.5%
Total addressable market	$3.2bn	$0.5bn	$0.3bn	$1.7bn	$0.7bn
Digital penetration	53%	55%	75%	55%	40%
Total addressable digital market	$1.6bn	$0.3bn	$0.2bn	$0.9bn	$0.3bn

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Summary

Figures shown are in AUD and are the estimates of a global consulting firm and carsales management

Strong Market Dynamics

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Sales Volumes in Our Markets are Increasing

Consumers are Increasingly Searching Online

Dealers are Increasing Their Digital Advertising Spend

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Sales volumes in our markets have Our traffic growth shows that consumers The digital share of dealer advertising
achieved 6% CAGR since 2010 are increasingly using online channels to has been increasing since 2016
find inventory
Industry New Sales Volume (000) [1] Trader Interactive Traffic [2] Digital Channels % of Advertising [3]
75%
+58%
55% 55% 55%
40% 40%
35%
20%
RV Bikes Trucks Equipment Pre-COVID Today RV Powersports Trucks Equipment
2016 2020 2016 2020
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International
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1. Reported new vehicle sales from RV Industry Association, MotorCycles Data, Commercial Truck Sales (statista.com), EDA Data Construction and Agriculture sales. 2. Similarweb sessions for all websites owned by Trader Interactive FY21 v FY19. 3. Dealer advertising spend, estimates of a global consulting firm and carsales management

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Industry and Inventory Dynamics

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Recreational Vehicles (RVs)

Powersports

Commercial Trucks

Equipment

COVID-related increase in domestic tourism has had positive impact on the RV industry

Industry-wide RV sales have achieved sales volume CAGR of 6% over the last ten years, and 2021 sales are forecast to grow 25% on pcp[1] with extensive order pipelines

Similar to RVs, COVID has driven increased demand for lifestyle assets like motorbikes and personal watercrafts (PWC). New motorcycle sales grew 39% in CY20 and 19% in H1 CY21[2]

Chip shortages have driven significant supply issues in the truck market during COVID

There is strong underlying demand for construction equipment in the US however supply issues are impacting the industry

Published Inventory (000)

Published Inventory (000)

Published Inventory (000)

Published Inventory (000)

Strong demand and supply chain issues have put pressure on inventory levels, but this is now showing signs of recovery

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Strong demand and persistent supply Similar to recreation markets, this Inventory on EquipmentTrader has
have put pressure on inventory levels, but
chain issues are putting continued has created inventory challenges grown due to customer acquisition
this is now showing signs of recovery
pressure on inventory levels for Trader Interactive resulting in
strong prices
250 500 350 160
300 140
200 400
120
250
150 300 200 100
80
100 200 150 60
100
40
50 100
50 20
- - - -
Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21
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1. RV Industry Association. 2. US MotorCycles Data

Growth Opportunities

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Inventory levels across the TI sites have declined nearly 40% compared with pre-COVID levels[1] (inventory shown in thousands)

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1,200 139
123
800 Despite significantly lower
inventory levels, we have been
400 able to achieve 13% revenue
growth (USDm) [2]
0
Pre-COVID Today CY20 LQA
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As inventory levels improve our existing growth opportunities will be greatly enhanced

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Dealer Penetration [3] Share of Dealer Wallet [3] Revenue Diversification [4]
Subscribed Addressable Trader Interactive carsales Dealer Private Media Other
2.6x
11%
18% 25%
5%
7%
3.2x
34% 1.4x 47%
28%
69% 2.6x
77% 28%
RV Powersports Trucks Equipment RV Powersports Trucks Equipment
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Welcome
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International
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Australia
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Financial
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Summary Q&A Session
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1. Monthly unique listings all Trader Interactive websites. Pre-COVID = Mar-20, Today = Sep-21. 2. Unaudited revenue from 1 Apr 21 – 30 Jun 21 multiplied by 4. 3. Management estimates 4. carsales internal data excluding boats, including website services and finance. Trader Interactive based on FY20 revenue

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Partnership Opportunities

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International Strategic Themes

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Technology Platform

We have a best in class global technology platform that is standardised across verticals and geographies

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Product Knowledge

We have a strong track record of deploying our suite of sophisticated products and software into new markets

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Strategic Value Creation Insights

We are a global leader in demonstrating attribution of value which is critical to long term value creation for automotive and nonautomotive marketplaces

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Synergy Key Focus Areas

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1 Services
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• Telephony

• Image processing

• Messaging

• User generated video

• Membership & notifications

• Fraud detection

• Search

• Inventory distribution feeds

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2 Key Products, IP & Business Models
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• C2B / trade in products and business models

• Media products

• Lead model / lead management / CRM / dealer reporting / inventory management

• Private seller business model / dynamic pricing

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3 Platform
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• Global retail platform

• Global trade / back-end dealer platform

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International
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Summary

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Welcome International Sustainability Australia Financial Summary Q&A Session

Summary

Encar History Encar History

March 2014: acquired 49.9% of leading Korean auto classifieds business SK Encar for $126mil

November 2017: acquired remaining 50.1% stake for $244mil

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Financial Performance ($m) [1] FY14-FY21
CAGR
Revenue EBITDA
80
Revenue
20%
66
58
52
45
41
36
35
31
29 EBITDA
25
23
22 19%
18 18
12
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
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Revenue Contribution by Product Growth Strategy and Opportunity

Since 2014, Encar has shown consistent growth primarily driven by the strong contribution from value added services

Guarantee product has grown from 0% to 39% of revenue since 2014

Dealer Direct is starting to become a material contributor to revenue growth

Product Revenue Contribution[1]

Standard

Guarantee Media Dealer Direct Other (incl. Home)

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FY14 FY21
7% 8%
10% 8%
36%
9%
$22m $80m
84%
39%
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Welcome

International

Sustainability

Australia

Financial

Summary Q&A Session

1. Revenue and EBITDA for the period of ownership within the reporting period multiplied by the current % ownership. Constant currency shown.

Strategy

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Re-orienting Encar from a classifieds model to a fully online car transaction platform

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Guarantee Cars

Provide consumers with total piece of mind of car quality when buying used cars online

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Encar Home
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Offer consumers inspected used cars at a competitive, fixed price with money-back guarantee

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Dealer Direct
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Enable consumers to easily sell their car at a competitive, fixed price

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Digital Retailing

Seamlessly connect all services to build a completely online used car transaction model for the benefit of dealers and consumers

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International

Sustainability

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Financial

Q&A Session

Summary

Encar Video

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To view the video shown at the carsales Investor Day please click the following link: https://shareholder.carsales.com.au/2021-investor-day/

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Financial

Q&A Session

Summary

Growth Opportunity – Guarantee

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Guarantee cars are highly valued by consumers, yield 5x more than standard ads and increase dealer gross margin

Guarantee Market

Growth Strategy and Opportunity

• Korean dealers are less sophisticated than dealers in Western markets. Accordingly, consumers place significant value on independent inspections of dealer cars.

• Encar has opened 36 inspection sites on-site at dealer complexes and Guarantee listings represent ~30% of its total listings

Encar’s strategy to increase penetration of Guarantee listings is to:

To address these needs, Encar has numerous branch facilities that are co-located or near dealer complexes. These branches perform independent inspections on vehicles that confirm the following:

• i. Expand branch network & provide alternative channels (e.g., micro branches, visiting inspection services, etc) to reach dealers in complexes located in suburban areas

• ii. Improve operational efficiency & utilisation of existing branches

• i. The vehicle exists at the dealership

• ii. The vehicle has not been involved in critical accidents impacting the vehicle frame

• iii. The specifications of the car are advertised correctly

For consumers, a Guarantee vehicle provides peace of mind and comfort when purchasing the car from a dealer

For dealers, the cost of a Guarantee listing is four times higher than a standard ad. However, Guarantee cars generate more leads, generally sell at higher prices and sell faster than standard cars

Guarantee Ad Opportunity

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Guarantee ad penetration Standard ad penetration
FY17 FY21 Ambition
$53-
30%
$75m
70%
50 - 70%
90%
$32m
30%
10%
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International

Sustainability

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Financial

Q&A Session

Summary

Growth Opportunity – Encar Home

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Encar’s home delivery service builds on inspection services, moving more of the buying process online

Digital Retailing Market

Growth Strategy and Opportunity

In recent years, consumer demand for a fully online purchasing experience and minimised offline interaction with dealers has risen due to (i) consumers’ increased exposure to digital experiences, (ii) convergence of online & offline services; and (iii) accelerated decline in offline interactions due to COVID-19

Encar Home was developed as a 100% online transaction service based on Encar’s branch network and online capability

For consumers, Encar Home provides zero interaction with dealers and a doorstep car delivery service along with a 7-day money back guarantee

Encar will continue to invest in the product to develop a seamless experience which combines offline and online elements, comprising: customer interaction, contract administration, inspection, delivery, and claim management

By improving processes, Encar will enhance sales transaction rates and generate higher transaction values. As Encar Home expands, this opens additional cross-sell opportunities for finance, insurance and delivery

To achieve a balanced growth between claims and volume, Encar will explore various inspection methods (e.g., inspection by dealers, inspection by Encar branch employees, 3[rd] party inspection services, etc) and further optimise the most cost-efficient methods

For dealers, despite a cost of A$200, it brings a higher margin potential by reducing offline (complexes) related costs and saving dealers’ time & energy for customer interaction

Good operational momentum with total Encar Home listings exceeding 10,000 during the year and FY21 transaction volume growth of over 2.5x times compared with pcp

Indicative Market Opportunity

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$200 1.5m 20% $50mil$60m
Home Dealer to Digital share Market
yield [1] consumer of market Opportunity
sales
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International

Sustainability

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Financial

Summary Q&A Session

1. Excluding dealer finance commissions and Guarantee revenue

Growth Opportunity – Dealer Direct

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Demand for online trade-in products are increasing in Korea

The Trade-in Market

Trade-ins are more common in Korea when compared with Australia. In recent years, changes in consumer behavior and deregulation are driving a shift from offline to online trade ins

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Total Addressable Market
(Annual Transactions, m)
Online share1 Offline
1.6m
1.5m
1.4m
65%
13%
1%
FY17 FY21 Future
Opportunity
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Market Opportunity
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There is a significant opportunity for online players to win market share, which is driving strong competition. As a result, it is going to require continued investment in product, technology and marketing to drive the realisation of this opportunity

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Indicative Digital Trade-in Market
Opportunity
$230 65% 1.6mil $ 240m50mil
Dealer Online share Trade-in Total market
Direct yield of trade-in [1] Volume [3] Opportunity
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Dealer Direct Performance and Strategy

• Transaction volumes have grown significantly over the last five years

Key focus areas to increase market share:

• Use a combination of existing traffic and marketing channels to drive volume

• Expand number of participating dealers

• Enhance the quality and experience of the platform

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Transaction Volume
11x
FY16 FY21
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International
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Sustainability

Australia

Financial

Q&A Session

Summary

1. carsales management estimates

Sustainability Panel

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Jo Allan Chief People Officer

Nicole Birman General Counsel & Company Secretary

Jason Blackman Chief Information Officer

Kane Hocking Investor Relations

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Sustainability Vision

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Our Sustainability Vision
carsales is committed to being a responsible Environment Our People
business and taking action on environmental, social
and governance issues
This is critical to ensure the ongoing success and
Our
sustainability of the business
We have a comprehensive reporting program aligned Sustainability
with best practice frameworks GRI and SASB
Governance Pillars Customers
Further detailed information can be found here:
https://shareholder.carsales.com.au/wp- Innovation
content/uploads/2021/08/FY21-Sustainability-Report.pdf Community
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Our Sustainability Vision
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Australia
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Q&A Session
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Summary

Sustainability Pillars – Key Focus Areas

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Environment People Taking action on climate risk Promote diversity and inclusion Goal to be carbon neutral in Australian Improve gender diversity in the historically operations by the end of FY22 male-dominated automotive and IT industries Support the sale of electric vehicles and help educate consumers to make more sustainable vehicle choices Drive talent attraction and retention Implement recommendations of the Task Deliver on our goal to be a destination for Force on Climate related financial talent given demand for technical IT disclosures (TCFD) capabilities

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Community

Supporting our local communities

Make a difference to the communities around us through our charitable activities Growing the technology ecosystem in Australia Strong focus on education through the CS in Schools program and a mentor program with post graduate students at Monash University

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Financial

Q&A Session

Summary

Sustainability Pillars – Key Focus Areas

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Customers

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Innovation
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Governance
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Cybersecurity and data privacy

Drive a culture of innovation

Robust risk management framework

Protecting customer and consumer data is a critical focus area given our online presence and the increased risk of fraud as a result of COVID-19

Customer experience

Our company purpose is to make buying and selling a great experience. This drives everything we do and is critical to our success as an organisation

Significant change is taking place in the automotive industry with the rise of digital retailing, electric vehicles and the agency model for dealers

We aim to remain at the forefront of innovation in the automotive industry, by driving our culture of innovation through multiple programs and investments that run through our organisation

Committed to a strong corporate governance program with established risk management and accountability frameworks across the organisation which we are always looking to strengthen We are dedicated to acting ethically and responsibly in everything we do

36 Welcome

International

Sustainability

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Financial

Q&A Session

Summary

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Welcome International Sustainability Australia Financial Summary Q&A Session

Our Australian Business is Strong

Consistent Audience Growth

• Our pay-per-lead model requires us to deliver more traffic, leads and sales opportunities to dealers

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By continually refining and optimising our traffic and
conversion funnels we have increased our audience
every year
Total Visits (m)
400
350
300
250
200
150
100
50
0
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
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Driving Clear Market Leadership

carsales Competitor 1 Competitor 2 Competitor 3 Lead over #2

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Unique Audience [1] Total Sessions [2]
5x 7x
3 1 2 carsales 3 2 1 carsales
Total Time on Site [3] Page Views [4]
9x
25x
3 2 1 carsales 3 2 1 carsales
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Australia
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Financial
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Q&A Session
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1. Nielsen Digital Content Ratings, Daily, H1FY21, P2+, Digital C/M, Text, Carsales.com.au (Jul-Dec 2020), Competitor 1 (Sep-Dec 2020), Competitor 2 (Jul-Dec 2020), Competitor 3 (Jul-Dec 2020), Average Daily Unique Audience. 2. Nielsen Digital Content Ratings, Monthly - Tagged, H1FY21 Sep - Dec 2020 Average, P2+, Digital C/M, Text, Total Sessions. 3. Nielsen Digital Content Ratings, Monthly - Tagged, December 2020, P2+, Digital C/M, Text, Time Spent. 4. Nielsen Digital Content Ratings, Monthly - Tagged, December 2020, P2+, Digital C/M, Text, Views.

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International

Sustainability

Summary

Multiple Domestic Growth Drivers

The Australian market has multiple significant growth opportunities

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Digital Digital Dynamic Media & Dealer Retailing Trade-ins Pricing Membership Finance Demand for a digital car Consumer demand for a fast Better aligns the price We are implementing a We facilitate dealers to buying experience is and convenient sale process charged with value delivered Customer Data Platform advertise their finance growing, accelerated by is growing on our private ads (CDP) and self-serve products on their listings COVID capability for media buyers Finance penetration is still relatively low with upside to Instant Offer allows a Enriched data and an come from customer carsales Select facilitates consumer to sell online at a Will drive continued growth improved buying process will acquisition, further an online selling fixed, competitive price. Still in Private ad yield support a return to growth in digitisation of the process experience for dealers only a small % of total our media business and more integrations with transactions finance providers

39

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International

Sustainability

Australia

Financial

Q&A Session

Summary

Digital Ads Segments Performing Well

Strong strategy execution positions the domestic business for continued growth going forward

Dealer Growing Consistently

Core Private is Accelerating

Media Has Returned to Growth

Continued market leadership supporting growth in lead volumes, yield, depth and product penetration

Volume and yield increases, dynamic pricing and increasing Instant Offer volumes have driven strong double-digit core private revenue growth

Improved native and video advertising products and non-auto diversification delivering improved market share despite a challenging market

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Dealer Revenue ($m)
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Core Private Revenue ($m)
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Market Share [1]
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Media Revenue ($m)
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174
165
152
143
133
123
112
FY15 FY16 FY17 FY18 FY19 FY20 FY21
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+19%
44.9
37.6
FY20 FY21
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Auto Spend, (left axis, $m) +13%
Market Share
1,000 8.51% 24.1
21.4
800
600
400
8.25%
200 8.16%
0
FY19 FY20 FY21 H2 FY20 H2 FY21
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1. Standard Media Index (SMI) reported spend on automotive advertising. Market share determined by carsales Media segment revenue divided by Standard Media Index (SMI) reported spend on automotive advertising.

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International

Sustainability

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Financial

Q&A Session

Summary

COVID Has Increased Digital Demand

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Research Trade-in Finance Transaction Digitisation: Med-High Digitisation: Low Digitisation: Low Digitisation: Low Car research is largely As the trade-in process Dealer’s used cars finance Researching and finalising conducted online occurs during the penetration is low at 20the car purchase, transaction stage of car 25%[1] with significant changeover and finance buying it is still currently upside opportunity package is still largely an conducted largely offline through improved online offline process process

41

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International

Sustainability

Australia

Financial

Q&A Session

Summary

1. 2021 Deloitte Profitfocus Dealership benchmark finance penetration

Opening New Addressable Markets

	Australia Auto – Emerging Digital Opportunities	Australia Auto – Emerging Digital Opportunities	Australia Auto – Emerging Digital Opportunities
Market	Digital Retailing	Digital trade-in	Finance Commissions
Product			Dealer Finance
Annual transaction volume1	1.0m (B2C - used)	2.25m (trade-in + C2C)	2.0m (B2C)
Addressable share	15%2	20%2	5%2
Total addressable volume	150k	450k	100k
Average margin	$3,5853	N/A	$2,4504
Margin pool	$538m	N/A	$245m
Addressable share of margin / fee	15% – 25% (typical ecommerce margin)	$500 / car	20%
Total addressable market	$81 – $135m	$225m	$50m

1. National transactions calculated from data supplied by Road Transport Authorities. 2. carsales management estimates based upon various analyst estimates. 3. 2021 Deloitte Profitfocus Dealership benchmark average gross profit per unit plus average commission per finance contract x 30% attachment rate. 4. 2021 Deloitte Profitfocus Dealership benchmark average commission per finance contract

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International

Sustainability

Australia

Financial

Q&A Session

Summary

The Rise of Digital Car Retailing

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COVID-19 has accelerated the willingness of consumers to buy and sell used cars online

Demand for a full digital retail experience is growing

We have conducted research to understand the drivers

We have launched carsales Select, a new digital used car offering

• 37% of consumers are willing to purchase a used

• car online, however only 1% of used car sales take place completely online[1]

• Demand for an entirely digital experience has been accelerated by COVID-19

Internationally, new ‘digital dealer’ models are gaining market share where they have migrated offline elements of the sale to online

Our consumer research[1] has determined the key factors that will drive increased adoption of online purchasing:

• Two-thirds of consumers say they are most concerned about the car having hidden issues

• Accessing a competitive, guaranteed price without the need for negotiation

• Being able to test drive the vehicle before making payment

Early performance of carsales Select cars has been very pleasing

We have had more than 100 Select cars advertised since launch from our test group of dealers

We are on-boarding new dealers and acquainting them with new software processes as well as minimum requirements for car eligibility (e.g., price, odometer, imperfection photos etc)

• Having the car home delivered

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Used Car Digital Dealers
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Buy online Operating Annualised
Company Market(s) Sales [2]
448k
79k
45k
52k
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Critical Factors in Buying Online
% of respondents
63%
50%
42%
34%
Quality Competitive Conducting a Car home
concerns price test drive delivery
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Time to sell has proven to be significantly quicker than standard listings:

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Time to Sell
1.5–2x
Standard Ad carsales Select
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International

Sustainability

Australia

Financial

Q&A Session

Summary

1. Nature Buy Online Research Survey, n = 1,013. 2. Reported sales 1 Jul 21 - 30 Sep 21 multiplied by 4

Instant Offer

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Digital trade-ins are an enormous opportunity for carsales and will be critical to digital retailing

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Performance Track-record Execution Strategy
Volumes have recovered to 2.5x pre-COVID levels Key Sales Funnel Steps Growth Drivers
Increase volume: Improve brand
awareness through above the line
Consumer
advertising to target a broader
Quarterly Transaction Volume
acquisition to offer audience whilst better optimising our
existing car selling audience. Broaden
the number of eligible cars
Improve pricing model: Evolve our
Offer
machine learning capability to optimise
to acceptance our pricing engine as volumes are
incredibly sensitive to changes in pricing
Dealer Experience: Manage the Net Promoter
Score (NPS) of dealers to ensure consumers are
Acceptance satisfied at the dealership and price is honoured
to sale if condition is accurately described during quote.
Expanding our dealer network will drive
Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 competition in this space as stock is scarce
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Australia
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Financial
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International

Sustainability

Q&A Session

Summary

Dealer Finance

Increasing finance penetration for dealers is a significant opportunity and we are making good progress

We Have Signed Multiple Lenders

We have signed a large panel of lenders and brokers and have more than 10,500 cars available with finance – approximately 12% of total dealer inventory

Where a dealer has an existing finance provider, we look to integrate with them first

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Our Financial Services Partners
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Pre-approval is Now Live

We have launched pre-approval with our integration partner, Driva Leads on cars with Driva integration are up 40% since launch

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Revenue is Accelerating

The commercialisation phase commenced in Q3 of FY21 and monthly run-rates are increasing

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Quarterly Trailing Revenue ($m)
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Lockdowns
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International

Sustainability

Financial

Q&A Session

Summary

Dynamic Pricing

Our dynamic pricing strategy aims to better align the price charged with value delivered

Dynamic Pricing Phase 1

Dynamic Pricing Phase 2

• carsales has delivered strong yield growth from tiered pricing of its private listings over the last five years. Prior to 2016 we charged the same ad price for all items irrespective of the value of the vehicle

Change the ad creation process to ask for the consumer’s location and car type prior to providing a price

This will enable us to more dynamically adjust prices based on:

Since then we have transitioned to a tiered pricing model that adjusts to the value of the item being advertised. This has enabled us to charge a higher price in higher value inventory tiers where the value we deliver is very strong

Price Bracket History

Average Yield Per Car

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Price
2016 2021
of car
$0-$5k $39
$5k-15k $69
$15-$20k $79
$68
$20-$30k $109
$30-$70k $139
>$70k $239
FY16 FY17 FY18 FY19 FY20 FY21
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• Location

• Value of the car (enables micro-bracketing)

• Type of car

• Demand for the car

• Time of year

Location pricing has gone live

• We have been testing locationbased dynamic pricing and trialed in selected states

• Initial impact on yield and volume has been positive

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46 Welcome International

Sustainability

Financial

Summary Q&A Session

Media & Membership

Executing on our strategy is driving an increase in core marketplace revenue growth

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Increase contribution from non-automotive

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We have improved
diversification by increasing
contribution from non-auto
buyers, and are targeting 30%
Non-auto Contribution to Media Revenue
21%
18%
14%
FY19 FY20 FY21
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Implement Customer Data Platform (CDP)

We are in the process of implementing a CDP and expect delivery in H2 FY22

Having a CDP will help connect our first party data with our client’s data to deliver superior marketing outcomes

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Build cookieless persistent customer profiles

Once implemented we will be able to create unified customer profiles and generate deeper understanding of consumer buying journeys, without reliance on cookie technology

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Build self-serve media buying platform

Performance-based media buying is increasing and we are building a dedicated self-serve platform

This will enable advertisers to self-serve purchasing of carsales inventory drastically reducing the friction associated with manual insertion orders, broadening our customer base and increasing volume

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International Sustainability

Australia

Financial

Summary Q&A Session

Tyres

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The tyre market is large, digitally under-penetrated and our wholesale and retail offerings are well-positioned to gain market share

Tyres Investment Thesis

1. The Australian tyre market is large, highly attractive and digitally immature

2. Our market-leading positions in both tyre retail & wholesale come together to drive supply synergies

3. We have powerful synergies through leveraging carsales’ audience and membership base into tyres

Update on tyreconnect Synergies

• In Q1 FY22, we acquired online tyre wholesaler portal, tyreconnect

• Synergies we are recognising immediately:

• Channelling all purchases through the entity with the most favourable agreements

• Accessing greater volume rebates by more than doubling purchase volumes

• Absorption of corporate services

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Tyre Market Size in Online Sales Penetration
Australia by Country / Region [2]
12%
$9bn 23mil 10%
Industry sales
tyres imported 8%
$5bn
annually [3]
Retail market [1] 6%
4%
$4bn
Wholesale 2,000+ 2%
market [2]
tyre retailers [1] 0%
EU US AU
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• Longer term synergies

• Optimising freight arrangements and re-negotiating supplier agreements

• Leverage existing dealer relationships to increase tyreconnect dealer volumes

• This will result in EPS accretion in FY22 with further upside expected in FY23. Longer term we see the potential for the business to generate high single digit / low double digit EBITDA margins as the combined group continues to scale

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International

Sustainability

Financial

Q&A Session

Summary

1 IBISWorld Tyre Retailing in Australia Market Research Report. 2. carsales management estimates. 3. TyreStewardship Australia

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Welcome International Sustainability Australia Financial Summary Q&A Session

Strong Track Record Of Financial Performance

Our strategic plan supports continued trajectory as a growth company

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Look-through Revenue (AUDm) [1]
543
Trader
450 Interactive
424
413
385
326
FY17 FY18 FY19 FY20 FY21 FY21 PF 2
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Look-through EBITDA (AUDm) [1]
315
Trader
261 Interactive
237
220
207
179
FY17 FY18 FY19 FY20 FY21 FY21 PF 2
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Financial
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1. carsales “look-through” methodology: For equity accounted associates and consolidated subsidiaries, add the total adjusted revenue or adjusted EBITDA for the period of ownership within the reporting period multiplied by the current % ownership over the period. Constant currency shown. Some “look-through” numbers involve the disclosure of non IFRS information - Refer to carsales’ Disclosure of Non IFRS information on slide 3 for further details. 2. FY21 pro-forma (‘FY21PF’) includes unaudited Trader Interactive adjusted revenue and adjusted EBITDA from 1 Apr 21 to 30 Jun 21 multiplied by 4 multiplied by the current % ownership.

50 Welcome

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Summary Q&A Session

Our Capital Management Approach

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Good balance of
earnings growth and
investment in new
opportunities to create
long-term shareholder
value
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Robust balance sheet provides continued flexibility to invest for growth as well as exploring new partnerships and acquisitions Strong operating model and disciplined cost management delivers outstanding profitability and free cash flows These cash flows support excellent dividends with a c.80% dividend payout ratio[1]

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Summary

1. 80% of Adjusted Net Profit After Tax

New Financial Segment Reporting Structure

From H1 FY22, we will include a new reporting segment called “carsales Investments” which comprises standalone investments of Tyres, RedBook Inspect and Placie

New Reporting Segments

Reconciliation of Existing Structure To New Structure

We have made some minor changes to our financial reporting segments that better aligns with our organisational structure

The revised structure will have the following segments

Online Advertising : Dealer, Private and Media

Data, Research and Services : Redbook and Services

Asia : Encar and Redbook Asia

Americas : United States, Brazil, Chile and Mexico

New carsales Investments : Tyres, RedBook Inspect, Placie

Note : United States and Brazil do not appear in a segment view of EBITDA as they are equity accounted investments.

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Online advertising International
Data,
Research
& Services
Dealer Private Media Asia Americas
B2C
B2B
Online advertising International carsales Investments
Data,
Research
& Services Redbook
Dealer Media Private Asia Americas Tyres Placie
Inspect
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Financial

Summary Q&A Session

New Reporting Segments

$ in 'millions	FY17	FY18	FY19	FY20	FY21
Adjusted Revenue
Dealer	133.0	142.8	151.6	165.4	174.1
Private	36.8	41.8	44.8	43.7	55.3
Media	72.9	73.9	64.1	50.2	47.5
Online Advertising	242.7	258.5	260.5	259.3	276.9
Data, Research and Services	39.3	42.2	43.2	43.3	42.8
carsales Investments	28.7	38.2	39.7	37.4	27.1
Asia	3.4	29.7	65.1	74.0	84.3
Americas	4.9	8.2	9.1	7.6	6.7
Adjusted Revenue	319.1	376.9	417.5	421.7	437.8
Adjusted EBITDA
Online Advertising	145.9	160.8	164.1	170.9	182.3
Data, Research and Services	24.0	25.4	26.2	27.5	28.6
carsales Investments	0.0	2.1	(1.5)	(2.7)	1.0
Asia	1.5	15.7	34.5	40.7	43.1
Americas	(1.6)	(2.6)	(5.4)	(4.7)	(0.8)
Adjusted EBITDA	169.8	201.6	217.9	231.8	254.2

• The information adjacent reflects the restated segment information that will be used to present carsales’ H1 FY22 results.

• To facilitate prior period comparison, carsales has provided restated segment information for the period FY17 to FY21. An excel version can be found in the presentation section of carsales’ shareholder website.

• At a carsales Group level, Revenue, EBITDA and NPAT all remain unchanged (both Reported and Adjusted).

Financial

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Summary

FY22 Outlook

We re-iterate our FY22 outlook statement provided at the AGM.

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Summary

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Key Takeaways

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Our addressable markets have expanded by COVID accelerating digital adoption

Revenue growth is accelerating in our domestic online advertising segments Our international businesses are exposed to enormous addressable markets of more than $2.5bn These opportunities position us well for continued future growth

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Q&A Session

Q&A Panel

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Cameron McIntyre

Chief Executive Officer

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SB Kim

CEO - Encar

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Lori Stacy

CEO - Trader Interactive

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Mark Cripsey

Chief Data & Product Officer

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Paul Barlow

Managing Director – International

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Jo Allan

Chief People Officer

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Nicole Birman

General Counsel & Company Secretary

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Ajay Bhatia

Managing Director – Australia

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William Elliott

Chief Financial Officer

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Michael Holmes

Executive Director – Dealer

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Jason Blackman

Chief Information Officer

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Kane Hocking

Investor Relations

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Welcome International Sustainability Australia Financial Summary Q&A Session

New Reporting Segments

	Reported		Adjusted
$ in 'millions	FY17 FY18 FY19 FY20 H1 FY21 FY21		FY17 FY18 FY19 FY20 H1 FY21 FY21
Revenue Dealer Private Media Online Advertising	133.0 142.8 151.6 143.1 77.9 166.3 36.8 41.8 44.8 43.7 22.8 55.3 72.9 73.9 64.1 49.0 22.9 47.0 242.7 258.5 260.5 235.8 123.6 268.7		133.0 142.8 151.6 165.4 85.6 174.1 36.8 41.8 44.8 43.7 22.8 55.3 72.9 73.9 64.1 50.2 23.4 47.5 242.7 258.5 260.5 259.3 131.7 276.9
Data, Research and Services carsales Investments Asia Americas	39.3 42.2 43.2 39.3 19.2 40.4 28.7 38.2 39.7 37.4 12.2 27.1 3.4 29.7 65.1 74.0 40.7 84.3 4.9 8.2 9.1 7.6 3.3 6.7		39.3 42.2 43.2 43.3 21.5 42.8 28.7 38.2 39.7 37.4 12.2 27.1 3.4 29.7 65.1 74.0 40.7 84.3 4.9 8.2 9.1 7.6 3.3 6.7
Total Revenue	319.1 376.9 417.5 394.1 198.9 427.2		319.1 376.9 417.5 421.7 209.5 437.8
EBITDA Online Advertising Data, Research and Services carsales Investments Asia Americas	145.9 160.8 159.9 145.5 79.7 172.3 24.0 25.4 25.5 23.2 11.7 25.9 0.0 2.1 (1.5) (2.7) 0.7 1.0 1.5 15.7 34.5 40.7 21.8 43.1 (1.6) (2.6) (5.3) (4.7) (0.1) (0.8)		145.9 160.8 164.1 170.9 88.8 182.3 24.0 25.4 26.2 27.5 14.2 28.6 0.0 2.1 (1.5) (2.7) 0.7 1.0 1.5 15.7 34.5 40.7 21.8 43.1 (1.6) (2.6) (5.4) (4.7) (0.0) (0.8)
Total EBITDA	169.8 201.6 213.0 202.0 113.8 241.5		169.8 201.6 217.9 231.8 125.5 254.2
EBITDA Margin Depreciation & amortisation Net financing cost Income tax expense Profits from associates Fair value revaluation Gain on associate investment dilution Gain / (Loss) on business disposal Non-controllinginterest(NCI)	53% 53% 51% 51% 57% 57% (12.5) (20.9) (31.4) (36.3) (19.5) (39.8) (7.7) (7.9) (4.7) (7.1) (9.4) (18.7) (45.6) (53.3) (49.8) (50.2) (26.0) (55.3) 8.5 5.1 3.1 4.2 2.4 3.9 - 57.0 - 9.8 - (0.4) (6.8) 1.3 2.1 - - - - - - (0.5) - - 1.1 (1.3) (0.1) (1.9) (0.2) (0.5)		53% 53% 52% 55% 60% 58% (11.3) (16.9) (23.4) (28.2) (15.6) (31.9) (7.7) (11.2) (15.5) (14.3) (8.0) (13.9) (45.6) (52.0) (52.9) (56.4) (30.3) (59.4) 10.1 6.6 3.7 4.7 2.6 4.3 - - - - - - - - - - - - - - - - - - 1.1 (1.0) 0.4 0.7 (0.2) (0.5)
Net profit after tax	106.6 181.6 132.2 119.9 61.1 130.7		116.2 127.1 130.2 138.2 74.0 152.8

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Welcome International Sustainability Australia Financial Summary Q&A Session