Inchcape operates three businesses in Australia:

Inchcape Automotive Retail:

As one of the top 10 automotive retailers in Australia, Inchcape Automotive Retail’s presence in the Australian automotive market includes over 20 retail centres for our franchised retail dealerships in Melbourne, the greater Sydney area and in the northern Brisbane district of Queensland. In total these businesses retail over 15,000 new and used vehicles per annum.

Inchcape Automotive Retail represents five of the top 10 automotive brands in Australia namely Subaru, Volkswagen, Hyundai, Mitsubishi and Kia.

Subaru Australia/New Zealand:

Inchcape is the exclusive importer and distributor of the Subaru brand in Australia (and New Zealand) and has been since 1973. The current record market share of 3.9% in Australia is the largest market share for a major Subaru market outside Japan. Utilising vertical integration Subaru Australia works closely with Inchcape Automotive Retail in 10 retail centres along the eastern seaboard of Australia.

This relationship also includes the retail centres for Subaru in Melbourne, a territory that represents some 15% of the Australian Subaru market. These Retail facilities include the flagship site Subaru Interactive @ Docklands, where the brand can be fully experienced through a variety of interactive driving and customer centric activities. This is the world’s largest Subaru dealership, retailing approximately 7,000 new and used vehicles per annum.

AutoNexus:

AutoNexus, our parts and vehicle logistics operation in Australia, is a premium logistics specialist providing advanced services to the automotive industry. AutoNexus provides a range of supply chain management solutions for both vehicles and parts encompassing physical storage and distribution, inventory management, supply chain strategic planning and vehicle pre-delivery services. AutoNexus’ most recent acquisition Car-Tech Services Australia is the leader in the commissioning, decommissioning and parts support of emergency vehicles and associated ground support equipment. In 2006 Auto Nexus were responsible for the storage and logistic management of over 60,000 vehicles.

For further information please visit: www.welcometoinchcape.com.au

Our Import and Distribution business in Belgium for Toyota/Lexus has been part of the Group since 1979 and we now sell 35.000 cars per annum through a mainly independent network of 79 retailers.

In a market which increased by 10% in 2006, Toyota registrations increased by 17%. Toyota/Lexus market share increased from 5.3% in 2005 to 5.8% in 2006. The Aygo, introduced late 2005, the new Yaris and the new Rav4, both introduced early 2006, and the successful run out of the Corolla have all contributed to this excellent performance. The retail network has also been restructured in 2006.

Lexus registrations increased by 97% in 2006, following the introduction of the IS220 with diesel engine. In addition, a new state of the art dealership was opened in Waterloo.

The car parc in Belgium is dominated by diesel products, which account for 75% of the market. Our business is seeing the benefits of much improved diesel variants, such as in the Aygo, Yaris, Corolla and RAV4 but also the Lexus IS220d.

An important event in the Belgian market is the Brussels Motor Show, which is held bi-annually and is popular with retailers and private buyers alike. This was last held in early 2006.

In these countries, Inchcape distributes and retails Toyota/Lexus.

We have established a strong presence in the Balkans, distributing and retailing Toyota/Lexus, selling nearly 15,000 cars in 2007.

In Romania we have strengthened our network of independent dealers outside of Bucharest and are increasing our Retail presence in Bucharest with new large scale 3S (sales, service and spare parts) facilities.

Bulgaria is a smaller market where we command a leading position in the passenger car market. We are increasing our Retail presence in Sofia and developing our network in the countryside.

In 2007 the car market in Romania grew by 25% and in Bulgaria it grew by over 12%.

Inchcape distributes and retails BMW and MINI in Chile and Peru. Inchcape has maintained the relationship with BMW in Chile for 12 years and in Peru for 8.

The Chinese market has overtaken Japan as the number two market in the world. In December 2006 we completed construction, after less than 100 days, of our first Toyota greenfield site in Shaoxing. In January 2008 we opened a Lexus retail centre in Shaoxing and a third centre, Shanghai Lexus, is due to open in the third quarter of 2008.

We continue to look at greenfield and acquisition opportunities to build scale in the three biggest regional markets in China; Shanghai, Beijing and Guangzhou.

Inchcape operates vertically integrated retail in the Baltics for Ford, Jaguar, Land Rover and Mazda and retails BMW, Mitsubishi and Hyundai in the Baltics. In 2007 we sold over 4,000 cars.

As a result of acquisitions made in 2007 we have market leading positions in Latvia with over 10% market share and in Lithuania with close to 20% share of the market.

In the Baltics the car market grew by 34% in 2007.

In these countries, Inchcape distributes and retails Toyota/Lexus.

In Finland Inchcape distributes and retails Jaguar, Land Rover and Mazda. In 2006 the vehicle market contracted, down 1.7% on 2005. After a challenging 2005, the Distribution business recovered well. Tactical marketing campaigns improved Mazda’s market share to 3.7%. Overall our Finland business generated a trading profit up 22% to £4.7m.

Inchcape has been the Importer and Distributor in Greece for Toyota since 1987 and now sells c. 30.000 units per annum. As the Distributor we are responsible for the independent retail network of 35 dealerships.

We retail Toyota/Lexus vehicles exclusively in Salonica and we have expanded our Retail reach in Athens. We also provide a range of financial and insurance products to the Toyota retail customer through our relationship with EFG Eurobank Ergasias, one of the leading banks in Greece.

Our Greek business, Toyota Hellas, has achieved market leader status in the passenger car market throughout 2006.

Having a successful Greek operation has provided the platform for us to invest in the Balkans. We currently hold the Toyota distribution rights for Bulgaria, Romania, F.Y.R. Macedonia and Albania and in 2006 we imported and distributed more than 10,900 units, of which 4,688 were retailed by our dealerships.

In these countries, Inchcape distributes and retails Toyota/Lexus.

In Hong Kong, we are the exclusive Importer and Retailer for Toyota, Lexus, Hino, Daihatsu, as well as Jaguar and Mazda. When combined, all our franchises regularly achieve around 38.0% of the market.

Our business is spread over four operations in Hong Kong and Macau. At Crown Motors, we represent Toyota, Lexus, Hino and Daihatsu, and we are the first company in the world to represent all four of the Toyota related franchises. Crown Motors has held the Toyota franchise since 1966 and has won the Toyota Triple Crown Award for a consecutive 15 years since 1992, the only company in the world to have done so.

Also in Hong Kong we represent Mazda at our Mazda Motors operation and Jaguar under the umbrella of Inchcape Motors Ltd.

Inchcape operates vertically integrated retail in the Baltics for Ford, Jaguar, Land Rover and Mazda and retails BMW, Mitsubishi and Hyundai in the Baltics. In 2007 we sold over 4,000 cars.

As a result of acquisitions made in 2007 we have market leading positions in Latvia with over 10% market share and in Lithuania with close to 20% share of the market.

In the Baltics the car market grew by 34% in 2007.

Inchcape operates vertically integrated retail in the Baltics for Ford, Jaguar, Land Rover and Mazda and retails BMW, Mitsubishi and Hyundai in the Baltics. In 2007 we sold over 4,000 cars.

As a result of acquisitions made in 2007 we have market leading positions in Latvia with over 10% market share and in Lithuania with close to 20% share of the market.

In the Baltics the car market grew by 34% in 2007.

In Luxembourg Inchcape distributes and retails Jaguar, Toyota and Lexus.

In Macau, at Yat Fung Motors Ltd, we represent Toyota, Lexus, Hino and Daihatsu.

We therefore operate across multiple segments of the market; passenger car, commercial vehicle, light buses and taxis. With all our franchises we benefit from multiple income streams offering our Customers comprehensive servicing of their vehicles as well as new car sales, parts sales, finance and insurance. These are all important contributors to our underlying profitability in this market.

Whilst all Customer facing activities are franchise specific, we benefit from the centralisation of back office functions such as pre-delivery inspection.

We have established a strong presence in the Balkans, distributing and retailing Toyota/Lexus, selling nearly 15,000 cars in 2007.

In Romania we have strengthened our network of independent dealers outside of Bucharest and are increasing our Retail presence in Bucharest with new large scale 3S (sales, service and spare parts) facilities.

Bulgaria is a smaller market where we command a leading position in the passenger car market. We are increasing our Retail presence in Sofia and developing our network in the countryside.

In 2007 the car market in Romania grew by 25% and in Bulgaria it grew by over 12%.

In New Zealand Inchcape distributes the Subaru brand.

Inchcape distributes and retails BMW and MINI in Chile and Peru. Inchcape has maintained the relationship with BMW in Chile for 12 years and in Peru for 8.

In Poland Inchcape retails BMW and MINI.

We have established a strong presence in the Balkans, distributing and retailing Toyota/Lexus, selling nearly 15,000 cars in 2007.

In Romania we have strengthened our network of independent dealers outside of Bucharest and are increasing our Retail presence in Bucharest with new large scale 3S (sales, service and spare parts) facilities.

Bulgaria is a smaller market where we command a leading position in the passenger car market. We are increasing our Retail presence in Sofia and developing our network in the countryside.

In 2007 the car market in Romania grew by 25% and in Bulgaria it grew by over 12%.

In 2006 we announced our entry into the Russian market via a joint venture with the Indepedence Group of Companies, one of Moscow’s leading independent car retailers. This partnership will open two retail and service centres in Moscow for Toyota, one of the most successful foreign brands in Russia.

We announced our second move in 2006 wth the acquisition of a majority stake in an already successful and established business in St Petersburg, Russia’s second largest market.

In 2007 we continued our expansion in St Petersburg with another step in the implementation of the Group’s multi brand retail footprint with the majority stake acquisition in businesses retailing Audi and Peugeot.

In 2008 we announced the acquisition of the remaining 24.9% in the Toyota/Lexus, Audi and Peugeot businesses in St Petersburg giving Inchcape 100% ownership of one of the largest automotive businesses in St Petersburg.

Russia is an exciting growth market. In 2007 the import market grew by 65% and is now over one and a half million vehicles a year.

In these countries, Inchcape distributes and retails Toyota/Lexus.

In Singapore we exclusively import and retail Toyota, Lexus and Suzuki. In this market, a Certificate of Entitlement from the Government is required in order to buy a new vehicle. Automotive retailers, such as Inchcape, have to bid online for them on behalf of customers on a fortnightly basis.

Our business, Borneo Motors have held the Toyota franchise since 1967 and has more than 135,800 Toyota owners in Singapore alone. Borneo Motors has been the country’s market leader for 22 of the past 25 years, from 1982 to 2006. The company operates facilities that feature state-of-the-art technologies managed by over 800 professionals to ensure complete customer satisfaction. Its showrooms have a combined area of over 17,000 square feet, including luxurious customer lounges and discussion areas.

Founded in 1975, Champion Motors was awarded the Suzuki franchise in 1977. Suzuki in Singapore is positioned as a sporty, value-packed lifestyle brand. It targets young adults who want value-for-money and a vehicle that fits an active lifestyle. The company’s range of services includes new vehicle sales, vehicle financing and insurance, aftersales services and parts. The company expanded its customer base by more than 26% between 2005 and 2006.

These businesses consistently deliver remarkable results. In 2006, they sold 33,328 units with a combined market share of over 28.9%.

Income from finance, insurance and aftersales, including service and parts, are important contributors to our underlying profitability in this market.

Inchcape operates two businesses in the UK:

Inchcape Retail is the second largest listed dealer Group in the UK, based on turnover, and currently has 145 franchised retail centres in its portfolio.

Since May 2006 Lind Automotive Group Holdings, European Motor Holdings plc and The Porsche Centre – Bournemouth have all been acquired and are being successfully integrated into the Group. The enlarged portfolio has extended our geographic reach and we now have scale operations in the core regions of South, South East, Midlands, North and North East.

We are in the process of transforming our business to focus on the fastest growing and most profitable segment of the market – premium brands. Our portfolio is being streamlined to focus on our core brands of Audi, BMW/MINI, Honda, Mercedes-Benz, Porsche, Toyota/Lexus and Volkswagen. This strategy is being successfully pursued as we actively dispose of non-core sites and businesses. This is allowing us to reduce complexity in the business and enable greater management focus to deliver an excellent brand experience with our core partners.

Inchcape Fleet Solutions offers management and leasing services to corporate customers. With over 50 years’ experience in the automotive industry, Inchcape Fleet Solutions is the UK’s largest independent leasing company.