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26 May 2023

Inchcape plc announces plans for a Bond Offering and secures investment grade status in its debut public rating by Moody's

Inchcape plc ("Inchcape"), the leading global automotive distributor, today announces that it plans to issue a GBP Public Benchmark Bond, subject to market conditions. Proceeds from the bond offering will be used to re-finance the Group's existing bridge facility, which helped to fund the acquisition of Derco, the initial term for which expires at the end of FY 2023.

Inchcape has mandated BNP Paribas and MUFG as Global Co-ordinators, with NatWest Markets and Santander as Joint Active Bookrunners. Investor marketing for the bond offering is expected to commence on 30 May 2023, with pricing for the offering expected to be announced thereafter.

In addition, Inchcape has today been assigned a debut public investment grade rating by Moody's of Baa2 (stable). Inchcape's credit profile benefits from the Group's leading market position, long-standing global relationships, strong balance sheet and cash-generating capabilities.

Adrian Lewis, Group CFO, commented:

"Our proposed new GBP Public Benchmark Bond Offering will support our stable, long term capital structure, which complements the underlying cash generation of the Group, as we continue to drive future investment in growth through acquisitions. In addition, we are delighted to have obtained a strong debut public investment grade rating of Baa2 (stable) from Moody's, which reflects our strong track record of delivery, our differentiated market position and our compelling growth strategy."

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About Inchcape

Inchcape is the leading global automotive distributor, with operations across six continents. Through the unique expertise of our people, our suite of cutting-edge technology products, and our approach to advanced data analytics, we provide the platform for the world's leading mobility companies to accelerate their ambitions in markets where we and our partners want to succeed.

Our distribution platform connects the products of mobility companies with customers, and our responsibilities span from product planning and pricing, import and logistics, brand and marketing to operating digital sales, managing physical sales and aftermarket service channels.

Inchcape is driven by its purpose of 'bringing mobility to the world's communities, for today, for tomorrow and for the better'. We are committed to making a positive contribution to the communities in which we operate, for our people, for society and for the planet. The Group is headquartered in London and employs around 19,000 people globally.

www.inchcape.com