Cango Inc.

(NYSE: CANG)

First Quarter 2020

Investor Presentation

This presentation has been prepared by Cango Inc. (the “Company”) solely for information purpose and has not been independently verified. By viewing or accessing the information contained in this

material, the recipient hereby acknowledges and agrees that no representations, warranties or undertakings, express or implied, are made by the Company or any of its directors, shareholders,

employees, agents, affiliates, advisors or representatives as to, and no reliance should be placed upon, the accuracy, fairness, completeness or correctness of the information or opinions presented or

contained in this presentation. None of the Company or any of its directors, shareholders, employees, agents, affiliates, advisors or representatives or accept any responsibility whatsoever (in negligence

or otherwise) for any loss howsoever arising from any information presented or contained in this presentation or otherwise arising in connection with the presentation. The information presented or

contained in this presentation is subject to change without notice and its accuracy is not guaranteed.

Certain statements in this presentation, and other statements that the Company may make, are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the

Securities Exchange Act of 1934, as amended. These statements reflect the Company’s intent, beliefs or current expectations about the future. These statements can be recognized by the use of words

such as “expects,” “plans,” “will,” “estimates,” “projects,” “intends,” “anticipates,” “believes,” “confident” or words of similar meaning. These forward-looking statements are not guarantees of future

performance and are based on a number of assumptions about the Company’s operations and other factors, many of which are beyond the Company’s control, and accordingly, actual results may differ

materially from these forward-looking statements. The Company or any of its affiliates, advisers or representatives has no obligation and does not undertake to revise forward-looking statements to

reflect future events or circumstances.

This presentation does not constitute an offer to sell or issue or an invitation or recommendation to purchase or subscribe for any securities of the Company for sale in the United States or anywhere

else. No securities of the Company may be sold in the United States without registration with the United States Securities and Exchange Commission (the “SEC”) or an exemption from such registration

pursuant to the Securities Act of 1933, as amended (the “Securities Act”) and the rules and regulations thereunder. No part of this presentation shall form the basis of or be relied upon in connection with

any contract or commitment whatsoever. Specifically, these materials do not constitute a “prospectus” within the meaning of the Securities Act. In evaluating our business, we use certain non-GAAP

measures as supplemental measures to review and assess our operating performance. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating

performances, investors should not consider them in isolation, or as a substitute for net income attributable to the Company or other consolidated statement of operations data prepared in accordance

with U.S. GAAP.

Disclaimer

2

Figures as of March 31, 2020 unless otherwise stated

China’s leading Technology-enabled Automotive Transaction Services Platform

Delivering Strong Value to Key Participants in the Transaction Chain

45,688 (1Q20)

Car Dealers

60Other Industry

Participants

1,441,721 (1Q20)

Car Buyers16 (1Q20)

Financial

Institutions

Strategic Partners

Asset Light

Model

Strong

Profitability

Transaction Value

Chain Coverage

3

Our Services and Solutions along the automotive value chain

Automotive Financing Facilitation

Automotive Transaction Facilitation After-market Services Facilitation

Other Participants

Insurance Companies/ Brokers

Car Buyers$

Dealers

Financial

Institutions

Online

PlatformsCar Buyers

$

Dealers

OEM/ Wholesalers

Online Platforms

Car Buyers $

A

B C

4

Application

Submission

Time to

Approve

Identity

Verification

Signing of

Agreement

GPS

Installment

Transaction

Closed/Car

Pick-up

10+ pages

Paperapplication form

1 Week approval time

Onsiteverification

at bank’s branch

Papersigning

Lengthy process

at Specified

Locations

Days to

Weeks waiting

time

Traditional

Approach

100%electronic

application

Facial

recognition utilization

Electronic signing

QuickInstallment

Onsite

Within

Half a Day

Approach

Value Creation for Platform Participants

Financial

InstitutionsDealers Car Buyers

Driving Operating Efficiency

30.8%Average

Operating

Margin

2017-2019

Transforming the Auto Finance Experience

Notes:

1. Operating profit over revenue

(1)

80% application

less than 30 minutes

approval time

5

Rigorous Dealer

Screening Procedure

1Credit Underwriting

2Six-stage Delinquent

Asset Management

3

Notes:1. FY 2019

Internal Blacklist of

Fraudulent Dealers

Significant Lawsuits

Check Leveraging

Third-party

Databases

On-site Visits

100% GPS

Installation

Credit Assessment Collateral Registration

Automobiles

Required to be

Registered with

Local Government

Authorities

Manual Evaluation

If Necessary

Proprietary Credit

Assessment Model

Machine Learning

Algorithms

Proprietary

Model

Loan Applicant

Data

Dealer Data

Proprietary

Data

Automated

Reminder1

Live Phone Calls2

In-person Visits3

Professional

Repossession 4

Disposal5

Legal Actions6

36.9% / 10.5%Automatic Approval/Rejection (1)

Robust Risk Management Practices

6

CarSourcing

Value-addedServices

After-market Products

Leads Generation

Sales and Transaction Facilitation

New and used car

sourcing for dealers

Diversified channels

Dealer Training

Supply Chain Financing

Repair & maintenance

Insurance products

Diverse online traffic to

offline dealer networks

Customized financial

products for car buyers

Dealers

6% YoY Growth of number of dealers from

2018 year-end to 2019 year-end

Majority of dealers experienced

>30% increase in auto sales volume

12 contracts per active dealer in 2019

RMB0.86 mmloan origination per active

dealer in 2019

46%

59%

89%

95%

2016YE

2017YE

2018YE

2019YE

Continuously Optimizing Dealer Productivity

% of Self-operated Dealers

Comprehensive Toolkit to Empower Dealers

7

Competitive Advantages

Largest and powerful dealer network

1

Asset light model with diversified funding sources and limited

risk exposure

2

Comprehensive services and solutions along the automotive value

chain

3

Strategic partners as powerful external growth driver

4

88

Investment Highlights

Market Position & OpportunityLeadership in Fast-Growing Auto Financing Market with High Growth Potential

Strength of the PlatformDifferentiated, Asset-Light and Highly Profitable Model

Visionary Management TeamExtensive Experience in China’s Auto Industry

Huge Monetization PotentialNew Products and Services to Monetize the Entire Auto Value Chain

9

Expanding Market Share against Industry Headwind with Promising Opportunities

Ahead

Source: CEIC , China Auto Dealer Association, Oliver Wyman Report

Notes:

1. Market share defined as number of financing transactions facilitated divided by total new and used car sales during the same period

2. Source: IHS database; CPCA; CADA; BCG Analysis.

0.99%

1.27%

FY2018 FY2019

- 7.4%

- 2.6%

Industry Car Sales Volume YoY Growth Cango Market Share

Expanding Market Share Despite of Industry Headwind (1)

1

10

20

2324

23

21 21 21

31

2015 2016 2017 2018 2019E 2020 2021 2030

China passenger vehicles sales volume (Million)

China Passenger Vehicles Market (2)

CAGR (‘21-

’30): 4-5%

30 provinces

347cities

Notes:

1. As of December 31, 2019

2. As of March 31, 2020

4S dealers18.7%

Non-4S dealers81.3%

Tier-one and tier-two cities

27.5% Lower-tier

cities72.5%

Features of Our Dealers(1) Strategic Value to Cango

Gain First-mover

Advantage in an

Underserved

Market

Build up Network

Effect

Access Auto

Transaction Value

Chain

~45,688dealers in total

Closed

Transaction Loop

Largest Dealer Network in China with Deep Engagement Levels

(2)

(2)

(2)

11

Differentiated Business Model

Banks and Auto Financial Leasing Companies

Auto e-Commerce Companies

Powerful Dealership Network Weak Dealer PresenceInefficient Online Leads

Conversion

Financing to Transaction Value Chain Financing Only Transaction to Financing for

Monetization

Scalable Platform with 28%+ Net Margin(1) Low ProfitabilityUnproven Profitability

Diversified Funding Facilitation

with Limited Credit RiskOn-balance Sheet ModelFull Guarantee Model

Notes:

1. FY201912

SHA: 601229

SHA: 601398

Asset-light Model with Diversified Funding Sources and Limited Risk Exposure

Overview of Major Funding PartnersDiversified Funding with Limited Risk Exposure

Loan Origination By Funding Partners

FY2019

Notes:

1. As of December 31, 2019

2. US$1 = RMB 6.9618; total asset as of Dec 31, 2019, unless otherwise stated

3. Based on “The Banker” in terms of tier–1 capital in 2019

Total Asset

(US$Bn)(2)

322

42

4,324

49%

Remarks

• 68th largest bank in the world(3)

• First private commercial bank in

China backed by

• Largest bank in the world(3)

Type

• Direct Partnership:

Risk-Taking

Jiangnan Rural

Commercial Bank

59 • 10thlargest rural commercial bank

in China

• Direct Partnership:

Risk-Free

• Co-partnership:

Risk-Free

• Direct Partnership:

Risk-Taking

Jincheng Bank

12 • Well recognized player in auto financing• Direct Partnership:

Risk-Free

74

%

Direct PartnershipCo-partnership:

7 Financial

institutions led by

More to come…

(1)

74.4%

7.4%

18.2%

2

SHA: 600016

960 • 28th largest bank in the world(3) • Direct Partnership:

Risk-Taking

13

Xiaojun ZHANG

Co-founder and Chairman

20+ years of experience in automotive

industry

Served as a financial supervisor of People’s

Bank of China, Shanghai Branch

Bachelor’s degree in finance from Shanghai

University of Finance and Economics and

master’s degree in business administration

from Peking University. Completed China

Senior Executive Program at Harvard

Business School

Visionary Management: Pioneers in China Auto Financing Industry3

14

Jiayuan LIN

Co-founder and CEO

20+ years of experience in automotive industry

Served as the Deputy Manager of the Audit

Division and Deputy Manager of the Credit

Division in the Finance Department at Pudong

Branch of Bank of China

Bachelor’s degree in finance and economics

from Shanghai University of Finance and

Economics. Completed the China Senior

Executive Program at Harvard Business

School

Yongyi ZHANG

CFO

25+ years of experience in finance and capital

market

Worked as an auditor at Arthur Anderson

(Shanghai Office)

Bachelor’s degree in international accounting

from Shanghai University of Finance and

Economics

New Strategic Initiatives: Working with OEMs

More national banks and prestigious funding

partners to join…

Vast dealer network in lower-tier cities

in addition to OEMs’ existing 4S

network

Direct funding from banks with low

funding costs

Extensive experience in offering such

products

Value Creation

Funding partners: diversified loan

portfolio & attractive asset class

OEMs: extend sales channels and

diversified funding support to boost sales

Car buyers: cost-effective and convenient

auto-financing solutions

Cango’s Core Competencies

More foreign and sino-foreign joint

venture OEMs to come…

Over 40 domestic OEMs partnering with us(1)

Low interest

OEM-subsidized

and non-

subsidized auto

financing

products for car

buyers

Note1: As of December 31, 2019

4

15

Auto

Insurance

Distribution

Anti-theft

Assurance

New Business Initiatives: Insurance Facilitation

Accident

Insurance

Number of Policy Sales

in 2019

355,880

207,377

As % of Total Transactions

Facilitated by Cango

91.2%

53.2%

Partner with more insurance companies to facilitate auto

insurance distribution

Potential high attachment

ratio to auto financing

solution

Minimal extra customer

acquisition cost

Highly scalable

High profit margin

16

Financial Highlights

Total Financing Transactions

(RMB bn)

Total Revenue

(RMB mm)

18

0.7x1.3x 1.3x

Cost of Revenue Operating Expenses(RMB mm)(RMB mm)

1.3x 0.7x

21.7

28.1

6.6 4.4

FY2018 FY2019 1Q2019 1Q2020

1,091

1,440

352 246

FY2018 FY2019 1Q2019 1Q2020

167 193

46 46

151237

65 57

47

57

13 13

FY2018 FY2019 1Q2019 1Q2020

Research and development

General and administrative

Sales and marketing

430

539

131 91

FY2018 FY2019 1Q2019 1Q2020

Robust Topline Business Growth with Improved Cost Structure

0.7x

18

661

901

221155

FY2018 FY2019 1Q2019 1Q2020

307

405

74

-35

FY2018 FY2019 1Q2019 1Q2020

Gross Profit Net Income (loss)

(RMB mm) (RMB mm) MarginMargin

62.6%60.6%

1.4x

63.2%62.8%

0.7x

28.1%28.1%

1.3x

-14.1%21.1%

-0.5x

Gross Profit and Net Income

Non-GAAP Adjusted Net Income

(loss)(1)

(RMB mm)

-0.1x1.4x

340

487

90

-11

FY2018 FY2019 1Q2019 1Q2020

Note 1: Non-GAAP adjusted net income is defined as net income excluding share-based compensation expenses

19

Select Balance Sheet ItemsIn RMB million Dec 31, 2019 March 31, 2020

Assets

Cash and cash equivalents 2,002.3 2,741.0

Restricted cash 971.0 690.0

Short-term investments 597.3 741.5

Short-term finance leasing receivable, net 1,661.1 1,669.5

Others 309.1 228.3

Total current assets 5,540.8 6,070.3

Restricted Cash 873.7 909.0

Long-term finance leasing receivable, net 1,449.0 1,252.3

Others 873.1 908.2

Total non-current assets 3,195.8 3,069.5

Total Assets 8,736.6 9,139.8

Liabilities

Short-term borrowings 1,439.7 1,192.9

Long-term debts-current 863.4 1,348.4

Accrued expenses and other current liabilities 278.7 174.3

Risk assurance liabilities 260.0 366.9

Income tax payable 67.3 59.2

Total current liabilities 2,909.1 3,141.7

Long-term borrowings 301.7 485.2

Deferred tax liability 12.3 14.4

Other non-current liabilities 21.8 13.7

Total non-current liabilities 335.8 513.3

Total Liabilities 3,244.9 3,655.0

Cango's equity 5,477.8 5,484.8

Non-controlling interests 13.8 0.2

Total shareholders’ equity 5,491.7 5,484.8

Total liabilities and shareholders’ equity 8,736.6 9,139.8

20

21

THANK YOU!

NYSE:CANG

Caesar Cao

Cango Inc.

Tel: +86 21 3183 5088 ext.5521

Email: ir@cangoonline.com

Emilie Wu

The Piacente Group

Tel: +86 21 6039 8363

Email: cango@thepiacentegroup.com21