PENSKE AUTOMOTIVE / 2021 ESG REPORT 25 ACTING WITH INTEGRITY Securing and maintaining the trust of our stakeholders. We are dedicated to maintaining the highest standards of business integrity and ethical conduct. Adherence to sound principles of corporate governance through a system of checks, balances, and personal accountability is vital to protecting Penske Automotive’s reputation, assets, investor confidence, and customer loyalty. LEADING RESPONSIBLY We promote a culture of uncompromising ethics and integrity in all that we do, including corporate governance, oversight, accountability, and transparency. To learn more, see our governance policies . Our Board of Directors Our business is managed under the direction of our Board of Directors, which is currently comprised of 13 members, seven of whom are independent. Each director is elected annually by a majority of votes cast. The Board guides the company’s long-term strategy and represents the highest level of oversight at the company. The Board helps to ensure our policies and processes support the company’s business objectives and contribute to sustainable value creation for the company’s stakeholders. Board Committees The Board maintains four standing committees: Audit, Compensation and Management Development, Nominating and Corporate Governance and Executive. Other than the Executive Committee, each committee is chaired by an independent director and governed by its own charter. Our board members attended 99 percent of the Board and committee meetings in 2020. • Audit Committee: The Audit Committee is responsible for upholding the integrity of the company’s financial statements, and monitoring the qualifications, independence and performance of our independent and internal audit functions. Additionally, this Committee is responsible for reviewing the company’s key risk areas. “The Penske Automotive Group Board of Directors is committed to adherence to the highest ethical standards, and furtherance of the Company’s key ESG initiatives highlighted in this report.” – Kim McWaters Chair, Nominating and Corporate Governance Committee