EUROPCAR GROUP THE LEADING EUROPEAN COMPANY AT THE HEART OF NEW MOBILITY SOLUTIONS

INVESTOR PRESENTATION JUNE 1 st 2016 European #1 with global reach in the growing vehicle rental and mobility solutions markets

Strong brand recognition (d) V ’s #1 vehicle rental company (a) , with €3.0bn (b) of revenues under Clear leader brands in 2015 with highly recognized brand V Over 65 years of experience in the attractive and growing vehicle rental and mobility solutions market Europe’s Leading Car Rental Company 2015, 2014 & 2013

#1 market share (2014) (a) V c.5.5 million drivers in 2015 Large and 19% diversified V Wide and diversified customer base customer base 1.5x (e) V Successful relaunch of Privilege loyalty program in 2014 13%

1 2 V Well balanced across 9 Corporate countries with 1,654 stations operated High density directly or by agents in 2015 network V Overall, c.3,600 locations in over 140 countries (including stations operated by agents and franchisees) in 2015 Strong performance yoy +8.2% +17.8% +90bps growth (f) 2,142

251 11.7% V A diversified, flexible and large fleet of c.205,000 vehicles in Europcar Flexible and Corporate countries in 2015 (c) low-risk fleet

V c.92% of 2015 fleet purchased with fixed pre-agreed buy-back commitments (€m) FY 2015A Revenue Adj. Corp. Margin EBITDA

(a) 2014 market shares based on KPMG study on the basis of the mid-point of estimated market shares and, based on company revenues (excluding franchisees) (b) Based on €2.1bn total Europcar revenue reported, adjusted for €0.9bn revenue generated by Europcar franchisees including InterRent with royalties received deducted of (€0.04)bn (c) 2015 average fleet of Europcar (d) Based on world and national awards recently received by Europcar, as well as active sponsorship and co-marketing campaigns promoted by Europcar (e) Before impact of acquisition of Maggiore Group (independent rental operator in Italy) in March 2015 (f) Including €53m of royalties and fees from franchisees

2 Business highlights

Recent initiatives and achievements

Operating performance and financial update

Our success and our commitments

Appendix

3 Europcar’s exciting journey of sustainable profitable growth through Fast lane program...

Fast Lane strategy for Fast Lane objectives 2017 midterm guidance next phase

V Grow our top line V Differentiate our offer V Reinforce Europcar position as a Adjusted Corporate EBITDA leader to allow sustainable growth V Improve our cost structure margin above 13% V Optimise our resource allocation V Pursue operational excellence V Increase our effectiveness V Invest for future growth 250

213 11.6%

10.8% 157

119 8.2% 92

4.7% 6.1%

FY-11 FY-12 FY-13 FY-14 LTM Mar-16 Adj.Corp.EBITDA ( €m) Adj.Corp.EBITDA LTM margin

CONTINUOUS INCREASE IN ADJUSTED CORPORATE EBITDA AND PROFITABILITY

4 … to be further supported by the acceleration of Europcar’s acquisition model

Our philosophy Key PillarsBolt-on opportunities

Bolt-on opportunities

V Priority focus on V Focus on customer base / offering / geographical expansion value-added acquisitions V Strong identified pipelines V Targeting offering, V Significant synergies potential (integration, shared support functions…) customer base and geographical expansion Franchisee opportunities V Strict financial criteria aiming at quick pay-back, mainly for bolt- ons and franchisees, V Unique opportunities for increasing network density and geographical expansion V New mobility solutions V Intimate knowledge of potential targets opportunities being assessed V Identified synergies and quick wins with limited implementation costs/time based on their strategic value

V Large identified pipeline Companies and solutions from new mobilities sector of small to mid-size opportunities V Enhance Europcar penetration in new mobility business models while reinforcing Europcar Lab and accelerate its development V Significant Financial headroom V Focus on solutions which may benefit from unique Europcar features (network thanks to IPO and Cash density, fleet scale management, financing know-how…) to favour quick Generation development / accelerated go to market V Special emphasis on solutions potentially benefitting our existing customer base and therefore offering strong synergy / complementarity potential in the mid term

5 Europcar’s Key Strengths

1 Market growth supported by positive structural trends in car rental and mobility solutions V

2 Established leadership further supported by franchisees and partnerships V

3 Diversified and low-risk business model focusing on profitability V

Successful ongoing implementation of second phase of “Fast Lane” transformation 4 program to continue delivering profitable growth V

5 Lower risk, better balanced business benefitting from higher profitable growth potential V

6 Experienced management team and proven track record V

6 Europcar’s Key Strengths

Market growth supported by positive structural Established leadership further supported by trends in car rental and mobility solutions franchisees and partnerships

Car rental market growth Unrivalled leader (#1 market share) – 2014 (b)

Car rental market growth in core Europcar Corporate countries in Europe (a) 4.2% 3.3% 4.0% 2.6% 2.5% 19% 2.4% 2.4% > 1.5x 3.6% (c) 13% 12% 12% 11%

(6.5)%

2009 2010 2011 2012 2013 2014F 2015F 2016F 2017F Year-on-year evolution Year-on-year Car Rental market size (# of rental days) International passenger arrivals Real GDP (b) Market shares based on KPMG Study, on the basis of the mid-point of estimated market (a) Based on , Germany, UK, Italy, Spain shares, based on company revenues excluding franchisees Source: Euromonitor for international passenger arrivals, IMF for Real GDP, KPMG analysis for car (c) Before impact of Avis Budget group acquisition of Maggiore Group in March 2015 rental market size Europcar’s global network (end 2015) Changing social habits

Sharing economy Green consciousness Urban congestion & policies

Behavoiral shift from ‘car-ownership’ to ‘car-usership’ with a sharp increase in the % of people ready to forgo (d ) owning a car and use car-sharing instead in Europe Corporate countries Overall more than 140 countries Partnerships (d) From 10% in 2010 to 34% 2012, based on average contribution rates for France, Germany, Key partnerships in UK, Spain and Italy, from Cetelem observatory – 2010 and 2012 reports based on a survey International franchise of 3,600 and 6,000 individuals respectively c.30 GSAs General Sales Agents

7 Europcar’s Key Strengths: Diversified and Low Risk Business Model

High fleet utilisation rate Geographical footprint (a) Quarterly revenues (€m) vs. fleet utilisation rate (in %)

2015 revenue breakdown Average fleet 156 190 225 185 172 209 243 196 177 Australia- (‘000 units) New-Zealand 693 Belgium 7% 646 3% Germany Portugal 26% 5% 25% 547 Southern Spain Europe 10% 495 489 464 Italy 418 10% 80% 414 80% UK 374 France 22% 17% (a) Rental income excluding franchises 77% 76% 74% 74% 74% 74% 73% Network (b)

By # of Stations By Revenue Airport 16%

Airport 42%

Off-airport 58% Off-airport 84% Q1- 14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16

(b) 2015 figures based on the percentage of the number of directly- and agent-operated stations and Quarterly revenues (€m) Fleet utilization (%) of the Group’s rental revenues in Corporate Countries (excluding fees received from franchises) between stations located at airports and other locations

92% of the Europcar 2015 fleet purchased with fixed buy-back commitments pre-arranged

8 Europcar’s Key Strengths: Integrated Approach focusing on Sustained Profitable Growth

Volume Growth

Investments Financial for Future Utilization Growth Rate Sustained Profitable Growth

Optimizatio n of Cost RPD Structure

9 Europcar’s Key Strengths: Lower risk, better balanced business and higher growth potential

Clear #1 position in European car 1 19% 13% rental (a) (14A market share) 100% car rental 100% car rental

8% 51%

50% 50% 30% De-risked fleet 70% 70% 30% % non-buyback fleet 10% 90% 90% 10%

Belgium Australia–New 3% Zealand International Portugal 30% (c) 7% 5% By geography Germany Group level Spain 26% 25% 10% Southern Italy UK Americas Europe 10% France 22% 70% 17% (b) By customer 44% 56% revenues) 40% 60%

Balanced andBalanced Business Leisure Business Leisure mix (split of(splitmix 2015 (d) By location 42% 58% 70% 30% complementary businesscomplementary Airport Off-airport Airport Off-airport

12.3% 11.9% 11.7% 11.5% 11.6% 11.2% 11.7% 10.9% 11.4% 10.6% 10.7% 10.6% Adj. Corporate EBITDA LTM evolution 10.3% 10.5% 9.7%

Q1 -15 Q2 -15 Q3 -15 Q4 -15 Q1 -16 Europcar Avis Group Avis International Year-on-year evolution Year-on-year Source: Avis Budget Investment presentation May 2016 and quarterly financial results (a) Market shares based on KPMG Study, on the basis of the mid-point of estimated market shares, based on company revenues excluding franchisees (b) Based on 2015 rental revenue for 9 Corporate countries alone for Europcar (c) Based on 2015 rental income excluding franchisees for Europcar (d) 2015 figures based on the percentage of the number of directly- and agent-operated stations and of the Group’s rental revenues in Corporate Countries (excluding fees received from franchises) between stations located at airports and other locations for Europcar

10 Europcar’s Key Strengths: Successful ongoing implementation of second phase of “Fast Lane” transformation program

From well engaged key pillars continuing to deliver

FOSTER SEGMENTS AND 1 Commercial Strategy BRANDS FOOTPRINT

EFFICIENCY BENEFITS ON 2 Shared Service Center Logic TRACK

IMPROVING COVERAGE AND 3 Network Optimization EFFICIENCY GAINS

To new programs to sustain and enhance long term growth COMPREHENSIVE PROGRAM 4 Customer Journey/Experience LAUNCHED IN 2016 €10m+ investments over 2016- 2018 included in guidance

5 IT / Digitalization INCREASED SUPPORT TO FAST LANE INITIATIVES AS PLANNED with strong focus on full digital journey

11 Europcar’s Key Strengths : Secured and Optimized financing structure

Corporate Net Debt

March €million Pricing Maturity 31, 2016 • Only one Corporate bond for €475m (June 2022) with €27m annual interest. High Yield Senior Notes 5.75% 2022 475 Senior Revolving Facility (€350m) E+250bps 2020 120 • On June 1, 2016 we tap this bond for an FCT Junior Notes, accrued interest not yet -163 incremental amount of €125 M with a yield of due, capitalized financing costs and other 4.88% (improvement of 100bp) Gross Corporate debt 432 Short-term Investments and Cash in operating and holding • Very low leverage at 1x

IN Balance Sheet Balance IN -185 entities CORPORATE NET DEBT 247 • Rating: S&P B+, Moody’s B1

Fleet net debt fully Asset-Back with vehicules March €million Pricing Maturity 31, 2016 • Successful refinancing from July 2014 to June High Yield EC Finance Notes 5.125% 2021 350 2015 with improved terms on all IN BS key debt Senior asset revolving facility (€1.1bn SARF) E+170bps 2019 584 lines FCT Junior Notes, accrued interest, financing capitalized 161 • SARF single A rated costs and other UK, Australia and other fleet financing facilities various 409 • Secured interest costs thanks to swap up to Gross financial fleet debt 1,504 €1.6 bn maturing up to 2019 IN Balance Sheet Balance IN Cash held in fleet financing entities and Short-term fleet investments -118 • Still room for improvement for OFF BS lines as a Fleet net debt in Balance sheet 1,386 result of better performances and upgraded rating in July 2015 Debt equivalent of fleet operating leases - OFF BS 1,389 BS OFF

TOTAL FLEET NET DEBT (incl. op leases) 2,775

12 Europcar’s Key Strengths: Experienced management team and proven track record

MANAGEMENT BOARD

V Clear leadership and vision Philippe GERMOND Caroline Parot Chairman of the Management Board CEO Finance V Knowledgeable and passionate team − Appointed Chairman of the − Appointed member of the management management board since March 2015 board since March 2015 International and local teams with − Joined the group in 2014 as CEO − Joined the group in 2011 V strong complementarity

V Successfully led the transformation of the company through “Fast Lane”

V Strengthened corporate governance Ken Mccall Fabrizio Ruggiero Deputy CEO in charge of operations Head of Mobility V Supported by a diversified and − Appointed member of the management − Appointed member of the management experienced Supervisory Board board since March 2015 board since March 2015 − Joined the group in 2010 − Joined the group in 2011

13 Business highlights

Recent initiatives and achievements

Operating performance and financial update

Our success and our commitments

Appendix

14 Recent Initiatives and Achievements

ONGOING IMPLEMENTATION OF FAST LANE – PHASE 2

1 Successful Deployment of InterRent

Customer 360 ° 2 Launch of our promising Project

INCREMENTAL VALUE CREATION

3 Europcar Lab delivering first achievements with more to come

4 Ambitious external growth plan delivering significant synergies

15 1 INTERRENT DEPLOYMENT

1. InterRent Strategy ° Concentrate on locations with highest market potential ° Capitalize on volume strategy / high utilization ° Continue to optimize dedicated costs while leveraging our back office know how ° Transform IR counters to dedicated structures as soon as critical mass is reached

2. Investments to accelerate development Q1 Rental Revenues at cc ° New station openings and Recent launch in Germany +90.0% +77.7% ‹ 87 stations in corporate countries and 64 stations in franchisee countries at end of March 2016 +6.9% ° Online marketing and IT investment notably to sustain direct channel and improve ancillary sales Average RPD Rental day volume

16 2 CUSTOMER 360 °

A COMPREHENSIVE PROGRAM ADDRESSING ALL CUSTOMER TOUCH POINTS

A new CRM vision Market Initiatives V investments of +€10M over 2016-2018 V New web campaigns V Kick–off in March 2016 V Loyalty program

Gain more customer insights V To split the Customer base in «Clusters » based on value and homogeneous behaviors V To recognize « star customers » who have the highest value across all countries V To identify best prospects and new customers

Benefits V To refine and personalize communications towards our customers at any touch points V To maximize outgoing campaign results and efficiency (ROI, contact channels) V To improve process effectiveness and maximizing resource efficiency V To get new selling, relational and retention opportunities

17 3 EUROPCAR LAB DELIVERING FIRST ACHIEVEMENTS WITH MORE TO COME

Our program for the coming months

V Accelerate the development plan of Car Sharing (B2B and B2C) solutions ° After and London, Ubeeqo to launch its multimodal platform for B2C in Brussels, Berlin and Hamburg ° Increasing number of RFI for Ubeeqo B2B solutions among key accounts from Europcar customer base

V Launch of prototypes / pilots with focus on identified priorities: ° Lease to share ° Connected journey - contactless access ° Partnership with Blablacar for On€Way in Italy

18 4 AMBITIOUS EXTERNAL GROWTH PLAN: ILLUSTRATIONS

OUR TRACK-RECORD DEMONSTRATES OUR ABILITY TO SOURCE AND EXECUTE VALUE-ADDED TRANSACTIONS

Locaroise Acquisition in May 2016 (a) Europ’Hall Integration

V # 3 French franchisee V #2 French franchisee at the time of the acquisition (October 2014) V €17m revenues generated through 19 locations and an average fleet of 2,200 vehicles; high proportion of V Smooth integration of Europ’Hall within SME customers Europcar, demonstrating highly value accretive feature of the transaction V Transaction : Cash out of €9m - estimated ~4x Adjusted Corporate EBITDA pre synergies (b) V Significant synergies achieved (Q1 16 vs Q1 15) V Significant synergies identified both in terms of revenue and profitability: • Achieved savings on fixed costs following the transfer of some functions to Shared • Optimization of vehicle management and costs Service Center through geographical continuity and fleet consolidation • Strong utilization rate enhancement: +c.5 points • Strengthening of operating leverage, particularly through Shared Service Centers • Significant ancillary sales growth: +c.9% Net Promoter Score sharp enhancement: • Implementation of the Group’s “Revenues and • +16% Capacity Management” strategy and tools • Integration within Europcar’s IT system

(a) The finalization of this operation could take place in the coming weeks and is subject to customary closing conditions. (b) Europcar Group estimate, based on 2015 figures 19 Business highlights

Recent initiatives and achievements

Operating performance and financial update

Our success and our commitments

Appendix

20 A FLEXIBLE BUSINESS MODEL WITH STRONG FINANCIAL PERFORMANCE

Change at All data in €m, except if noted FY 2015 FY 2014 Change constant currency* Revenues 2,142 1,979 8.2% 5.8% Rental Day Volume (million) 57.1 52.8 8.1% RPD (€) 34.9 34.5 1.1% -1.2% Average duration (day) 6.0 5.7 4.1% Average Fleet (thousand)** 205.4 189.3 8.5% Per unit fleet costs (€) -253 -248 1.8% -0.7% Financial utilization rate 76.1% 76.4% -0.3 pt Adjusted Corporate EBITDA 250.6 212.8 17.8% 15.6% Adjusted Corporate EBITDA Margin 11.7% 10.8% +0.9 pt Estimated Net Income Pro Forma*** 128 na Operating Income IFRS **** 222 138 60.3% Net Income IFRS -56 -112 -50.0% Corporate Net Debt 235 581 Average Total Fleet Net Debt (incl. operating leases) 3,127 2,807

* UK pound and Australian dollar ** Fleet 181.8k as of December 31, 2015 vs. 173.5 k at as of December 31, 2014 *** See definition in Appendix **** Includes non-recurring expenses for € 62m in 2015 vs. €116m in 2014.

21 STRONG OPERATIONAL LEVERAGE DELIVERING PERFORMANCE IN THE HIGH END OF THE GUIDANCE

Change at Key considerations All data in €m FY 2015 FY 2014 Change constant currency Revenues organic growth at 4.9%

Revenues 2,141.9 1,978.9 8.2% 5.8% Solid improvement of margin after variable cost at 43.1% Fleet holding costs excluding estimated -491.9 -442.7 11.1% 8.3% mainly reflecting: interest included in operating leases Fleet operating, rental, revenues and − Strong management of the utilization -727.0 -686.3 5.9% 3.5% insurance-related costs rate in a context of significant increase of the fleet, revenues and upsell Margin after variable costs 923.0 849.9 8.6% 6.4% dynamic

Margin Rate after variable costs 43.1% 42.9% +0.2pt − Fleet costs per unit (holding and operating) continue to decline Personnel, network, IT and other HQ costs -551.7 -510.6 8.0% 5.8% − Other operating costs benefiting from Fleet financing costs -120.7 -126.5 -4.6% -6.3% strong initiatives notably on insurance

Operational leverage delivering : Adjusted Corporate EBITDA 250.6 212.8 17.8% 15.6% − Efficiency gains on the network, control Adjusted Corporate EBITDA Margin 11.7% 10.8% +0.9pt of our semi fixed costs based

− Investments in Sales & Marketing to sustain the profitable growth ALL TIME HIGH ADJUSTED CORPORATE EBITDA AT €251M, WITH MARGIN AT 11.7% Decrease in fleet financing costs following the refinancing initiatives between July 2014 and June 2015

22 25/02/2016 2015 WAS A TRANSITION YEAR

IFRS 2015 Net Loss Included All data in €m FY 2015 FY 2014 Change − Net negative impact of some Adj. Corporate EBITDA 250.6 212.8 17.8% proceedings for approx. €25 m (mainly Q1 2015 items) Non-fleet D&A -32.8 -31.8 3.1% − Costs associated with the IPO for €11m Other non-recurring operating expenses -61.8 -115.7 -46.6% − Reorganization charges linked to Non-fleet financial expenses -162.1 -159.8 1.4% Fast lane for €24 million

Profit Before Tax -6.1 -94.5 -93.5% − Cost linked to the reshape of the capital structure: Net tax expense -37.6 -10.7 • Redemption premium of €56m Associates -12.1 -6.5 • Write off of amortization Net income -55.8 -111.7 -50.0% costs for €27m (non cash) − Increase of tax expense mainly related to the operations and to tax audit provision Estimated Pro forma Net Income at €128m − Deployment costs of Car2Go (before associates and exceptional items and pro forma the Europe (associates) refinancing initiatives)*

* See definition and reconciliation in Appendix 23 CORPORATE NET DEBT BRIDGE OVER 2015

Corporate net debt / Adjusted Corporate EBITDA

2.7x 0.9x

€159 M 54 24 73 40 24

12 581 (223) 56 15 27 235 (448)

Net Cash Non fleet Income tax Non Profit and Other Increase in Transaction, Redemption Amortisation Other Net Corporate Adjusted Capex paid recurring loss interest investing capital premium, price of Corporate Debt 2014 Corporate expenses on activities discount transaction, Debt 2015 EBITDA Corporate costs writte premium, debt offs discount costs

Corporate operating free cash flow (before change in rental fleet) €86M

24 SOUND Q1 2016 KEY METRICS

Change at All data in €m, except if noted Q1 2016 Q1 2015 Change constant currency* Revenues** 418 414 0.9% 2.3% Rental Revenues 388 382 1.6% 3.0% Rental Day Volume (million) 11.8 11.4 3.5% Consolidated RPD (€) 32.9 33.5 -1.8% -0.4% Average duration (day) 5.8 5.7 2.5% Average Fleet (thousand)*** 177.3 172.4 2.9% Per unit fleet costs per month (€) -259 -265 -2.5% -1.4% Financial utilization rate 73.2% 73.6% -0.4pt Adjusted Corporate EBITDA -5 -4 28.2% 21.3% Adjusted Corporate EBITDA Margin -1.1% -0.9% Last Twelve Months Adjusted Corporate EBITDA 250 219 13.8% LTM Adjusted Corporate EBITDA Margin 11.6% 10.9% Operating Income IFRS 7 -29 Net Income IFRS -20 -69 Corporate Net Debt at end of the period 247 Average Total Fleet Net Debt (incl. operating leases) 2,734 2,614

* UK pound and Australian dollar ** Total revenues excluding petrol income increase 2.8% at constant currency *** Fleet 189.2 k as of March 31, 2016 vs. 191.5 k at as of March 31, 2015

25 Q1 2106 - RENTAL REVENUE ORGANIC GROWTH AT 3.0%

Change at Key considerations All data in €m Q1 2016 Q1 2015 Change constant currency Strong dynamics in leisure segment − Supported by Europcar brand and by the Rental revenues 388.2 382.0 1.6% 3.0% accelerated deployment of the InterRent brand, Other revenue associated with car rental 17.7 20.2 -12.4% -11.1% Franchising business 11.7 11.6 1.1% 1.5% − Southern Europe and Australia – NZ particularly strong Revenues 417.6 413.7 0.9% 2.3% Softer trends in corporate − SME development offsetting key accounts soft demand in some countries Q1 Rental Revenue at cc − In addition, car replacement business declining in volume notably in the UK − Belgium suffering from terrorists attacks +3.5% +77.7% +6.9% RPD slightly declining due to mix and geography effects : +3.0% Strong growth of InterRent brand +1.3% − +0.7% − Europcar brand up thanks to balanced growth and ancillary sales while duration is Average RPD Rental day volume increasing -0.4% − Realignment of van strategy with focus on Average RPD Europcar lower categories and longer duration

Rental day volume InterRent Other revenue impacted by Petrol income decrease , with limited impact on margins

26 05/09/2016 Corporate net debt bridge over Q1 2016

Corporate net debt / Adjusted Corporate 0.9x 1.0x EBITDA 4 247 €5m

7 1 6

235

(5) (2)

Net Corporate Debt Cash Adjusted Non fleet Capex Income tax paid Non recurring Accrued interest on Other including non Net Corporate Debt Dec end 2015 Corporate EBITDA expenses corporate net debt cash items March end 2016

Corporate operating free cash flow (before change in rental fleet) €0m vs €(35)m in Q1 2015

Source: Company

27 27 Business highlights

Recent initiatives and achievements

Operating performance and financial update

Our success and our commitments

Appendix

28 OUR SUCCESS AND OUR COMMITMENTS

2016 guidance in line with IPO commitments V Organic growth of 3% to 5% (a) leveraging our network capillarity and our well Achieved upgraded balanced geographical coverage − Main actions: Van & Trucks, SME, Direct to Brand, Customer Journey 1 2015 guidance and on track to deliver V Adjusted Corporate EBITDA above €275m 2016 guidance − Including investment in IT, Customer Journey, and new mobility solutions V From 2016, Dividend pay out ratio at least 30% of Net Income (b) − To be paid from 2017, based on prior year net income

Continuous delivering of 2017 objectives confirmed organic profitable V Revenues organic growth 3% to 5% 2 growth as committed at V Adjusted Corporate EBITDA margin above 13% IPO thanks to Fast Lane V Natural organic deleveraging: organic leverage ratio below 1x at end 2017

Ongoing roll out of our V Europ’Hall (2014) V Ubeeqo (2014) ambitious external V Locaroise (2016) V E-car Club (2015) 3 growth plan to accelerate value creation Solid pipeline of identified targets expected to deliver

(a) Excluding petrol income, at constant currency and scope (b) Based on prior year net income

29 EUROPCAR, A LOW RISK BUSINESS MODEL WITH SIGNIFICANT VALUE CREATION POTENTIAL

ORGANIC ACCELERATION DEVELOPMENT FOR POTENTIAL THE MEDIUM TERM

Unrivalled leader in Enhance international an attractive and footprint growing market Significant Financial Headroom thanks to IPO Successful Fast Lane and Cash Generation Develop new transformation mobility solutions

Seize bolt-on/ Efficient buy-back franchisee model opportunities

30 Business highlights

Recent initiatives and achievements

Operating performance and financial update

Our success and our commitments

Appendix

31 FY 2015 OPERATIONAL CASH FLOW IMPACTED BY ONE OFF ITEMS

Management Cash Flow part 1 Key considerations

All data in €m FY 2015 FY 2014 Adjusted Corporate EBITDA up €38 m Non recurring expenses cash out of Adjusted Corporate EBITDA 251 213 €73m linked to a €12.5m litigation Non-recurring expenses -73 -28 settlement, continuing Fast Lane reorganization plans and bonus payment Non-fleet capital expenditure (net of proceeds -24 -22 from disposals) following the success of Fast Lane first tranche Changes in non-fleet working capital -29 16 Change in provisions and employee benefits 1 11 2015 change in non fleet working capital Income tax paid -40 -31 reflecting the growth in activity and impacted by tax payment related to Corporate operating free cash flow 86 158 previous years that should be paid back in 2016 Cash interest paid on corporate High Yield bonds -65 -74 Increase in income tax cash out linked to Cash flow before change in fleet asset base, 21 84 better performance financing and other investing activities 2015 cash interest reflecting the benefit of the refinancing occurred at the time of the IPO end of June 2015

32 FY 2015 CASH FLOW IMPACTED BY IPO AND CAPITAL STRUCTURE RESHAPING

Management Cash Flow part 2 Key considerations Other Investing activities including All data in €m FY 2015 FY 2014 − Car2Go capital increase to support new Cash flow before change in fleet asset base, openings 21 84 financing and other investing activities − Ubeeqo capital increase leading to 75.7% ownership Other investing activities -31 -56 − E-car club acquisition in July 2015 Change in fleet asset base, net of drawings on fleet -87 -55 Change in fleet asset base and working financing and working capital facilities capital facilities of €87 m driven by higher level of fleet and by lower drawings on RCF Capital increase 448 - following IPO

Change in High Yield -308 -17 Capital increase: gross proceeds at €475m less fees paid as of Dec 31, 2015

Transaction cost cash out and swap impact -20 -19 Change is Corporate High Yield notes negative at €308m : Net change in cash before FX effect 22 -63 − repayment of the two former Corporate bonds (i.e. €324m and €400m) − issuance of the new Corporate bond for €472m (€475m at issue price of 99.289%) − €56m of redemption price

33 Q1 2016 ADJUSTED CORPORATE EBITDA REFLECTING INVESTMENTS IN FUTURE GROWTH

Change at Key considerations All data in €m Q1 2016 Q1 2015 Change constant currency Solid margin after variable cost mainly reflecting: Revenues 417.6 413.7 0.9% 2.3% − Fleet costs per unit (holding and Fleet holding costs excluding estimated operating) continue to decrease -104.9 -106.0 -1.0% 0.2% interest included in operating leases − Other operating costs benefiting from Fleet operating, rental, revenues and -155.3 -151.1 2.8% 4.2% strong initiatives on insurance insurance-related costs Operational leverage delivering : Margin after variable costs 157.4 156.6 0.5% 1.8% − Efficiency gains on the network, control Margin Rate after variable costs 37.7% 37.9% -0.2pt of our semi fixed costs based,

Personnel, network, IT and other HQ costs -136.7 -133.5 2.4% 3.8% − Enabling Investments in InterRent deployment, IT and the LAB Fleet financing costs -25.3 -26.9 -5.8% -4.8% Decrease in fleet financing costs following the refinancing initiatives Adjusted Corporate EBITDA -4.7 -3.7 28.2% 21.3% between July 2014 and June 2015, despite the strong growth in activity Adjusted Corporate EBITDA Margin -1.1% -0.9% -0.2pt

34 05/09/2016 Q1 2016 NET RESULT BENEFITING NOTABLY FROM THE REFINANCING

Key considerations All data in €m Q1 2016 Q1 2015 Change

Adj. Corporate EBITDA -4.7 -3.7 28.2% Non recurring operating income / expenses: Non-fleet D&A -8.2 -8.0 2.5% − In 2016, reimbursement of tax payment Other non-recurring operating income / 4.7 -32.7 -114.5% related to previous years paid at end of expenses 2015 Non-fleet financial expenses -12.6 -28.2 -55.3% − In 2015, net negative impact of certain proceedings and reorganization charges Profit Before Tax -20.8 -72.5 -71.3% linked to Fast Lane transformation plan roll out Net tax expense 3.7 5.0 Benefit of the reshape of the capital Associates -3.0 -1.9 structure following the IPO at end Q2 Net income -20.1 -69.5 -71.1% 2015

Deployment costs of Ubeeqo and Car2Go Europe (associates)

35 05/09/2016 Q1 2016 MANAGEMENT CASH FLOW

All data in €m Q1 2016 Q1 2015 Key considerations

Adjusted Corporate EBITDA -5 -4 Adjusted Corporate EBITDA down €1m

Non-recurring expenses 5 -4 Non-fleet capital expenditure (net of proceeds from disposals) -6 -6 Non recurring expenses cash linked to the reimbursement of tax payment related to Changes in non-fleet working capital and provisions 7 -16 previous years occurred at end of 2015 Income tax paid -1 -5

Corporate operating free cash flow 0 -35 2016 change in non fleet working capital and Cash interest paid on corporate High Yield bonds 0 - provisions reflecting the improvement in the Cash flow before change in fleet asset base, financing and management of the processes 0 -35 other investing activities Other investing activities 0 - Change in fleet asset base and working Change in fleet asset base, net of drawings on fleet financing capital facilities of €30 m driven by timing -30 47 and working capital facilities effect in a context of growing fleet Capital increase 0 -

Net change in cash before FX effect -30 12

36 P&L under IFRS and reconciliation with Adjusted Corporate EBITDA

P&L IFRS Full year Quarterly in €m 2014 2015 Q1-2015 Q1-2016 Total revenue 1,979 2,142 415 418 Fleet holding costs (incl. lease related depreciation but excl. lease interests) (443) (492) (106) (105) Fleet operating rental & revenue related costs (686) (727) (151) (155) Total personnel costs (318) (347) (81) (83) Network and HQ overhead cost excl. Depre. & amort. (199) (219) (53) (54) Non-fleet depreciation and amortization (32) (33) (8) (8) Other income 7 14 1 (0) Operating expenses before non-recurring items (1,228) (1,312) (293) (300) Interest expense included in fleet op leases rents (54) (55) (12) (11) Other operating revenues and expenses (116) (62) (33) 5 Operating income 138 222 (29) 7 Financial results (IFRS) (233) (228) (43) (27) Result before tax (95) (6) (73) (21) Income tax credit / (expense) (11) (38) 5 4 Share of profit in associates (7) (12) (2) (3) Net result (112) (56) (70) (20) Operating income to Adj. Corp. EBITDA reconciliation Full year Quarterly

2014 2015 Q1-2015 Q1-2016 Operating income 138 222 (29) 7 Interest expense included in fleet op. lease rents 54 55 12 11 Non-recurring expenses 116 62 33 (5) Adjusted Operating Income 308 339 15 12 Net fleet financing costs (73) (66) (15) (15) Interest expense included in fleet op. lease rents (54) (55) (12) (11) Non-fleet depreciation & amortization 32 33 8 8 Adjusted Corporate EBITDA 213 251 (4) (5)

37 2015 Pro Forma Net Income

Estimated Pro Forma Net Income corresponds to IFRS Net income

− excluding exceptional items (operational and financial) − before associates, and − adjusting financial expenses pro-forma for the full year effect of the repayment of the €324m bond, refinancing of the €400m bond through the issuance of the €475m senior for a coupon of 5.75%, and refinancing of the RCF and SARF facility at improved terms

All data in €m FY 2015 IFRS Net Loss -56 Pro Forma on Interest on Corporate High Yield bonds 26 Pro forma Transaction cost amortization 7 Reversal of Corporate High Yield Bonds redemption premium 56 Reversal of the write off associated with Corporate High Yield Bonds reimbursment 27 Reversal of exceptional income / expenses 56 Reversal of Share of profit/(loss) of associates 12 Estimated Pro Forma Net Income 128

Reversal of exceptional income / expenses mainly corresponds to :

− Net negative impact of some proceedings − Costs associated with the IPO − Provision accrued in connection with tax audit

38 Cash flows under IFRS

All data in €m, as of FY Dec-31, Q1 2015 and 2016 2014 2015 Q1 2015 Q1 2016

Profit/(loss) before tax (95) (6) (73) (21)

D&A, Impairment charge on goodwill, Changes in provisions and employee 95 45 23 (11) benefits, Profit/(loss) on disposal of assets

Financing costs (a) 224 227 45 23

Cash generated from operations 224 266 (5) (9)

Changes in rental fleet (92) (233) (123) (46)

Changes in fleet working capital (74) 35 244 130

Changes in non-fleet working capital 50 (57) 1 30

Income taxes received/paid (31) (40) (5) (1)

Net interest paid (167) (137) (20) (20)

Net cash generated from (used by) operating activities (90) (166) 91 85

Net cash used by investing activities (b) (77) (55) (6) (6)

Net cash generated from (used by) financing activities (c) 103 243 (74) (109)

Net increase/(decrease) in cash and cash equivalents after effect of foreign (63) 22 12 (30) exchange differences

(a) Includes net interest costs of €(127)m, redemption premium of €56m, amortization of transaction costs of €42m and other non cash items of €1m in FY 2015 and €23m of net interest costs in Q1 2016 (b) Includes €(29)m of Acquisition of intangible assets and property, plant and equipment, €5m of proceeds from disposals, €(8)m of acquisition of financial assets and €(24)m of acquisition of subsidiaries in FY15 and €(7)m of Acquisition of intangible assets and property, plant and equipment, €0.6m of proceeds from disposals, €0.3m of disposals of financial assets (c) Includes €448m of capital increase, €471m of issuance of bonds, €(780)m of redemption of bonds, €123m of change in other borrowings and €(20)m of payment of transaction costs in FY15 and €(109)m of change in other borrowings in Q1 16

39 IFRS Balance sheet at March 2016 – Non-audited

As at 31 March 2016 As at 31 March 2016

(in € million) 2016 (in € million) 2016 Equities and Liabilities Assets Total equity 514 Property, plant & equipment 84

Intangible assets 1,167 Liabilities Other investments (non-current) 73 Borrowings (non-current) 803 Deferred tax assets 61 Derivatives (non-current) 61 Employee benefits (non-current) 128 Total non-current assets 1,386 Provisions (non-current) 24 Other non-current liabilities 0 Inventories 15 Deferred tax liabilities 130 Other investments 40 Total non-current liabilities 1,148 Loans - Borrowings (current) 1,133 Income tax receivable 38 Income tax payable 26 Rental Fleet & Receivables 2,290 Fleet payables 835 350 Trade and other receivables Trade and other liabilities 449 Cash and cash equivalents 134 Employee benefits (current) 3 Restricted cash 81 Provisions current 225

Total current assets 2,947 Total current liabilities 2,671

Total liabilities 3,819

Total assets 4,333 Total equity and liabilities 4,333

40 Glossary (1/2)

Business customers : include corporations, small and medium-sized businesses, government agencies and other organizations which rent cars as well as entities renting cars to provide vehicle replacement services

Corporate countries: countries where Europcar owns and operates its own network, where corporate-operated stations are located (Germany, UK, France, Italy, Spain, Portugal, Belgium and Australia/New Zealand)

Adjusted Corporate EBITDA: EBITDA less fleet depreciation, fleet operating lease rents and fleet financing costs

Fleet: all vehicles operated by the car rental company available or not for rent which includes cars and vans

Fleet Cost per Unit per month: defined as total monthly fleet costs (including fleet holding and fleet operating costs but excluding financial interests) divided by the average fleet over the period

. Fleet holding costs: include (A) Costs related to rental fleet agreements, which consist of (i) “depreciation” expense relating both to vehicles purchased with manufacturer or dealer buy-back commitments and to “at risk” vehicles (based, with respect to vehicles purchased with a buy-back commitment, on monthly depreciation rates negotiated under the buy-back agreements, net of volume rebates, and with respect to “at risk” vehicles, to the difference between the acquisition cost of the vehicles and the estimated residual value, the value of “at risk” vehicles being adjusted monthly on the basis of the vehicles’ market values) and (ii) charges under operating leases; (B) Acquisition and sale-related costs, which include principally (i) the cost of vehicle accessories; (ii) costs relating to the conditioning of new vehicles; and (iii) costs relating to disposal of used vehicles and of vehicles purchased in connection with buy-back programs; and (C) Taxes on vehicles.

Fleet operating, rental and revenue related costs: include (A) Fleet operating costs, which include repairs and maintenance costs and costs incurred for damaged and stolen cars, as well as the costs of reconditioning vehicles for repurchase by the car manufacturer or dealer; (B) insurance (the costs of car insurance covering civil liability and damage to vehicles, as well as self-insurance costs); (C) Revenue-related commissions and fees, which include commissions paid to agents, such as personnel costs and station overhead (excluding vehicle fleet), as well as commissions paid to travel agents, brokers and other commercial partners and fees and taxes paid for airport and train station concessions; and (D) Rental related costs, which include the cost of transferring vehicles from one site to another, vehicle washing costs and fuel costs.

Fleet financial utilization rate: corresponds to the Number of Rental Days as a percentage of the number of days in the fleet’s financial availability period. The fleet’s financial availability period corresponds to the period during which the Group holds vehicles.

Franchising: arrangement where the franchiser grants the franchisee the right to use its trademark or trade-name as well as certain business systems and processes, to produce and market a good or services according to certain specifications. In exchange, the franchisee usually pays the franchiser an entry fee plus a percentage of sales revenues as royalty

41 Glossary (2/2)

GDS (Global Distribution System ): computerized reservations systems operated by third parties and used by intermediaries such as travel agents and travel operators to make reservations with the Europcar Network

GSA (General Sales Agent): general sales representative that promotes and sells the services offered by Europcar in a specific country or region in consideration of a commission

GreenWay® system: software application, owned by Europcar, offering a comprehensive business solution mainly in the areas of fleet management, e-commerce, reservations and global distribution systems and rental operations

Leisure customers: include not only individual travelers booking vacation car rentals but also people renting to meet other personal needs

Loan to value: corresponds to the indebtedness of Securitifleet Holding, the Securitifleet Companies and EC Finance Plc divided by the total value . of the net assets on the balance sheets of these companies.

Margin after variable costs: corresponds to the total revenues less Fleet holding costs and Fleet operating, rental and revenue related costs

Net rates: brokers selling at any price, ie brokers revenue is the gap between Europcar’s selling price and their selling price (usually offered to TOs for package, brokers with Keddy and destinations where brokers are more present than Europcar)

Operating lease vehicle: agreement by which a vehicle is leased to a car rental company, which pays periodically on a relatively short-term basis; at the end of the operating lease, title does not pass to the car rental company

Rental Day Volume : number of vehicles rented over a period of time

RCM: Revenue Capacity Management

Retail rates: Europcar setting the price and paying a commission to brokers preventing them from selling at a lower price than Europcar’s

RPD (Revenue Per Day): rental revenue divided by the Rental Day Volume

Vehicle replacement : business involving principally the rental of cars to individuals whose rental charges are wholly or partially paid or reimbursed, by insurance companies, vehicle leasing companies and vehicle dealers and other entities offering vehicle replacement services, with whom Europcar has a direct contractual relationship

42 Important Legal Disclaimer / Contacts

DISCLAIMER

The document has been prepared by Europcar (the “Company”). Recipients should conduct and will be solely responsible for their own investigations and analysis of the Company. The Company has no obligation to update the document or to correct any inaccuracies herein. None of the Company nor its respective employees or officers, makes any representation or warranty, express or implied, as to the accuracy, relevance and/or completeness of the document or the information, forward- looking, statement contained herein and the Company shall not incur any liability for the information contained in, or any omissions from, the document. In particular, but without prejudice to the foregoing, no representation or warranty is given as to the achievement or reasonableness of any projections, targets, estimates or forecasts, and nothing in the document is or should be considered as a representation as to the future. Forward-looking statements are based on management's current expectations or beliefs on or about the date of the document and involve risks and uncertainties that could result, but not limited to, in different results from those described in the forward-looking statements and risk described in the documents the Company filed with the Autorité des Marchés Financiers (French securities regulators). The Company does not undertake, nor have any obligation to provide any updates or to revise any forward-looking statements in order to reflect any events or circumstances that may occur or arise after the date of the Presentation.

INVESTOR RELATIONS

Aurélia Cheval +33.1.30.44.84.40 [email protected] Investor Relations +33.1.30.44.98.98 [email protected]

For all financial or business information, please refer to our IR website at: finance.europcar-group.com

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