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Investor Presentation June 1, 2016 V3

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Investor Presentation June 1, 2016 V3 EUROPCAR GROUP THE LEADING EUROPEAN CAR RENTAL 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 Europe’s #1 vehicle rental company (a) , with €3.0bn (b) of revenues under Clear leader Europcar 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 Avis Budget group 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 France, 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 North America 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 (splitofmix 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.
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