CAR Inc. Company Presentation

August 15th 2017 Disclaimer

By attending the meeting where this presentation is made, or by reading the presentation materials, you agree to be bound by the following limitations:

The information that follows is a presentation of certain information of CAR Inc. (the “Company”) prepared by the Company as of August 2017.

The information contained herein (including, among others, the market data, industry data and other industry statistics included in this presentation derived from public or third party sources) has not been independently verified and thus no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained herein. Neither the Company nor any of its respective directors, officers, employees, advisors, affiliates or agents shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. In addition, no person is authorized to give any information or to make any representation not contained in and not consistent with this material and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of the Company.

In this presentation, we refer to EBITDA, Adjusted EBITDA and other measures which are not standard financial measures under IFRS. Such measures may not be comparable to similarly titled measures presented by other companies. See the relevant footnotes contained in this presentation for the definition and calculation of such financial measures.

This presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof. It should be understood that subsequent developments may affect the information contained in this presentation, which neither the Company nor its advisors or representatives are under an obligation to update, revise or affirm, and past performance is not indicative of future results.

The information communicated in this presentation contains certain statements that are or may be forward looking. These statements typically contain words such as "will", "expects" and "anticipates" and words of similar import. By their nature forward looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Any investment in securities issued by the Company will also involve certain risks. There may be additional material risks that are currently not considered to be material or of which the Company and its advisors or representatives are unaware. Against the background of these uncertainties, readers should not rely on these forward-looking statements. The Company assumes no responsibility to update forward-looking statements or to adapt them to future events or developments.

This presentation and the information contained herein do not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities of the Company. The securities of the Company have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered, sold or delivered within the United States or to U.S. persons absent from registration under or an applicable exemption from the registration requirements of the United States securities laws. No securities may be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Any public offering of securities to be made in the United States will be made by means of a prospectus. Such prospectus will contain detailed information about the company making the offer and its management and financial statements. No public offering of securities is to be made by the Company in the United States.

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BY REVIEWING THIS PRESENTATION, YOU ARE DEEMED TO HAVE REPRESENTED AND AGREED THAT YOU AND ANY CLIENTS YOU REPRESENT ARE EITHER (A) A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF REGULATION 144A UNDER THE SECURITIES ACT), OR (B) NOT A U.S. PERSON AND ARE OUTSIDE OF THE UNITED STATES AND NOT ACTING FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT). YOU ARE ALSO DEEMED TO HAVE REPRESENTED AND AGREED THAT YOU AND ANY CUSTOMER YOU REPRESENT ARE PROFESSIONAL INVESTORS AS DEFINED IN THE SECURITIES AND FUTURES ORDINANCE (CAP 571 LAWS OF HONG KONG) AND ANY RULES MADE UNDER THAT ORDINANCE.

1 Our vision: China’s leading auto mobility provider

 Infant stage with huge growth potential Market  Demand Life-style driven, not only travel demand

 Dominant leader = High margin

Competition  Significant entry barriers Landscape

 O2O and mobile  Asset-light network strategy Innovations  Strategic collaboration with UCAR

We are more than a company

2 I. Industry Overview World’s fastest growing region for car rental

Penetration rate of car rental(1) Car rental sales growth

2013-2018E CAGR (2)

0.4% 27%

1.3% 13%

1.4% 6%

1.6% 2%

2.5% 2%

Source: Roland Berger Notes: (1) Defined as the number of rental vehicles as a percentage of the total number of registered passenger vehicles in 2012 (2) Represents growth in the car rental market size, based on rental revenues CAGR’s on local currency basis 4 Key growth drivers

1 Typical rental market evolution 2 Licensed drivers without cars 3 PRC regulatory reforms

Car rental(1) market size (2013) Gap: 160M >4,000,000 Gap: 133M government-owned cars 310M ~$0.9 bn

217M  Limit number and models of cars that may be purchased by 150M government agencies and encourage car rental ~$24.0 bn 84M  Official guidance (July 2014) 2013 2016 stipulates that no further  Business travel government-owned cars will be No. of driver’s license holders  Leisure travel provided for use in regular No. of passenger vehicles government affairs or to officials  Replacement car below a certain rank

Source: Roland Berger (1) The Company has reclassified the rental revenue and operating fleet to better align with its new development in business natures 5 Significant entry barriers

Vehicle purchasing Challenging for new entrants to acquire new restrictions licenses

Difficult access Requires “deep pockets” to debt financing

Scale, network and Difficult, costly and time-consuming to brand replicate

6 II. Investment Highlights Investment highlights

1 Clear and sustainable market leadership

2 Most trusted brand supported by superior customer experience

3 Industry-leading proprietary technology platform

4 Diversified and stable business

5 Strong and sustainable profitability profile

6 Experienced management team and strong partners

8 1 Clear market leader

Rental revenue Adj. EBITDA Fleet size

RMB in millions RMB in millions Vehicles (2016) (2016) (2016)

#1 #1 #1 5,016 3,057 96,449

#2 1,664 #2 940 #2 56,916

~3x ~3x ~2x Larger Larger Larger

Source: Public filings

9 1 Consistently extending leading position

+11.4%

31.2%

19.8% +0.5%

-0.8% +0.4% 8.2% 7.7% -0.3%

2.7% 1.9% 1.9% <1.5% 1.2% 1.5%

eHi Topone Reocar Avis

Market share (by revenue) of top 5 car rental(1) companies in China

2013 2011 % Change

Source: Roland Berger (1) The Company has reclassified the rental revenue and operating fleet to better align with its new development in business natures 10 1 Our clear market leadership provides unique competitive advantages

1 Procurement  One of the largest passenger vehicle Cost purchasers in China advantages Operational leverage  Economy of scale Reinforces our … 2 market leadership Secured licenses to accommodate future provides… License growth (1) advantages  ~13,000 in Beijing cost advantages  ~8,000 in Guangzhou(1) and creates… barriers to entry

3 Access to diversified debt funding channels including credit facilities Funding  Bank, OEM financing, capital leasing advantages Access to global capital markets

Note: (1) As of Jun. 30, 2014 11 2 Most recognized and trusted brand with superior customer experience

Best-in-class customer service

Extensive Excellent nationwide vehicle network conditions

Broadest Hassle-free vehicle rental process selection

Growth in individual customers Growth in institutional customers Increasing customer engagement (‘000) (‘000) % repeat customers transactions (1)

~10.4x ~4.5x +8pp increase 4,657 increase increase 15.6 65%

57% 3.5 447

2011 1H'17 2011 1H'17 2011 1H'17 Note: (1) The transactions by our repeat customers as a percentage of the total number of our car rental transactions. Repeat customers include any customer that has completed more than one transaction with us within any period of time. 12 2 Extensive nationwide coverage with deep urban penetration

Nationwide coverage Deep urban penetration

Directly operated Service locations cover major transportation hubs, business 104 major cities districts, residential communities and tourist destinations 823 service locations (333 stores and 490 pick-up points) Beijing Shanghai Franchise operated 189 small cities 239 service locations

10

3

6

8 Guangzhou Shenzhen

9

7

1

2 4

Note: Network statistics as of June. 30, 2017

13 3 Industry-leading proprietary technology platform

Customer interface Comprehensive management systems

Transaction Management Yield Management  Reservation, vehicle pick-up /  Supply / demand return, payment  Dynamic pricing  Risk control  Fleet deployment

Mobile PC Customer Management  CRM  Promotional activities

Fleet Management Financial Management  Repair and insurance  Budgeting Store Call center  Used car sales  Business analytics

Big data

Business intelligence Effective Reliable Scalable

14 3 Dynamic pricing to maximize yield and competitiveness

 Market demand  Inventory level  Rental term Data Dynamic Pricing  Location analysis  Timing of booking  Competitor rates  Target margin

Pricing flexibility of the same car model in different stores (1)

Beijing Guomao Shanghai Jinjiang Action Park Xining Caojiabao Airport

￥ / 日均 ￥280/ 日 69 ￥415/ 日 均 均

Note: (1) Recent same day examples 15 4 Diversified and stable business

Products Network Suppliers Customers

% 1H’17 rental revenue % 1H’17 car rental revenue(2) % 1H’17 total fleet % 1H’17 car rental transactions

Others PC Store 10% Buick 6% 29% ~35% 10% 25% 9% Mobile Kia 3% Call Center 9% ~65% 7% 71% Toyota 45% 76% VW Car rental Beijing, Shanghai, Guangzhou, Shenzhen Fleet rental, leasing & others Other cities

% 1H’17 car rental revenue(2) % 1H’17 car rental revenue(2) % 1H’17 total fleet % 1H’17 car rental transactions

~23% ~16% 32% ~45% ~55% 68% ~77% ~84%

On-airport business Top 10 cities Top 10 models Business(1) Off-airport business Others Others Leisure(1)

Note: (1) Business transactions refer to reservations under commercial agreement, car pick up outside of holidays, car pick up outside of tourist locations, weekend rentals and rentals with formal receipt issued for reimbursement purposes. Leisure transactions refer to the remaining transactions. (2) The Company has reclassified the rental revenue and operating fleet to better align with its new development in business natures 16 5 Strong and sustainable profitability profile

Localiza Others CAR 47% 8% 31% Enterprise Avis 48% Market position Other 18% comparison 38% Other eHi 59% 8% Hertz Hertz Topone 7% Unidas 26% 2% 8% Dominated by CAR Dominated by Localiza Market shared by 3 large players

#2 Localiza Hertz Avis

59%

45% 42% EBITDA margin 36% among peers(1) 34%

1H'17 FY2016 FY2016 FY2016 FY2016

Source: Roland Berger (market share by revenues in 2013), Euromonitor, public filings of peers ( market share by revenues in 2014), Auto Rental News Note: (1) EBITDA margins based on percentage of rental revenues for all, except for the #2 player. CAR: Adjusted EBITDA as disclosed. #2 player: adjusted EBITDA as disclosed. Hertz: EBITDA as disclosed (unadjusted due to limited public information available). Avis: corporate EBITDA for car rental business adjusted for vehicle depreciation and interest. Localiza: car and fleet 17 rental EBITDA as disclosed 5 Economies of scale + operational leverage

China Global % of rental revenue (1) #2 Hertz Avis Localiza 33% (2) 27% 26% 26% Depreciation of 27% 21% 25% 24% rental vehicles 10% expenses

2013 2014 2015 2016 1H'17

60% (4) (3) 51% 46% 43% Direct operating 34% 34% 31% 33% 32% expenses

2013 2014 2015 2016 1H'17

18% 17% (4) (4) SG&A costs (4) 14% 12% 12% 11% 11% 10% 13%

2013 2014 2015 2016 1H'17

15% 13% 11% 12% 12% 9% Finance costs (5) 7% 6% 6%

2013 2014 2015 2016 1H'17

Source: Public filings of Hertz, Avis, Localiza and the #2 player. Peers data based on the year ended December 31, 2016 except the #2 player based on the year ended December 31,2015. Notes: Where applicable, CAR’s expense figures have been adjusted for share-based compensation, reorganization related expenses as well as costs related to suspended fleet (1) Representing expenses as a percentage of rental revenue, excluding sales of used vehicles; but in the case of the #2 player, including car services revenue. CAR Inc. rental revenue and operating fleet have been reclassified to align with its new development in business natures. (2) Due to limited disclosures available, depreciation and amortization expenses have been used as a proxy to estimate vehicle-related depreciation (3) Due to limited disclosures available, direct operating expenses are estimated by taking vehicle operating expenses less depreciation and amortization expenses (as a proxy for vehicle-related depreciation) (4) No breakdown for rental business available for expense. Figure estimated based on total expense multiplied by rental business revenues % of total revenues 18 (5) CAR: net interest expenses for the corporate level; #2 player: net interest expenses for the corporate level; Hertz: net interest expenses for the corporate level; Avis: net interest expenses of corporate debt and net vehicle interest expenses excluding net impact of early extinguishment of debt); Localiza: net interest expenses for the corporate level 6 Experienced management team and strong partners

Charles Lu Yifan Song 23+ years 17+ years Chairman CEO  23+ years of entrepreneurial experience: 15+  Founding member, executive vice-president years in technology, 10+ years in automobile since 2013, in charge of general management and consumer services related sectors of processes and standardization

Wilson Li 16+ years Yandong Zeng 18+ years COO, CFO VP of fleet management  Former CFO of GE Healthcare GSC Asia  Former sales head at Tetrapak China, manufacturing engineer at Ford Motor (China)

Senior leadership Ming Lin 20+ years VP of rental operations  Former VP at Legend Capital

 Founded in late 2014, a leader in  Parent company of, among others,  Investment of Fund XI, established mid-to-high-end on-demand Lenovo, Digital China, Legend in 2012 chauffeured service in China Capital, and Raycom Real Estate  International resources  Listed on NEEQ in July 2016, market  Strong continuous support on bank  Capital markets know-how Partners cap over RMB40 B guarantees and government relationships  Current shareholding 11.5% (1)  Current shareholding 28.4% (1)  Current shareholding 24.8% (1)

years of relevant industry experience Notes: (1) as of June. 30, 2017 19 III. 2017 Interim Results 1H’17 Executive summary

 Car rental: Deliver far beyond 2017 expectations

Demonstrated stronger than ever growth momentum … 71% YoY rental days growth in 1H and 79% YoY in 2Q, a record high since 2013 (guidance 40% YoY)

Achieved record high utilization rate and quicker realization of significant upside … 69% in 1H, 14pp YoY improvement (guidance 5-7pp YOY)

Realized margin expansion despite significant price reduction … EBITDA margin +4pp YoY and net margin +3pp YoY due to significant operating leverage from scale

 Fleet rental: UCAR fleet 30%+ YOY decline, regulation & business driven

Expedited fleet replacement to accommodate regulatory requirement for vehicles providing ride-hailing services … 36% YoY revenue decrease

Started to diversify customer base of fleet management … decided to re-enter into new long-term rental businesses for corporations

 Used car: Expedited fleet replacement to drive growth and mitigate future residual risks … headwinds on 1H margins due to disposal loss of legacy models

21 1H’17 Highlights

Growth Profitability 71% YoY 59% Car rental(2) volume Adj. EBITDA margin (1)

31% YoY 13% Car rental revenue Adj. net margin (1)

Car rental Financial 69% positions RMB 407 MM Fleet utilization Free cash flow

+14pp YoY 2.1x Net debt/adj. EBITDA(1)

Notes: (1) Adjusted EBITDA, adjusted net profit, and margins exclude the costs relating to the used car B2C pilot program. Adjusted EBITDA is defined as profit or loss before income taxes, net finance income/costs, depreciation, amortization and impairment, excluding share-based compensation, foreign exchange gain/loss, fair value gain from investment in equity shares and redeemable preference shares, fair value gain on derivative instrument-transaction not qualifying as hedges, share of profit/(loss) of an associate; adjusted net profit is defined as profit or loss excluding share-based compensation, foreign exchange gain/loss, fair value gain from investment in equity shares and redeemable preference shares, fair value gain on derivative instrument-transaction not qualifying as hedges, share of profit/(loss) of an associate. Margins are calculated as percentage of rental revenue. (2) Rental revenue and operating fleet have been reclassified to align with its new development in business natures 22 1H’17 Financial highlights (RMB in millions) 1H’17 1H’16 YoY

Total rental revenue 2,456 2,452 0% - Car rental(1) 1,739 1,326 31% - Fleet rental(1) 705 1,100 (36)%

Total revenue 3,612 2,969 22%

Net profit 379 1,062 (64)%

Adj. EBITDA(2) 1,449 1,556 (7)% Margin(4) 59.0% 63.5% (4.5)pp

Adj. net profit(3) 314 472 (33)% Margin(4) 12.8% 19.2% (6.4)pp

Free cash flow 407 784 (48)% Basic EPS (RMB) 0.16 0.44 (63)% June-17 Dec-16 change Total assets 20,739 21,189 (2)% Total debt 11,242 11,682 (4)% Cash 4,982 5,725 (13)% Total debt/ LTM Adj. EBITDA 3.8x 3.8x - Net debt/ LTM Adj. EBITDA 2.1x 1.9x 0.2x Note: (1) The Company has reclassified the rental revenue and operating fleet to better align with its new development in business natures. (2) Adjusted EBITDA is defined as profit before income taxes, net finance income/costs, depreciation, amortization and impairment, excluding share-based compensation, unrealized foreign exchange gain/loss related to USD denominated liabilities, costs related to B2C pilot program and fair value gain on investment in redeemable preference shares (3) Adjusted net profit is defined as profit excluding share-based compensation, unrealized foreign exchange gain/loss related to USD denominated liabilities, costs related to B2C pilot program and fair value gain on investment in redeemable preference shares 23 (4) As a percentage of rental revenue 1H’17 Adj. net profit walk

(RMB in millions) Car rental growth with slight margin UCAR fleet expansion rental decline

Residual pressure of 472 legacy models Finance cost increase due to higher gross debt

GM Excelle impact, UCAR fleet residual 314 adjustment in 4Q’16

1H'16 Car rental UCAR fleet Vehicle residule Finance cost & 1H'17 contribution contribution impact others

24 1H’17 Adj. EBITDA margin walk

Car rental margin UCAR fleet expansion rental decline

63.5% Used car disposal loss of legacy models

UCAR fleet contribute 59.0% higher EBITDA margin

1H'16 Car rental Business mix Used car Others 1H'17 contribution change disposal

25 1H’17 Car rental business: High demand growth with margin expansion

Car rental key metrics YoY Delivered far beyond 2017FY operational targets (2017 focus on growth & utilization) 71%  Rental days growth: 1H 71%, 2Q 79% record high

31%  Utilization improvement: 1H 14pp+, 2Q 15pp+ ADRR  Effective pricing strategy, 24% ADRR decrease

Rental days Revenue  5% slight RevPAC decrease, offset by unit cost (24)% decrease due to higher operating leverage

14pp+ Realized margin expansion due to YOY significant operating leverage from scale 69% 55%

+4pp +3pp

1H’16 1H’17 Car rental Car rental EBITDA margin Net margin Utilization Rate

22 Car rental: consistent strong growth momentum

Rental days YoY (%) Growth levers

Sequential increase Price lever of YoY growth% for More competitive pricing Smarter 79% ADRR Dynamic Pricing 6 consecutive qtrs 63% 40% 45%

18% 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 8% Fleet optimizer 1Q’16 2Q’16 3Q’16 4Q’16 1Q’17 2Q’17 Younger fleet Attractive <1yr new models Fleet % Registered members (in thousands)

~2x in 18 17,255 months 15,200 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 13,624 12,346 Rental experience revolution 10,988 Counter/staff bypass Rental on-demand 9,803

1Q’16 2Q’16 3Q’16 4Q’16 1Q’17 2Q’17

27 Car rental: margin expansion despite price deflation

(RMB in millions) 1H’17 1H’16 YoY RevPAC(3)

174 163 170 165 Car rental 149 155 revenue(1) 1,739 1,326 31% = Days x 1Q‘16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 ADRR(4) Avg. daily 60,307 43,830 38% fleet(2) 313 300 282 251 245 x 223

RevPAC(2) 160 169 -5% 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 = Utilization(5) ADRR(3) 234 307 -24% 67.6% 69.4% 60.3% 59.3% 55.4% 54.4% x

Utilization(4) 68.5% 54.9% +13.6pp 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17

Delivered margin expansion despite significant ADRR reduction: • RevPAC slightly decreased 5%, strong utilization gain offsetting ADRR reduction • Notes: RevPAC break- point decreased due to strong operating leverage from scale (1) The Company has reclassified the rental revenue and operating fleet to better align with its new development in business natures. (2) Average daily fleet is calculated by dividing the aggregate days of car rental vehicles in operation in a given period by the aggregate days of that period (3) RevPAC refers to average daily rental revenue per car rental vehicle, which is calculated by multiplying the average daily rental rate in a given period by the fleet utilization rate in that same period (4) Average daily rental rate is calculated by dividing car rental revenue in a given period by the fleet rental days in that period. Fleet rental days are the total rental days for all vehicles in car rental fleet in a given period 28 (5) Fleet utilization rate is calculated by dividing the aggregate days that vehicles are rented out for car rentals by the aggregate days that car rental vehicles are in operation Used car disposal

Improved capabilities in used car disposal Proven residual risk management

# of used vehicles disposed Cost of sales of used vehicles As % of sales of used vehicles 23,092 17,808 15,483 101.1% 103.0% 103.0%

9,284 8,077 100% 95.1% 99.0%

2014 2015 2016 1H'16 1H'17 2014 2015 2016 1H’16 1H’17

Avg. selling 64 65 62 64 65 Depreciation % 23.4% 21.4% 25.1% 24.6% 26.3% price (RMB‘000) (of rental revenue)

Used car disposal channels  Expedited vehicle replacement to drive growth and mitigate future residual risks … 1H loss due to legacy GM 5% 1H’17 model

9%  Solid residual adjustments of legacy models and UCAR fleet in 2H’16, resulting in 1H’17 depreciation % 1.7pp 37% 29% increase YoY B2B - Franchisees 58% 63% 1H’16  Cost to sales ratio constant at 95%-105% B2B - Dealers  2H’17: strengthen the effort of penetrating B2C retail B2C - Maimaiche channel through Maimaiche partnership

29 Strong financial positions

Strong cash generation Optimizing funding capability and credit profiles

(RMB in millions) (RMB in millions)

Free Cash Flow (FCF) Debt (Gross/Net) 11,682 11,242 1,795 8,385 407 6,344 5,958 6,260 3,811 2013 2014 2015 2016 1H'17 3,611 2,967 (649) (1,129) 1,135

(3,303) 2013 2014 2015 2016 1H'17 Net debt Total debt

Net debt/ Cash(1) 844 2,476 2,041 5,725 4,982 3.2x 0.7x 2.3x 1.9x 2.1x adj. EBITDA

 Continue deliver strong Free Cash Flow after 2.0B  Net leverage remained low due to strong FCF vehicle capex spent generations

 Maintain strong cash position of 4.9B … providing  Gross debt level remained constant liquidity needs for both onshore and offshore  FX exposure further reduced: USD630mm hedged  Executed share buy-back of HKD662MM

Note: (1) includes restricted cash, available-for-sale investments and cash and cash equivalents 30 Net investment in fleet

Fleet expansion (1)

38,353

29,831 22,171 21,857 23,092 23,601 (2) 17,808 15,483 Vehicles purchased 9,986 9,284 Vehicles disposed

2013 2014 2015 2016 1H'17

Net investment in fleet (RMB in millions) 5,220

2,729 2,633 Vehicle purchase 1,889 1,973 capex 1,438 1,156 Used vehicle sales 654 495 603 revenue

2013 2014 2015 2016 1H'17

Notes: (1) Fleet expansion does not reflect change in finance leasing fleet (2) Among 15,483 used vehicles disposed in 2014, 10,185 vehicles were sold while 5,298 vehicles were disposed to franchisees through finance leasing 31 V. Business Strategies Revolutionary changes in auto related industry

汽车技术革命 互联网技术革命 Auto Technology 车联网 Internet Technology 电动车 智能汽车 自动驾驶 Connected 云计算 大数据 机器学习 EV Smart Vehicle Autonomous Vehicle Cloud Big Data Machine Driving Computing Learning

消费习惯变化 汽车生态圈重塑 Consumer behaviors change Auto ecosystem revolution

On-demand economy Manufacturing

SHARE Car ownership  Car sharing Distribution

Mobility sharing Repair & maintenance …… Financing & insurance ……

33 UCAR becomes the largest shareholder of CAR

神州优车 Public UCAR Grand Union Amber Gem

28.4% 24.8% 11.5% 35.3%

CAR Inc.

100% 100% 100% 100%

Premium Auto Rental Haike Leasing Shenzhou Used Car CAR Hong Kong (China) Limited (China) Limited (China) Limited (HK) (HK) (HK) (HK)

Offshore 100% 100% 100% Onshore

 Hertz transferred  Haike Leasing (Beijing) Ltd.  Beijing China Auto Rental subsidiaries  Haike Leasing (Fujian) Ltd. Co., Ltd.   Haoke Leasing (Shanghai) Ltd. China Auto Rental (Tianjin) Co., Ltd.  Haike Leasing (Tianjin) Ltd.

Such shareholder consolidation makes shareholding structure clearer and more concentrated

34 Reshape the auto and consumer ecosystem

Business Customer Mobility Model Oriented Platform Innovation E-Commerce Platform

Financing Technology- Platform Synergies driven Value Chain

35 Extensive synergies between CAR and UCAR

Suppliers Fleet OEMs Fleet sharing Insurance companies Used car disposal

Network Customers Stores & operations Car rental Repair & maintenance Chauffeured Purchase

Big data Branding Customers Brand recognition Fleet

 Improve cost structure  Upgrade customer experience  Create new growth engines

36 Build a smart mobility platform for the future

Smart Dispatch 智慧派单

Smart Demand 智慧需求

Mobile Internet 移动互联网

Smart Drivers 智慧司机 Smart Scenario Full-time Drivers 智慧场景 专职司机 Easy Trip 舒适 行程 Drive Robot Smart Vehicles 驾驶机器人 智慧车辆 Connected Vehicles 车联网

Smart Fleet 智能车队 Controllable Driving 可控驾驶

37