Free translation of the original report entitled "Rapport de l’expert independant - Projet de restructuration financière d’EUROPCAR MOBILITY GROUP " dated December 28, 2020. In case of discrepancies in translation or interpretation between English and French versions, only the French version shall prevail. Report of the independent expert EUROPCAR MOBILITY G ROUP financial restructuring project 28 December 2020 Contents 1. Presentation of the reasons and terms of the Transaction ............................ 6 A brief review of recent history ...................................................................... 6 Reasons for the Transaction ......................................................................... 6 Conditions for carrying out the Transaction ................................................... 9 Description of the Transaction ..................................................................... 10 Prior reduction of the nominal value of the Share ................................................... 11 Capital increase in cash with preferential subscription rights ................................. 11 Capital increase in cash reserved for bondholders ................................................. 11 Capital increases reserved for bond creditors ........................................................ 12 Cash injection - new financing of the fleet ............................................................... 13 Refinancing the RCF ............................................................................................... 13 Issuance of Warrants ............................................................................................... 14 Governance ............................................................................................................. 15 Synthesis ................................................................................................................. 15 2. Tasks assigned to FINEXSI ............................................................................... 16 Declaration of independence ....................................................................... 17 Work performed ........................................................................................... 17 3. Presentation of EUROPCAR MOBILITY GROUP ..................................................... 19 Shareholders ............................................................................................... 19 Organisation chart of the EUROPCAR MOBILITY GROUP ................................. 20 Background of EUROPCAR MOBILITY GROUP ................................................. 20 Presentation of the activities of EUROPCAR MOBILITY GROUP ........................ 21 The original Cars business ...................................................................................... 23 The Low-Cost business ........................................................................................... 24 The Vans & Trucks (V&T) business ........................................................................ 25 The New Mobility business ...................................................................................... 26 The International Coverage business ..................................................................... 27 4. Economic environment of EUROPCAR MOBILITY GROUP ................................... 28 EUROPCAR MOBILITY GROUP in the car rental market .................................... 28 Players in the Short-Term Rental (STR) market ..................................................... 28 Competitive environment ......................................................................................... 29 The economic model ............................................................................................... 31 The situation and trends in the STR market ........................................................... 33 2 5. Financial analysis of EUROPCAR MOBILITY GROUP ............................................ 35 Presentation of the Company's historical results (2015 - 2019) ................... 35 Profit & loss statement ............................................................................................. 35 Presentation of the Company's historical balance sheet ........................................ 42 Impact of the economic crisis on the year 2020 ...................................................... 44 Change in of liquidity ............................................................................................... 51 SWOT Matrix ............................................................................................... 55 6. Valuation of EUROPCAR MOBILITY GROUP shares .............................................. 56 Valuation methods ruled out ........................................................................ 57 Consolidated net asset value .................................................................................. 57 Revalued net asset value ........................................................................................ 57 Discounting of future dividends ............................................................................... 58 Comparable transactions ........................................................................................ 58 Net Asset Value ....................................................................................................... 58 Methods used for the pre-restructuring valuation approach ........................ 58 Methods adopted for the post-restructuring valuation approach .................. 59 Reference data of the EUROPCAR MOBILITY GROUP Company ...................... 59 Number of shares used ........................................................................................... 59 Net corporate financial debt .................................................................................... 60 Implementation of the valuation of the EUROPCAR MOBILITY GROUP company prior to restructuring .............................................................................................. 64 Discounted cash flows (main method) .................................................................... 64 Listed peers (for information purposes only) ........................................................... 68 Reference to the Company's share price (for information) ..................................... 71 Analysts' price targets (for information) ................................................................... 75 Summary of our pre-restructuring valuation work ................................................... 77 Implementation of the valuation of the EUROPCAR MOBILITY GROUP company after restructuring .................................................................................................. 78 Discounting of projected cash flows (main method) ............................................... 78 Listed peers (for information) .................................................................................. 83 Analysts' price targets (for information) ................................................................... 83 Summary of our post-restructuring valuation work ...................................... 84 7. Financial analysis of the Transaction ............................................................ 85 Analysis of the post-Transaction financial structure ..................................... 85 Financing of the Company ...................................................................................... 85 Debt reduction ......................................................................................................... 86 3 Analysis of the post-Transaction shareholding structure ............................. 87 Analysis of the issue prices of the various capital increases with regard to the dilution / accretion of existing shareholders ........................................................... 89 Analysis of the issue price of capital increases in cash .......................................... 89 Analysis of the issue price of capital increases by offsetting receivables .............. 90 Analysis of the exercise price of the Warrants granted as compensation for services related to the Transaction ......................................................................................... 91 Analysis of the impact on the assets of current shareholders ...................... 94 8. Related agreements ......................................................................................... 95 9. Conclusion ....................................................................................................... 96 Appendix 1: Presentation of FINEXSI and the engagement .................................. 99 4 Context of our engagement Pursuant to the provisions of Article 261-3 of the General Regulation of the Autorité des Marchés Financiers (hereinafter the "AMF "), the Supervisory Board of EUROPCAR MOBILITY GROUP ("EUROPCAR " or the "Company" or the "Group ") of 16 November 2020 appointed FINEXSI EXPERT & CONSEIL FINANCIER (hereinafter "FINEXSI ") as Independent Expert in connection with the proposed financial restructuring (hereinafter the "Restructuring" or the "Transaction ") agreed with the Coordination Committee (hereinafter the "Committee ") representing some of the Company's major creditors. As will be discussed in more detail below, the proposed Restructuring is the result of discussions between the Company's Management and its creditors with a view to a Restructuring