West One Automotive -Hertz Unaudited Industry Financials v3 - mrm Final

WEST ONE AUTOMOTIVE GROUP ALL LOCATIONS RENTAL INCOME STATEMENT All Amounts in USD ($) 2019A 2020A 2021A 2022A 2023E 2024E 2025E 2026E 2027E Forecast 6,173,702 2,990,601 4,895,542 5,912,210 6,322,610 7,872,345 8,740,117 9,463,643 10,223,338 Income Statement 91,158 129,633 268,023 217,968 141,679 143,096 144,527 145,972 147,432 296,417 457,046 453,061 464,834 476,941 489,389 502,190 515,354 Revenue 815,139 Net Car Rental Revenues 7,079,999 3,416,650 5,620,611 6,583,239 6,929,123 8,492,382 9,374,033 10,111,806 10,886,124 Net Penske Rental Revenues Upgrades & Other Income 1,212,795 883,637 631,667 947,465 934,082 1,638,088 1,818,848 1,969,548 2,127,782 502,974 311,399 243,941 345,167 410,239 1,018,851 1,131,280 1,225,011 1,323,429 Total Revenue 664,408 354,255 726,670 849,635 788,921 97,726 106,831 106,031 0 0 0 0 Unit Cost 51,318 34,276 (110,690) (109,818) 132,061 146,634 158,783 171,540 Vehicle Depreciation (109,930) (94,429) (101,100) (1,356,968) (915,148) (136,777) (151,871) (164,454) (177,666) Vehicle Interest (274,980) (1,403,484) (659,436) (1,139,811) (1,265,588) (1,370,447) (1,480,549) Vehicle Leasing Expense 12,483 12,623 Tag & Tax 13,364 6,891 10,775 13,183 13,254 15,722 17,456 18,903 20,421 (Vehicle Licensing Fee) 82,729 45,942 33,724 807,106 1,240,184 16,508 18,329 19,848 21,442 (Gain)/Loss Vehicle Sales 2,189,086 155,529 920,517 $5,776,133 $5,688,939 1,544,640 1,715,089 1,857,192 2,006,399 Excise Tax $4,890,913 $3,261,121 $4,700,094 $6,947,741 $7,658,944 $8,254,614 $8,879,725 Other Vehicle Expense 88% 82% 69% 95% 84% 82% 82% 82% 82% Total Unit Cost 67,703 66,901 Unit Profit 184,573 84,552 54,962 99,709 98,865 83,324 92,519 100,184 108,233 Unit Margin% 101,528 53,521 71,258 23,184 22,988 123,136 136,724 148,052 159,946 22,343 19,865 63,814 63,274 Direct Operating Expense 66,255 53,565 77,872 221,326 219,452 28,631 31,791 34,424 37,190 Recondition Lease Turnback Expense 19,439 88,993 133,401 -184,319 -182,758 78,807 87,503 94,753 102,366 Vehicle Insurance 223,103 -66,027 -121,942 -109,390 -108,463 273,325 303,487 328,632 355,034 NonRecoverable Damage Expense -203,579 -75,537 -71,017 33,501 33,217 -227,624 -252,742 -273,683 -295,671 Damage Total Net Loss -180,745 34,523 29,466 140,445 139,256 -135,090 -149,997 -162,425 -175,475 Gas Expense Rental Vehicle Gas Purchases (Include D 64,971 47,862 81,085 56,698 56,218 41,372 45,937 49,743 53,740 (Gasoline Sales Prepaid) 86,593 46,999 50,304 6,062 6,011 173,442 192,581 208,538 225,292 (Gasoline Sales Recovery) 106,571 4,245 4,164 25,331 25,116 70,019 77,746 84,187 90,951 Mechanical Repairs 4,829 7,982 11,639 1,127 1,118 7,486 8,312 9,001 Rental Vehicle Tires & Hubcaps 16,556 1,342 18,286 18,131 31,282 34,734 37,612 9,724 Washing Supplies / Car Wash 2,012 56,593 357 30,366 30,109 1,392 1,546 1,674 40,633 Small Tool/Shop Supplies 33,350 25,818 16,356 493,844 489,433 22,582 25,074 27,152 1,809 Glass Expense (Windshield, auto windows) 22,128 386,774 27,793 37,501 41,639 45,089 29,333 Customer Traffic Violations ( All tickets, parking violat 547,585 385,561 583,248 636,936 609,586 676,852 732,933 48,711 Vehicle Shuttling & Retrieval (Deadhead Expense) 301,051 4,699,041 4,562,571 791,817 Courtesy Airport Bus Expense (Depr,Int.Leasing) 651,898 2,573,297 491,926 780,633 861,676 929,493 Total Direct Operating Expense 3,691,430 3,822,608 71% 66% 5,557,523 6,120,416 6,592,189 1,000,669 Variable Expense 75% 7,087,239 Total Variable Expense 52% 68% 693,560 65% 65% 65% Gross Profit 65% Gross Margin% 1,665,206 850,032 938,279 1,012,125 374,621 1,089,630 Total Selling Expense 668,347 316,538 431,974 637,122 276,549 1,804,844 1,917,191 2,027,069 General & Administrative Expense 457,632 504,449 543,626 2,142,971 1,994,874 1,161,408 1,353,785 1,574,941 2,316,376 277,839 279,137 280,443 584,744 Salaries & Benefits 291,313 288,081 278,137 303,148 5,376,488 281,756 Rent & Premise Fees 276,224 215,829 235,919 275,265 1,552,635 2,540,315 2,700,777 2,851,138 General & Administrative 6,325,205 6,892,674 7,382,880 3,009,471 Total General & Administrative Expense 2,562,411 1,665,318 1,867,841 2,153,355 22% 2,167,176 2,481,359 2,728,925 7,897,986 Total Expenses 6,619,327 2,825,209 4,097,818 4,674,674 5,712 2,988,138 EBITDA 1,522,793 1,908,565 1,546,923 26% 26% 27% EBITDA Margin% 460,672 591,441 5,717 5,721 5,726 27% Depreciation 7% 17% 27% 29% 22% 2,161,460 2,475,638 2,723,199 5,731 Operating Profit (EBIT) 4,105 5,708 2,982,408 Operating Margin% 7,270 4,503 1,518,688 1,902,857 8,398 25% 26% 27% Non-Operating Income/(Expense) 453,402 586,938 8,398 27% Interest Expense 27% 29% 8,402 8,407 8,411 Total Non-Operating Income/(Expense) 6% 17% 1,538,525 8,402 8,407 8,411 8,415 - 8,394 22% 8,415 Earnings Before Tax (EBT) - - - 8,394 2,153,057 2,467,231 2,714,788 EBT Margin% - - (384,631) 25% 26% 27% 2,973,993 1,518,688 1,894,463 1,153,893 27% Income Taxes 453,402 586,938 27% 29% (538,264) (616,808) (678,697) Net Income 6% 17% 17% 1,614,793 1,850,424 2,036,091 (743,498) Net Margin% (379,672) (473,616) 2,230,494 (113,350) (146,735) 1,139,016 1,420,847 19% 20% 20% 340,051 440,204 20% 5% 13% 20% 22%

WEST ONE AUTOMOTIVE GROUP ALL RENTAL LOCATIONS KEY METRICS All Amounts in USD ($) Adjusted Key Metrics 2019 2020 2021 2022 2023E 2024E 2025E 2026E 2027E KPI's 490 336 306 370 368 440 480 515 550 14,447 10,169 18,368 17,793 18,829 19,301 19,529 19,635 19,793 Average Rentable Vehicles # 87.2% 87.5% 87.1% 89.8% 91.2% 92.7% 93.2% 93.6% 93.9% Avg. Adjusted Revenue per Car Rente $ 77.0% 64.8% 69.9% 72.0% 74.8% 77.1% 77.7% 78.2% 79.1% Adjusted Car Rental Revenue % of Revenue 4.16 5.30 4.50 4.39 4.38 4.14 4.14 4.14 4.14 $44.42 $40.16 $68.27 $67.08 $69.57 $70.31 $70.93 $71.09 $71.08 Fleet Utilization % of Revenue $50.74 $44.57 $74.77 $72.72 $75.16 $75.17 $75.54 $75.53 $75.35 $211.19 $236.23 $336.48 $318.99 $329.09 $311.41 $312.94 $312.87 $312.16 Length of Rent (LOR) % of Revenue $1,188.38 $815.23 $1,457.68 $1,433.62 $1,537.01 $1,581.30 $1,602.34 $1,612.59 $1,627.07 $206.22 $219.16 $172.02 $213.39 $211.52 $310.24 $315.77 $318.70 $322.39 T & M Revenue Per Day (T&MRPD) % of Revenue $5,620,611 $6,583,239 $6,929,123 $8,492,382 Total Revenue Per Day (RPD) % of Revenue $3,822,608 $4,699,041 $4,562,571 $5,557,523 $1,522,793 $1,908,565 $1,552,635 $2,167,176 Revenue Per Transaction (RPT) % of Revenue $1,518,688 $1,902,857 $1,546,923 $2,161,460 $1,139,016 $1,420,847 $1,153,893 $1,614,793 Revenue Per Unit Per Month (RPU) % of Revenue 68.0% 71.4% 65.8% 65.4% Depreciation Per Unit Per Month % of Revenue 27.1% 29.0% 22.4% 25.5% 27.0% 28.9% 22.3% 25.5% Key Financials $ $7,079,999 $3,416,650 20.3% 21.6% 16.7% 19.0% $9,374,033 $10,111,806 $10,886,124 $ $3,691,430 $2,573,297 $6,120,416 $6,592,189 $7,087,239 Adjusted Revenue $ $2,481,359 $2,728,925 $2,988,138 Adjusted Gross Profit $ $460,672 $591,441 $2,475,638 $2,723,199 $2,982,408 Adjusted EBITDA $ $453,402 $586,938 $1,850,424 $2,036,091 $2,230,494 Adjusted Operating Profit (EBIT) $340,051 $440,204 Adjusted Net Income 65.3% 65.2% 65.1% 52.1% 75.3% 26.5% 27.0% 27.4% Adjusted Gross Margin % 6.5% 17.3% 26.4% 26.9% 27.4% Adjusted EBITDA Margin % 6.4% 17.2% 19.7% 20.1% 20.5% Adjusted EBIT Margin % 4.8% 12.9% Adjusted Net Margin %

WEST ONE AUTOMOTIVE GROUP ALL REN DASHBOARD METRICS Dashboard Revenue vs EBITDA Margin Income Statement (000's) Operating Expenses (000's) Revenue EBITDA margin Non Opex Opex COGS Revenue Selling G&A Payroll 12,000 100% 20,000 3,500 10,000 90% 80% 15,000 3,000 8,000 70% 6,000 60% 2,500 4,000 50% 2,000 40% 10,000 2,000 30% - 20% 5,000 1,500 10% 0% 1,000 2019 2020 2021 2022 2023 2024 2025 2026 2027 - 500 2019 2020 2021 2022 2023 2024 2025 2026 2027 - (5,000) 2019 2020 2021 2022 2023 2024 2025 2026 2027 Working Capital (000's) Cash Flow (000's) Net Income vs Net Cash (000's) Accounts Receivable Accounts Payable WC Operating CF Investing CF Financing CF Net Change in Cash Net Income Net Cash 300 6,000 250 12,000 5,000 10,000 200 4,000 8,000 150 6,000 3,000 4,000 100 2,000 2,000 50 - 1,000 (2,000) - (4,000) - 2019 2020 2021 2022 2023 2024 2025 2026 2027 (6,000) 2019 2020 2021 2022 2023 2024 2025 2026 2027 (8,000) 2019 2020 2021 2022 2023 2024 2025 2026 2027 Total Revenue Per Day (RPD) Average Rentable Vehicles 2019a to 2027e EBITDA Margin Bridge $80.00 $74.77 $72.72 $75.16 $75.17 $75.54 $75.53 $75.35 Your Average Total Fleet For The Year Elevation Base Increase $70.00 600 Average Rentable Vehicles for the Year 2019a EBITDA Mar 7% 26% Transation Days 2% 500 RPD 75% 1.79% Utilization 70% $60.00 $50.74 400 ROA 25% $50.00 $44.57 Cost Synergy 24% 300 2027ea EBITDA Ma 27% $40.00 200 $30.00 100 $20.00 0 $10.00 2019 2020 2021 2022 2023 2024 2025 2026 2027 $0.00 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028