West One Automotive -GAAP Financial Metrics v4 (version 4)

West One Automotive Financial Model Forecast Reports Table of Contents Investors Reports Metric Reports Business Valuation Annual Financial Forecast Capex Breakeven Analysis Key Metrics Dashboard

Income Statement 7,385,719 3,524,510 5,735,174 6,992,974 7,416,561 91,158 129,633 268,023 217,968 141,679 Revenue 296,417 457,046 453,061 464,834 Net Car Rental Revenues 815,139 Net Penske Rental Revenues $8,292,016 $3,950,559 $6,460,243 $7,664,003 $8,023,075 Upgrades & Other Income -110% 39% 18% 6% 664,408 Total Revenue 607,277 354,255 726,670 849,635 788,921 Cost of Sales 101,528 385,824 373,862 466,518 462,338 486,384 Vehicle Leasing 165,515 53,521 71,258 99,709 98,865 Repairs, Maintenance & Recondition 416,923 215,508 377,024 448,800 490,577 Insurance 2,442,035 114,902 134,448 146,358 Franchise Fees & Commissions 85,543 212,175 353,823 351,359 Credit Card Fees 5,849,982 193,144 1,875,890 2,352,932 2,338,419 Other Unit Costs 1,287,795 Total Cost of Goods Sold 71% 4,584,353 5,311,071 5,684,656 2,662,765 Gross Profit 1,994,874 71% 69% 71% 668,347 67% Gross Margin% 1,353,785 1,574,941 1,665,206 1,009,077 1,161,408 431,974 637,122 693,560 Operating Expenses 276,224 316,538 823,709 979,513 Salaries & Benefits 585,997 235,919 275,265 1,067,534 Selling Expense 3,948,522 215,829 276,549 Rent & Premise Fees 2,845,387 3,466,842 General & Administrative 274,980 2,279,773 3,702,848 2,176,440 659,438 1,356,968 Total Operating Expenses 1,403,482 2,398,404 3,201,197 915,148 26% 1,786,474 2,896,956 Gain/(Loss) Vehicle Sales 37% 42% EBITDA 1,212,795 45% 36% 7,270 631,667 947,465 EBITDA Margin% 883,637 4,105 5,708 934,082 956,376 4,503 5,712 Fleet Depreciation 1,762,632 2,248,024 Non-Fleet Depreciation 11.5% 898,334 1,957,161 Operating Profit (EBIT) 27.3% 29.3% 22.7% 24.4% Operating Margin% Non-Operating Income/(Expense)

Interest Expense (502,974) (311,399) (243,941) (345,167) (410,239) Total Non-Operating Income/(Expense) (502,974) (311,399) (243,941) (345,167) (410,239) Earnings Before Tax (EBT) 1,518,691 1,902,857 1,546,923 453,402 586,935 EBT Margin% 23.5% 24.8% 19.3% 5.5% 14.9% Income Taxes (379,673) (475,714) (386,731) Net Income (113,350) (146,734) 1,139,018 1,427,143 1,160,192 340,051 440,201 Net Margin% 17.6% 18.6% 14.5% 4.1% 11.1% Balance Sheet (276,168) (2,032,046) (3,291,300) (3,856,875) (4,717,756) Current Assets 33,499 12,148 18,783 18,619 19,103 Cash & Cash Equivalents (242,670) (2,019,898) (3,272,517) (3,838,256) (4,698,653) Accounts Receivable Total Current Assets 109,915 107,024 102,790 109,500 105,087 Non - Current Assets (7,270) (6,780) (6,290) (6,414) (6,225) 1,100,112 1,100,112 1,100,112 1,100,112 1,150,112 Property, Plant & Equipment 8,114,322 5,954,894 6,534,819 11,479,526 13,674,800 Accumulated Depreciation (1,212,795) (883,637) (631,667) (947,465) (934,082) Intangible Assets 8,104,283 6,271,613 7,099,763 11,735,260 13,989,691 Rental Fleet 7,861,614 4,251,715 3,827,246 7,897,004 9,291,037 Accumulated Depreciation Total Non - Current Assets 200,715 105,557 154,183 193,392 192,199 Total Assets 200,715 105,557 154,183 193,392 192,199 Current Liabilities Accounts Payable 6,994,846 4,445,663 3,495,174 7,456,254 8,606,949 Total Current Liabilities 6,994,846 4,445,663 3,495,174 7,456,254 8,606,949 Non-Current Liabilities 7,195,561 4,551,220 3,649,357 7,649,645 8,799,148 Long-Term Debt Total Non- Current Liabilities 1,563,739 1,563,739 1,563,739 1,563,739 1,563,739 Total Liabilities 340,051 440,201 1,139,018 1,427,143 1,160,192 Shareholders' Equity 2,702,757 2,990,882 2,723,931 Equity Capital 1,903,790 2,003,940 Retained Earnings Total Shareholders' Equity

Total Liabilities & Shareholder's Equity 9,099,351 6,555,160 6,352,114 10,640,527 11,523,079 Check (1,237,738) (2,303,445) (2,524,868) (2,743,523) (2,232,041) Cash Flow Statement 340,051 440,201 1,139,018 1,427,143 1,160,192 1,220,064 888,140 635,772 953,172 939,795 Operating Cash Flow (167,216) (41,991) (39,373) 1,677 Net Income 1,727,332 73,808 (+) Depreciation & Amortization 1,254,533 1,816,782 2,419,688 2,098,310 (-) Changes in Working Capital (1,357,491) (461,228) (2,125,546) (6,946,342) (4,109,886) Cash from Operations (1,357,491) Invensting Cash Flow (461,228) (2,125,546) (6,946,342) (4,109,886) (1,470,785) Purchase of Fleet Assets - (2,549,183) (950,489) 3,961,080 1,150,695 Proceeds from Fixed Assets Disposals - - - - Cash from Investing (1,470,785) Financing Cash Flow (1,100,944) (2,549,183) (950,489) 3,961,080 1,150,695 Long-Term Debt (Issued/Repaid) (1,755,878) (1,259,254) (565,575) (860,881) Equity (Issued/Repaid) 824,776 (2,032,046) (3,291,300) (3,856,875) Cash from Financing (276,168) (276,168) (3,291,300) (3,856,875) (4,717,756) Net Increase (decrease) in Cash (2,032,046) Opening Cash Balance Closing Cash Balance

WEST ONE AUTOMOTIVE GROUP ALL RENTAL LOCATIONS KEY METRICS All Amounts in USD ($) # 2019 2020 2021 2022A 2023E 2024E 2025E 2026E 2027E $ Key Metrics % of Revenue 482 326 299 363 361 431 470 505 539 KPI's % 15,026 10,966 19,605 19,628 20,780 21,610 21,733 22,036 22,277 % of Revenue Cars Available for Daily Rentals % of Revenue 89.1% 89.2% 88.8% 91.2% 92.4% 93.7% 94.2% 94.5% 94.7% Avg. Revenue per Car Rented % of Revenue 79.9% 64.8% 69.9% 72.0% 74.8% 77.1% 77.7% 78.2% 79.1% % of Car Rental Revenue % of Revenue 1.1% 3.3% 4.1% 2.8% 1.8% 1.5% 1.3% 1.2% Fleet Utilization 29.5% 32.6% 29.0% 30.7% 29.1% 19.5% 19.5% 19.6% 1.2% Daily Rentals Revenue $ 24.1% 29.4% 21.0% 20.5% 20.8% 18.3% 17.6% 17.3% 19.6% Cost of Sales $ 23.6% 28.3% 23.1% 24.7% 25.4% 24.7% 24.5% 24.3% 17.0% Payroll $ 24.1% G&A $ $ 8,292,016 3,950,559 6,460,243 7,664,003 8,023,075 9,841,112 10,866,046 11,723,548 12,623,548 Key Financials 5,849,982 2,662,765 4,584,353 5,311,071 5,684,656 7,923,889 8,742,360 9,427,481 10,146,513 % 2,176,440 1,786,474 2,398,404 3,201,197 2,896,956 4,824,115 5,431,487 5,923,484 Revenue % 1,762,632 2,248,024 1,957,161 3,181,338 3,458,522 3,631,362 6,439,349 Gross Profit % 956,376 898,334 1,139,018 1,427,143 1,160,192 1,621,864 1,656,382 1,585,653 3,823,134 EBITDA % 340,051 440,201 1,492,518 Operating Profit (EBIT) 71.0% 69.3% 70.9% 80.5% 80.5% 80.4% Net Income $ 70.5% 67.4% 37.1% 41.8% 36.1% 49.0% 50.0% 50.5% 80.4% $ 26.2% 45.2% 27.3% 29.3% 24.4% 32.3% 31.8% 31.0% 51.0% Gross Margin $ 11.5% 22.7% 17.6% 18.6% 14.5% 16.5% 15.2% 13.5% 30.3% EBITDA Margin 4.1% 11.1% 11.8% EBIT Margin % 11,992,019 16,005,984 14,484,780 24,120,575 27,157,437 29,617,421 Net Margin % 10,882,200 8,932,369 5,205,545 4,692,855 1,160,075 6,952,308 6,861,251 6,097,070 32,196,743 % 3,611,186 2,454,660 (148,807) (4,260,233) (1,597,984) (2,753,723) (1,911,577) (1,734,292) 5,211,153 Enterprise Value x 1,252,319 (1,660,795) Equity Value % 538,382 42.1% 47.7% 42.6% 50.9% 51.4% 50.3% Cumulative Free Cash Flow x 22.0% 29.8% 18.1% 12.5% 11.9% 9.3% 7.1% 48.8% 17.9% 10.4% 61.5% 78.4% 68.3% 111.0% 120.7% 126.7% 5.4% Return on Equity (ROE) 4.3% 31.3% -21.2x -19.8x -24.4x -29.8x -23.1x -15.2x 133.4% Return on Assets (ROA) 33.4% -19.1x 223.5% 476.8% 550.4% 796.7% 1038.9% 1318.9% -5.7x Return on Invested Capital (ROIC) -1.2x 284.3% 0.1x 0.1x 1649.9% Current Ratio 447.3% 0.4x 0.3x 0.2x 0.2x $5,977.83 $5,977.83 0.1x Debt-to-Equity Ratio 0.1x 0.1x $6,573.74 $5,977.83 $10,755.02 $5,977.83 $5,977.83 Debt Service Coverage Ratio $5,977.83 $9,308.07 Gain/(Loss) Vehicle Sales Per Unit ROE vs ROA Debt to Equity Expenses % of Total Revenue Charts Gross Margin 60.0% 30,000,000 18.00 25,000,000 50.0% 20,000,000 16.00 2027E 15,000,000 2026E Good Strong 10,000,000 2025E 2024E 5,000,000 14.00 2023E - 2022A Weak 40.0% 12.00 2021 2020 75% 2019 30.0% 10.00 0% 8.00 Net Margin 20.0% 6.00 10.0% 4.00 Good 2.00 Strong 0.0% - Weak 14% 2019 2020 2021 2022A 2023E 2024E 2025E 2026E 2027E 2019 2020 2021 2022A 2023E 2024E 2025E 2026E 2027E 20% 40% 60% 80% Cost of Sales Payroll OpEx ROE ROA Debt Equity Debt to Equity

WEST ONE AUTOMOTIVE GROUP ALL RENTAL LOCATIONS DASHBOARD METRICS Dashboard Revenue vs EBITDA Margin Income Statement (000's) Operating Expenses (000's) Revenue EBITDA margin 14,000 Non Opex Opex COGS Revenue Selling G&A Payroll 12,000 10,000 100% 25,000 6,000 90% 8,000 80% 20,000 5,000 6,000 70% 4,000 60% 15,000 4,000 2,000 50% 40% 3,000 - 30% 20% 10,000 10% 0% 2,000 2019 2020 2021 2022 2023 2024 2025 2026 2027 5,000 1,000 - - 2020 2021 2022 2023 2024 2025 2026 2027 2019 2020 2021 2022 2023 2024 2025 2026 2027 2019 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 250 12,000 2,000 10,000 1,500 8,000 200 6,000 1,000 4,000 150 2,000 500 - - (2,000) 100 (4,000) (500) (6,000) 50 (8,000) (1,000) (10,000) (1,500) - (2,000) 2019 2020 2021 2022 2023 2024 2025 2026 2027 2019 2020 2021 2022 2023 2024 2025 2026 2027 2019 2020 2021 2022 2023 2024 2025 2026 2027 Total Revenue Per Day (RPD) Average Rentable Vehicles 2019a to 2027e EBITDA Margin Bridge 80 Your Average Total Fleet For The Year 2019a EBITDA Mar 26% 70 600 Average Rentable Vehicles for the Year Transaction Days 45% 60 RPD 37% 500

50 400 Utilization 42% 40 Index 36% 30 300 Channel Mix 49% 20 Cost Synergy 50% 10 200 51% 2027a EBITDA Mar 51% 0 100 2019 2020 2021 2022 2023 2024 2025 2026 2027 0 2019 2020 2021 2022 2023 2024 2025 2026 2027

Discounted Cash Flow 12345 Exit Year Year 9 Unlevered Free Cash Flow EBIT 956,376 898,334 1,762,632 2,248,024 1,957,161 3,181,338 3,458,522 3,631,362 3,823,134 113,350 146,734 379,673 475,714 386,731 540,621 552,127 528,551 497,506 Less: Cash Taxes 1,220,064 888,140 635,772 953,172 939,795 2,176,440 1,786,474 1,642,777 1,972,965 2,292,123 2,616,215 Plus: D&A (1,357,491) (461,228) 2,398,404 3,201,197 2,896,956 4,824,115 5,431,487 5,923,484 6,439,349 (167,216) (2,125,546) (6,946,342) (4,109,886) (7,072,709) (6,774,102) (7,115,583) (7,588,304) EBITDA 538,382 73,808 538,382 1,252,319 (41,991) (39,373) 1,677 35,493 (16,835) (13,642) (14,333) Less: Capex (148,807) (4,260,233) (1,597,984) (2,753,723) (1,911,577) (1,734,292) (1,660,795) - 1,252,319 (148,807) (4,260,233) (1,597,984) (2,753,723) (1,911,577) (1,734,292) (1,660,795) Less: Changes in NWC 538,382 - - - - - - - 32,196,743 Free Cash Flow to Firm (FCFF) 1,252,319 (148,807) (4,260,233) (1,597,984) (2,753,723) (1,911,577) (1,734,292) 30,535,949 Cum. FCFF Terminal Value - FCFF inc. Exit 20% $98,549 Net FCF $1,346,538 $2,594,527 Unlevered Cash Flow 8,465,631 538,382 1,252,319 (148,807) (4,260,233) (1,597,984) (2,753,723) (1,911,577) (1,734,292) 30,535,949 $3,842,516 Levered Cash Flow (1,100,944) (1,755,878) (1,259,254) (565,575) (860,881) 8,342 659,537 1,152,918 33,908,261 $5,090,505 Business Return Metrics (Unlevered) #NUM! IRR 2.6x MOIC 10% WACC NPV $7,116,411 Payback Year 2 Breakeven EBITDA Year 1 EBITDA Avg Growth 15.2% Sensitivity Analysis Sensitivity Analysis on EV/Revenue & WACC Sensitivity on MOIC NPV Sensitivity Analysis on EV/EBITDA & WACC 10% 15% 260.56% 0% 5% 20% 7,116,411 0% 5% 10% 15% 156.8% 156.8% 156.8% 156.8% $1,654,586 $630,173 3.0x 156.8% 208.7% 208.7% 208.7% 208.7% 3.0x $7,041,338 $3,557,917 $4,385,498 $2,460,638 260.6% 260.6% 260.6% 260.6% $7,116,411 $4,291,103 4.0x 208.7% 312.5% 312.5% 312.5% 312.5% 4.0x $13,480,687 $7,708,778 $9,847,323 $6,121,568 364.4% 364.4% 364.4% 364.4% $12,578,236 $7,952,032 5.0x 260.6% 5.0x $19,920,035 $11,859,640 6.0x 312.5% 6.0x $26,359,384 $16,010,501 7.0x 364.4% 7.0x $32,798,733 $20,161,363