ACTIVITY REPORT fOR 2009 ACTIVITY REPORT fOR 2009

ContentsPage 1About EuropcarPage 22009 Key figuresPage 4Worldwide networkPage 6Message fromthe ChairmanPage 7Message from the CEOPage 8Europcar bolsters itsNo.1 position in EuropePage 12Solid partnershipsprovide a wealthof benefitsPage 16Mobility and new technology:the core of Europcar’sinnovation policyPage 20Europcar’s EnvironmentalCharter: the expressionof a deliberate approachPage 24People, the pillars ofquality servicePage 26Corporate governancePage 28Group organization chartPage 29Financial reviewabout europcarNo. 1 vehicle rental company in Europefor business and leisure customers, with D1.9 billionin revenue in 2009 for 9.5 million rental contractsOne of the top 3 global playersThe biggest car rental network thanks to thecommercial alliance with Enterprise, with a fleet of1.2 million vehicles, available from 13,000 rentalstations in 150 countriesEuropcar Activity Report for 2009

2009 key figuresINCOME STATEMENT2005-2009 REVENUEAND RENTAL DAYSREVENUE (5m)2005-2009OPERATING INCOME AND OPERATING MARGINOPERATING INCOME (5m)in millions of 3 2007 2007 2008 2008 2009consolidated pro forma (1) consolidated pro forma (1) consolidatedat 2008at 2009exchange ratesexchange ratesRevenue 2,047 2,111 2,091 2,075 1,851Change vs. prior year (%) - - +2.2% - -10.8%Adjusted Operating Income (2) 276 298 246 248 213Operating Margin (as a % of revenue) 13.5% 14.1% 11.7% 12.0% 11.5%RENTAL DAYS (m)OPERATING MARGIN (%)2,111 2982,0751,8511,5441841,35359.0 59.214614.151.411.941.610.836.324821312.0 11.5(1) Pro forma: assumes the acquisition of Premier First and Europcar Australia-New Zealand occurred on 1 January 2007 to allow meaningful comparison of the activity of the Group over 2007, 2008 and 2009 ona full-year basis.(2) Adjusted: excludes all charges resulting from the accounting treatment of the acquisitions carried out in 2007 and 2008, as well as one-off and restructuring expenses incurred in connection with theseacquisitions and with measures taken in 2009 to adapt the Group’s structure in response to the economic downturn; also excludes the estimated interest expense included in the fleet operating leases andgoodwill impartment charges.2007 2008 20092005 2006 2007 2008 20092005 2006pro forma (1) pro forma (1) adjusted (2) adjusted (2) adjusted (2)pro forma (1) pro forma (1)w1,851 millionIN CONSOLIDATEDREVENUEw213 millionin adjustedoperating incomeBREAKDOWN OF 2009 REVENUEBY COUNTRYBREAKDOWN OF 2009 REVENUEBY MARKET SEGMENTPortugalAustralia4%& New Zealand 5%Spain 10%3% Belgium27% GermanyBusinesscustomers52%KEY FIGURES200720082009pro forma (1) pro forma (1)Italy 12%Rental days (in millions) 59.0 59.2 51.4Number of rentals (in millions) 10.8 10.8 9.5France 19%20% UK48% L e i s u r ecustomersFleet utilization rate 72.8% 71.6% 73.7%Average fleet (in thousands of units) 222 226 191(1) Pro forma: assumes the acquisition of Premier First and Europcar Australia-New Zealand occurred on 1 January 2007 to allow meaningful comparison of the activity of the Group over 2007, 2008 and 2009 on afull-year basis.(2) Adjusted: excludes all charges resulting from the accounting treatment of the acquisitions carried out in 2007 and 2008, as well as one-off and restructuring expenses incurred in connection with theseacquisitions and with measures taken in 2009 to adapt the Group’s structure in response to the economic downturn; also excludes the estimated interest expense included in the fleet operating leases and goodwillimpartment charges.Europcar Activity Report for 2009PAGE 2PAGE 3

worldwidenetworkAFRICAAngolaBeninBotswanaBurkina FasoBurundiCameroonCape VerdeCongo (DemocraticRepublic)DjiboutiEgyptEquatorial GuineaEthiopiaGabonGhanaGuineaIvory CoastKenyaLibyaMaliMauritaniaMoroccoMozambiqueNamibiaNigerNigeriaRepublic of theCongoSenegalSouth AfricaSudanSwazilandTogoTunisiaUgandaZambiaZimbabweINDIAN OCEANMadagascarMauritiusMayotteReunion IslandNORTH AMERICACanadaUnited StatesCentral &south americaArgentinaColombiaCosta RicaFrench GuyanaJamaicaMexicoNicaraguaPeruSurinamUruguayVenezuelaCARIBBEANCuracaoDominicanRepublicGuadeloupeHaitiMartiniqueSaint BarthélemySaint Maarten(Dutch Antilles)Saint MartinASIA& ASIA-PACIFICArmeniaAustraliaBangladeshChinaFijiFrench PolynesiaGuamIndiaIndonesiaJapanKazakhstanLaos (DemocraticRepublic)MalaysiaNew CaledoniaNew ZealandPakistanPhilippinesEUROPEAlbaniaAndorraAustriaBelarusBelgiumBosnia &HerzegovinaBulgariaCroatiaCyprusCzech RepublicDenmarkEstoniaFaeroe IslandsFinlandFranceGermanyGreat BritainGreeceHungaryIcelandIrelandItalyKosovoLatviaLithuaniaLuxembourgMacedoniaMaltaMoldaviaMontenegroNetherlandsNorwayPolandPortugalRomaniaRussiaSerbiaSlovakiaSloveniaSpainSwedenSwitzerlandTurkeyUkraineMIDDLE EASTAbu DhabiDubaiIsraelJordanKingdom ofBahrainKuwaitLebanonOmanPalestineQatarSaudi ArabiaSyriaYemennorthamericacaribbeancentral &southamericaeuropeafricamiddleeastindianoceanasiaasia-pacificEuropcar Activity Report for 2009PAGE 4PAGE 5

LeadershipEUROPCAR BOLSTERSITS No.1 POSITION INEUROPEIn a challenging economicenvironment, Europcarconfirmed its ability to adaptquickly thanks to its flexiblebusiness model.The Group rolled out efficientadjustment measures thathave strengthened its positionas the Number 1 car rentalcompany in Europe.In late summer 2008, the Group beganto feel the economic downturn’simpact on demand. The contractionin volumes continued into the firstquarter of 2009 before levelling off.Third-quarter 2009 trends picked upslightly, thanks to stronger demandover the summer in the leisure segment.THE IMPROVEMENT IN OPERATINGAND FINANCIAL PERFORMANCEILLUSTRATEs THE EFFECTIVENESSOF ADAPTATION MEASURESEuropcar immediately took measuresto adapt its resources by downsizingits fleet and reducing its coststructure. Efforts over the past twoyears to improve productivity andfleet management were intensified,pricing discipline was tightened, andthe strategic shift towards the mostprofitable segments was maintained.As a result, the fleet utilization rateand average Revenue Per Day (RPD)improved significantly. Greaterefficiency combined with sharpcost reductions enabled the Groupto reduce the downturn’s impacton consolidated operating income.Europcar, the solid European leader,RevenueL1.9billionEuropcar Activity Report for 2009PAGE 8PAGE 9

PartnershipsSOLID PARTNERSHIPSPROVIDE A WEALTH OFBENEFITSAs the European leader invehicle rentals, Europcar hasestablished alliances with otherworld-class companies in thetravel and tourism industry formany years. This strategy hasallowed Europcar to furtherexpand its presence by gainingaccess to a broader base ofcustomers, to develop itsoffering with complementaryservices, and to enhance itsvalue to customers by bettercatering to their needs.Over the years, Europcar has succeededin building dynamic partnershipsaround the globe with leadingcompanies that have strong positionsin their respective markets. Today,the Group has no fewer than 80 internationalpartnerships, in additionto the numerous local partnershipsit is constantly seeking to enrichand expand to keep its businessinvigorated.STRATEGIC PARTNERSIN INNOVATIONIn recent years, Europcar has signedstrategic partnerships with threetravel industry heavyweights:easyJet, Accor and TUI. These agreementshave formed the foundationsfor close partnerships built ontrust, which are key for developingbusiness.These partnerships reinforceEuropcar’s position in marketsworldwide and encourage each partnerto innovate, thereby allowingA word with…Carlson Wagonlit Travel and Europcar are long-standingpartners. Our long-term relationship has always been based onmutual understanding, expertise and commitment, qualities thathave enabled us to succeed even in tough times. More importantly,we believe that Europcar’s professionalism, integrity and involvementare real assets for strengthening our cooperation on behalf of ourcustomers.Jennifer CharltonVice President, Global Supplier Management of Carlson WagonlitEuropcar Activity Report for 2009PAGE 12PAGE 13

Europcar+ easyJet= 1.7millionJOINTCUSTOMERStheir joint customers to benefit fromexclusive services that are beingconstantly enhanced or created.In 2009, Europcar renewed its strategicpartnership with easyJet, Europe’sleading low-cost airline. As early asin 2005, Europcar set up a systemthat could manage both car rentaland plane ticket reservations. Sincethe beginning of this partnership,Europcar and easyJet renew their partnershipthrough 2011FocusExclusive partners since 2003, with over 1.7 million jointcustomers served, Europcar and easyJet have extended theirstrategic partnership until the end of 2011. Thanks to thissteadfast relationship, customers of Europe’s leadinglow-cost carrier can make reservations for their flight andrental car in a single transaction, while enjoying the benefitsof competitive rates and the guaranteed availability of a widerange of vehicles, including models with low CO 2 emissions.Europcar and easyJet together haveserved nearly 2 million customers.Europcar is also a strategic and longtimepartner of Accor, the Europeanleader and world’s third largest hotelservices group. Accor has more than4,000 hotels worldwide and encompassesover 15 well known brands,including Sofitel, Pullman, Novotel,Mercure, Suitehotel, ibis, all seasons,Etap and Hotel Formule 1. By innovatingtogether, the two partners offertheir customers tailor-made services,such as the intelligent reservationsystem launched in June 2009 (seepage 19).Europcar’s third strategic partner isTUI, the world’s largest tour operator.Europcar serves customers in morethan 60 countries where TUI doesbusiness, primarily through the TUI,Nouvelles Frontières and WoltersReisen brands. Both companies benefitfrom this cooperation, since theoffers they develop together attractnew customers.AN EFFECTIVE STRATEGY FORDEVELOPING MUTUAL BUSINESSWITH PARTNERSConvinced of the benefits generatedby these cooperative agreements,Europcar renewed existing partnershipsas well as signed new ones in2009.Europcar renewed its partnershipwith swiss International Air Linesin 2009. To mark this event, a dedicatedmultilingual website offeringspecial rates was created (http://swissdriveeuropcar.com).This year Europcar also became theexclusive car rental agency for Meridiana,Italy’s second largest airline(after Alitalia). Also in Italy in 2009,Europcar established a partnershipwith CartaSi, the local leader in bankcards, offering its 7 million cardholdersspecial advantages and rates.SPECIAL, CLOSE RELATIONSHIPSWITH CARMAKERSEuropcar maintains privileged relationshipswith carmaker partners,which are permanently fuelled byco-marketing campaigns to promotethe most attractive models availablein the Europcar fleet.Thanks to these campaigns, Europcaris able to offer its customers theopportunity of discovering newmodels before their official release.In 2009, Europcar customers were thefirst to preview the new VolkswagenGolf and Polo, the Opel Insignia,the Seat Exeo and the Mercedes EClass. Carmakers also benefit fromthis cooperation, because Europcarhas developed high-profile Europeanco-marketing campaigns in the mainEuropean airports and in the branchesof its international network.Europcar has also entered intoanother type of partnership with Fiat,one that is focusing in 2009 on theenvironment. Europcar launched a100% online, co-branded campaignto promote Fiat models with low CO 2emissions available in its rentalnetwork.These include the Fiat 500 and FiatPanda, which emit only 110g and113g of CO 2 /km, respectively. A highprofilecampaign geared towardsthe general public helped buildconsumer awareness for ecologicalcar rentals, by means of a Europewidesweepstakes in which morethan 30,000 people participated.Each of the three winners took homea Fiat 500.Europcar Activity Report for 2009PAGE 14PAGE 15

InnovationsMOBILITY AND NEWTECHNOLOGY: THECORE OF EUROPCAR’SINNOVATION POLICYIn a highly competitive marketsuch as vehicle rental, serviceand technological innovationgo hand in hand as strongsources of differentiationto benefit customers. Asthe market leader, Europcarconstantly strives to anticipateits customers’ needs byinnovating to provide newservices. In 2009, Europcarcontinued to give priority totwo major channels ofinnovation: e-commerce andnew types of mobility.GREENWAY: EUROPCAR’SCOMPETITIVE EDGEAt the forefront of technology, theGreenway system lies at the heartof Europcar’s competitive edge.Developed continuously since itslaunch in 1994, this unique platformhas become the interface for managingall of the company’s activities– from reservation managementto sales, marketing, billing andinsurance, as well as fleet managementand maintenance. Thanksto Greenway, Europcar is able tohandle on average:• 38,000 reservations per day;• over 30,000 check-ins and checkoutsdaily;• as many as 6,500 users simultaneouslyconnected at any hour of theday or night.With Greenway, Europcar managesthe business of its subsidiaries innine countries and reservations for itsfranchise network around the world.The system ensures the rapid integrationof Group acquisitions andaccompanies its development innew regions, such as Australia andFocusNew mobile phone serviceIn September 2009, Europcar launched a mobile phone servicethat makes it easy to rent a car using a cell phone. Thanks to thisservice, customers can make or modify a reservation, as well aslocate the nearest rental agency. Available in seven languages,the service is compatible with all portable phones having aninternet connection, anywhere in the world. Right from the start,this mobile service has made a bigger than expected contributionto increasing the share of sales online.Europcar Activity Report for 2009PAGE 16PAGE 17

1 out of every2 reservationsis made via GDSor InternetNew Zealand. Greenway is capable ofintegrating new business processesto successfully steer the business ofnew entities while responding to theGroup’s needs.EUROPCARCLUB: FOR GREATERFREEDOMEuropcar has identified a futuretrend in mobility: a thirst for greaterfreedom, mainly among urban customersand small and medium-sizedbusinesses. Both of these demandingtarget groups are seeking greaterflexibility in terms of mobility. Tomeet this demand, in 2009 Europcarlaunched the EuropcarClub. Thissubscription-based system offersa real alternative to car ownership,with the possibility of occasional carrentals that allow customers to savemoney and reduce CO 2 emissions.Successfully operated under theAutoliberté brand in France since2001, this service was launched in sixother European countries in 2009:Belgium, Germany, Italy, Portugal,Spain and the UK.E-COMMERCEIn 2009, e-commerce continuedto spearhead Europcar’s businessdevelopment.On the Group’s websites, Europcarcompletely overhauled the pagesconcerning its rental agencies,integrating enriched content andnew features, such as interactivemaps. The procedure for addingcomplementary services during thereservation process was simplifiedand page visibility was enhanced,resulting in increased sales ofoptions and complementary servicesand therefore higher revenue perreservation.Europcar knows how to extract thebest from new technology, to developnew synergies with partners andpropose new offers for its customers.For Accor, Europcar launched acustomized vehicle rental reservationtool on its partner’s website.When guests reserve a room at oneof Accor’s 4,000 hotels worldwideusing www.accorhotels.com, thewebsite automatically proposesthree pre-selected rental cars basedon the duration of the guest’s stay,destination and selected hotel.In its latest innovation for partnereasyJet, Europcar modernized the websitedesign and renamed it www.cars.easyjet.com. The presentation of carsand promotional offers is enhancedby the site’s clean visual look, whichfacilitates the reservation process.Another initiative, developed in associationwith Solaris Mobile, is a carprototype equipped with broadbandTV. Presented at the Mobile WorldCongress 2009, this prototype is theresult of a partnership designed toequip VIP vehicles with the mostadvanced onboard communicationstechnology for receiving satellitetelevision and radio.AWARD-WINNING QUALITYAND INNOVATION STRATEGYAs the market leader, Europcar isobliged to demand ever more fromitself, and to constantly demonstrateits performance in terms of quality,services and innovation.This dynamic drive has earnedEuropcar numerous awards, the mostprestigious being the “World’s LeadingCar Rental Company” presented bythe World Travel Awards on November8, 2009. Considered the Oscars of thetourism industry, the World TravelAwards showcase the success of onecompany per region around the world,based on the votes of 187,000 travelindustry professionals.Active in nearly 150 countries,Europcar was also named “LeadingCar Rental Company” in Europe,the Middle East, Africa and CentralAmerica, reflecting the high qualityof its services around the world.The Group was also honored withother awards in 2009, including theGolden Travel award, given to EuropcarFrance for the “Best Car RentalWebsite” based on a Mediametriesurvey of 10,000 users. This awardis particularly important consideringthe priority the Group places on newtechnology.For the 9 th year in a row, EuropcarBelgium won the “Gazelles Trophy,”which singles out the most competitiveand fastest growing companies.Lastly, the German Service Quality Instituteand trade magazine Firmenautosboth named Europcar Germany the“Best Car Rental Company.” All of theseawards crown a year rich in innovationand quality services.A word with…Wolfgang E. ReinholdSENIOR VICE PRESIDENTCAR REMARKETING,OPERATIONS & PROCUREMENT,LEASEPLAN CORPORATIONBrit SchoenenbergerMANAGING DIRECTOR,LEASEPLAN SUPPLY SERVICESOur long-termpartnership to providecustomers with bettersolutions has proved to bea real win-win situation overthe years, which we furtherstrengthened in 2009. Ourtwo companies, both leadersin complementary mobilityservices, have worked hardto adapt to demand andensure customer satisfaction.In recent months,customer-oriented Europcarteams have proven theireffectiveness at developingour activity and ourbusiness relations.Europcar Activity Report for 2009PAGE 18PAGE 19

SustainableDevelopmentEuropcar’sEnvironmentalcharter:the expressionof a deliberateapproachA pioneer in taking anecological approach to vehiclerental, Europcar formallystructured its commitmentsby drafting its “EnvironmentalCharter” in 2007. A veritableroadmap for the company interms of environmental issues,the Charter was certified byBureau Veritas in 2008. Today,Europcar is pursuing andintensifying action plans toincrease the strategic outreachof its efforts worldwide.GREEN FLEET: THE “CLEANEST”VEHICLES AVAILABLEEuropcar delivers on its promises: injust one year, the company increasedthe share of “green” vehicles – i.e.those equipped with engines withlow CO 2 emissions – purchased forits fleet by 12 percentage points. Apioneer since 2000, when the Groupbegan introducing hybrid vehicles andthe very first electric cars to its fleet,Europcar was also the first to offercars with the smallest possible environmentalimpact. This is why EuropcarFocushas been working for the past threeyears to purchase cars emitting lessthan 140 g/km, based on alternativehybrid or electric engines and includingmodels that run on biofuels, superethanol or natural gas. Today, 99.9%of Europcar’s vehicles are Euro IV certified,and some already meet Euro Vspecifications – the next generationof standards.Europcar relies on special partnershipswith carmakers to expand its lineof vehicles with low CO 2 emissions, inkeeping with technological advances.Real transparency for CO 2 emissionsAnyone who wants to rent from Europcar can check thecompany’s websites for the average CO 2 emissions ofeach model. But what about the actual emissions, emittedduring the rental period? To answer this question, Europcarintroduced in 2009 a new service that provides on eachinvoice the estimated amount of CO 2 emitted during therental period. Data is calculated on the basis of the modelrented and the number of kilometers driven.Europcar Activity Report for 2009PAGE 20PAGE 21

CORPORATE GOVERNANCEEuropcar Groupe S.A. is a “société anonyme” incorporated under the laws of France and governedby a Board of Directors. Europcar has been owned by Eurazeo since May 31, 2006.EXECUTIVE COMMITTEESince April 1, 2010, the Executive Committee is composed of Philippe Guillemot, Chief ExecutiveOfficer, Charles Desmartis, Chief Financial Officer and Rafael Girona, Chief Operating Officer.Europcar Groupe S.A. Board of DirectorsEuropcar Groupe S.A. is governed by its Board of Directors, who are responsible for its strategy and the developmentand oversight of its business and operations. Gilbert Saada is Chairman of the Board and Philippe Guillemotwas named Chief Executive Officer of Europcar Groupe S.A. on April 1, 2010.The Executive Committee of Europcar Groupe is composed of Philippe Guillemot, Charles Desmartis and Rafael Girona.THE BOARD OF DIRECTORS’ AUDIT COMMITTEEThe Audit Committee is composed of Philippe Audouin (Chairman) and Fabrice de Gaudemar.Europcar’s Boardof DirectorsGilbert SaadaPhilippe GuillemotPOSITIONChairman of the Board of Directors of Europcar Groupe and Memberof the Executive Board of EurazeoChief Executive Officer of Europcar Groupesince April 2010EXPIRATIONOF TERMPatrick Sayer Chief Executive Officer of Eurazeo 201220122012Philippe Guillemotcharles desmartisPhilippe Guillemot was named Chief Executive Officer of Europcar Groupe S.A. on April 1, 2010.Before joining Europcar, Philippe Guillemot held various positions at Booz-Allen & Hamilton,Michelin, Peugeot Citroën (PSA) and Areva. In particular, Philippe Guillemot was a Memberof the Executive Board at Michelin from 1996 till 1998, when he joined Valeo as Head ofthe engine cooling branch. In addition, Philippe Guillemot was Executive Vice President ofthe car seating activity at Faurecia, the car parts division of Peugeot Citroën (PSA) from2001 until 2004. Finally, he was named Chairman and CEO of Areva T&D and Member of theExecutive Committee of Areva from 2004.Philippe Guillemot, a French national, was born in 1959. He holds a degree from Frenchengineering school l’École des Mines and MBA from Harvard.Charles Desmartis joined Europcar Groupe S.A. as Chief Financial Officer in October 2007.Prior to that, he spent much of his career at Schlumberger, notably as worldwide controllerfor Schlumberger Resource Management Services (1999 to 2001), and Director of InternalAudit for Schlumberger Ltd. (2001 to 2002). In 2003 he was appointed Vice-President ofFinance at Axalto, Schlumberger’s smart-card and electronic payment terminal subsidiary,and in May 2004 oversaw its initial public offering on the Paris stock market. In June 2006,Axalto and Gemplus merged to form Gemalto, the world leader in digital security. As CFOof the new Group, he played a key role in the companies’ financial integration.A French national, Charles Desmartis was born in 1957. He is a graduate of the École desHautes Études Commerciales (HEC) and of Stanford University, where he earned a Master’sof Science in Management.Bruno KellerPhilippe AudouinEurazeoChief Operating Officerand Member of the Executive Board of EurazeoChief Financial Officer and Member of the Executive Boardof EurazeoEurazeo is represented by Fabrice de Gaudemar, Memberof the Executive Board of Eurazeo201220122012rafael gironaRafael Girona was named Chief Operating Officer of Europcar Groupe S.A. on May 31, 2006,and COO of Europcar International (ECI) in 2001. He has also been co-chairman of EuropcarInformation Services (EIS) since 2002. At the Group level and for Europcar’s worldwidenetwork, he oversees operations, information systems, sales & marketing, fleet management,the deployment of franchises, service quality, business process optimization andsustainable development.Since joining ECI in 1987, Mr. Girona has held various positions with Europcar in Spain andFrance, notably serving as Controller and Regional Director. He also served as EuropcarFrance’s Director of operations from 1996 to 2001.A Spanish national, Rafael Girona was born in 1962. He holds a degree in science and acertificate from INSEAD in financial control, management, quality, sales and internationalbusiness.Europcar Activity Report for 2009PAGE 26PAGE 27

financingand liquidityin millions of 3 (except fleet, reported in units) 2008 (2)RevenueFleet in volumeHigh-yield notes issuedOther long-term liabilitiesSenior asset financing loanUK and other fleet financingRevolving credit facilityDeferred issuance costs on credit facilityBank overdraftAccrued interestOther loansAverage for the year At year endPro forma2,122225,696800(17)1,716579113(27)121654Total financial liabilities (1)3,246Cash and cash equivalents (2)274Other investments (current) (3)39Net debt (IFRS) (1) - (2) - (3)2,933At constant exchange ratesNet debt (IFRS) at constant exchange rates2,888Debt equivalent of fleet operating leases 1 6512009 2008 (2)1,851191,074800(13)1,14242564(18)1912132,442237412,1642,164924Pro forma2,122194,507800(14)1,51145342(23)1510122,805280392,4862,5267782009 Guaranteesissued1,851167,705800(12)90043585(14)117282,241266431,9311,931917Net debt at constant exchange ratesincluding debt equivalent of fleet operating leases 3,539 3,088 3,304 2,849Change vs. prior year (451) (455)(1) Estimate based on the average value of fleet under operating leases in both periods(2) At historical exchange ratesSee basis of preparation of reported financial information on page 37.Europcar maintained robust liquiditythroughout the year in 2009.The company’s corporate financing(high-yield bonds) remains secureduntil May 2013 and its fleet financinguntil May 2011.The company continued to implementnew operating lease lines to financeits fleet in 2009. The debt equivalentof fleet operating leases amounted toc917 million at the end of December2009, up from c778 million one yearearlier. As a result, operating leasesaccounted for 41% of Europcar’s onandoff-balance-sheet fleet financingfacilities at the end of December382009; a significant increase fromthe 28% they represented in 2008.In 2009, Europcar reduced the averageutilization of its revolving creditfacility to c64 million —nearly halfthe 2008 level— on the back of strongcorporate cash flow generation andenhanced cash management.basis of preparationof the financial information presentedThe accounting treatment of theacquisitions of Vanguard EMEA onFebruary 28, 2007, Betacar on May31, 2007 and Europcar Australia-NewZealand, effective as of May 1, 2008,in accordance with IFRS 3 BusinessCombinations, had several significanteffects on Europcar’s ConsolidatedFinancial Statements.These effects include primarily:significant changes in the consolidationscope of the Europcar Groupand the recognition of intangibleassets in its consolidated balancesheet effective as of the date whenthese acquisitions were completed;and the recognition in its incomestatement of the amortization andimpairment charges related to theseintangible assets and of expensesdirectly incurred in connection withthese acquisitions.Therefore, in addition to the IFRSconsolidated financial statements,Europcar has prepared adjusted proforma information for the income statementsince 2007. Pro forma informationwas prepared for the years 2007 and2008, because business acquisitionswere carried out in those years, whichresulted in changes in the scope ofconsolidation of Europcar Group effectiveon the day these acquisitions werecompleted. Because Europcar Groupmade no business acquisitions in 2009only adjusted information was preparedfor those periods. Adjusted proforma information has been preparedas outlined below.Such additional adjusted pro formafinancial information, which differsfrom IFRS standards, assumes theacquisition of Vanguard EMEA andEuropcar Australia-New Zealandtook place as of January 1, 2007, thusallowing a meaningful comparison ofthe performance of Europcar Group for2007, 2008 and 2009 on a full-yearbasis.Adjusted pro forma operating incomeand operating margin exclude chargesresulting from the accounting treatmentof the acquisitions carriedout by Europcar Group in 2007 and2008, as well as one-off expensesand reorganization charges incurredin connection with these transactions.Charges resulting from the accountingtreatment of these transactions consistof amortization and impairment ofintangible assets. One-off acquisitionrelatedexpenses consist of chargeswhich would have not been incurredhad the transaction not occurred, inparticular professional advisory servicesincurred in connection with theintegration of the businesses acquiredand charges related to the early terminationof certain franchise contracts.Acquisition-related reorganizationcharges consist of severance costsrelated to headcount reductions inthe support functions, and expensesresulting from the rationalization ofthe rental stations network and officesites (including asset write-offs andtransfer costs, severance costs, leasetermination and building refurbishmentcosts) as well as the rationalizationand harmonization of the serviceportfolio and information systems.All expenses excluded from adjustedpro forma operating income andoperating margin are reported onseparate lines of the income statementbelow the adjusted operating incomeaggregate.Europcar has a significant presence inthe UK and in Australia as a result ofits acquisition of Vanguard EMEA andof Europcar Australia, whose revenue,costs and debt are denominated inBritish pounds and Australian dollars,respectively, so that the incomestatement and cash flow of thesetwo countries are naturally hedged.However, Europcar Group’s results andfinancial statements reported in euroare exposed to the currency conversionrisk related to the consolidationof the results and financial statementsof the UK and Australia operations.Therefore, in order to allow a meaningful,like-for-like comparison between2008 and 2009, the UK, Australia andEuropcar Activity Report for 2009PAGE 36PAGE 37

Europcar Groupe5-6 place des Frères Montgolfier78280 Guyancourt - Francecommunication@europcar.comwww.europcar.comDesign & Production: Burson-Marsteller - Photo credits: Europcar 2010 / Fabrice Malzieu