Industry Update October 4, 2013 Jeff Coggin Assistant Vice President, TMC Sales for World Travel, Inc.

Why Grow?  Economies of scale – Increased efficiency  Easier access to capital and other resources Shark Tank: “The big guys will crush you.”  Opportunities for personal and/or career development  Job security  Human nature – always striving to do more  The definition of Success

Car Rental Industry  Post 9/11 industry ˗ National/Alamo: Private Equity ˗ Avis/Budget: Public ˗ Hertz: Private Equity then Public ˗ Dollar/Thrifty: Public  2007: Enterprise acquires National and Alamo ˗ Family Owned ˗ Now almost 50% of the overall market ˗ EHI share with World now 51.5% up from 35.3%  Key factors in success ˗ Get team on board ˗ Share plans broadly ˗ Integrate cautiously ˗ Protect the culture ˗ Gain trust

About Our Company $15.4 billion in annual revenue 74,000 employees 1.3 million vehicles 8,200 neighborhood and airport locations Ranked #20 on Forbes list of America’s Largest Private Companies BBB+, Baa1 only investment-grade car rental company

U.S. Market Shares: $23.6B Source: Auto Rental News (2012)

Hertz Acquires Dollar Thrifty  April 2010: Hertz bids $41 per share for DTG  July 2010: Avis bids $46.50  September 2010: Avis bids $48, Hertz bids $50, Avis bids $53 ˗ Hertz ends pursuit of DTG ˗ Period of regulatory challenges (Avis)  May 2011: Hertz bids $72  September 2011: Avis withdraws  October 2011: Hertz withdraws  August 2012: Hertz finalizes deal at $87.50 per share ($2.3 billion) ˗ Hertz divests the Advantage brand

2006 on-airport market positions Source: Airport Authorities; 99% of airports reporting for June ‘ on-airport market positions U.S. Airport Market Shares

Industry Growth/Acquisition  Avis ˗ June 2011: Acquires Avis Europe for $1 billion ˗ January 2013: Acquires Zipcar for $500 million ˗ July 2013: Acquires Payless for $50 million ˗ August 2013: Acquires 50% stake in Brazilian licensee ($50 million)  Hertz ˗ July 2011: Hertz rebrands car sharing to Hertz On Demand ˗ April 2013: Investment in China Auto Rental ˗ August 2013: Expands Firefly brand to US ˗ 20 locations by the end of this year

Enterprise Holdings, Inc.  Car Share ˗ August 2011: Philly Car Share ˗ May 2012: Mint Cars On-Demand ˗ May 2013: IGO CarSharing ˗ July 2013: Zimride  November 2011: Acquire Citer (France) and Atesa (Spain) ˗ Network re-branded to Enterprise February 2013 ˗ Complements existing network in the United Kingdom, Germany and Ireland  March 2012: Strategic Investment in eHi Auto Services - China  Expansion in to the following countries: Bulgaria Croatia Cyprus Macedonia Moldova Montenegro Romania Serbia Brazil Poland Peru Turkey Slovakia Greece Jamaica Albania Czech Republic British Virgin Islands Uruguay Italy Portugal Bosnia & Herzegovina Netherlands Turks & Caicos Austria Hungary Cayman Islands Slovenia

10 Citer/Atesa Re-Brand

Europcar Strategic Alliance  2007 – Europcar gains license to National marks in EMEA  2008 – Enterprise Holdings enters into a Strategic Alliance with Europcar  August 2013 – Strategic Alliance expires, Europcar continues to have the rights to use the National marks under certain conditions

The Drive Alliance Two Global Brands. 8,200 Global Locations. More Than 40 Countries and Territories. Countless Opportunities to Serve You. Whether you need a car around the corner or around the globe, the Drive Alliance has you covered.

European Car Rental Market: $12.5B

Coverage Summary 14

Emerald Club and Enterprise Plus loyalty programs are linked by the Drive Alliance Members can earn at any National or Enterprise location in the U.S. and Canada Members can earn at any Enterprise location in Europe All credits earned will reward customers with free days and higher tier status within the club Free Days Can be Redeemed at any National location in North America Members can earn at any Enterprise location worldwide. All points earned will reward customers with free days and higher tier status within the club Free Days can be redeemed at any Enterprise location in North America ePlus redemption at all Enterprise locations worldwide is anticipate spring of 2014 North America North America, Europe and Middle East

Europe  UK  Germany  Ireland  France  Spain  Portugal  Italy  Greece  Bulgaria  Cyprus  Romania  Macedonia  Serbia  Bosnia  Montenegro  Hungary  Austria  Slovakia  Turkey  Poland  Netherlands  Czech Republic Loyalty Clubs accepted:  ePlus  Emerald Club

The Drive Alliance Benefits  Benefits of having two brands: ˗ One global contact with localized support ˗ Customized billing solutions for your accounts (November 2013) ˗ One global agreement ˗ Negotiated pricing available in all countries ˗ Agent just shops ET and ZL  Stronger European network ˗ Now covers more than 90% of EU car rental market ˗ 100% compliance to agreement T&Cs ˗ Enterprise service

Thank You