CAR Inc.Company Presentation

August 15th 2017

By attending the meeting where this presentation is made, or by reading the presentation materials, you agree to be bound by the following limitations:

The information that follows is a presentation of certain information of CAR Inc. (the “Company”) prepared by the Company as of August 2017.

The information contained herein (including, among others, the market data, industry data and other industry statistics included in this presentation derived from public or third party sources) has notbeen independently verified and thus no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of theinformation, or opinions contained herein. Neither the Company nor any of its respective directors, officers, employees, advisors, affiliates or agents shall have any responsibility or liabilitywhatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. In addition, noperson is authorized to give any information or to make any representation not contained in and not consistent with this material and, if given or made, such information or representation must notbe relied upon as having been authorized by or on behalf of the Company.

In this presentation, we refer to EBITDA, Adjusted EBITDA and other measures which are not standard financial measures under IFRS. Such measures may not be comparable to similarly titledmeasures presented by other companies. See the relevant footnotes contained in this presentation for the definition and calculation of such financial measures.

This presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof. It should be understood that subsequent developments may affect theinformation contained in this presentation, which neither the Company nor its advisors or representatives are under an obligation to update, revise or affirm, and past performance is not indicative offuture results.

The information communicated in this presentation contains certain statements that are or may be forward looking. These statements typically contain words such as "will", "expects" and"anticipates" and words of similar import. By their nature forward looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in thefuture. Any investment in securities issued by the Company will also involve certain risks. There may be additional material risks that are currently not considered to be material or of which theCompany and its advisors or representatives are unaware. Against the background of these uncertainties, readers should not rely on these forward-looking statements. The Company assumes noresponsibility to update forward-looking statements or to adapt them to future events or developments.

This presentation and the information contained herein do not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for anysecurities of the Company. The securities of the Company have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered,sold or delivered within the United States or to U.S. persons absent from registration under or an applicable exemption from the registration requirements of the United States securities laws. Nosecurities may be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Any public offering of securities to be made in the United Stateswill be made by means of a prospectus. Such prospectus will contain detailed information about the company making the offer and its management and financial statements. No public offering ofsecurities is to be made by the Company in the United States.

This presentation and the information contained herein is being furnished to you solely for your information on a confidential basis and may not be reproduced or redistributed to any other person, inwhole or in part. In particular, neither the information contained in this presentation nor any copy hereof may be, directly or indirectly, taken or transmitted into or distributed in the United States,Canada, Australia, Japan, Hong Kong or any other jurisdiction which prohibits the same except in compliance with applicable securities laws. Any failure to comply with this restriction may constitutea violation of U.S. or other national securities laws. No money, securities or other consideration is being solicited, and, if sent in response to this presentation or the information contained herein, willnot be accepted.

BY REVIEWING THIS PRESENTATION, YOU ARE DEEMED TO HAVE REPRESENTED AND AGREED THAT YOU AND ANY CLIENTS YOU REPRESENT ARE EITHER (A) A “QUALIFIED INSTITUTIONAL BUYER”(WITHIN THE MEANING OF REGULATION 144A UNDER THE SECURITIES ACT), OR (B) NOT A U.S. PERSON AND ARE OUTSIDE OF THE UNITED STATES AND NOT ACTING FOR THE ACCOUNT OR BENEFIT OFA U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT). YOU ARE ALSO DEEMED TO HAVE REPRESENTED AND AGREED THAT YOU AND ANY CUSTOMER YOU REPRESENT AREPROFESSIONAL INVESTORS AS DEFINED IN THE SECURITIES AND FUTURES ORDINANCE (CAP 571 LAWS OF HONG KONG) AND ANY RULES MADE UNDER THAT ORDINANCE.

Disclaimer

1

2

Our vision: China’s leading auto mobility provider

Infant stage with huge growth potential

Life-style driven, not only travel demand

Dominant leader = High margin

Significant entry barriers

MarketDemand

Competition Landscape

O2O and mobile

Asset-light network strategy

Strategic collaboration with UCARInnovations

We are more than a car rental company

I. Industry Overview

4

World’s fastest growing region for car rental

Source: Roland BergerNotes:(1) Defined as the number of rental vehicles as a percentage of the total number of registered passenger vehicles in 2012(2) Represents growth in the car rental market size, based on rental revenues CAGR’s on local currency basis

2.5%

1.6%

1.4%

1.3%

0.4%

2%

2%

6%

13%

27%

2013-2018E CAGR (2)

Car rental sales growthPenetration rate of car rental(1)

5

Key growth drivers

PRC regulatory reforms Typical rental market evolution Licensed drivers without cars

217M

310M

84M

150M

2013 2016

Gap: 133M

Car rental(1)

market size (2013)

~$0.9 bn

~$24.0 bn

>4,000,000government-owned cars

No. of driver’s license holders

No. of passenger vehicles

Gap: 160M

1 2 3

Business travel

Leisure travel

Replacement car

Limit number and models of cars that may be purchased by government agencies and encourage car rental

Official guidance (July 2014) stipulates that no further government-owned cars will be provided for use in regular government affairs or to officials below a certain rank

Source: Roland Berger(1) The Company has reclassified the rental revenue and operating fleet to better align with its new development in business natures

6

Significant entry barriers

Challenging for new entrants to acquire new licenses

Vehicle purchasingrestrictions

Scale, network and brand

Difficult, costly and time-consuming to replicate

Difficult access to debt financing

Requires “deep pockets”

II. Investment Highlights

8

Investment highlights

Clear and sustainable market leadership

Most trusted brand supported by superior customer experience

Industry-leading proprietary technology platform

Diversified and stable business

Experienced management team and strong partners

Strong and sustainable profitability profile

1

2

3

4

6

5

Source: Public filings

9

940

~3xLarger

~2xLarger

96,449#1#1

Vehicles(2016)

RMB in millions(2016)

#2#2 56,916

3,057

~3xLarger

Fleet sizeRental revenue Adj. EBITDA

RMB in millions(2016)

#1

#2 1,664

5,016

Clear market leader1

10

Consistently extending leading position1

31.2%

8.2%

1.9% 1.9% 1.2%

19.8%

7.7%

2.7% <1.5% 1.5%

eHi Topone Reocar Avis

2013 2011 % Change

+11.4%

+0.5%

-0.8%+0.4%

-0.3%

Market share (by revenue) of top 5 car rental(1) companies in China

Source: Roland Berger(1) The Company has reclassified the rental revenue and operating fleet to better align with its new development in business natures

Note:(1) As of Jun. 30, 2014

11

Our clear market leadership providesunique competitive advantages

1

Costadvantages

1

License advantages

2

Funding advantages

3

Secured licenses to accommodate future growth

~13,000 in Beijing(1)

~8,000 in Guangzhou(1)

Access to diversified debt funding channels including credit facilities

Bank, OEM financing, capital leasing

Access to global capital markets

Procurement

One of the largest passenger vehicle purchasers in China

Operational leverage

Economy of scale

Reinforces our …

market leadershipprovides…

cost advantagesand creates…

barriers to entry

12

Most recognized and trusted brand with superiorcustomer experience

2

3.5

15.6

2011 1H'17

(‘000)

Growth in institutional customers

~4.5xincrease

447

4,657

2011 1H'17

(‘000)

Growth in individual customers

~10.4xincrease

57%

65%

2011 1H'17

% repeat customers transactions (1)

Increasing customer engagement

+8ppincrease

Best-in-class customer service

Extensive nationwide

network

Broadest vehicle

selection

Excellent vehicle

conditions

Hassle-free rental process

Note:(1) The transactions by our repeat customers as a percentage of the total number of our car rental transactions. Repeat customers include any customer that has completed more than

one transaction with us within any period of time.

13

Extensive nationwide coverage with deep urban penetration

2

Beijing

Guangzhou

Shanghai

Shenzhen

Deep urban penetration

Service locations cover major transportation hubs, business districts, residential communities and tourist destinations

Nationwide coverage

Directly operated104 major cities823 service locations (333 stores and 490 pick-up points)

Franchise operated189 small cities239 service locations

1

2

3

6

7

9

10

4

8

Note: Network statistics as of June. 30, 2017

14

Industry-leading proprietary technology platform3

Customer interface Comprehensive management systems

Fleet Management

Repair and insurance

Used car sales

Yield Management

Supply / demand

Dynamic pricing

Fleet deployment

Financial Management

Budgeting

Business analytics

Customer Management

CRM

Promotional activities

Transaction Management

Reservation, vehicle pick-up / return, payment

Risk control

Effective Reliable Scalable

Call center

PCMobile

Store

Big data

Business intelligence

15

Dynamic pricing to maximize yield and competitiveness

Note:(1) Recent same day examples

3

Market demand

Inventory level

Rental term

Location

Timing of booking

Competitor rates

Target margin

DynamicPricing

Data analysis

Pricing flexibility of the same car model in different stores (1)

￥415/ 日

均

￥280/ 日

均

Beijing Guomao Shanghai Jinjiang Action Park Xining Caojiabao Airport

￥69/ 日均

16

Diversified and stable business

Note:(1) Business transactions refer to reservations under commercial agreement, car pick up outside of holidays, car pick up outside of tourist locations, weekend rentals and rentals with formal

receipt issued for reimbursement purposes. Leisure transactions refer to the remaining transactions.(2) The Company has reclassified the rental revenue and operating fleet to better align with its new development in business natures

4

25%

45%

7%3%10%

10%

76%

9%

9%6%

71%

29%

Car rental

Fleet rental, leasing & others

~35%

~65%

Beijing, Shanghai, Guangzhou,Shenzhen

Other cities

~55% ~45%

Top 10 cities

Others

32%

68%

Business

Leisure

Buick

Toyota

% 1H’17 rental revenue

Products Customers

% 1H’17 car rental transactions

Network Suppliers

% 1H’17 car rental revenue(2) % 1H’17 total fleet

VW

Kia

Others

~23%

~77%

On-airport business

Off-airport business

~84%

~16%

Top 10 models

Others

% 1H’17 car rental transactions

(1)

(1)

% 1H’17 car rental revenue(2) % 1H’17 total fleet% 1H’17 car rental revenue(2)

ChevroletStore

Mobile

PC

Call Center

17

Strong and sustainable profitability profile

Source: Roland Berger (market share by revenues in 2013), Euromonitor, public filings of peers (Brazil market share by revenues in 2014), Auto Rental NewsNote:(1) EBITDA margins based on percentage of rental revenues for all, except for the #2 player. CAR: Adjusted EBITDA as disclosed. #2 player: adjusted EBITDA as disclosed. Hertz: EBITDA as

disclosed (unadjusted due to limited public information available). Avis: corporate EBITDA for car rental business adjusted for vehicle depreciation and interest. Localiza: car and fleet rental EBITDA as disclosed

5

Market position comparison

EBITDA margin among peers(1)

Dominated by LocalizaDominated by CAR

CAR31%

eHi8%

Topone2%

Other59%

Market shared by 3 large players

Enterprise48%

Hertz26%

Avis18%

Others8%

59%

45% 42%36%

1H'17 FY2016 FY2016 FY2016 FY2016

Localiza Hertz Avis#2

Localiza47%

Unidas8%

Hertz7%

Other38%

34%

Source: Public filings of Hertz, Avis, Localiza and the #2 player. Peers data based on the year ended December 31, 2016 except the #2 player based on the year ended December 31,2015.Notes: Where applicable, CAR’s expense figures have been adjusted for share-based compensation, reorganization related expenses as well as costs related to suspended fleet(1) Representing expenses as a percentage of rental revenue, excluding sales of used vehicles; but in the case of the #2 player, including car services revenue. CAR Inc. rental revenue and operating fleet have been reclassified to align with its new

development in business natures.(2) Due to limited disclosures available, depreciation and amortization expenses have been used as a proxy to estimate vehicle-related depreciation(3) Due to limited disclosures available, direct operating expenses are estimated by taking vehicle operating expenses less depreciation and amortization expenses (as a proxy for vehicle-related depreciation)(4) No breakdown for rental business available for expense. Figure estimated based on total expense multiplied by rental business revenues % of total revenues(5) CAR: net interest expenses for the corporate level; #2 player: net interest expenses for the corporate level; Hertz: net interest expenses for the corporate level; Avis: net interest expenses of corporate debt and net vehicle interest

expenses excluding net impact of early extinguishment of debt); Localiza: net interest expenses for the corporate level

18

Economies of scale + operational leverage5

15%11% 12% 12% 13%

9% 7% 6% 6%

2013 2014 2015 2016 1H'17

% of rental revenue (1)

18%12% 12% 11% 11%

17%10% 13% 14%

2013 2014 2015 2016 1H'17

Depreciation of rental vehicles

expenses

SG&A costs

Finance costs (5)

(4) (4)

34% 34% 31% 33% 32%

46%

60%51%

43%

2013 2014 2015 2016 1H'17

Direct operating expenses

(4)

LocalizaHertz Avis#2China Global

(4)

(3)

27%27% 21% 25% 26%

33%26% 24%

10%

2013 2014 2015 2016 1H'17

(2)

19

Experienced management team and strong partners

years of relevant industry experience

6

Investment of Fund XI, established in 2012

International resources

Capital markets know-how

Current shareholding 11.5% (1)

Charles Lu Chairman

23+ years of entrepreneurial experience: 15+ years in technology, 10+ years in automobile and consumer services related sectors

Sen

ior

lead

ers

hip

Ming LinVP of rental operations

Former VP at Legend Capital

20+ years

Yandong ZengVP of fleet management

18+ yearsWilson Li COO, CFO

Former CFO of GE Healthcare GSC Asia

16+ years

Par

tne

rs

Parent company of, among others, Lenovo, Digital China, Legend Capital, and Raycom Real Estate

Strong continuous support on bank guarantees and government relationships

Current shareholding 24.8% (1)

Founded in late 2014, a leader in mid-to-high-end on-demand chauffeured service in China

Listed on NEEQ in July 2016, market cap over RMB40 B

Current shareholding 28.4% (1)

Notes: (1) as of June. 30, 2017

23+ yearsYifan SongCEO

17+ years

Founding member, executive vice-president since 2013, in charge of general management of processes and standardization

Former sales head at Tetrapak China, manufacturing engineer at Ford Motor (China)

III. 2017 Interim Results

1H’17 Executive summary

2121

Achieved record high utilization rate and quicker realization of significant upside … 69% in 1H, 14pp YoY improvement (guidance 5-7pp YOY)

Realized margin expansion despite significant price reduction … EBITDA margin +4pp YoY and net margin +3pp YoY due to significant operating leverage from scale

Car rental: Deliver far beyond 2017 expectations

Demonstrated stronger than ever growth momentum … 71% YoY rental days growth in 1H and 79% YoY in 2Q, a record high since 2013 (guidance 40% YoY)

Used car: Expedited fleet replacement to drive growth and mitigate future residual risks … headwinds on 1H margins due to disposal loss of legacy models

Fleet rental: UCAR fleet 30%+ YOY decline, regulation & business driven

Expedited fleet replacement to accommodate regulatory requirement for vehicles providing ride-hailing services … 36% YoY revenue decrease

Started to diversify customer base of fleet management … decided to re-enter into new long-term rental businesses for corporations

1H’17 Highlights

22

Notes:(1) Adjusted EBITDA, adjusted net profit, and margins exclude the costs relating to the used car B2C pilot program. Adjusted EBITDA is defined as profit or loss before income taxes, net finance income/costs, depreciation, amortization and

impairment, excluding share-based compensation, foreign exchange gain/loss, fair value gain from investment in equity shares and redeemable preference shares, fair value gain on derivative instrument-transaction not qualifying as hedges, share of profit/(loss) of an associate; adjusted net profit is defined as profit or loss excluding share-based compensation, foreign exchange gain/loss, fair value gain from investment in equity shares and redeemable preference shares, fair value gain on derivative instrument-transaction not qualifying as hedges, share of profit/(loss) of an associate. Margins are calculated as percentage of rental revenue.

(2) Rental revenue and operating fleet have been reclassified to align with its new development in business natures

Growth

Car rental

69%Fleet utilization

Profitability

Financial positions RMB 407 MM

Free cash flow

13%Adj. net margin

(1)

(1)

(1)

59%Adj. EBITDA margin

2.1xNet debt/adj. EBITDA

71% YoYCar rental(2) volume

31% YoY Car rental revenue

+14pp YoY

1H’17 Financial highlights

23

June-17 Dec-16 change

Total assets 20,739 21,189 (2)%

Total debt 11,242 11,682 (4)%

Cash 4,982 5,725 (13)%

Total debt/ LTM Adj. EBITDA 3.8x 3.8x -

Net debt/ LTM Adj. EBITDA 2.1x 1.9x 0.2xNote:(1) The Company has reclassified the rental revenue and operating fleet to better align with its new development in business natures.(2) Adjusted EBITDA is defined as profit before income taxes, net finance income/costs, depreciation, amortization and impairment, excluding share-based compensation, unrealized foreign exchange gain/loss related to USD

denominated liabilities, costs related to B2C pilot program and fair value gain on investment in redeemable preference shares(3) Adjusted net profit is defined as profit excluding share-based compensation, unrealized foreign exchange gain/loss related to USD denominated liabilities, costs related to B2C pilot program and fair value gain on investment in

redeemable preference shares(4) As a percentage of rental revenue

(RMB in millions)

1H’17 1H’16 YoY

Total rental revenue 2,456 2,452 0%

- Car rental(1) 1,739 1,326 31%

- Fleet rental(1) 705 1,100 (36)%

Total revenue 3,612 2,969 22%

Net profit 379 1,062 (64)%

Adj. EBITDA(2) 1,449 1,556 (7)%

Margin(4) 59.0% 63.5% (4.5)pp

Adj. net profit(3) 314 472 (33)%

Margin(4) 12.8% 19.2% (6.4)pp

Free cash flow 407 784 (48)%

Basic EPS (RMB) 0.16 0.44 (63)%

472

314

1H'16 Car rentalcontribution

UCAR fleetcontribution

Vehicle residuleimpact

Finance cost &others

1H'17

24

(RMB in millions)

1H’17 Adj. net profit walk

Car rental growth with slight margin

expansionUCAR fleet

rental decline

Residual pressure of

legacy models

GM Excelle impact, UCAR fleet residual adjustment in 4Q’16

Finance cost increase due to

higher gross debt

63.5%

1H'16 Car rentalcontribution

Business mixchange

Used cardisposal

Others 1H'17

59.0%

1H’17 Adj. EBITDA margin walk

25

Car rental margin expansion

UCAR fleet rental decline

Used car disposal loss of legacy models

UCAR fleet contribute

higher EBITDA margin

1H’17 Car rental business: High demand growth with margin expansion

22

71%

(24)%

31%

ADRR

RevenueRental days

55%69%

14pp+YOY

1H’171H’16 Car rentalEBITDA margin

Rental days growth: 1H 71%, 2Q 79% record high

Utilization improvement: 1H 14pp+, 2Q 15pp+

Effective pricing strategy, 24% ADRR decrease

5% slight RevPAC decrease, offset by unit cost decrease due to higher operating leverage

Utilization Rate

Realized margin expansion due to significant operating leverage from scale

Car rentalNet margin

Car rental key metrics YoY

+4pp +3pp

Delivered far beyond 2017FY operational targets (2017 focus on growth & utilization)

Car rental: consistent strong growth momentum

27

Growth levers

1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17

More competitive pricing

Younger fleet

8%18%

40% 45%

63%

79%

Smarter Dynamic Pricing

Attractive new models

1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17

ADRR

Price lever

Fleet optimizer

Rental experience revolution

Counter/staff bypass Rental on-demand

<1yrFleet %

9,803

10,988

12,346

13,624

15,200

17,255

2Q’171Q’16 2Q’16 3Q’16 4Q’16 1Q’17

Sequential increase of YoY growth% for

6 consecutive qtrs

Rental days YoY (%)

Registered members (in thousands)

1Q’16 2Q’16 3Q’16 4Q’16 1Q’17 2Q’17

~2x in 18 months

Notes:(1) The Company has reclassified the rental revenue and operating fleet to better align with its new development in business natures.(2) Average daily fleet is calculated by dividing the aggregate days of car rental vehicles in operation in a given period by the aggregate days of that period(3) RevPAC refers to average daily rental revenue per car rental vehicle, which is calculated by multiplying the average daily rental rate in a given period by the fleet utilization rate in that same period(4) Average daily rental rate is calculated by dividing car rental revenue in a given period by the fleet rental days in that period. Fleet rental days are the total rental days for all vehicles in car rental fleet in a given period(5) Fleet utilization rate is calculated by dividing the aggregate days that vehicles are rented out for car rentals by the aggregate days that car rental vehicles are in operation

Car rental: margin expansion despite price deflation

28

38%

1H’17 1H’16

Avg. daily fleet(2)

31%Car rental revenue(1) 1,739 1,326

60,307 43,830

RevPAC(2) 160 169

x

=

x

=

xDays

ADRR(3) 234 307

+13.6ppUtilization(4) 68.5% 54.9%

(RMB in millions)

-5%

-24%

RevPAC(3)

313 300 282 251 245 223

1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17

ADRR(4)

55.4% 54.4% 60.3% 59.3%

67.6% 69.4%

1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17

Utilization(5)

174 163 170 149 165 155

1Q‘16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17

YoY

Delivered margin expansion despite significant ADRR reduction:• RevPAC slightly decreased 5%, strong utilization gain offsetting ADRR reduction• RevPAC break-even point decreased due to strong operating leverage from scale

Used car disposal

29

Expedited vehicle replacement to drive growth and mitigate future residual risks … 1H loss due to legacy GM model

Solid residual adjustments of legacy models and UCAR fleet in 2H’16, resulting in 1H’17 depreciation % 1.7pp increase YoY

Cost to sales ratio constant at 95%-105%

2H’17: strengthen the effort of penetrating B2C retail channel through Maimaiche partnership

Improved capabilities in used car disposal Proven residual risk management

100%

Cost of sales of used vehiclesAs % of sales of used vehicles

2014

95.1%

2015

101.1%

65Avg. selling price (RMB‘000)

2016

103.0%15,483

9,284

23,092

8,077

17,808

2014 2015 2016 1H'16 1H'17

# of used vehicles disposed

Used car disposal channels

62 23.4% 21.4%Depreciation %(of rental revenue)

25.1%64 6564

1H’16 1H’17

99.0%

103.0%

26.3%24.6%

9%

29%

63%

5%

37%

58%B2B - Franchisees

B2B - Dealers

B2C - Maimaiche

1H’17

1H’16

Strong financial positions

30

Optimizing funding capability and credit profiles

Cash(1)

2013 2014 2015 2016 1H'17

Free Cash Flow (FCF)

Strong cash generation

(RMB in millions)

Net debt/adj. EBITDA

2,967

1,135

6,344 5,958 6,260

3,811 3,611

8,385

11,682 11,242

2013 2014 2015 2016 1H'17

Net debt Total debt

Debt (Gross/Net)

5,7252,0412,476844 3.2x 0.7x 1.9x

Net leverage remained low due to strong FCF generations

Gross debt level remained constant

FX exposure further reduced: USD630mm hedged

Continue deliver strong Free Cash Flow after 2.0B vehicle capex spent

Maintain strong cash position of 4.9B … providing liquidity needs for both onshore and offshore

Executed share buy-back of HKD662MM

Note: (1) includes restricted cash, available-for-sale investments and cash and cash equivalents

4,982 2.3x 2.1x

(649) (1,129)

(3,303)

1,795

407

(RMB in millions)

Net investment in fleet

31

22,171 21,857

38,353

29,831

23,601

9,986

15,483

9,284

23,092

17,808

2013 2014 2015 2016 1H'17

Vehicles purchased

Vehicles disposed

Fleet expansion (1)

Net investment in fleet

(RMB in millions)

1,889

2,729

5,220

2,633 1,973

495 654 603

1,438 1,156

2013 2014 2015 2016 1H'17

Vehicle purchasecapex

Used vehicle salesrevenue

Notes:(1) Fleet expansion does not reflect change in finance leasing fleet(2) Among 15,483 used vehicles disposed in 2014, 10,185 vehicles were sold while 5,298 vehicles were disposed to franchisees through finance leasing

(2)

V. Business Strategies

Revolutionary changes in auto related industry

33

互联网技术革命Internet Technology

智能汽车Smart Vehicle

云计算Cloud

Computing

电动车EV

大数据Big Data

机器学习Machine Learning

车联网Connected

Vehicle

汽车技术革命Auto Technology

自动驾驶Autonomous

Driving

消费习惯变化Consumer behaviors change

汽车生态圈重塑Auto ecosystem revolution

On-demand economy

Car ownership Car sharing

Mobility sharing

……

Manufacturing

Distribution

Repair & maintenance

Financing & insurance

……

SHARE

33

34

UCAR becomes the largest shareholder of CAR

CAR Inc.

Premium Auto Rental (China) Limited

(HK)

Haike Leasing(China) Limited

(HK)

CAR Hong Kong(HK)

Shenzhou Used Car (China) Limited

(HK)

Offshore

Onshore

Hertz transferred subsidiaries

Beijing China Auto Rental Co., Ltd.

China Auto Rental (Tianjin) Co., Ltd.

Haike Leasing (Beijing) Ltd.

Haike Leasing (Fujian) Ltd.

Haoke Leasing (Shanghai) Ltd.

Haike Leasing (Tianjin) Ltd.

100% 100% 100% 100%

100% 100%100%

Grand Union Amber Gem

28.4% 24.8% 11.5%

Public

35.3%

神州优车

UCAR

Such shareholder consolidation makes shareholding structure clearer and more concentrated

Reshape the auto and consumer ecosystem

35

Customer Oriented

Technology-driven

Business Model

Innovation

Synergies

Financing Platform

Mobility Platform

E-Commerce Platform

Value Chain

36

SuppliersOEMs

Insurance companies

CustomersCar rentalChauffeuredPurchase

FleetFleet sharing

Used car disposal

NetworkStores & operations

Repair & maintenance

Big dataCustomers

Fleet

BrandingBrand recognition

Extensive synergies between CAR and UCAR

Improve cost structure Upgrade customer experience Create new growth engines

37

Build a smart mobility platform for the future

Smart Vehicles智慧车辆

Connected Vehicles车联网

Smart Fleet智能车队

Smart Drivers智慧司机

Full-time Drivers专职司机

Drive Robot驾驶机器人

Smart Dispatch智慧派单

Controllable Driving可控驾驶

Easy Trip舒适行程

Smart Demand智慧需求

Mobile Internet移动互联网

Smart Scenario智慧场景