1 | Context of the global car marketLight vehicles (passenger cars and light commercial vehicles) : the market is less dynamic. According to Dataneo, registrations in France decreased by 1,3% in the 2nd quarter of 2019 compared to the 2nd quarter of 2018. However, the number of Long Term Rental (LTR)* registrations increased by 13,3% compared to the fi rst quarter of 2019 (172,357 LTR registrations compared to 152,069) and increased by 4,96% compared to Q2 2018 (172,357 registrations compared to 164,215). The corporate market is doing well with growth of 5,8% compared to Q2 2018 to represent 61,25% of the total light vehicle market.

Passenger cars (PC) : the market recorded a 2,9% decrease in registrations compared to Q2 2018 but 10,8% more registrations than in the fi rst quarter of 2019 (613,120 registrations compared to 553,336). The market for PC companies is doing well with growth of 5,31% compared to Q2 2018. The market for PC companies excluding short-term rental, tactical registrations and manufacturer demonstration vehicles grew by 7,34% (compared to Q2 2018) and stood at 166,345 registrations in Q2 2019. Tactical PC registrations are increasing (+7,33% compared to Q2 2018) contrary to the total PC market’s trend.

Light Commercial Vehicles (LCVs) : the market recorded 6,91% more registrations (compared to Q2 2018) with 133,073 registrations in Q2 2019. LCV company fl eets (excluding short-term rental, tactical registrations and manufacturer demonstration vehicles) increased by 7,12% compared to Q2 2018 and accounted for 95,712 registrations, or 71,92% of the market according to Dataneo.

Light vehicles energies : The market for alternative energy light vehicles (LVs) is growing. Electric vehicle registrations increased by 45,08% (compared to Q2 2018) to 1,71% of the market (against 1,16% in Q2 2018) while diesel vehicle registrations decreased by 10.23% (compared to Q2 2018).

The market share for hybrids and non-rechargeable hybrids totalled 4,2% and has a growth rate of 14,66% compared to Q2 2018.* Processing of SIV (vehicule registration system) data by Dataneo on behalf of SesamLLD, these fi gures are different from those published previously, due to an update of companies registering in LTR.

NEWPC REGISTRATIONS in Q2 2018 - as %

2nd quarter 2019

Short-term rental12% (11%)

LTR + company27% (26%)

Households43% (46%)

Exhibit + car makers17% (17%)

MAIN FIGURES

CONTENTS

613 120Passenger Car (PC)

registrationsQ2 2019/Q2 2018 : -2,9%

133 073Light Commercial Vehicles

(LCV) registrationsQ2 2019/Q2 2018 : +6,9%

172 357New long term rentals

registered(compared to 164 215 in Q2 2018).

This represents 23.1% of all registrations in the automotive

market.

(1) Excluding short-term rentals, demonstration vehicules, self-registrations.

58,6%

1 |2 |3 |4 |5 |

THE LONG TERM RENTAL MARKET

Letter Sesamlld / 01

In brackets : Q2 2018Source : DataNeo

2 | The long term rental marketTHE GROWTH OF THE LTR MARKET IS PROGRESSING WHILE THE GLOBAL MARKET IS DECLINING

The LTR market grew by 4.96% with 172,357 registrations compared to 164,215 in the 2nd quarter of 2018. This quarter, LTR registred makes up 23,1% of all registrations in automotive market. Long-term rental vehicles represent 58,6% of the corporate fl eet market compared to 59,2% in Q2 2018. After a slowdown in Q4 2018, the number of LV registered as LTR continued to increase for the 2nd consecutive quarter.

LTR market’s PC segment recorded 135,713 registrations, up +4,1% (vs. Q2 2018). LCV registrations showed signifi cant growth of 10,1% in Q2 2019. The LTR stock managed increased by 2,4% this quarter with 1,417,089 vehicles LTR and 452,144 vehicles managed. Declared vehicle returns (PC+LCVL) amounted to 101,798 this quarter. Finally, the Fleet Management customer base growth rate remained stable compared to previous quarters (+3,1% vs. Q1 2019). LTR’s stock managed increased by 2,2%, a record for the past year.

Sesamlld :Immeuble ARC en Ciel, Bât B, 11/17 rue de la Vanne | 92 120 MontrougeTél : +33 (0)1 85 65 11 25 / +33(0)1 85 65 11 07

Source : DataNeo

TOTAL MARKET

746 193

Global automotive market LTR market Vehicles energy mixTop 10 vehicles Long Term Rental Data

The letter

of company vehicules are registred under LTR.

(-0,06 percentage point compared to

2nd quarter 2018).

NEW REGISTRATIONSin Q2 2019

Sesamlld Organisation : Founded in 1978, the SNLVLD became Sesamlld in 2018. It represents commercial companies engaged in the long-term rental of vehicles in France. Sesamlld’s members represent 97% of the sector’s activity in France. The long-term rental of vehicles (passenger cars and commercial vehicles) has established its legitimacy in the corporate sector, since it provides a flexible solution to the organisational and management needs of companies. It provides significant support to the automotive industry.

Source : DataNeo

Letter Sesamlld / 02

3 | The energy mix of Long Term Rental (LTR) vehicles

80%

75%

70%

65%

60%

55%

35%

30%

25%

20%

15%

10%

5%

0%

EVOLUTION OF THE MIX OF LIGHT (LCV + PC)REGISTRED AS LTR

DIE

SEL

REG

ISTR

ATI

ON

S

ELEC

TRIC

- H

YBRI

DE

- G

ASO

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GIS

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Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019

74%

63%

5%

23%

32%

80%70%60%50%40%30%20%10%0%

45%40%35%30%25%20%15%10%5%0%

EVOLUTION OF THE ENERGY MIX OF PASSENGERCARS (PC) REGISTRED AS LTR

DIE

SEL

REG

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ELEC

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Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019

68%

55%

5%4%

1%

28%

39%

96%

94%

92%

90%

88%

86%

84%

9%8%7%6%5%4%3%2%1%0%

EVOLUTION OF THE ENERGY MIX OF LIGHT COMMERCIALVEHICLES (LCV) REGISTRED AS LTR

DIE

SEL

REG

ISTR

ATI

ON

S

ELEC

TRIC

- H

YBRI

DE

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T2 2018 T3 2018 T4 2018 T1 2019 T2 2019

94%

5%

2%

93%

2%

DIESEL registrations

GASOLINE registrations

ELECTRIC registrations

HYBRID registrations

ELECTRIC + HYBRID registrations

SIGNIFICANT TRANSFORMATION OF THE ENERGY DISTRIBUTION OF LIGHT VEHICLES REGISTERED IN LTR. According to Dataneo, there are fewer diesel vehicle registrations in LTR fleets and more gasoline vehicle registrations. 63% of the LTR light vehicles registered in June 2019 were diesel vehicles compared to 74% in April 2018. However, 32% of the LTR light vehicles registered were petrol-powered in June 2019 compared to 23% in April 2018. The share of registered LTR vehicles powered by alternative energies is slightly increasing to about 5% of registrations in April 2019 (+1 point compared to April 2018).

The registrations of PCs in LTR are behind this market trend, in particular the increase in the share of petrol vehicles registrations. In June 2019, diesel vehicles accounted for 55% of registrations compared to 68% in April 2018, while petrol vehicles accounted for 39% of registrations in June 2019 compared to only 28% in April 2018. The registrations of LCVs in LTR remain structurally oriented towards diesel. Despite a decline at the end of 2018 and early 2019, the share of LTR diesel registrations remained stable at 93% of LCV registrations in June 2019 compared to 94% in April 2018.

FOCUS ON CO2 : LTR market’s average rate vs. the total market. LTR vehicles are less polluting since they have a lower average emission rate than the market. The average CO2 rate of vehicles registered in LTR in the 2nd quarter of 2019 was 114,69 g/CO2 per km compared to 118,24 g/CO2 per km for the entire market.

The LTR fleet’s emissions are therefore 3,1% lower than the total automobile market’s emissions. In the 2nd quarter of 2018, CO2 emissions from vehicles registered as LTR were 111,1 g/CO2 per km compared to 117,48 g/CO2 per km for the entire market. These increases in CO2 emissions are due to the increase of registered petrol vehicles.

Source : DataNeo

4 | TOP 10 vehicles

Lettre de Sesamlld / 03

Affi liate Members of Sesamlld

PASSENGER CAR . TOP 10

PC

LIGT COMMERCIAL VEHICLE . TOP 10

LCV

Q2 2019 Remind Q2 2018

1 RENAULT CLIO RENAULT CLIO

2 PEUGEOT 208 PEUGEOT 208

3 RENAULT MEGANE PEUGEOT 3008

4 PEUGEOT 3008 PEUGEOT 308

5 RENAULT CAPTUR RENAULT CAPTUR

6 PEUGEOT 308 CITROEN C3

7 CITROEN C3 RENAULT MEGANE

8 RENAULT SCENIC PEUGEOT 5008

9 RENAULT TWINGO PEUGEOT 2008

10 RENAULT KADJAR RENAULT SCENIC

Q2 2019 Remind Q2 2018

1 RENAULT KANGOO RENAULT KANGOO

2 CITROEN BERLINGO CITROEN BERLINGO

3 RENAULT TRAFIC RENAULT TRAFIC

4 PEUGEOT PARTNER PEUGEOT PARTNER

5 PEUGEOT EXPERT PEUGEOT EXPERT

6 CITROEN JUMPY CITROEN JUMPY

7 PEUGEOT BOXER RENAULT TRANSIT

8 MERCEDES VITO PEUGEOT BOXER

9 RENAULT TRANSIT VOLKSWAGEN TRANSPORTER

10 FORD TRANSIT CUSTOM

FORD TRANSIT CUSTOM

RENAULT KANGOO

CITROEN BERLINGO

RENAULT TRAFIC

RENAULT CLIO

PEUGEOT208

RENAULTMEGANE

1

2 3

1

2 3

1 869 233

(1) Data already recorded in the TOP 9 compagnies*VOLKSWAGEN GROUP FLEET SOLUTIONS has not been recorded since the fi rst quarter 2019.

TOTAL MANAGED STOCK

Sesam LTR’s member represent of

the global market

LTR STOCK MANAGED

LTR Fleet Management total

ALD 324 149 220 591 544 740DIAC 270 672 168 922 439 594

ARVAL 326 080 14 384 340 464

CREDIPAR/FREE TO MOVE

218 482 22 809 241 291

LEASEPLAN 114 505 20 847 135 352

ALPHABET* 96 751 - 96 751

ATHLON 37 337 3 383 40 720BPCE CAR

LEASE 29 113 1 208 30 321

VEHIPOSTE (1) 59 312 459 59 771

FORD LEASE (1) 30 362 182 30 544

Total 1 417 089* 452 144 1 869 233

The Sesamlld’s associated members

Letter Sesamlld / 04

5 | Long term rental data(Associated members data)

TOTAL PARC CIRCULANT LLD*

* Structural decrease due to the non-accounting of VOLKSWAGEN GROUP FLEET SOLUTIONS

Number of units

Change over the quarter

Change since the start of the

current year

Change over the last 12

months

06.31.18 1 350 242 +2,5% +3,3% +6,4%

09.30.18 1 367 409 +1,3% +4,5% +5,1%

12.31.18 1 377 345 +0,7% +5,2% +5,2%

03.31.19 1 386 563 +0,7% +0,7% +6,9%

06.31.18 1 417 089 +2,2% +2,9% +5%

FLEET MANAGEMENT

Number of units

Change over the quarter

Change since the start of the

current year (Q2 2019 / Q2 2018

Change over the last 12 months

(Q2 2019 / Q2 2018

06.31.18 401 863 0,3% 4,5% 8,9%

09.30.18 411 071 2,3% 6,9% 9,0%

12.31.18 425 958 3,2% 6,3% 6,3%

03.31.19 438 597 3% 3% 9,5%

06.31.18 452 144 3,1% 6,1% 12,6%