CAR Inc.Company Presentation

Mar 14th 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 Mar 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.

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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 short-term self-drive 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

327M

84M

135M

2013 2015

Gap: 133M

Short-term car rentalmarket size (2013)

~$0.9 bn

~$24.0 bn

>4,000,000government-owned cars

No. of driver’s license holders

No. of passenger vehicles

Gap: 192M

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

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

Clear market leader1

684

~3.5xLarger

~2.0xLarger

96,734#1 #1

Vehicles(9M’16)

RMB in millions(9M’16)

#2 #248,934

2,380

~3.2xLarger

Fleet size Rental revenue Adj. EBITDA

RMB in millions(9M’16)

#1

#2 1,217

3,837

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 short-term self-drive car rental companies in China

Source: Roland Berger

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

15.4

2011 2016

(‘000)

Growth in institutional customers

~4.4xincrease

447

4,000

2011 2016

(‘000)

Growth in individual customers

~8.9xincrease

57%

69%

2011 2016

% repeat customers transactions (1)

Increasing customer engagement

+12ppincrease

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 short-term 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 operated93 major cities795 service locations (304 stores and 491 pick-up points)

Franchise operated189 small cities239 service locations

1

2

3

6

7

9

10

4

8

Note: Network statistics as of Dec. 31, 2016

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) Based on weekday versus weekend rental transactions, on the assumption that weekday rental transactions are for business purposes and weekend rental transactions are for leisure

purposes

4

24%

32%11%

5%

14%

14%

71%

12%

8%9%

70%

30%

Short-term rentals

Long-term rentals, leasing & others

~38%

~62%

Beijing, Shanghai, Guangzhou,Shenzhen

Other cities

~56% ~44%

Top 10 cities

Others

52% 48%

Business

Leisure

Buick

Toyota

% 2016 rental revenue

Products Customers

% 2016 ST rental transactions

Network Suppliers

% 2016 rental revenue % 2016 total fleet

VW

Kia

Others

~23%

~77%

On-airport business

Off-airport business

~79%

~21%

Top 10 models

Others

% 2016 ST rental transactions

(1)

(1)

% 2016 rental revenue % 2016 total fleet% 2016 rental revenue

Chevrolet

StoreMobile

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%

61%

44% 42%36%

2016 9M'16 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(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 expensesexcluding net impact of early extinguishment of debt); Localiza: net interest expenses for the corporate level(6) The metrics exclude costs related to B2C pilot program in 2016

18

Economies of scale + operational leverage5

17%15%

11% 12% 12%9% 7% 6% 6%

2012 2013 2014 2015 2016

% of rental revenue (1)

20% 18%12% 12% 11%

17%10% 13% 14%

2012 2013 2014 2015 2016

Depreciation of rental vehicles

expenses

SG&A costs

Finance costs (5)

(4) (4)

34% 34% 34% 31% 33%

46%

60%51%

43%

2012 2013 2014 2015 2016

Direct operating expenses

(4)

LocalizaHertz Avis#2China Global

(4)

(3)

34%27% 23% 21% 25%

33%26% 24%

10%

2012 2013 2014 2015 2016

(2)

(6)

(6)

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 11.2% (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+ years

Wilson Li COO, CFO

Former CFO of GE Healthcare GSC Asia

16+ years Yaxiao LiuChief Information Officer

Former CTO of IBM Greater China

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 24.1% (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 29.4% (1)

Notes: (1) as of Dec. 31, 2016

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. 2016 Annual Financial Highlights

4Q’16 Milestones … further enhanced self-drive growth momentum, sustainable profits, strong cash generation

21

Record 4.8pp Utilization Rate improvement … 65% achieved

57%+ adj. EBITDA margin … continue deliver sustainable high margins

Record 45% YoY volume growth in self-drive rental for the past 3 years

28% YoY revenue growth in self-drive, continue 3Q strong momentum

Used car disposal of 6,936 vehicles with solid residuals, 51% through B2C

Record RMB 620MM free cash flow, Net debt/EBITDA reduced to 1.9 times

$$

22

2016 Highlights

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, fair value gain/loss, and foreign exchange gain/loss; adjusted net profit is defined as profit or loss excluding share-based compensation, fair value gain/loss and foreign exchange gain/loss.Margins are calculated as percentage of rental revenue.

Growth

ST rental

RMB167RevPAC

65.1%Fleet utilization

Profitability

Financial positions RMB1,795 MM

Free cash flow

16%Adj. net margin

(1)

(1)

(1)

61%Adj. EBITDA margin

1.9xNet debt/adj. EBITDA

14% YoYRental revenue

19% YoY Self-drive revenue

Reset growth momentum in self-drive car rentals

23

Upgraded customer experience

Pioneered free door-to-door delivery nationwide

New vehicle introductions, fleet age down to 16 mths

Revenue

19%

Being more aggressive in competitive pricing

More advanced dynamic pricing & promotions

Innovative digital marketing & channel partnership

Refined management & operations

Successful growth lever via new KPIs and incentives

Increased executions and operational excellence

Customer Base

30%

Members

55%

2017 Themes: Stronger growth leveraging customer experience upgrade & smart pricing strategy

Drive sustainable growth & profitability in self-driveClear pricing leverage + significant upside in utilization

24

Performance levers

Clear pricing leverage to drive higher growth1

2016 … proven growth lever via improved pricing strategy

More aggressive competitive pricing strategy in 2H, through smarter dynamic pricing & promotions

Significant leverage for growth: 40%+ volume growth in 2H vs. <20% in 1H, driven by ~5pp more ADRR reduction

2017 … extensive focus on volume growth using more advanced pricing levers as necessary

Significant upside in Utilization Rate2

2016 … Utilization rate guidance achieved (65% FY16), still with deliberate balance to secure license plates

Significant YOY improvement of Utilization Rate in 2H, mainly driven by efficient fleet disposals … 4.8pp+ for 4Q

Utilization increase partially offset ADRR impact in RevPac

2017 … time to expedite realization of Utilization upside, target to achieve bigger step-ups toward optimal level

8%

18%

40%45%

1Q'2016 2Q'2016 3Q'2016 4Q'2016

Volume(Rental days – Self-drive)

0.5pp 0.0pp2.3pp

4.8pp

1Q'2016 2Q'2016 3Q'2016 4Q'2016

(1)%(4)% (5)%

(10)%

1Q'2016 2Q'2016 3Q'2016 4Q'2016

ADRR

Utilization

Key metrics (YOY)

UCAR collaboration’s benefits and synergies affirmed ... creating strong longer term shareholder values

Regulated under taxi administration, upgrade to taxi, no subsidies Consistent regional implementation … stricter in BJ and SH B2C advantage in customer experience vs. C2C becomes critical

Finalized policy reinforced the proven business model that UCAR initiated

Constant strategic focus on mid-to-high end and B2C model Delivered operating efficiency & customer experience targets Stick to reasonable premium to taxi pricing, operating loss narrows

UCAR ride hailing business displays consistent strategic focus and operational executions

Completed 3+1 rounds of fund raising, listed in NEEQ Expanded footprint into auto e-Commerce and auto financing Plenty of liquidity and cash to invest … credit profile strengthened

UCAR is best positioned along the auto value chain … unique barriers & strong cash positions

Management is committed to display rigorous corporate governance standards to ensure fairness and transparency on connected transactions

Elevated brand recognition & customer sharingUCAR app has 6x followers vs. CAR

Sustainable financial returnsRMB2.0B revenue with robust returns, UCAR lifted its credit profile

Enhanced fleet management & fleet efficiencyFleet relocation during seasonality

Optimized residual management63% disposals in ’16 through unique B2C retail channel under Maimaiche

Strategic value for future prospects in fleet managementBig data, machine learning, etc.

2016 is a milestone year for UCAR …

25

26

Improved capabilities in used car disposal Proven residual risk management

100%

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

2013

105.5%

2014

95.1%

2015

101.1%

50 64 65Avg. selling price (RMB‘000)

2016

103.0%

9,986

15,483

9,284

23,092

2013 2014 2015 2016

# of used vehicles disposed

Used car disposal channels

Used car disposal and residual risks

62

17%

78%

5%

9%

28%

14%

49%

B2B - Franchisees

B2B - Dealers

B2C pilot

B2C - Maimaiche

2016

2015

26.7% 23.4% 21.4%Depreciation %(% of rental revenue)

25.1%

2016: Rigorous review mechanism and best efforts to ensure appropriate residual values close to market prevailing pricing

Proactively adjusted residuals (GM Excel & UCAR fleet), depreciation % increased by ~4pps

63% B2C channels … Cost to sales constant at 95%-105%

2017 Focus:

Further improve Maimaiche channel … better B2C residuals, deepen end-user and dealer reach, expand volumes

New Initiatives: optimize holding period … reduce uncertainties of residuals, improve rental experience

Strong financial positions

27

Optimizing funding capability and credit profiles

Cash(1)

(649) (1,129)

(3,303)

1,795

2013 2014 2015 2016

Free Cash Flow (FCF)

Strong cash generation

(RMB in millions)

Net debt/adj. EBITDA

2,967

1,135

6,344 5,958

3,811 3,611

8,385

11,682

2013 2014 2015 2016

Net debt Total debt

(RMB in millions, unless otherwise noted)

Debt (Gross/Net)

5,7252,0412,476844 3.2x 0.7x 2.3x 1.9x

Net leverage decreased due to strong FCF generations

Gross debt temporarily high due to strict onshore fund outflow controls, 1.2B repayment in 1Q17

FX risk partially hedged in 1Q17: executed USD350MM forward cap with strike rate of ~6.96

Healthy maturity profile: <3% short-term borrowing, 21% debt due in 2017

Generated milestone 1.8B Free Cash Flow in 2017

Consistent strong growth of operating cash flow, positive FCF after ~1.2B to fund fleet expansions

Strong cash position of 5.7B … providing liquidity needs for both onshore and offshore

Executed share buy-back of HKD501MM

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

IV. Supplementary Financials

2016 2015 YoY

Rental revenue 5,016 4,399 14%

Total revenue 6,454 5,003 29%

Net profit(2)(8) 1,460 1,401 4%

Adj. EBITDA(3)(8) 3,057 2,715 13%

Margin(1) 60.9% 61.7% (0.8)pp

Adj. net profit(4) 821 895 (8)%

Margin(1) 16.4% 20.3% (3.9)pp

Basic EPS (RMB) 0.62 0.59 4%

29

2016 results summary(RMB in millions, unless otherwise noted)

Dec-16 Dec-15 change

Total assets 21,189 16,342 30%

Total debt(5) 11,682 8,385 39%

Cash(6) 5,725 2,041 180%

Free cash flow 1,795 (3,303) n. a.

Total debt(5)(6)/ LTM Adj. EBITDA(7)(8) 3.8x 3.1x 0.7x

Net debt(5)(6)/ LTM Adj. EBITDA(7)(8) 1.9x 2.3x (0.4)x

Notes: (1) As a percentage of rental revenue(2) Includes share-based compensation, unrealized foreign exchange gain/loss on USD-denominated liabilities and fair value gain on investment in redeemable preference shares(3) 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, and fair value gain on investment in redeemable preference shares(4) Adjusted net profit is defined as profit excluding share-based compensation, unrealized foreign exchange gain/loss related to USD denominated liabilities, and fair value gain on investment in redeemable preference shares(5) Includes senior notes of RMB5,436 million as of Dec. 31, 2016 and RMB5,062 million as of Dec. 31, 2015(6) Includes restricted cash of RMB53.1 million and RMB1.3 million and available-for-sale investments of n.a and n.a and Cash and cash equivalents of 1,988 and 5,723, respectively for 2015 and 2016(7) LTM adj. EBITDA is calculated based on the total of the most recent four quarters(8) The metrics exclude costs related to B2C pilot program in 2015 and 2016

33,986 43,836

56,759

67,777 6,241

9,368

22,252

19,499

2,269

5,569

4,157

2,537

5,267

3,497

6,837 3,292

5,259

1,252

1,174 3,344

2013 2014 2015 2016

Short-term rental Long-term rental Leasing and others

Retired andawaiting for sale

Held for sale

96,449

Fleet size

-12%

19%

6%

YoY

35%

158%

54%

1,714

2,296

3,103

3,534 449

466

1,201

1,439

44

104

95

43

2013 2014 2015 2016

Short-term rental Long-term rental Leasing and others

5,016

Rental revenue

2,866

2,208

4,399

(RMB in millions)

YoY

14%

20%

14%

30

Steady business growth

91,179

63,522

53,022

Notes:(1) Average daily short-term rental fleet is calculated by dividing the aggregate days of short-term rental vehicles in operation in a given period by the aggregate days of that period(2) RevPAC refers to average daily rental revenue per short-term 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(3) Average daily rental rate is calculated by dividing short-term 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 short-term rental fleet in a given period(4) Fleet utilization rate is calculated by dividing the aggregate days that vehicles are rented out for short term rentals by the aggregate days that short-term rental vehicles are in operation 31

Solid short-term rental performance

15%

2016 2015

Avg. daily rental fleet (1)

14%ST rental revenue 3,534 3,103

58,333 50,869

RevPAC(2) 167 170

x

=

x

=

x

Days

ADRR(3) 257 270

+2.1ppUtilization(4) 65.1% 63.0%

(RMB in millions)

-2%

-5%

RevPAC(2)

275 276 271 261 271 265 257 236

1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16

ADRR(3)

63.7% 64.1% 64.5% 60.1% 64.2% 64.1% 66.8% 64.9%

1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16

Utilization(4)

175 177 175 157 174 170 172 153

1Q'15 2Q'15 3Q'15 4Q'15 1Q‘16 2Q'16 3Q'16 4Q'16

YoY

Notes:(1) As percentage of rental revenue(2) Adjusted EBITDA is defined as profit before income taxes, net finance income/costs, depreciation, amortization and impairment, excluding share-based compensation, foreign exchange gain/loss, IPO-related expenses, fair value gain and costs

relating to the used car B2C pilot program(3) Adjusted net profit is defined as profit excluding share-based compensation, foreign exchange loss related to corporate reorganization, IPO-related expenses, and unrealized foreign exchange loss related to USD denominated liabilities(4) Expenses figures have been adjusted for share-based compensation, reorganization related expenses as well as costs related to suspended fleet. Interest expenses are net of interest income(5) The metrics exclude costs related to B2C pilot program in 4Q’16

32

Sustainable profitability profile

22% 21% 22%16%

22%17% 17%

10%

1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q‘16 3Q‘16 4Q‘16

62% 61% 62% 61%65%

61% 60% 57%

1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q‘16 3Q‘16 4Q‘16

Cost structure

31% 30% 30% 33%

29%32% 32%

36%

20% 21% 21%

24%

23%

26% 24%

27%

10% 9% 12%

13%

10%

10%10%

11%13% 13%

12%

12%

11%

12%11%

14%

74% 73% 74%

82%

73%

81% 77%

88%

1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16

Major cost items as % of rental revenue(1)(4)(5)

Profit margins

Gross margin(1)(5)

Adj. EBITDA margin(1)(2)(5)

Adj. net profit margin(1)(3)(5)

Interest

SG&A

DOE

Depreciation

50% 49% 50%43% 49%

41% 42%35%

1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16

33

Net investment in fleet

22,171 21,857

38,353

29,831

9,986

15,483

9,284

23,092

2013 2014 2015 2016

Vehicles purchased

Vehicles disposed

Fleet expansion (1)

Net investment in fleet

(RMB in millions)

1,889

2,729

5,220

2,626

495 654 603

1,438

2013 2014 2015 2016

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

35

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

35

36

UCAR becomes the largest shareholder of CAR

CAR Inc.

Premium Auto Rental (China) Limited

(HK)

Shenzhou Used Car (China) Limited

(HK)

CAR Hong Kong(HK)

Haike Leasing (China) Limited

(HK)

Offshore

Onshore

Hertz transferred subsidiaries

Shanghai China Auto Used Car Dealings Co., Ltd.

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% 100%

Hertz HoldingsGrand Union Amber Gem

29.4% 24.1% 11.2%

Public

34.9%

神州优车

UCAR

0.4%

Such shareholder consolidation makes shareholding structure clearer and more concentrated

Our Vision: Reshape the auto and consumer ecosystem

37

Customer Oriented

Technology-driven

Business Model

Innovation

Synergies

Financing Platform

Mobility Platform

E-Commerce Platform

Value Chain

38

SuppliersOEMs

Insurance companies

CustomersSelf-driveChauffeuredPurchase

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

39

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