Acquisition of Vanguard's European businesses
Vanguard EMEA manages a fleet of over 43,000 vehicles and achieved revenues of 405 million euros in 2005, with over 2 million rental contracts. Vanguard EMEA operates directly under the National Car Rental and Alamo Rent A Car banners in the United Kingdom (84% of revenues) where the company is the market leader, in Germany (9% of revenues) and in Switzerland. Vanguard EMEA is also active in the other European countries via franchise operations and licensing agreements for the National Car Rental and Alamo Rent A Car brands. The Company has a workforce of over 3,200 employees.

The acquisition of Vanguard EMEA has been concluded at an enterprise value of 670 million euros, corresponding to a multiple of 12.7 times the company's estimated 2006 EBIT, before synergies. Europcar and the National Car Rental and Alamo Rent A Car businesses it has acquired will continue to be managed as two separate networks. The acquisition will enable synergies to be generated, notably in the area of fleet management. This transaction remains subject to competition authorities approval.

Transatlantic alliance with Vanguard
The transatlantic alliance with Vanguard enables Europcar to offer its clients a network which covers every country in the world, and notably North America. Accordingly, in the United States and Canada, both Europcar's business and leisure clients will find a premium quality rental offering under the National Car Rental and Alamo Rent A Car brands. Europcar will also be well positioned to participate in tender business by providing a competitive worldwide commercial solution. A harmonised loyalty programme will be offered to all Europcar and Vanguard clients.

Xavier Marin, Chairman of Europcar Groupe, and a member of the Eurazeo Executive Board, comments:
"Within six months of its acquisition, and with the support of its new shareholder Eurazeo, Europcar is achieving two major milestones in its development: first, the group becomes the leading car rental operator in the UK market, thereby considerably strengthening its position as the largest car rental company in Europe. Second, the strategic alliance with Vanguard enables Europcar to become a worldwide car rental player by offering its clients access to one of the United States' and Canada's premier networks."

Salvatore Catania, Europcar Groupe CEO, adds:
"Europcar and Vanguard share a common vision of the vehicle rental market. Today, we are sealing an alliance that will enable us to offer our clients a premium quality service anywhere in the world. Moreover, Europcar is determined to pursue its operational and financial excellence targets, including via the Vanguard EMEA businesses."

William E. Lobeck, Vanguard Car Rental CEO, states:
"Our partnership with Europcar will enable us to better serve our customers and provide them with a competitive global alternative in the car rental market. They will also benefit from having access to an enhanced network that will truly deliver the highest quality car rental experience worldwide for our National Car Rental and Alamo Rent A Car customers."