FOX AUTORENT

Investment possibility in Austria and Hungary 2018

I. The business venture

Founded in 1988 FOX Autorent is one of the oldest, and at the same time largest
independent car rental brands in Hungary. Since 2014 the company operates also
in Austria with an office serving the Vienna airport. With a volume of up to 300+
vehicles, we have been profitable since 2013 achieving between 6-10% profit p.a.

FOX provides corporate and private clients, both international and domestic, with
cars and minibuses for short and medium-term rentals. (days to months)

Our market is the entire world. We have managed to attract clients from more than
80 countries in 2017. We enjoy an exclusive positioning among the car rental
companies operating in Hungary, being the largest “local” supplier following
closely the large international brands such as Hertz and AVIS. We are present on
two international airports: Vienna (VIE) and Budapest (BUD). A third airport
location is operated by our Franchisee, TT Thermal Tours, also under the brand
name FOX AUTORENT.
Our competitors are on one hand the large multinational franchises such as Hertz,
AVIS, Sixt, Europcar, and on the other hand a small number of local operators
servicing mainly the low budget segment. We estimate that our market share
amounts to 7% on the car rental market as a whole, and that this is figure is
somewhat higher, about 13% concerning tourist rentals.

We are well connected with all major broker companies, such as f.ex. Expedia and
Rentalcars.Com. Fox Autorent operates three car rental stations, two in Budapest,
and one on Vienna Airport. Our administrative office is located in central
Budapest. The company is managed jointly by a head of finance and a head of
operations, together with three branch managers to assist them. Owner holds a
weekly briefing. The total number of staff is 12 off season, and up to 20 in the
summer season. The peaks are covered with the employment of students.

The fleet of between 150 and 300 cars, depending on season is rented on medium
term contracts (3 – 30 months) from different sources. This allows us to cover the
seasonality of our business where double as many cars are needed in the summer
as in the winter.

II. Result 2016

Our 2016 turnover was 380M in Hungary, and KEUR 512 in Austria which after
consolidation equals a total of HUF 410M (up from HUF 305M in 2015)*
2016 the company posted a profit of HUF 26M (up from HUF 10M in 2015)

* consolidation here means that hungarian turnover is invoiced to clients from the austrian entity, and
is compensated through internal invoicing from Hungary to Austria.

III. Key Figures

Income distribution in HUF – HUNGARY

2017 2016

Turnover Q1: 67M HUF 56.4M HUF

Turnover Q2: 79M HUF 62,4M HUF

Turnover Q3: 164M HUF 108,7M HUF

Turnover Q4: n.a. 66,0M HUF

Income distribution in EUR – AUSTRIA non consolidated view*

2017 2016

Turnover Q1: 59 KEUR 0

Turnover Q2: 92 KEUR KEUR

Turnover Q3: 108,7M HUF

Turnover Q4: n.a. 66,0M HUF

* consolidation here means that hungarian turnover is invoiced to clients from the austrian entity, and
is compensated through internal invoicing from Hungary to Austria.

Cost structure in EUR for both companies

a) operational expenses (net)

Fleet cost incl. insurance: HUF 164M

Staff cost HUF 59M
Rental cost HUF 23M
TelCo cost HUF 4M
IT cost HUF 3M
Other operational cost HUF 8M

Total: HUF 261M

b) capital expenditure (net)
New operational software HUF 6M
New IT hardware infrastructure HUF 7M
Website development HUF 4M

IV) Fleet size

a) Winter season (october 15 – April 30)

Cat B: Fiat 500, Suzuki Swift 20 pc.

Cat C: Citroen Elysée, Opel Astra, Hyundai i30 50 pc.
Cat E: Opel Insignia 16 pc
Cat G: Citroen Grand Picasso 8 pc
Cat L: Fiat Ducato extra long 2 pc

Total ca 100 vehicles, of which 37 are financed. The rest is rented at long term
contracts.

b) Summer season (May 01 – October 14)

Cat B: Suzuki Swift / Fiat 500, Opel Corsa 60 pc

Cat C: Citroen Elysée, Opel Astra, Hyundai i30 90 pc
Cat E Opel Insignia 20 pc
Cat G Citroen Grand Picasso 25 pc
Cat L: Fiat Ducato extra long 5 pc Total ca 200 vehicles

3. The offer

The owner and managing director has started a business in Italy which demands
his full attention, and is therefore interested in terminating his involvment by
selling the companies Rentix Kft and FOX Airports Services GmbH, which together
form the operation today, securing that key (or all) staff stays on board and that
the business continuity is guaranteed. The sale includes the right of franchise for
Fox Hévíz as well.

The buying price will be disclosed at documented interest, but is in the range
under EUR 500.000

Budapest, November 2017