汽车租赁行业展望：2025年第三季度

C微信 Chris WoronkaResearch Analyst+1-212-250-9376Michael KuhnResearch Analyst+49-69-910-46002Tiana MalhotraResearch Associate+1-212-250-9534 7 July 2025LeisureCar RentalAppendix 1Important Disclosures*Other information available upon request*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from localand other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primarysubject of this research, please see the most recently published company report or visit our global disclosurelook-up page onour website at https://research.db.com/Research/Disclosures/EguityResearchDisclosures. Aside from within this report,important risk and conflict disclosures can also be found at https://research.db.com/Research/Disclosures/Disclaimer.Analyst CertificationThe views expressed in this report accurately reflect the personal views of the undersigned lead analyst about the subjectissuers and the securities of those issuers. In addition, the undersigned lead analyst has not and will not receive anyPage 2 微台 cs Deutsche Bank Securities Inc. 7 July2025LeisureCar RentalEquity rating dispersion and banking relationshipscompanies covered Cos. w/ Banking Relationship MIFID Investment & Ancllary ServicesEquity Rating and Dispersion KeyThe Equity Rating Dispersion Chart depicts the following:The proportion of recommendations that are rated"buy","sell"and"hold" over the previous 12 months. This is shown forsecurities issued in the stated region e.g. "Europe Universe". See rating definitions below. This is represented by the"Companies Covered" bars in the chart. The percentage value displayed above the bar is the proportion as a percentage.E.g. 50% above the "buy" / "Companies Covered" bar means that 50% of DB's equity research covered companies overthe past 12 months have a "buy" rating.Next to each of the three respective bars showing the proportion of "buy", "sell" and "hold" recommendations we providetwo additional bars to show:- The proportion of "buy","sell" or"hold recommendations where Deutsche Bank and or/Affiliates provided MIFIDInvestmentorAncillaryServices inthepast12months.Thisisrepresented inthe"MiFiDInvestmentandAncillaryServices" bar. The percentage value displayed above the bar shows the proportion of Companies Covered with the givenalso received MIFID Investment and Ancillary Services from DB.- The proportion of "buy" (or"sell" or "hold) recommendations where Deutsche Bank and or/Affiliates has providedInvestment Banking services in the past 12 months for which it has received compensation. The percentage valuedisplayed above the bar shows the proportion of Companies Covered with the stated rating where DB has also providedmeans 50% of the Companies Covered with the rating stated also have an Investment Banking Relationship with DB.Buy: Based on a current 12- month view of TSR, we recommend that investors buy the stock.Sell: Based on a current 12-month view of TSR, we recommend that investors sell the stock.Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either aBuy or Sell.projected dividend yieldNewly issued research recommendations and target prices supersede previously published researchDeutsche Bank Securities Inc. Page 3 7 July2025LeisureCar RentalDerivative transactions involve numerous risks including market, counterparty default and illiquidity risk. The appropriatenessof these products for use by investors depends on the investors' own circumstances, including their tax position, theirregulatoryenvironment andthenatureof theirotherassetsandliabilities;assuch,investors shouldtakeexpertlegal andfinancial advice before entering into any transaction similar to or inspired by the contents of this publication. The risk of lossin futures trading and options, foreign or domestic, can be substantial.theoretically unlimited losses. Trading in options involves risk and is not suitable for all investors. Prior to buying or selling anoption, investors must review the 'Characteristics and Risks of Standardized Options", at https://www.theocc.com/company-information/documents-and-archives/publications. If you are unable to access the website, please contact your DeutscheBankrepresentativeforacopyofthisimportantdocument.Participants in foreign exchange transactions may incur risks arising from several factors, including the following: (i) exchangefactors, including world and national economic,political and regulatoryevents,events inequity and debtmarkets and changesin interest rates; and (ili) currencies may be subject to devaluation or government-imposed exchange controls, which couldunderlying security, effectively assume currency risk.Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in theinvestor's home jurisdiction. Aside from within this report, important conflict disclosures can also be fo