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In ow cho these gel pnc mah Stan esate of 0 2 ses wettgh aga ‘ou of 180 Ss by the end of Sone ‘THE RENTAL CAR INDUSTRY IN WESTERN 'UROPE tar wea Etopen ei cr industry consisted of may deen that wee nly tion! marks coveted Atiough many companies compend enn ‘ber ofan al of companies hed damit Ee corti ser kt or win onc roaster mean ees dopa cnsiéon" Seva ie oe nonby Sin mnt a eg Postios aroma naj eee "eginal amp tht ak aren neigh fr example whens Ate in. General thse maj ny, for example, Sin, Eup, 5 billon Geman eal ara ousted for €peicent oie €92 lion Seah arsed bth busines and vacation sain a efor rent. Exhibit | provides bse info tora mates Sit ws the mance seen rte with Naor) was tera ee {: scouned fr more than half the maser Lege (is and Het ad combined 60 peasee oe ‘etn pain, the tp fe fone real earmatkst Thee op fre Feed a wide range of vehi asked companiea aon to these major cranes in ton on tse iar sanz peed ony one ra evans ce of brokers, such as Holiday Race Re kco Brokerage compancs id motown incor ay ies and matched customers ih icy pre sls qpented in but managed tne "ena companies hat ad oxen eet apap ‘Ove the renal cr {on 20 April 2000 under te name ‘iPveoeag te neck aC pee lst Oop ‘ANSss locales we Pople Stina, WenEXHIBIT 1 tnformation on eyCor2 jr Furopean Comper cuyeer Avs Europe Euvopear Herts ‘in NumberotRenal 46 3,100 24650 7,000 1230 ‘ontes aourfiee see 7000-12000 220000 yooee0 46700 topes Met OK France France us Germany We Sanscemgany EasGoupr Dreteten ——Vahawagen AG fordMator ub ‘helen (eum Company, Ted ome ety Torche fsropean Reverses €f1 miion E128 biton—€1.12blon PTE mation 600 mien ESeReny etme, vmnenyea: wwe woreaurop wet. s.r for slow 5 €15ny ps a neime a rparton fe of €8 Each fess ‘Bul eu consining ently of MercdetAclgs eice Iwas the only vehi (ayCar rented athe ine “ayer ha signed deal with Mercedes, mid uch fare atthe Geneva Mair ‘show cr in the yer fo puchae ol of 000 Als vehicles. The veil Sahich came with garaneed buy-back ters, cost exsjCars parent company aie ‘Der ES miton Many observer inthe car rent fausy were sured by Be hole becrse fey wer expecting easyCor orca es expensive mods nd SEsbng the seguiion of th 5,000 Meeades vehi, Stelios has ‘cee causn he se way thet es bod ne Bering sera. We oa Compose cnt tare, jute norton way rede ons TH ‘arte ety whe eae cy wae eyes peace eng oe ‘Srprst ce, anna i poise hice fr conus who py ot et ‘Shnpoesand whe wl ot erppdo for aveigiwesk™ ssyCar quickly expunde o ote lostions, oesing frst on tos ations ‘were pope with nny atoms nlading Amsterdam, Cenev, Nica (Jer By uly of 2001 ite over yea ater tenia aun, eayCar ha es feccoles Alas veils in 4 losing in the United Kingslom, Spi, Foam {ne Neherlands Ati point xsyCar eer £27 milion fom 2 consol tf Scoland Corporate Banking ané NGI Pete Eau Yo Hares expand ioe lone The package costed of combination of egy and loan tock "Atvouh eayCar aed few iter inthe secon half of 2001 and ty 2 ‘wine demand inthe wake ofthe Septem 11 atacs forced asyCor 0 OF ‘ental loetions Somewhat slower than orginally expected Grow acs ‘rein ie spring OF 2002, Between Nay 2002 and ana 2003, sya es ‘elation too fom If ist tl oF 48 is, Thi acecention oe ncoed wi change in etyCarplicyrparaing the makeup of its ee BY ‘102, eayCars Ret conited of 6000 Mercedes Alas vehicles 68 6S Begining it May, weer, eayCar bean © stck ts fet with aber nes Cee ah maimtined it poly foeing only gle vei at exch =46%S 1th cr ste EN deeded one con The he oH Yebile tn ©25Carinmoduced wn the Vausha According Sing SRSA tines come na em ‘noe the ot arcane ete (ee 20: e2)Cu was aso sig Ford Feces locaton), So) ues T99K Yrs exon) ee vehi (rt te Vauxhall Cosas oven onan a Yet eons Plan called fre bere) Sada 9H hd in Dnery 00 we end oF 2004 Renault Ces mat cas (no acs the Mercedes Actas he fle: rom he 000, 180 rena es te stipes ME eis mest moe sos, ayer, tad ato soon sles fr 2603 allo elf a ee FACILITIES Iocalon. might ‘tnd cole ofEXHIBIT? EsyCar to ‘country hte gon Unites ingsom Unt ings ned Kino ned ingen United ingdom Untes ing Utes ing Usted Ringo VEHICLE PICKUP AND RETURN PROCESSES ay Number Net an Alport ‘rec firone Nar ore Cena Brminghan omy Coyden Froton. Upon ha tego ander Noche aero Counties, 17 Ces ‘Customers arrived at it fo pick upa vehicle witha prearranged one-hour tne pe ‘od Each customer sete i timeslot wha he or he Booked the ees Easy ‘juste theft day's rental rice base ont icp ine, Castres who poked ‘hee crs up eae nthe da o at popular tinss wer charged mae than wee ese tomers picking up the cars ater in he dy ora les usy tines. Cumers wa _qwited toting a print copy oftheir contact alongwith the credit car they eed ‘aie the booking ud ideation. Given the low sing level custome ae Sonali had to wa 30 minutes or more tebe processed and ecele devel po ieulary at peak times ofthe dy. Processing a customer began withthe empie cessing the customer contact online If thecastomer wat new to easy 0 OF ‘site, the basic polices and posbleacitional charges were riety exptsel Thee ployee then made copies of the customer efton ad ere cal a ook Hal pho of te estomer. The customer wis charged an €80 refundbl deo sipned the contac and was on his or her way All eis were rented with more os empty fel tanks; te exact eve wa Pendent on how much gin was lf in he vehicle when the previous Yet "ured it Costes were provided wih smal ap ofthe imme se rund ‘ental te that showed the locaton and hours of erty eas ations, Customers cd "elu vehicles wih any amount of gs inthe ae fons he Tow uc inate Het ‘nthe voice was not en. Customers who rtrd vehicles with he lo fol me light on were charged fing fe of 16 ‘stores were alg expected to return th vehicle within prearanged ot {ime peciod which thy als seleced the tine of booking Alfough castome ot have to wory about refueling he ci bef etming i hey were expecPRICING Ge encom 577 hort el ‘hechage act ie a cnr coi pyr nea eS fer a gt plc hd hewmen in Mey 2002 ag ee th rei coin aes id ae peptone Sit ck se ey Tener fy nee Penton when company srl ops pe rey al i pont prpration eed ma ceo ning fo of E16. I oda 9 rae oF E12 perk, 'oretu hei crs lean and on ene, Cuno570 Cae raya wha returned carta id nos mee casyCar standards for clean were charged €16 {ifaingfe-Thow who retuned ter car le were mmecistely charged €120 and Subsequently charged an atonal €120 for ech subsequent 24-hour paid in nih The car wns nt reured. EasyCa explained the high ae fee as epresenting the ost, tha they would Tey incur in proving anther vehicle to the next eustmer Cus. ‘emer wishing tomate ay change oir ooking wre also charged change fe ‘of E16, Changes could be made citer before the renal started or Sra the reap ‘od bt were ined to changing the des mer, and ncation of the ret and were ‘bjt othe pie and eee aaa a ths ine the change was being made IF the change ete nat oval lover rie forthe renal bowevs, 0 refund Ni pro ‘ied forthe diftxence ‘Beginning in 2), i customer were also requied to puchaslosldamageinsr ance fora atonal charge of pe ay that minted th este’ ib) Tor los or damage tothe vehicle (exclaing damage to the ties or windshield ofthe vei {de} THeough 20 citomers wer able to choose whether purchase ation furance fom ese)Car oeiminte my fancn isiy I the eve that he eta “hile wae damaged. The oe of thi imsranee bad been 66 per sy, and porn ‘mately 60 percent eatyCarcasomers purchased hi oliona insane, The ot Durhasingthisnvranoe had ether sumed heli forthe Bs X00 in noua Deon or hid the vm insurance Ovough some oer means (eg, some eet ‘an companies provide he insrance to their cardholders to aoa che ot ‘Sorte etl pid for withthe ee cad). "EasyCar¥ wate stamped to make al tes adional charge lea eases the te ofthe booking, EasyCar had ceived fr amoun of bad pos when t frst opened for basines afer many reales complained about lava fo pay wali ‘loved charges wen they returned tele. In eons, esyCar bad revamped ‘website nan efor o make these charges more transparent o customers ano epi elope behind may of these charges PROMOTION xsyCar'promoconal fo ad though 2002 focused primarily on pots andes ering Poses wor patolry pean a meto systems ond bu nd a tons in cites in vhich earyCar had operons Al thi advertising cused on > Cars lw price According to founder Stelios: price Ifyou cro expcans you sa fe yp then jos wi nay se 8 1 200, etyCarspent £143 milion on such aversing EanyCar also promoted il by dplying sane, phone number, and webs ‘ess romney onthe doo snd ear window of seni Net of whiles al Sevantage of fepublicy when he opporanity pres uct An example fe ingout suc publi occured when Hert complained tat easy s compara ‘rising campaign nthe Netherlands that featared the ie “The best os00 = CxyCatcom ante fod at ea ated Duh ow hat gue on dvr to bench not general In response, Stor nd group af 975 ployee, resedhornge blr mits and th eta easyCar veils ROM ‘usdethe Herz Amseram fice withsgys asking Whats Her hen6 ancien 57 Inanefforto help each ‘nd recent hired eons Meat or iu bes coe yrs Clean nary is Mesa ett Soactae ears UK coer manage and tnd meeny coca s e Ruicaland Previously Saas nd easyCars managing dec nee saz of aodruping sas inte nex yer esyC the new poston of commercial decor seh, Serkan eat ctrl callengs wit approaches. Tae mos sigan chal Cathe past 20 lng made ye fie oF nny OF ee was ae eae he OFT decison the UK High Cou onthe rund tha ih reyantaaanspenson sevice company and weeded sneha, EaayCar was also concerned ‘with i plans fra 200410. Ser SFO a so applied tothe UK High Cour oan injunction o make ‘he company comply wih the ling. terre car conpanies were ental oe sorta ts ig. because ev ofr big decom rsh oe orefindabe bookings ment A ply of ong the pcs of cues wha crs wa 5 daa ‘€more overdue was so dw a prolong leg ston on his pin could itertereNOTES _ sin November of 2002, was signed to reduce the loses the cayCar website Wand never tur The cst Ee Mesa with customers esting vehi ‘ean crordng 1 Stelios: oo exch and me ve 00 of tem. A ay en in ee eichare ert ne ooh eto bask incnie etd reine he new poy. Ina lever othe eit of Setios was lo caine ofthe laa of Stns a a ih he responded oe legal concert ried ne Pes Stes rer lke as my 8 rn egal pegecive, wefan been ny fc en bee dar oe ea oie ots lected a0 sta cura donne in sa 0 5 ay me eda tal cnt foe a 8 a espa eye ay fracas 1208 4 er Cinco wi amet ES min sme ree iran eee cas Aarne us eayCat a simpy provid tres oie wire $ eon a etn. The company hoped it posing he pice woud Eh ay om nx ctang vcs ad sae hose vet wh0 Are et theft pera ose poo ws posed co ‘eas casino rtreing them. In oer ned rt i caro Syst. The vec was 29 te" casylet so that he old yess He ba syle “ax ed of 202, Stelios had stepped down a he CEO of Ate come ote ter easyCroup companies, ining a Se tothe now year, One was far ound the Boney 68 tre ross ch tins bd deed ate wos mise of 1 ATS mC a oa ZO min in telat wo yor A second pony a The 2st ch gnc of acter new easy rp sigs eusyCine i e a ed ie tid wa tones he api xpnson of We Cs Fn ee te fora nil pol offering in he sand tal of 208 EasyCarcom webite SERS big pte an lnerviw with Sein Mares 203, iat of" The Econom, 13 May 200 1 Simphin “Stelios staking i683" ‘ember 2003 ce Oe le 2002 anus repo p 1. Accessed online a ‘A jecmaviraports on 16 AUgos, 2008, «6. Simpkins, "Sens sn aking easy & Simpkins tc ey UN cet nd tp csyCarpston” nee! Tt Pyar Lint, 9 anu 203. The Sunday Herd 8) 36 The Sunday Telegraph (UR) 15 pti8} rantacon 8 J Bats EavyCarares del with Vth" noni! Tmt 30 Api 200, Pe J. Hodaron "Scio plans easyer Nat Litepoat cha 24 September 2002 40. Simpkins, "Silos in iking easy 1 "Mating Nek: Don't wie of cr etl int” Fanless ‘ation Lined. 26 September 2002, "2. EaayCarsetio dake p Geman caren matte," Euopea neligence Wn 22 Febrary 202, 1b. Bid 18. N-Hodeson,“Scios plans easyear fost” 1S. A. Fett “EasyCar courts Cho for renal eet” Financial Ties, 2002, 9.26, 16. EnsyCarcom website news release, 1 Mach 2000, 12 TBs “EayCar agrees ea with Viera 38. EasCarcom watt nee lea, 02, 19 Mariting Week: EasyCar appoints head of European matketing” mance) 1 Ferry 2» 21, 2 pte “Te View: Cetng up onthe ex” The Obverer (UK), 7 ay 2002. 23, 1 Stamon, The vember 2072 34 “The big pctre—an interview with Stein" The Sunday Herald 25. osyCar spcns head of Eucpean mareing Peano formation Limied 26 EasyCarcom website mw lease, 22 Api 2002 27. TBasyCor appoints head of Earopean makeing” Financial Times information Lime 78. {Campaign ExsyGroup appoints Publics oer TV advertising Finacial Times Information Lined, 31 In S00 79. Macnts, “EasyCar sues OFT amid thre! fo planned fostion” Francis Times, 22 Novenbe 20,9. 30, TEasyCar appoint head of European murhting” nani Times hornation Limied 31, Mackintosh, “EasyCar ues OFT amid threat planed olton* 32. Ii. 73. A Suerwood B.& A. Wenn, "Eta may be indie ove naming lo” nancial Timer, Is November 200% 6.5 34. Td 2S [sine tere utes ito steal ater movi magi ad terse? Ehhancial Times Injormarin Lined 19 Nove 2003 36. $ Halloanou,"Leterst the Edt: Cony efecto ie cr eur” Pnncal Times. 16 November 2002.10, 27M Hook ow Stes ets rem ois an” Daly Pt (veo, UX), 14 November 2002 38. 8 Bentey,The worst i ember 2002 mire thas easy money” Edinburgh Evening New, 26 Ne- take of my cater, by Steg” nancial Ties, 24 DeTHE FUTURE NOTES the easyCar website, iitated in November of 202, was designed o reduce he ates anced wth customer rating veile and never turnings The ess Wee ean, according t Sti: ‘Theta repens £15,000 th and we av 0 ten, A ay gen ine ‘rem lkng stay at see or niche ont Ie ont ere a, Sawn off Wea wing mom car anes sire? Stelios was also convinced of th legality ofthe new policy. na eter the editor of ‘he Ponca! Times inhi be responded t the legal conceres asd nthe rs, Ste si From egal etopstiv, we bs oily fala objaiv an ae ney ‘pring edo of be vere crt te poses wb clea nen, out Fly ry ern cide in th oe ‘Pectnul aye Coto 50 on ey carnal ey fr lesan, In 206, ‘Then edo fost eject wl moun ES lon ves cn tece Inept, exsyCar ad sly proved pictures police when arent car was 15 days or ore overdue. "he company hoped ht posing the pcre wou both di ourage divers rom nl retiring veils and share tose divers who carrey hd ‘red cs inftrng there fattest person whose pao was posted on the caryCarweite did indeed tur ica two day ter The vehicle was 29 ays te Ate end of 200, Sie had tepped don a5 the CEO of exsye 0 ta be could ovo mor of baie tothe oer oryGreup companies, ncuding easy He had ‘he pitts forthe new year. One wal tun round the one losing ea) reife business, which Stas had described a he wort msake of my eaee™ ‘The 22 store chan ad lst £80 milion nthe last wo year. A secon pricy wast ‘vees the planed laure of anoter new easyGroap busines, esy Cinema, i the Swing of 200, Aad th third was to oversee aid expansion of he esyCa hai {Dita t would be ready foran nial pai orig isthe seond halo 2004. 1. EanyCarcom webs, 2 "The big pitre—an interview with Stelios” The Sunday Herald (UK). 16 March 208, 3, "lik ty” The Economist 13 May 2008 4. Simpking “Stelios aking ica?” The Sunday Telegraph (UK), 18 De- center 202, ‘5, Avis Europe ple 2002 annual report, . 10. Accessed oline a einai ‘ire comlvsreports on 16 August 2004, «6 Simpkins, "Stelios king ey” 7, *atekting: Former eBay UK chi and top easyCa postin” Financial Times Information inte, 9 ary 2003,26. ». ak cee) sencicm $0% 1 Bar "EayCar ares el wh Vol anit Tins 30 Api 2002. 2 ¥-Hadgon "sts plan ayer os ero Ec, 24 Sete 200. ‘Simpkins, “Stelios isn't taking it easy." Soe "Mare Wek: Do’ wet fh cea indy” Fanci Tne Ifo sation Lined, 6 Sgt 302 “Essar set shke yp Geom etl mkt.” Eure neligence Wire 22 Rung 2008 ie legion, "Sts pas ayer ost” A Felt “EanyCr courts Cho froma est’ Fnac Tey, Feary in, 9 6, ‘nyCorzom west ses, 1 March 200¢ “Bor, “Enya aes ds wih Vural” Exsycaccom wba ove le, ? May 202 “Marking Week: ExyCar apps held of Earopean mak ies formation Lmtd, 9 ay 203. ‘Simp, Sts a king tea” ina 4 Hyde, “Tiel View: Clearing ponte ext The server (UK), 7 Say Fd 4. Stanton, “The empire thats easy money Edcbugh Evening Nows, 26 Now ‘emer 2002 “The big picture interview with Stelios” The Sunday Hera “EasyCar appoints head of European marketing! Financia Times formation Lied EnayCaccm website news eles, 22 Api 2002, nsyCu apoins head of European marking nancial Times fyformation Lite. “Campaigning: EasyGroup appoints Publicis fr esyCar TV advertising bie.” ‘Finacial Times Information Limited, 9} Janary £008 ‘Macintosh, "EasyCar sues OFT ai threat fe planed flotation,” Financial Times, 22 November 2002p. 4, “EanyCor appoints head of European makeing” Pnanciel Times Information inte Mackin, "EasjCar sus OFT ami thet oped oxaton Ta B Sherwood B.& A. Wendlan, ~EasyCar ay bein dic over aaming ly” Pnanial Time, 14 Nverber 200, p. 2. fed “e-business: Internet aust fit sel Pater roves mage ad ther news” ‘nani Tims Information Lined, 19 Novem 2002 '.Hajdoanno, "Lets othe Ete Coal efles of ae cr eatuen” Financial Tins. 16 November 2002p. 10 'M Hookhar, "How Stelios nels tum af his cars” Diy Post (Liverpool, UK). 14 November 2002 Bentley, “The worst misake of my crer, by Seo” Financial Time, 24 Dee emer 2002,