<SEC-DOCUMENT>0001299933-16-002798.txt : 20160728
<SEC-HEADER>0001299933-16-002798.hdr.sgml : 20160728
<ACCEPTANCE-DATETIME>20160728082754
ACCESSION NUMBER:		0001299933-16-002798
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20160727
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160728
DATE AS OF CHANGE:		20160728

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PENSKE AUTOMOTIVE GROUP, INC.
		CENTRAL INDEX KEY:			0001019849
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
		IRS NUMBER:				223086739
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12297
		FILM NUMBER:		161788461

	BUSINESS ADDRESS:	
		STREET 1:		2555 TELEGRAPH RD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48302-0954
		BUSINESS PHONE:		248-648-2500

	MAIL ADDRESS:	
		STREET 1:		2555 TELEGRAPH RD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48302-0954

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED AUTO GROUP INC
		DATE OF NAME CHANGE:	19960726
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<TYPE>8-K
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<DESCRIPTION>LIVE FILING
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<TITLE> Penske Automotive Group, Inc. (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	July 27, 2016
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	Penske Automotive Group, Inc.
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	(Exact name of registrant as specified in its charter)
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	Delaware
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	1-12297
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	22-3086739
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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	of incorporation)
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	File Number)
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	Identification No.)
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	2555 Telegraph Road, Bloomfield Hills, Michigan
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	48302
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_________________________________<BR>
	(Address of principal executive offices)
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___________<BR>
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	Registrant&#146;s telephone number, including area code:
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	248-648-2500
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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	&nbsp;
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
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[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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	Item 1.01 Entry into a Material Definitive Agreement.
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On July 27, 2016, we acquired an additional 14.4% ownership interest in Penske Truck Leasing Co., L.P. ("PTL"), a leading provider of transportation and supply chain services, from subsidiaries of GE Capital Global Holdings, LLC (collectively, "GE Capital") for approximately $498.7 million in cash, subject to adjustment based on the earnings of PTL through July 27, 2016. PTL operates and maintains more than 238,000 vehicles and serves customers in North America, South America, Europe, Australia and Asia and is one of the largest purchasers of commercial trucks in North America. Product lines include full-service truck leasing, contract maintenance, commercial and consumer truck rentals, used truck sales, transportation and warehousing management and supply chain management solutions. After the transaction, PTL is owned 41.1% by Penske Corporation, 23.4% by us, 20.0% by affiliates of Mitsui & Co., Ltd. ("Mitsui") and 15.5% by GE Capital. We account for our investment in PTL under the equity method, and we therefore record our share of PTL&#x2019;s earnings on our statements of income under the caption "Equity in earnings of affiliates," which also includes the results of our other equity investments. <br><br>In connection with this transaction, the PTL partners agreed to amend and restate the existing partnership agreement among the partners which, among other things, provides us with specified partner distribution and governance rights and restricts our ability to transfer our interests. Specifically, as a limited partner, we are now entitled to one of seven representatives of PTL&#x2019;s Advisory Committee and approval rights over significant governance items of PTL. We continue to have the right to pro rata quarterly distributions equal to 50% of PTL's consolidated net income and we expect to realize significant cash tax savings.  <br><br>We may only transfer our interests with the unanimous consent of the other partners, or if we provide the remaining partners with a right of first offer to acquire our interests, except that we may transfer up to 9.02% of our interests to Penske Corporation without complying with the right of first offer to the remaining partners. We and Penske Corporation have previously agreed that (1) in the event of any transfer by Penske Corporation of their partnership interests to a third party, we will be entitled to "tag-along" by transferring a pro rata amount of our partnership interests on similar terms and conditions, and (2) Penske Corporation is entitled to a right of first refusal in the event of any transfer of our partnership interests, subject to the terms of the partnership agreement. Additionally, PTL has agreed to indemnify the general partner for any actions in connection with managing PTL, except those taken in bad faith or in violation of the partnership agreement. <br><br>The partnership agreement allows GE Capital or Penske Corporation, beginning December 31, 2017, to give notice to require PTL to begin to effect an initial public offering of equity securities, subject to certain limitations, as soon as practicable after the first anniversary of the initial notice. The party that is not exercising this right may seek to find a third party to purchase all of the partnership interests from the exercising party or to propose another alternative to such equity offers. In connection with the right to cause PTL to conduct an initial public offering, the PTL partners have agreed to customary demand and piggyback registration rights. As part of the transaction, beginning in 2025, PAG and Mitsui have been granted a similar right to require PTL to begin an initial public offering of equity securities, subject to certain limitations, as soon as reasonably practicable.  The term of the partnership agreement was extended to December 31, 2035 or such later date as the limited partners may agree.<br><br>We funded the purchase using existing liquidity, including approximately $350 million of borrowings under our U.S. credit agreement with Mercedes-Benz Financial Services USA LLC and Toyota Motor Credit Corporation (the "U.S. credit agreement"). In connection with the transaction, we have amended the U.S. credit agreement to allow for the purchase described above, to provide for a maximum of $150 million of future borrowings under the U.S. credit agreement for foreign acquisitions and to extend the facility for an additional year through September 30, 2019 pursuant to the U.S. credit agreement&#x2019;s "evergreen" termination provisions.  <br><br>As amended, the U.S. credit agreement provides for up to $700.0 million in revolving loans for working capital, acquisitions, capital expenditures, investments and other general corporate purposes, which includes $250.0 million in revolving loans solely for future acquisitions. The loans mature on the termination date of the facility, which is now September 30, 2019. The revolving loans bear interest at LIBOR plus 2.00%, subject to an incremental 1.50% for uncollateralized borrowings in excess of a defined borrowing base.<br><br>The U.S. credit agreement is fully and unconditionally guaranteed on a joint and several basis by substantially all of our U.S. subsidiaries and contains a number of significant covenants that, among other things, restrict our ability to dispose of assets, incur additional indebtedness, repay other indebtedness, pay dividends, create liens on assets, make investments or acquisitions and engage in mergers or consolidations. We are also required to comply with specified financial and other tests and ratios, each as defined in the U.S. credit agreement including: a ratio of current assets to current liabilities, a fixed charge coverage ratio, a ratio of debt to stockholders&#x2019; equity and a ratio of debt to earnings before interest, taxes, depreciation and amortization ("EBITDA"). A breach of these requirements would give rise to certain remedies under the agreement, the most severe of which is the termination of the agreement and acceleration of the amounts owed.<br><br>The descriptions of the transaction agreements above are not complete and are qualified in their entirety by the actual terms of those agreements, copies of which are filed as Exhibits 4.1, 10.1, 10.2, and 10.3 to this Report on Form 8&#x2212;K, and are incorporated by reference herein. The purchase transaction was approved by an independent committee of our Board of Directors, who was advised by McGuireWoods LLP, as its legal advisor, and Houlihan Lokey Capital, Inc., as its financial advisor. We purchase motor vehicles from Daimler AG and Toyota Motor Corporation, affiliates of the respective lenders under the Credit Agreement, for sale at certain of our dealerships. The lenders also provide certain of our dealerships with "floor-plan" and consumer financing. For the Item 404(a) of Regulation S-K "related party" disclosure between us, Mitsui, PTL and Penske Corporation, see the "Related Party Transactions" section of our proxy statement filed on March 11, 2016, which is incorporated herein by reference.<br><br>
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	Item 2.02 Results of Operations and Financial Condition.
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On July 28, 2016, we issued a press release announcing our second quarter 2016 financial results and other information. A copy of the press release is furnished as Exhibit 99.1.<br><br><br>
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	Item 7.01 Regulation FD Disclosure.
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The following information is furnished pursuant to Item 7.01 "Regulation FD Disclosure."<br><br>On July 28, 2016, we issued a press release announcing our second quarter 2016 financial results and other information. A copy of the press release is furnished as Exhibit 99.1.<br><br>
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	Item 9.01 Financial Statements and Exhibits.
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Item 4.1  First Amendment to Fifth Amended and Restated Credit Agreement dated July 27, 2016 among us, Mercedes-Benz Financial Services USA LLC and Toyota Motor Credit Corporation.<br><br>Item 10.1 Agreement of Purchase and Sale dated as of July 27, 2016 by and among us, GE Capital Truck Leasing Holding LLC and Logistics Holding LLC.<br><br>Item 10.2 Cooperation Agreement dated as of July 27, 2016 by and among us, Penske Truck Leasing Co., L.P., Penske Truck Leasing Corporation, PTL GP, LLC, GE Capital Truck Leasing Holding LLC, General Electric Credit Corporation of Tennessee, Logistics Holding LLC and MBK USA Commercial Vehicles Inc.<br><br>Item 10.3 Sixth Amended and Restated Agreement of Limited Partnership of Penske Truck Leasing Co., L.P. dated July 27, 2016 by and among Penske Truck Leasing Corporation, PTL GP, LLC, GE Capital Truck Leasing Holding LLC, General Electric Credit Corporation of Tennessee, MBK USA Commercial Vehicles Inc. and us.<br><br>Exhibit 99.1. Press Release.<br><br>
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	SIGNATURES
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	Pursuant to the requirements of the Securities Exchange Act of 1934, the
	registrant has duly caused this report to be signed on its behalf by the
	undersigned hereunto duly authorized.
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	Penske Automotive Group, Inc.
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	July 28, 2016
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	By:
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	/s/ Shane M. Spradlin
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	Name: Shane M. Spradlin
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	Title: Executive Vice President
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	Exhibit&nbsp;Index
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	Exhibit No.
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	Description
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	4.1
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First Amendment to Fifth Amended and Restated Credit Agreement dated July 27, 2016 among us, Mercedes-Benz Financial Services USA LLC and Toyota Motor Credit Corporation.
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	10.1
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Agreement of Purchase and Sale dated as of July 27, 2016 by and among us, GE Capital Truck Leasing Holding LLC and Logistics Holding LLC.
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	10.2
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Cooperation Agreement dated as of July 27, 2016 by and among us, Penske Truck Leasing Co., L.P., Penske Truck Leasing Corporation, PTL GP, LLC, GE Capital Truck Leasing Holding LLC, General Electric Credit Corporation of Tennessee, Logistics Holding LLC and MBK USA Commercial Vehicles Inc.
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	10.3
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Sixth Amended and Restated Agreement of Limited Partnership of Penske Truck Leasing Co., L.P. dated July 27, 2016 by and among Penske Truck Leasing Corporation, PTL GP, LLC, GE Capital Truck Leasing Holding LLC, General Electric Credit Corporation of Tennessee, MBK USA Commercial Vehicles Inc.
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	99.1
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	&nbsp;
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Press Release.
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<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>exhibit1.htm
<DESCRIPTION>EX-4.1
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<P align="right" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>EXHIBIT 4.1</B></FONT>



<P align="center" style="font-size: 12pt"><FONT style="font-size: 11pt"><B>FIRST AMENDMENT TO<BR>
FIFTH AMENDED AND RESTATED CREDIT AGREEMENT</B></FONT>



<P align="left" style="font-size: 11pt; text-indent: 4%">This FIRST AMENDMENT, dated as of July&nbsp;27, 2016 (this &#147;<U>Amendment</U>&#148;), is to the Fifth
Amended and Restated Credit Agreement (as heretofore amended, the &#147;<U>Credit Agreement</U>&#148;) dated
as of May&nbsp;1, 2015 among PENSKE AUTOMOTIVE GROUP, INC., a Delaware corporation (the
&#147;<U>Company</U>&#148;), various financial institutions party thereto (the &#147;<U>Lenders</U>&#148;) and
MERCEDES-BENZ FINANCIAL SERVICES USA LLC, as agent for the Lenders (the &#147;<U>Agent</U>&#148;). Unless
otherwise defined herein, terms defined in the Credit Agreement are used herein as defined in the
Credit Agreement (including as amended hereby).


<P align="left" style="font-size: 11pt; text-indent: 4%">WHEREAS, the parties hereto desire to amend the Credit Agreement in certain respects;


<P align="left" style="font-size: 11pt; text-indent: 4%">NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration
(the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as
follows:


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>SECTION 1 </B><U><B>AMENDMENTS</B></U><B>. </B>Effective on the Amendment Effective Date (defined below), the
Credit Agreement shall be amended as follows:


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>1.1 </B>Section&nbsp;1.1 of the Credit Agreement shall be amended by adding the following new
definition in the appropriate alphabetical order:



<P align="left" style="margin-left:4%; font-size: 11pt"><FONT style="font-size: 12pt"><U>First Amendment Effective Date</U> means July&nbsp;27, 2016.
</FONT>

<P align="left" style="font-size: 12pt; text-indent: 4%"><FONT style="font-size: 11pt"><B>1.2 </B>Section&nbsp;1.1 of the Credit Agreement shall be amended by deleting the definition of
&#147;Average Annual Dividend&#148; in its entirety.
</FONT>

<P align="left" style="font-size: 11pt; text-indent: 4%"><B>1.3 </B>Section&nbsp;1.1 of the Credit Agreement shall be amended by amending and restating clause (h)
of the definition of &#147;Borrowing Base&#148; in its entirety to read as follows:



<P align="left" style="margin-left:4%; font-size: 11pt">(h)&nbsp;an amount equal to 50% of the Eligible Tangible Net Worth of PTL.


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>1.4 </B>Section&nbsp;1.1 of the Credit Agreement shall be amended by amending and restating the
definition of &#147;Eligible Tangible Net Worth&#148; in its entirety to read as follows:



<P align="left" style="margin-left:4%; font-size: 11pt"><U>Eligible Tangible Net Worth</U> means, with respect to PTL, as of any date of
determination, an amount equal to the product of (x)&nbsp;the Stockholders&#146; Equity of PTL on that
date <U>less</U> Intangible Assets of PTL on that date times (y)&nbsp;the then outstanding
ownership percentage of the Company in PTL.


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>1.5 </B>Section&nbsp;1.1 of the Credit Agreement shall be amended by amending the definition of
&#147;Interest Rate&#148; by adding the follow language to the end thereof:



<P align="left" style="margin-left:4%; font-size: 11pt">; provided that, if the LIBO Rate hereunder would be less than zero, such rate shall be
deemed to be zero for purposes of this Agreement.


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>1.6 </B>Section&nbsp;1.1 of the Credit Agreement shall be amended by amending and restating the
definition of &#147;Subordinated Notes&#148; in its entirety to read as follows:



<P align="left" style="margin-left:4%; font-size: 11pt"><U>Subordinated Notes</U> means (i)&nbsp;the 5.75% Senior Subordinated Notes due 2022 of the
Company (and related guarantees) in the aggregate principal amount of $550,000,000, (ii)&nbsp;the
5.375% Senior Subordinated Notes due 2024 of the Company (and related guarantees) in the
aggregate principal amount of $300,000,000 and (iii)&nbsp;the 5.5% Senior Subordinated Notes due
2026 of the Company (and related guarantees) in the aggregate principal amount of
$500,000,000.


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>1.7 </B>Section&nbsp;1.1 of the Credit Agreement shall be amended by amending and restating the
definition of &#147;Termination Date&#148; in its entirety to read as follows:



<P align="left" style="margin-left:4%; font-size: 11pt"><U>Termination Date</U> means the earlier to occur of (a)&nbsp;September&nbsp;30, 2019 (or any later
date that may be established as the Termination Date pursuant to <U>Section&nbsp;2.5</U>) or
(b)&nbsp;such other date on which the Commitments terminate pursuant to <U>Section&nbsp;6</U> or
<U>11</U>.


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>1.8 </B>Section&nbsp;9.10(g) of the Credit Agreement shall be amended and restated in its entirety to
read as follows:



<P align="left" style="margin-left:4%; font-size: 11pt">&#147;(g) the Company and its Subsidiaries may enter into, or make additional Investments into,
joint ventures permitted by Section&nbsp;9.19(j) which joint ventures are engaged in businesses
permitted by Section&nbsp;9.18 &#148;


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>1.9 </B>Section&nbsp;9.12(a) of the Credit Agreement shall be amended and restated in its entirety to
read as follows:



<P align="left" style="margin-left:4%; font-size: 11pt">(a)&nbsp;Use the proceeds of the Revolving Loans solely for working capital, for Acquisitions
permitted by <U>Section&nbsp;9.10</U>, for Capital Expenditures, to make Investments permitted
hereunder, to repurchase the Company&#146;s Capital Stock and for other general corporate
purposes; provided, that the Company shall not use more than $150,000,000 in the aggregate
of the Revolving Loans from and after the First Amendment Effective Date through the
Termination Date directly or indirectly for Investments outside of the United States
including, without limitation, for Foreign Investments and Investments in Foreign
Subsidiaries; and use the proceeds of the Acquisition Loans (other than Acquisition Loans
made by operation of <U>Section&nbsp;1.3(iv)</U>) solely to finance Acquisitions (other than
Foreign Acquisitions) permitted by <U>Section&nbsp;9.10</U>.


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>1.10 </B>Clause (j)&nbsp;of Section&nbsp;9.19 of the Credit Agreement shall be amended and restated in its
entirety to read as follows:



<P align="left" style="margin-left:4%; font-size: 11pt"><FONT style="font-size: 12pt">(j) </FONT><FONT style="font-size: 11pt">Investments</FONT><FONT style="font-size: 12pt"> in an aggregate not to exceed 38.92% of the outstanding
ownership interests in PTL;
</FONT>

<P align="left" style="font-size: 12pt; text-indent: 4%"><FONT style="font-size: 11pt"><B>SECTION 2 </B><U><B>REPRESENTATIONS AND WARRANTIES</B></U>. The Company represents and warrants to
the Agent and the Lenders that: (a)&nbsp;the representations and warranties made in <U>Section&nbsp;8</U>
of the Credit Agreement are true and correct on and as of the date hereof with the same effect as
if made on and as of the date hereof (except to the extent relating solely to an earlier date, in
which case they were true and correct as of such earlier date); (b)&nbsp;no Event of Default or
Unmatured Event of Default exists or will result from the execution of this Amendment; (c)&nbsp;no event
or circumstance has occurred since the Effective Date that has resulted, or would reasonably be
expected to result, in a Material Adverse Effect; (d)&nbsp;the execution and delivery by the Company of
this Amendment and the performance by the Company of its obligations under the Credit Agreement as
amended hereby (as so amended, the &#147;<U>Amended Credit Agreement</U>&#148;) (i)&nbsp;are within the corporate
powers of the Company, (ii)&nbsp;have been duly authorized by all necessary corporate action, (iii)&nbsp;have
received all necessary approval from any governmental authority and (iv)&nbsp;do not and will not
contravene or conflict with any provision of any law, rule or regulation or any order, decree,
judgment or award which is binding on the Company or any of its Subsidiaries or of any provision of
the certificate of incorporation or bylaws or other organizational documents of the Company or of
any agreement, indenture, instrument or other document which is binding on the Company or any of
its Subsidiaries; and (e)&nbsp;the Amended Credit Agreement is the legal, valid and binding obligation
of the Company, enforceable against the Company in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the
enforcement of creditors&#146; rights generally or by equitable principles relating to enforceability.
</FONT>

<P align="left" style="font-size: 11pt; text-indent: 4%"><B>SECTION 3 </B><U><B>CONDITIONS TO EFFECTIVENESS</B></U>. The amendments set forth in <U>Section&nbsp;1</U>
above shall become effective as of the date when the following conditions precedent have been
satisfied, each in form and substance satisfactory to the Agent (the &#147;<U>Amendment Effective
Date</U>&#148;):


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>3.1 </B><U>Amendment</U>. The Agent shall have received a counterpart of this Amendment duly
executed by the Company and the Required Lenders (or, in the case of any party other than the
Company from which the Agent has not received a counterpart hereof, facsimile confirmation of the
execution of a counterpart hereof by such party).


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>3.2 </B><U>Reaffirmation</U>. The Agent shall have received a counterpart of the Reaffirmation
of Loan Documents, in form and substance satisfactory to the Agent, executed by each Loan Party
other than the Company.


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>3.3 </B><U>No Default</U>. No Event of Default or Unmatured Event of Default shall have occurred
and be continuing or would result from the transactions contemplated by this Amendment.


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>3.4 </B><U>Representations</U>. The representations and warranties of the Company and each
Subsidiary set forth in the Credit Agreement and the other Loan Documents shall be true and correct
in all material respects with the same effect as if then made (except to the extent stated to
relate to a specific earlier date, in which case such representations and warranties shall be true
and correct as of such earlier date).


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>3.5 </B><U>Compliance Certificate</U>. The Agent shall have received a duly completed compliance
certificate in the form of Exhibit&nbsp;B to the Credit Agreement, with appropriate insertions, dated as
of the Amendment Effective Date and signed by the Chief Financial Officer or the Controller of the
Company, containing a pro forma computation of the financial ratios and restrictions set forth in
Section&nbsp;9.6 of the Credit Agreement.


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>3.6 </B><U>Borrowing Base Certificate</U>. The Agent shall have received a Borrowing Base
Certificate dated as of the Amendment Effective Date and signed by the Chief Financial Officer or
the Controller of the Company containing a pro forma calculation of the Borrowing Base.


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>3.7 </B><U>Confirmatory Certificate</U>. The Agent shall have received a certificate dated the
Amendment Effective Date and signed by a duly authorized representative of the Company as to the
matters set forth in <U>Sections&nbsp;3.3</U> and <U>3.4</U>.


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>SECTION 4 </B><U><B>MISCELLANEOUS</B></U>.


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>4.1 </B><U>Continuing Effectiveness, etc</U>. As hereby amended, the Credit Agreement shall
remain in full force and effect and is hereby ratified and confirmed in all respects. All
references in the Credit Agreement, the Notes, each other Loan Document and any similar document to
the &#147;Credit Agreement&#148; or similar terms shall refer to the Amended Credit Agreement.


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>4.2 </B><U>Counterparts</U>. This Amendment may be executed in any number of counterparts and by
the different parties on separate counterparts, and each such counterpart shall be deemed to be an
original but all such counterparts shall together constitute one and the same Amendment.


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>4.3 </B><U>Expenses</U>. The Company agrees to pay the reasonable costs and expenses of the
Agent and the Lenders in connection with the preparation, execution and delivery of this Amendment.


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>4.4 </B><U>Severability of Provisions</U>. In the event that any provision in or obligation
under this Amendment shall be invalid, illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining provisions or obligations, or of such provision or
obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>4.5 </B><U>Section&nbsp;Headings</U>. The various headings of this Amendment are inserted for
convenience only and shall not affect the meaning or interpretation of this Amendment or the
Agreement or any provision hereof or thereof.


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>4.6 </B><U>Governing Law</U>. This Amendment shall be a contract made under and governed by the
laws of the State of New York applicable to contracts made and to be wholly performed within the
State of New York.


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>4.7 </B><U>Successors and Assigns</U>. This Amendment shall be binding upon the Company, the
Lenders and the Agent and their respective successors and assigns, and shall inure to the benefit
of the Company, the Lenders and the Agent and the successors and assigns of the Lenders and the
Agent.


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>4.8 </B><U>Loan Document</U>. This Amendment is a Loan Document.


<P align="center" style="font-size: 11pt"><I>&#091;Signatures Immediately Follow&#093;</I>



<P align="left" style="font-size: 11pt; text-indent: 4%">Delivered as of the day and year first above written.



<P align="left" style="margin-left:23%; font-size: 11pt"><B>PENSKE AUTOMOTIVE GROUP, INC.</B>



<P align="left" style="margin-left:23%; font-size: 11pt">By: <U>/s/ J.D. Carlson</U><BR>
Name:<U> J.D. Carlson</U><BR>
Title: <U>EVP and CFO</U><BR>



<P align="left" style="margin-left:23%; font-size: 11pt"><B>MERCEDES-BENZ FINANCIAL SERVICES USA LLC</B>, as Agent



<P align="left" style="margin-left:23%; font-size: 11pt">and as a Lender



<P align="left" style="margin-left:23%; font-size: 11pt">By: <U>/s/ Michele Nowak</U><BR>
Name:<U> Michele Nowak</U><BR>
Title:<U> Credit Director, National Accounts</U><BR>



<P align="left" style="margin-left:23%; font-size: 11pt"><B>TOYOTA MOTOR CREDIT CORPORATION</B>,



<P align="left" style="margin-left:23%; font-size: 11pt"><BR>
as a Lender



<P align="left" style="margin-left:23%; font-size: 11pt">By: <U>/s/ Willemien Steensma</U><BR>
Name: <U>Willemien Steensma</U><BR>
Title: <U>National Accounts Manager</U><BR>



<P align="center" style="font-size: 10pt; display: none">




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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>exhibit2.htm
<DESCRIPTION>EX-10.1
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<P align="right" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>Exhibit&nbsp;10.1<BR>
Execution Copy</B></FONT>



<P align="center" style="font-size: 12pt">AGREEMENT OF PURCHASE AND SALE<BR>
dated as of July&nbsp;27, 2016<BR>
by and among<BR>
GE CAPITAL TRUCK LEASING HOLDING LLC, and<BR>
LOGISTICS HOLDING LLC,<BR>
as Sellers,<BR>
and<BR>
PENSKE AUTOMOTIVE GROUP, INC.,<BR>
as Purchaser



<P align="center" style="font-size: 12pt"><B>AGREEMENT OF PURCHASE AND SALE</B>



<P align="left" style="font-size: 12pt; text-indent: 8%">This Agreement of Purchase and Sale, dated as of July&nbsp;27, 2016 (as amended, restated,
supplemented or otherwise modified from time to time in accordance with the terms hereof, this
&#147;<B>Agreement</B>&#148;), is by and among GE Capital Truck Leasing Holding LLC, a Delaware limited liability
company (&#147;<B>GE Capital Truck</B>&#148;), Logistics Holding LLC, a Delaware limited liability company (&#147;<B>GE
Logistics</B>&#148; and together with GE Capital Truck, the &#147;<B>Sellers</B>&#148; and each a &#147;<B>Seller</B>&#148;), and Penske
Automotive Group, Inc., a Delaware corporation (&#147;<B>Purchaser</B>&#148;). The Sellers and Purchaser are
sometimes referred to herein individually as a &#147;<B>Party</B>&#148; and collectively as the &#147;<B>Parties</B>&#148;.


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS, the Sellers collectively own 29.9% of the issued and outstanding Partnership
Interests in Penske Truck Leasing Co., L.P., a Delaware limited partnership (the &#147;<B>Partnership</B>&#148;);


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS, on the date hereof, Purchaser desires to purchase from the Sellers, and the Sellers
desire to sell to Purchaser, the Purchased Interests set forth opposite each Seller&#146;s name on
<U>Exhibit&nbsp;A</U> attached hereto (representing, in the aggregate, 14.4% of the outstanding
Partnership Interests in the Partnership), upon the terms and subject to the conditions set forth
in this Agreement;


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS, concurrently with the execution and delivery of this Agreement and the consummation
of the Closing (as defined herein) on the date hereof, GE Capital Global Holdings, LLC has executed
and delivered to Purchaser a guaranty of performance of the obligations of the Sellers under this
Agreement; and


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS, concurrently with the execution and delivery of this Agreement, and in connection
with the Closing, the Parties, the other Partners under (and as defined in) the Existing
Partnership Agreement and the Partnership are entering into a Cooperation Agreement (the
&#147;<B>Cooperation Agreement</B>&#148;) and a Sixth Amended and Restated Limited Partnership Agreement of the
Partnership, in each case, dated as of the date hereof.


<P align="left" style="font-size: 12pt; text-indent: 8%">NOW, THEREFORE, in consideration of the mutual agreements, covenants, representations,
warranties and indemnities contained in this Agreement, Purchaser and each Seller hereby agree as
follows:


<P align="center" style="font-size: 12pt">ARTICLE I



<P align="center" style="font-size: 12pt">DEFINITIONS



<P align="left" style="font-size: 12pt; text-indent: 8%">For purposes of this Agreement, the following terms shall have the respective meanings set
forth below:


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Actions or Proceedings</B>&#148; has the meaning as defined in <U>Section&nbsp;8.9</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Agreement</B>&#148; has the meaning as defined in the preamble.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Affiliate</B>&#148; means, with respect to any Person, any other Person that, directly or indirectly
through one or more intermediaries, controls, or is controlled by, or is under common control with,
such Person, and the term &#147;<B>control</B>&#148; (including the terms &#147;<B>controlled by</B>&#148; and &#147;<B>under common control
with</B>&#148;) means the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of such Person, whether through ownership of voting securities, by
Contract or otherwise; <I>provided</I>, <I>however</I>, that, for purposes of this Agreement and the Transaction
Documents, no Seller shall be deemed to be an Affiliate of the Partnership, or any Partner (as
defined in the Existing Partnership Agreement), other than the other Sellers.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Approvals</B>&#148; means, with respect to any Purchased Interest, all Consents required pursuant to
the terms of the Existing Partnership Agreement with respect to the transactions contemplated by
this Agreement and the admission of Purchaser as a limited partner with respect to the Purchased
Interests.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Assignment Agreement</B>&#148; means that certain Assignment Agreement, dated as of the date hereof,
by and between the Sellers and Purchaser.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Business Day</B>&#148; means any day other than a Saturday, a Sunday or a day on which banking
institutions in New York, New York, are authorized or obligated by Law to be closed.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Closing</B>&#148; has the meaning as defined in <U>Section&nbsp;6.1</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Closing Date</B>&#148; has the meaning as defined in <U>Section&nbsp;6.1</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Code</B>&#148; means the United States Internal Revenue Code of 1986, as amended.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Consent</B>&#148; means any consent, approval, authorization or waiver.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Contract</B>&#148; means any legally binding: contract, indenture, note, bond, lease, license,
instrument, agreement, mortgage, option, warranty, purchase order, insurance policy or benefit
plan, or other commitment, whether written or oral.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Controlling Party</B>&#148; has the meaning as defined in <U>Section&nbsp;7.4(b)</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Dispute Notice</B>&#148; has the meaning as defined in <U>Section&nbsp;2.4(b)</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>E&Y</B>&#148; has the meaning as defined in <U>Section&nbsp;2.4(c)</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Effective Time</B>&#148; means 12:01&nbsp;a.m. Eastern Time on the Closing Date.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Existing Partnership Agreement</B>&#148; means the Fifth Amended and Restated Agreement of Limited
Partnership of the Partnership entered into on and as of March&nbsp;18, 2015, as amended on November&nbsp;24,
2015 and as modified in and pursuant to an LPA Acknowledgement Agreement, dated as of March&nbsp;31,
2016.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Final Purchase Price</B>&#148; means an amount in U.S. Dollars equal to the Initial Purchase Price, as
adjusted in accordance with the provisions of <U>Sections&nbsp;2.4</U> and <U>2.5</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Final Purchase Price Statement</B>&#148; means a written statement (a)&nbsp;setting forth the Final
Purchase Price and (b)&nbsp;indicating any changes to the Initial Purchase Price Statement, as finally
determined in accordance with <U>Section&nbsp;2.4</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>GAAP</B>&#148; means generally accepted accounting principles in the United States.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>GE Capital Truck</B>&#148; has the meaning as defined in the preamble.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>GE Logistics</B>&#148; has the meaning as defined in the preamble.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>GE Tennessee</B>&#148; means General Electric Credit Corporation of Tennessee, a Tennessee
corporation.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Government Authority</B>&#148; means any U.S.&nbsp;federal, state or local or any supra-national or
non-U.S.&nbsp;government, political subdivision, governmental, regulatory or administrative authority,
instrumentality, agency, body or commission, self-regulatory organization or any court, tribunal,
or judicial or arbitral body.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Indemnified Party</B>&#148; has the meaning as defined in <U>Section&nbsp;7.4(a)</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Indemnifying Party</B>&#148; has the meaning as defined in <U>Section&nbsp;7.4(a)</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Independent Accounting Firm</B>&#148; has the meaning as defined in <U>Section&nbsp;2.4(c)</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Initial Period</B>&#148; means the period commencing on the opening of business on January&nbsp;1, 2016 and
ending on the close of business on May&nbsp;31, 2016.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Initial Purchase Price</B>&#148; means an amount in U.S. Dollars equal to the sum of (x)
$486,421,404.68 <U>plus</U> (y)&nbsp;the Partnership&#146;s good faith estimate of the Partnership Net
Income Amount, as notified to the Sellers and Purchaser pursuant to <U>Section&nbsp;2.3</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Initial Purchase Price Statement</B>&#148; means the Partnership&#146;s good faith estimate of the Initial
Purchase Price, described in accordance with <U>Section&nbsp;2.3</U> hereof.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Interim Period</B>&#148; means the period commencing on the opening of business on June&nbsp;1, 2016 and
ending on (and excluding) the Closing Date.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Interim Period Distributions</B>&#148; means the sum of (i)&nbsp;the aggregate amount of any Preliminary
Distributions made pursuant to <I>Section&nbsp;5.</I><I>1(a)</I> of the Existing Partnership Agreement (as defined
therein), <I>plus </I>(ii)&nbsp;the aggregate amount of any discretionary special distributions made pursuant
to <I>Section&nbsp;5.</I><I>1(c)</I> of the Existing Partnership Agreement, in the case of each of clauses (i)&nbsp;and
(ii), solely to the extent the same are distributions of Net Income for, and with respect to, the
Interim Period.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Law</B>&#148; means any U.S.&nbsp;federal, state, local or non-U.S.&nbsp;statute, law, ordinance, regulation,
rule, code, order or other requirement or rule of law (including common law).


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Liability</B>&#148; or &#147;<B>Liabilities</B>&#148; means any liability, debt, guarantee, claim, demand, expense,
commitment or obligation (whether direct or indirect, absolute or contingent, accrued or unaccrued,
liquidated or unliquidated, or due or to become due) of every kind and description, including all
costs and expenses related thereto.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Lien</B>&#148; means any lien, mortgage, pledge, claim, security interest, encumbrance, charge,
option, right of first refusal, proxy, voting trust or agreement, restriction or limitation of any
kind, whether arising by agreement, operation of law or otherwise.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Losses</B>&#148; means all losses, damages, costs, expenses, and Liabilities actually suffered or
incurred and paid (including reasonable attorneys&#146; fees).


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Net Income</B>&#148; means, for any specified period, the consolidated net income of the Partnership
and its Subsidiaries (which may be positive or negative), determined on a consolidated basis in
accordance with GAAP and in a manner consistent with past practice of the Partnership. For the
avoidance of doubt, the consolidated net income for the period covered in any of the Partnership
Financial Statements is reflected therein as &#147;Net Earnings&#148; of the Partnership and its
Subsidiaries.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Order</B>&#148; means any order, writ, judgment, injunction, temporary restraining order, decree,
stipulation, determination or award entered by or with any Government Authority.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Organizational Documents</B>&#148; means (i)&nbsp;any certificate, articles or memorandum filed with any
state or country or other jurisdiction which filing forms a Person and (ii)&nbsp;all agreements,
documents or instruments governing the internal affairs of a Person, including such Person&#146;s
by-laws, codes of regulations, partnership or limited partnership agreements, limited liability
company agreements and operating agreements.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Parties</B>&#148; has the meaning as defined in the preamble.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Partnership</B>&#148; has the meaning as defined in the recitals.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Partnership Interests</B>&#148; has the meaning set forth in the Existing Partnership Agreement.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Partnership Financial Statements</B>&#148; means the financial statements of the Partnership provided
pursuant to <I>Section&nbsp;2.</I><I>02(a)(x)</I> of the Cooperation Agreement.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Partnership Net Income Amount</B>&#148; means (i)&nbsp;one quarter of 14.4% of the Net Income for the
Initial Period, <I>plus </I>(ii)&nbsp;14.4% of the Net Income for the Interim Period, <I>minus </I>(iii)&nbsp;the aggregate
amount (if any) of 14.4% of the Interim Period Distributions. For the avoidance of doubt, for
purposes of the Final Purchase Price Statement, the Net Income for the portion of the month of the
Closing included in the Interim Period shall be equal to (A)&nbsp;the Net Income for the month of the
Closing, <I>multiplied by </I>(B)&nbsp;a fraction the numerator of which is the number of calendar days of the
month of the Closing that are included in the Interim Period and the denominator of which is the
total number of calendar days in the month of the Closing.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Permits</B>&#148; means all permits, licenses, Consents, registrations, concessions, grants,
franchises, certificates, identification numbers, exemptions, waivers, and filings issued or
required by any Government Authority under applicable Law.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Person</B>&#148; means any individual, corporation, partnership, limited liability company, joint
venture, association, joint-stock company, trust, unincorporated organization or Government
Authority.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Preliminary Distributions</B>&#148; has the meaning as defined in the Existing Partnership Agreement.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Purchase Price Statements</B>&#148; means the Initial Purchase Price Statement and the Final Purchase
Price Statement.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Purchased Interests</B>&#148; means the limited partnership interests in the Partnership set forth on
<U>Exhibit&nbsp;A</U> attached hereto.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Purchaser</B>&#148; has the meaning as defined in the preamble.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Purchaser Indemnified Parties</B>&#148; has the meaning as defined in <U>Section&nbsp;7.2(a)</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Purchaser&#146;s Knowledge</B>&#148; means the actual knowledge of the Chief Financial Officer of Purchaser
as of the date hereof.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>PwC</B>&#148; has the meaning as defined in <U>Section&nbsp;2.4(c)</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%"><B>&#147;Registration Rights Agreement&#148; </B>means the Amended and Restated Registration Rights Agreement,
dated March&nbsp;18, 2015, by and among the Partnership, Penske Truck Leasing Corporation, PTL, GP, LLC,
Purchaser, MBK USA Commercial Vehicles Inc., MBK Commercial Vehicles Inc., and the Sellers.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Representative</B>&#148; means, with respect to any Person, any officer, director, principal, manager,
member, attorney, accountant, agent, employee, consultant, financial advisor or other authorized
representative of such Person, in each case, in such capacity with respect to such Person.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Resolution Period</B>&#148; has the meaning as defined in <U>Section&nbsp;2.4(b)</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Retained Rights</B>&#148; means the rights of any Seller to the Interim Period Distributions actually
paid to and received by the Sellers prior to the date hereof.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Review Period</B>&#148; has the meaning as defined in <U>Section&nbsp;2.4(a)</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Seller Indemnified Parties</B>&#148; has the meaning as defined in <U>Section&nbsp;8.3</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Sellers&#146; Knowledge</B>&#148; means the actual knowledge of Trevor Schauenberg and Mandeep Johar.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Sellers</B>&#148; has the meaning as defined in the preamble.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Subsidiaries</B>&#148; of any specified entity means any other entity (a)&nbsp;of which such first entity
owns (either directly or through one or more other Subsidiaries) (i)&nbsp;at least a majority of the
outstanding equity securities or (ii)&nbsp;equity interests or securities carrying a majority of the
voting power to elect a majority of the board of directors or other governing body of such entity
or (b)&nbsp;which such first entity contractually or otherwise controls.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Tax</B>&#148; means: (a)&nbsp;any income, gross or net receipts, real or personal property, sales, use,
capital gain, transfer, excise, estimated, license, production, franchise, employment, social
security, occupation, payroll, registration, governmental pension or insurance, withholding,
royalty, severance, stamp or documentary, value added, business or occupation or other tax, charge,
assessment, duty, levy, fee or similar governmental charge of any kind (including any interest,
additions to tax, or civil or criminal penalties thereon) of any country or any jurisdiction
therein; (b)&nbsp;any liability for the payment of any amounts of the type described in clause (a)&nbsp;of
this definition arising as a result of being (or ceasing to be) a member of any affiliated group
(or being included (or required to be included) in any tax return relating thereto); or (c)&nbsp;any
liability for the payment of any amounts of the type described in clause (a)&nbsp;of this definition as
a result of any express or implied obligation to indemnify or otherwise assume or succeed to the
liability of any other Person, arising under law, by contract or otherwise.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Tax Return</B>&#148; means any return, declaration, report, claim for refund, or information return or
statement or other form required to be supplied to a Government Authority in connection with Taxes,
including any schedule or attachment thereto, and including any amendment thereof.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Third Party Claim</B>&#148; has the meaning as defined in <U>Section&nbsp;7.4(a)</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Transaction Documents</B>&#148; means the Assignment Agreement and the Cooperation Agreement.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Transaction Material Adverse Effect</B>&#148; means a material impairment of the ability of Purchaser
to perform its material obligations under this Agreement or to consummate the transactions
contemplated by this Agreement and the Transaction Documents.


<P align="left" style="font-size: 12pt; text-indent: 8%">&#147;<B>Transfer Restrictions</B>&#148; means any restriction on the sale, assignment, transfer or other
disposition of a Purchased Interest (including the creation of a Lien (as defined in the Existing
Partnership Agreement)) that arises out of or is based on, (i)&nbsp;the Existing Partnership Agreement
or applicable securities or blue sky Laws, or (ii)&nbsp;any Contracts to which Purchaser is a party or
bound, or any Laws to which Purchaser is subject, including any Liens created by or through
Purchaser.


<P align="left" style="font-size: 12pt; text-indent: 8%">1.1 <U>Other Definitional and Interpretive Matters</U>. Unless otherwise expressly provided,
for purposes of this Agreement, the following rules of interpretation shall apply:



<P align="left" style="margin-left:2%; font-size: 12pt; text-indent: 8%"><I>Subsidiaries</I>. For preclusion of doubt, the Partnership and its Subsidiaries shall not be
deemed to be Subsidiaries or Affiliates of General Electric Company, the Sellers or any of their
respective Subsidiaries for purposes of this Agreement.



<P align="left" style="margin-left:2%; font-size: 12pt; text-indent: 8%"><I>Exhibits/Schedules</I>. The Exhibits and Schedules are hereby incorporated herein and made a
part hereof and are an integral part of this Agreement.&nbsp; Any capitalized terms used in any
Exhibit or in any Schedules but not otherwise defined therein shall be defined as set forth in
this Agreement.



<P align="left" style="margin-left:2%; font-size: 12pt; text-indent: 8%"><I>Gender and Number</I>. Any reference in this Agreement to gender shall include all genders,
and words imparting the singular number only shall include the plural and vice versa.



<P align="left" style="margin-left:2%; font-size: 12pt; text-indent: 8%"><I>Headings</I>. The division of this Agreement into Articles, Sections and other subdivisions
and the insertion of headings are for convenience of reference only and shall not affect or be
utilized in construing or interpreting this Agreement.&nbsp; All references in this Agreement to any
&#147;Section&#148; are to the corresponding Section of this Agreement unless otherwise specified.



<P align="left" style="margin-left:2%; font-size: 12pt; text-indent: 8%"><I>Herein</I>. The words such as &#147;herein,&#148; &#147;hereinafter,&#148; &#147;hereof,&#148; and &#147;hereunder&#148; refer to this
Agreement as a whole and not merely to a subdivision in which such words appear unless the
context otherwise requires.



<P align="left" style="margin-left:2%; font-size: 12pt; text-indent: 8%"><I>Including</I>. The word &#147;including&#148; or any variation thereof means (unless otherwise
specified) &#147;including, without limitation,&#148; and shall not be construed to limit any general
statement that it follows to the specific or similar items or matters immediately following it.


<P align="center" style="font-size: 12pt">ARTICLE II



<P align="center" style="font-size: 12pt">PURCHASE AND SALE OF PURCHASED<BR>
INTERESTS; ASSUMPTION OF OBLIGATIONS



<P align="left" style="font-size: 12pt; text-indent: 8%">2.1 <U>Purchase and Sale of Purchased Interests</U>. Upon the terms and subject to the
conditions set forth in this Agreement, at the Closing, the Sellers shall sell, assign, transfer
and deliver to Purchaser, and Purchaser shall purchase and acquire from each Seller, all of such
Seller&#146;s right, title and interest in and to the Purchased Interests, free and clear of all Liens
other than any Transfer Restrictions (it being agreed that in no event are the Sellers&#146;
transferring to Purchaser hereunder any Retained Rights).


<P align="left" style="font-size: 12pt; text-indent: 8%">2.2 <U>Purchase Price</U>. In consideration for the Purchased Interests being transferred to
Purchaser pursuant to <U>Section&nbsp;2.1</U>, Purchaser shall pay to GE Tennessee, for the benefit of
the Sellers, an amount equal to the Final Purchase Price.


<P align="left" style="font-size: 12pt; text-indent: 8%">2.3 <U>Initial Purchase Price Statement</U>. On or prior to the Closing Date the Partnership
has delivered to the Sellers and Purchaser the Initial Purchase Price Statement setting forth the
Partnership&#146;s good faith estimate of the Initial Purchase Price, including a statement therein
setting forth the estimated Partnership Net Income Amount.



<P align="left" style="margin-left:5%; font-size: 12pt; text-indent: 3%">2.4 <U>Final Purchase Price Calculation</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;The Parties shall each have sixty (60)&nbsp;days (the &#147;<B>Review Period</B>&#148;) after the delivery by
the Partnership of the actual Partnership Net Income Amount pursuant to <I>Section&nbsp;2.</I><I>02(a)(y)</I> of the
Cooperation Agreement (the &#147;<B>Proposed Net Income Statement</B>&#148;). During the Review Period, the Parties
and their Representatives, subject to, and in accordance with, the terms of the Cooperation
Agreement, may review the Partnership&#146;s work papers, all books and records of the Partnership and
its Affiliates relevant to the preparation of the Proposed Net Income Statement, and the work
papers of the Partnership&#146;s accountants relating to such accountants&#146; review of the Proposed Net
Income Statement.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;If either Party wishes to dispute any item set forth in the Proposed Net Income Statement,
such Party shall, during the Review Period, deliver written notice to the other Party of the same,
specifying in reasonable detail the basis for such dispute and such Party&#146;s proposed modifications
to the Proposed Net Income Statement (such notice, the &#147;<B>Dispute Notice</B>&#148;). If any Dispute Notice is
so delivered during the Review Period, following each delivery of a Dispute Notice until the
30<sup>th</sup> day immediately following the Review Period (the &#147;<B>Resolution Period</B>&#148;), the Sellers
and Purchaser shall negotiate in good faith to reach an agreement as to any matters identified in
such Dispute Notice as being in dispute, and, to the extent all such matters are so resolved within
the Resolution Period, then the Proposed Net Income Statement as revised to incorporate such
changes as have been agreed between the Sellers and Purchaser shall be conclusive and binding upon
all Parties as the Final Purchase Price Statement.


<P align="left" style="font-size: 12pt; text-indent: 8%">(c)&nbsp;If the Sellers and Purchaser fail to resolve all such matters in dispute within the
Resolution Period, then (subject to the last sentence of <U>Section&nbsp;2.4(d)</U>) any matters
identified in any such Dispute Notice that remain in dispute following the expiration of the
Resolution Period shall be finally and conclusively determined by PricewaterhouseCoopers LLP, a
Delaware limited liability partnership (&#147;<B>PwC</B>&#148;), or if PwC is unable or unwilling to serve in such
capacity, Ernst & Young LLP, a Delaware limited liability partnership (&#147;<B>E&Y</B>&#148;) (and if both PwC and
E&Y are unable or unwilling to serve in such capacity, such other globally recognized accounting
firm as shall be agreed upon in writing by Purchaser and the Sellers) (the &#147;<B>Independent Accounting
Firm</B>&#148;).


<P align="left" style="font-size: 12pt; text-indent: 8%">(d)&nbsp;The Sellers and Purchaser shall instruct the Independent Accounting Firm to promptly, but
no later than forty (40)&nbsp;days after its acceptance of its appointment, determine (it being
understood that in making such determination, the Independent Accounting Firm shall be functioning
as an expert and not as an arbitrator), based solely on written presentations of the Sellers and
Purchaser submitted to the Independent Accounting Firm and not by independent review, only those
matters in dispute and shall render a written report setting forth its determination as to the
disputed matters and the resulting calculations of the Final Purchase Price, which report and
calculations shall be conclusive and binding upon all Parties absent manifest error. A copy of all
materials submitted to the Independent Accounting Firm pursuant to the immediately preceding
sentence shall be provided by Purchaser or the Sellers, as applicable, to the other Party
concurrently with the submission thereof to the Independent Accounting Firm. In resolving any
disputed item, the Independent Accounting Firm (i)&nbsp;shall be bound by the provisions of this
<U>Section&nbsp;2.4(d)</U> and <U>Section&nbsp;2.6</U> and (ii)&nbsp;may not assign a value to any item greater
than the greatest value for such item claimed by the Sellers or Purchaser, or less than the
smallest value for such item claimed by the Sellers or Purchaser. If, before the Independent
Accounting Firm renders its determination with respect to the disputed items in accordance with
this <U>Section&nbsp;2.4(d)</U>, (x)&nbsp;Purchaser notifies the Sellers of its agreement with any items in
the Proposed Net Income Statement or (y)&nbsp;the Sellers notify Purchaser of their agreement with any
items in the Proposed Net Income Statement, then in each case, such items as so agreed shall be
conclusive and binding on all Parties immediately upon such notice.


<P align="left" style="font-size: 12pt; text-indent: 8%">(e)&nbsp;The fees and expenses of the Independent Accounting Firm shall be borne fifty percent
(50%) by Purchaser and fifty percent (50%) by the Sellers.


<P align="left" style="font-size: 12pt; text-indent: 8%">2.5 <U>Post-Closing Adjustment</U>. In the event that (i)&nbsp;the Final Purchase Price is
greater than the Initial Purchase Price, Purchaser shall pay to GE Tennessee, for the benefit of
the Sellers, an amount equal to such difference or (ii)&nbsp;the Initial Purchase Price is greater than
the Final Purchase Price, GE Tennessee, on behalf of the Sellers, shall pay to Purchaser an amount
equal to such difference. Any payment due under this <U>Section&nbsp;2.5</U> shall be paid by wire
transfer of immediately available funds to an account designated by GE Tennessee to Purchaser, or
an account designated by Purchaser to GE Tennessee, as applicable, within three Business Days after
the date on which the Final Purchase Price Statement becomes conclusive and binding on the Parties
in accordance with the provisions of <U>Section&nbsp;2.4</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">2.6 <U>Certain Calculation Principles</U>. The Purchase Price Statements shall be prepared
and determined from the books and records of the Partnership (as provided or made available by the
Partnership) in accordance with GAAP, consistent with past practice.


<P align="center" style="font-size: 12pt">ARTICLE III



<P align="center" style="font-size: 12pt">REPRESENTATIONS AND WARRANTIES OF THE SELLERS



<P align="left" style="font-size: 12pt; text-indent: 8%">Each Seller hereby represents and warrants to Purchaser, on a joint and several basis, as set
forth below:



<P align="left" style="margin-left:5%; font-size: 12pt; text-indent: 3%">3.1 <U>Organization, Authority; Binding Agreement</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;Each Seller is duly organized, validly existing, and in good standing under the laws of
its state of organization and has the requisite power and authority to own and hold its properties
and to conduct its business as now owned, held, and conducted in its jurisdiction of organization
and, in all material respects, in the other jurisdictions in which it is required to register or
qualify to do business. Each Seller has the requisite power and authority to enter into and to
perform its obligations under this Agreement and the Transaction Documents to which it is a party.
The execution, delivery and performance by each Seller of this Agreement and the Transaction
Documents to which it is a party have been duly authorized by all necessary action on the part of
such Seller.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;This Agreement has been, and each of the Transaction Documents to be executed and
delivered by each Seller will be, duly executed and delivered by such Seller, and this Agreement
is, and each of the Transaction Documents to be executed and delivered by such Seller, when duly
executed and delivered by all parties whose execution and delivery thereof is required, shall be,
the legal, valid, and binding obligations of such Seller, enforceable against such Seller in
accordance with their respective terms, except to the extent that enforceability may be limited by
bankruptcy, insolvency, fraudulent conveyance, receivership, moratorium, conservatorship,
reorganization, or other laws of general application affecting the rights of creditors generally or
by general principles of equity.



<P align="left" style="margin-left:5%; font-size: 12pt; text-indent: 3%">3.2 <U>No Conflicts</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;Neither the execution and delivery of this Agreement or any Transaction Documents nor the
consummation of the transactions contemplated hereby or thereby will (i)&nbsp;violate, breach, or be in
conflict with any provisions of the Organizational Documents of any Seller, (ii)&nbsp;result in the
creation or imposition of any Lien upon any property, rights or assets of any Seller, (iii)
conflict with, result in a breach of, constitute a default under, result in the acceleration of,
create in any party the right to accelerate, terminate, modify, or cancel, or require any notice
under any Contract to which any Seller is a party or by which any Seller is bound or to which any
of their respective properties or assets is subject, or (iv)&nbsp;violate any Law or Order of any
Government Authority to which any Seller is subject, or by which any of their respective properties
or assets is bound.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;No Consent, or Order of, or declaration or filing with, or notification to, any Government
Authority is required on the part of any Seller in connection with the Sellers&#146; execution and
delivery of this Agreement and the Transaction Documents, the compliance by the Sellers with any of
the provisions hereof and thereof, or the consummation of the transactions contemplated hereby and
thereby, except where the failure to obtain such Consent or Order, or to make such declaration,
filing or notification, would not have, or would not reasonably be expected to have, a material
adverse effect upon any Seller&#146;s ability to consummate the transactions contemplated by this
Agreement and the Transaction Documents.


<P align="left" style="font-size: 12pt; text-indent: 8%">3.3 <U>Partnership Interests</U>. The Sellers own, of record and beneficially, the
Partnership Interests, free and clear of all Liens other than any Transfer Restrictions. On the
terms and subject to the conditions contained in this Agreement, on the Closing Date, the Sellers
shall transfer and deliver to Purchaser good and valid title to the Partnership Interests, free and
clear of all Liens, other than any Transfer Restrictions.


<P align="left" style="font-size: 12pt; text-indent: 8%">3.4 <U>Agreements and Commitments</U>. Other than the Existing Partnership Agreement, the
Registration Rights Agreement and this Agreement, no Seller is a party to any Contract with respect
to the Purchased Interests. No Seller is in default, and, to each Seller&#146;s Knowledge, there is no
basis for any valid claim against any Seller of default by such Seller, under the Existing
Partnership Agreement.


<P align="left" style="font-size: 12pt; text-indent: 8%">3.5 <U>Litigation</U>. As of the date hereof, there are no Actions or Proceedings pending
or, to the Sellers&#146; Knowledge, threatened against any Seller, at law or in equity, before or by any
Government Authority, which call into question the validity of, or which would reasonably be
expected to prevent the consummation of, the transactions contemplated by this Agreement or the
Transaction Documents.


<P align="left" style="font-size: 12pt; text-indent: 8%">3.6 <U>Access</U>. The Sellers have been provided full access to financial and other
information about the Partnership&#146;s business and have had the opportunity to ask questions of and
receive answers from the Partnership&#146;s management concerning the business and financial condition
of the Partnership. The Sellers have conducted their own investigation, to the extent that they
determined necessary or desirable, regarding the Partnership and the transactions contemplated by
this Agreement and the Transaction Documents, and have obtained sufficient information from such
independent efforts, relating to both the Partnership and its business, to enable the Sellers to
evaluate the economic merits and risks of the transactions contemplated by this Agreement and the
Transaction Documents, including the sale by the Sellers of the Partnership Interests contemplated
hereby, and the Sellers acknowledge that they have determined to enter into this Agreement and the
Transaction Documents to which they are parties based on such investigation. In deciding to enter
into this Agreement and the Transaction Documents, the Sellers have not relied upon any
representations of Purchaser, the Partnership or any other Person, other than those specifically
set forth in this Agreement and the Transaction Documents, and the Sellers acknowledge that no oral
representations have been made by Purchaser or the Partnership or any representative of any of them
in connection with the transactions contemplated by this Agreement and the Transaction Documents.


<P align="left" style="font-size: 12pt; text-indent: 8%">3.7 <U>Brokers and Finders</U>. Except as will be discharged in full by (and as will be the
sole responsibility of) the Sellers, no person, firm, corporation or entity acting for or on behalf
of the Sellers is or will be entitled to any broker&#146;s or finder&#146;s fee or any other commission or
similar fee, directly or indirectly, from any parties in connection with any of the transactions
contemplated by this Agreement or the Transaction Documents.


<P align="left" style="font-size: 12pt; text-indent: 8%">3.8 <U>Withholding</U>. No withholding under Section&nbsp;1445 of the Code will be required with
respect to any payment made to any Seller pursuant to this Agreement or as a result of the sale of
the Purchased Interests pursuant to this Agreement.


<P align="left" style="font-size: 12pt; text-indent: 8%">3.9 <U>No Implied Representations</U>. In entering into this Agreement, the Sellers have not
been induced by and have not relied upon any representations, warranties or statements, whether
express or implied, made by Purchaser or any Representative of Purchaser or by any broker or any
other person representing or purporting to represent Purchaser, which are not expressly set forth
in this Agreement or any Transaction Document or such other agreements, documents or instruments
delivered in connection herewith or therewith, whether or not any such representations, warranties
or statements were made in writing or orally. It is understood that, except as otherwise set forth
in the Transaction Documents, any cost or financial estimates or projections contained or referred
to in this Agreement or which otherwise have been provided to the Sellers are not and shall not be
deemed to be representations or warranties of Purchaser. The Sellers acknowledge that (i)&nbsp;there
are uncertainties inherent in attempting to make such estimates and projections, (ii)&nbsp;the Sellers
are familiar with such uncertainties and, other than the representations and warranties set forth
in the Transaction Documents, the Sellers are taking full responsibility for making their own
evaluation of the adequacy and accuracy of all estimates and projections so furnished to it by
Purchaser, and (iii)&nbsp;the Sellers shall have no claim against Purchaser or its Subsidiaries with
respect thereto.


<P align="left" style="font-size: 12pt; text-indent: 8%">3.10 <U>No Other Representations and Warranties</U>. Except for the representations and
warranties expressly set forth in this <U>Article&nbsp;III</U> or in the Transaction Documents, none of
the Sellers or any other Person has made, makes or shall be deemed to make any other representation
or warranty of any kind whatsoever, express or implied, written or oral, at law or in equity, on
behalf of any Seller or any of its Affiliates, including any representation or warranty regarding
any Seller, the Purchased Interests of such Seller, or any assets or Liabilities of such Seller or
any of its Affiliates, and each Seller hereby disclaims all other representations and warranties of
any kind whatsoever, express or implied, written or oral, at law or in equity.


<P align="center" style="font-size: 12pt">ARTICLE IV



<P align="center" style="font-size: 12pt">REPRESENTATIONS AND WARRANTIES OF PURCHASER


<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
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    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
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    <TD colspan="5" nowrap valign="top" align="left">Purchaser hereby represents and warrants to the Sellers as set forth below:</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Organization; Authority; Binding Agreement.</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
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<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;Purchaser is duly organized, validly existing, and in good standing under the laws of its
state of incorporation and has the requisite corporate power and authority to own and hold its
properties and to conduct its business as now owned, held, and conducted in its jurisdiction of
incorporation and, in all material respects, in the other jurisdictions in which it is required to
register or qualify to do business. Purchaser has the requisite power and authority to enter into
and to perform its obligations under this Agreement and the Transaction Documents to which it is a
party. The execution, delivery and performance by Purchaser of this Agreement and the Transaction
Documents to which it is a party have been duly authorized and approved by the Board of Directors
of Purchaser, approved by the Special Committee of the Board of Directors of Purchaser, and
approved by all other necessary corporate action on the part of Purchaser.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;This Agreement has been, and each of the Transaction Documents to be executed and
delivered by Purchaser will be, duly executed and delivered by Purchaser, and this Agreement is,
and each of the Transaction Documents, when duly executed and delivered by all parties whose
execution and delivery thereof is required, shall be, the legal, valid, and binding obligations of
Purchaser, enforceable against Purchaser in accordance with their respective terms, except to the
extent that enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance,
receivership, moratorium, conservatorship, reorganization, or other laws of general application
affecting the rights of creditors generally or by general principles of equity.



<P align="left" style="margin-left:5%; font-size: 12pt; text-indent: 8%">4.2 <U>No Conflicts</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;Neither the execution and delivery of this Agreement or any Transaction Documents nor the
consummation of the transactions contemplated hereby or thereby will (i)&nbsp;violate, breach, or be in
conflict with any provisions of the Organizational Documents of Purchaser, (ii)&nbsp;result in the
creation or imposition of any Lien upon any property, rights or assets of Purchaser, (iii)&nbsp;conflict
with, result in a breach of, constitute a default under, result in the acceleration of, create in
any party the right to accelerate, terminate, modify, or cancel, or require any notice under any
Contract to which Purchaser is a party or by which Purchaser is bound or to which any of its
properties or assets is subject, in each case, other than as would not reasonably be expected to
result in a Transaction Material Adverse Effect, nor (iv)&nbsp;violate any Law or Order of any
Government Authority to which Purchaser is subject, or by which any of its properties or assets is
bound.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;No Consent, or Order of, or declaration or filing with, or notification to, any Government
Authority is required on the part of Purchaser in connection with Purchaser&#146;s execution and
delivery of this Agreement and the Transaction Documents, the compliance by Purchaser with any of
the provisions hereof and thereof, or the consummation of the transactions contemplated hereby and
thereby, except where the failure to obtain such Consent or Order, or to make such declaration,
filing or notification, would not have, or would not reasonably be expected to have, a Transaction
Material Adverse Effect.


<P align="left" style="font-size: 12pt; text-indent: 8%">4.3 <U>Purchase for Investment; Accredited Investor</U>. Purchaser is acquiring the
Purchased Interests for Purchaser&#146;s own account, for investment and not with a view to the
distribution or resale thereof, except in compliance with the Securities Act of 1933, as amended,
and applicable securities and blue sky Laws. Purchaser has such knowledge and experience in
financial and business matters and in making investments of the type contemplated by this Agreement
that it is capable of evaluating the merits and risks of purchasing the Purchased Interests.
Purchaser is an &#147;accredited investor&#148; as defined in Rule 501(a) of Regulation&nbsp;D under the
Securities Act of 1933, as amended.


<P align="left" style="font-size: 12pt; text-indent: 8%">4.4 <U>Access</U>. Purchaser has been provided full access to financial and other
information about the Partnership&#146;s business and has had the opportunity to ask questions of and
receive answers from the Partnership&#146;s management concerning the business and financial condition
of the Partnership. Purchaser has conducted its own investigation, to the extent that it has
determined necessary or desirable, regarding the Partnership and the transactions contemplated by
this Agreement and the Transaction Documents, and has obtained sufficient information from such
independent efforts, relating to both the Partnership and its business, to enable Purchaser to
evaluate the economic merits and risks of the transactions contemplated by this Agreement and the
Transaction Documents, including the purchase by Purchaser of the Partnership Interests
contemplated hereby, and Purchaser acknowledges that it has determined to enter into this Agreement
and the Transaction Documents to which it is a party based on such investigation. In deciding to
enter into this Agreement and the Transaction Documents, Purchaser has not relied upon any
representations of the Sellers, the Partnership or any other Person, other than those specifically
set forth in this Agreement and the Transaction Documents, and Purchaser acknowledges that no oral
representations have been made by the Sellers or the Partnership or any representative of any of
them in connection with the transactions contemplated by this Agreement and the Transaction
Documents.


<P align="left" style="font-size: 12pt; text-indent: 8%">4.5 <U>No Implied Representations</U>. In entering into this Agreement, Purchaser has not
been induced by and has not relied upon any representations, warranties or statements, whether
express or implied, made by any Seller or any Representative of such Seller or by any broker or any
other person representing or purporting to represent such Seller, which are not expressly set forth
in this Agreement or any Transaction Document or such other agreements, documents or instruments
delivered in connection herewith or therewith, whether or not any such representations, warranties
or statements were made in writing or orally. It is understood that, except as otherwise set forth
in the Transaction Documents, any cost or financial estimates or projections contained or referred
to in this Agreement or which otherwise have been provided to Purchaser are not and shall not be
deemed to be representations or warranties of any Seller. Purchaser acknowledges that (i)&nbsp;there
are uncertainties inherent in attempting to make such estimates and projections, (ii)&nbsp;Purchaser is
familiar with such uncertainties and, other than the representations and warranties set forth in
the Transaction Documents, Purchaser is taking full responsibility for making its own evaluation of
the adequacy and accuracy of all estimates and projections so furnished to it, and (iii)&nbsp;Purchaser
shall have no claim against the Sellers or their Affiliates with respect thereto.


<P align="left" style="font-size: 12pt; text-indent: 8%">4.6 <U>Litigation</U>. As of the date hereof, there are no Actions or Proceedings pending
or, to Purchaser&#146;s Knowledge, threatened against Purchaser, at law or in equity, before or by any
Government Authority, which call into question the validity of, or which would reasonably be
expected to prevent the consummation of, the transactions contemplated by this Agreement or any
Transaction Documents.


<P align="left" style="font-size: 12pt; text-indent: 8%">4.7 <U>Brokers and Finders</U>. Except as will be discharged in full by (and as will be the
sole responsibility of) Purchaser, no person, firm, corporation or entity acting for or on behalf
of Purchaser is or will be entitled to any broker&#146;s or finder&#146;s fee or any other commission or
similar fee, directly or indirectly, from any parties in connection with any of the transactions
contemplated by this Agreement or the Transaction Documents.


<P align="center" style="font-size: 12pt">ARTICLE V



<P align="center" style="font-size: 12pt">COVENANTS



<P align="left" style="font-size: 12pt; text-indent: 8%">5.1 <U>Cooperation</U>. Purchaser, on the one hand, and the Sellers, on the other hand,
shall cooperate fully with each other in furnishing any information or performing any action
requested by the other Party which is reasonably necessary to the timely and successful
consummation of the transactions contemplated by this Agreement. Each of the Parties agrees to
execute and deliver such additional documents, certificates and instruments, and to perform such
additional acts, as may be reasonably necessary or appropriate to carry out all of the provisions
of this Agreement and to consummate all the transactions contemplated by this Agreement.



<P align="left" style="margin-left:5%; font-size: 12pt; text-indent: 3%">5.2 <U>Tax Matters</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;All stamp, transfer, documentary, sales and use, value added, excise, license, filing,
registration and other similar taxes and fees (including any penalties and interest, but excluding
Taxes on income or gain) incurred in connection with the transfer of the Purchased Interests under
this Agreement (collectively, the &#147;<B>Transfer Taxes</B>&#148;) shall be borne equally by the Sellers, on one
hand, and Purchaser, on the other hand. Any Tax Returns and other documentation that must be filed
with respect to Transfer Taxes shall be prepared and filed when due by the party primarily or
customarily responsible under applicable local law for the filing of such Tax Returns or other
documentation, and such party shall use its commercially reasonable efforts to provide drafts of
such Tax Returns and other documentation to the other party at least ten Business Days prior to the
due date for such Tax Returns and other documentation. Such other party shall remit its share of
Transfer Taxes shown on such Tax Returns received at least five Business Days prior to the due date
for such Tax Returns. Each party shall notify the other party if the first party receives any
notice from a Government Authority with respect to Tax Returns filed pursuant to this <U>Section
5.2(a)</U>, and the parties shall cooperate with each other in good faith to respond to any such
notice or any other inquiry from a Government Authority.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;The Sellers and Purchaser agree that, for the Partnership&#146;s taxable year in which the sale
of the Purchased Interests occurs, they will cooperate in requesting the Partnership to allocate
(and the Partnership has agreed in the Cooperation Agreement to allocate) items of income, gain,
deduction, loss and credit of the Partnership with respect to the Purchased Interests between the
Sellers, on the one hand, and Purchaser, on the other hand, in accordance with an interim closing
of the books of the Partnership as of the end of the day preceding the Closing Date and, if Closing
occurs on a date other than the last calendar day of a month, to determine such items based on
closing of the books at the end of such month of Closing and allocate to the Sellers such items
based on a fraction, the numerator of which is the number of calendar days of such month of Closing
that are included in the Interim Period and the denominator of which is the total number of
calendar days in such month of Closing, and to allocate to Purchaser the remainder. To the extent
the Sellers&#146; consent may be required under the Existing Partnership Agreement, the Sellers shall
not consent (and shall cause their Affiliates not to consent) to any other method to allocate items
of such income, gain, deduction, losses and credit between the Sellers, on the one hand, and
Purchaser, on the other hand, unless Purchaser consents to such other method in writing, which
consent shall not be unreasonably withheld.


<P align="center" style="font-size: 12pt">ARTICLE VI



<P align="center" style="font-size: 12pt">CLOSING



<P align="left" style="font-size: 12pt; text-indent: 8%">6.1 <U>Closing</U>. The closing of the transactions contemplated by this Agreement (the
&#147;<B>Closing</B>&#148;) shall take place in New York, New York at the offices of Weil, Gotshal & Manges LLP on
the date hereof (the &#147;<B>Closing Date</B>&#148;).


<P align="left" style="font-size: 12pt; text-indent: 8%">6.2 <U>Sellers&#146; Closing Deliveries</U>. At Closing, the Sellers shall deliver to Purchaser:



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 8%">(i) <U>Purchased Interests</U>. With respect to the Purchased Interests being
transferred at the Closing, the Assignment Agreement, duly executed by the Sellers.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 8%">(ii) <U>FIRPTA Certificate</U>. A statement, meeting the requirements of Section
1.1445-2(b) of the U.S. Treasury Regulations, to the effect that such Seller is not a
&#147;foreign person&#148; within the meaning of Section&nbsp;1445 of the Code and the U.S. Treasury
Regulations thereunder.


<P align="left" style="font-size: 12pt; text-indent: 8%">6.3 <U>Purchaser&#146;s Closing Deliveries</U>. At Closing, Purchaser shall deliver to the
Sellers:



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 8%">(i) <U>Initial Purchase Price</U>. The Initial Purchase Price by wire transfer of
federal funds or other immediately available funds to an account(s) designated at least
three (3)&nbsp;Business Days prior to the Closing by the Sellers.


<P align="left" style="font-size: 12pt; text-indent: 12%">(ii)&nbsp;<U>Purchased Interests</U>. With respect to the Purchased Interests being transferred
at the Closing, the Assignment Agreement, duly executed by Purchaser.


<P align="center" style="font-size: 12pt">ARTICLE VII



<P align="center" style="font-size: 12pt">INDEMNIFICATION



<P align="left" style="font-size: 12pt; text-indent: 8%">7.1 <U>Survival</U>. The representations and warranties of the Sellers and Purchaser
contained in or made pursuant to this Agreement shall survive in full force and effect until the
fifth anniversary of the Closing Date, at which time they shall terminate (and no claims shall be
made for indemnification under <U>Sections&nbsp;7.2</U> or <U>7.3</U> thereafter). None of the
covenants or other agreements contained in this Agreement shall survive the Closing other than the
covenants and agreements that by their terms apply or are to be performed in whole or in part after
the Closing Date, which covenants and agreements shall survive for the period provided in such
covenants and agreements, if any, or until fully performed.



<P align="left" style="margin-left:5%; font-size: 12pt; text-indent: 3%">7.2 <U>Indemnification by the Sellers</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;From and after the Closing, and subject to the terms of this Agreement, the Sellers shall,
jointly and severally, indemnify and hold harmless Purchaser and its Subsidiaries, and their
respective Representatives, permitted successors and permitted assigns (collectively, the
&#147;<B>Purchaser Indemnified Parties</B>&#148;) against, and reimburse any Purchaser Indemnified Party for, all
Losses that such Purchaser Indemnified Party may suffer or incur, or become subject to, as a result
of:


<P align="left" style="font-size: 12pt; text-indent: 12%">(i)&nbsp;the breach of any representations or warranties made by any Seller in this Agreement; or


<P align="left" style="font-size: 12pt; text-indent: 12%">(ii)&nbsp;any breach or failure by any Seller to perform or comply with any of its covenants or
agreements in this Agreement.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;Notwithstanding anything in this Agreement to the contrary, the cumulative indemnification
obligation of the Sellers under this <U>Article&nbsp;VII</U> shall in no event exceed the Final
Purchase Price.



<P align="left" style="margin-left:5%; font-size: 12pt; text-indent: 3%">7.3 <U>Indemnification by Purchaser</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;From and after the Closing, and subject to the terms of this Agreement, Purchaser shall
indemnify and hold harmless General Electric Company and its Subsidiaries (including the Sellers),
and their respective Representatives, permitted successors and permitted assigns (collectively, the
&#147;<B>Seller Indemnified Parties</B>&#148;) against, and reimburse any Seller Indemnified Party for, all Losses
that such Seller Indemnified Party may suffer or incur, or become subject to, as a result of:


<P align="left" style="font-size: 12pt; text-indent: 12%">(i)&nbsp;the breach of any representations or warranties made by Purchaser in this Agreement; or


<P align="left" style="font-size: 12pt; text-indent: 12%">(ii)&nbsp;any breach or failure by Purchaser to perform or comply with any of its covenants or
agreements in this Agreement.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;Notwithstanding anything in this Agreement to the contrary, the cumulative indemnification
obligation of Purchaser under this <U>Article&nbsp;VII</U> shall in no event exceed the Final Purchase
Price.



<P align="left" style="margin-left:5%; font-size: 12pt; text-indent: 3%">7.4 <U>Notification of Claims</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;Except as otherwise provided in this Agreement, a Person that may be entitled to be
indemnified under this Agreement (the &#147;<B>Indemnified Party</B>&#148;), shall promptly notify the Party liable
for such indemnification (the &#147;<B>Indemnifying Party</B>&#148;) in writing of any pending or threatened claim,
demand or circumstance that the Indemnified Party has determined has given or would reasonably be
expected to give rise to a right of indemnification under this Agreement (including a pending or
threatened claim or demand asserted by a third party against the Indemnified Party, such claim
being a &#147;<B>Third Party Claim</B>&#148;), describing in reasonable detail the facts and circumstances with
respect to the subject matter of such claim, demand or circumstance; <I>provided</I>, <I>however</I>, that the
failure to provide such notice shall not release the Indemnifying Party from any of its obligations
under this <U>Article&nbsp;VII</U> except to the extent the Indemnifying Party is prejudiced by such
failure, it being understood that notices for claims in respect of a breach of a representation,
warranty, covenant or agreement must be delivered before the expiration of any applicable survival
period specified in <U>Section&nbsp;7.1</U> for such representation, warranty, covenant or agreement.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;Upon receipt of a notice of a claim for indemnity from an Indemnified Party pursuant to
<U>Section&nbsp;7.4(a)</U> with respect to any Third Party Claim, the Indemnifying Party shall have the
right (but not the obligation) to assume the defense and control of any Third Party Claim by notice
to the Indemnified Party at any time, unless the failure of the Indemnifying Party to timely assume
the defense of such Third Party Claim would actually and materially prejudice the Indemnified
Party. Prior to any assumption of the defense and control of any Third Party Claim, the
Indemnified Party shall be entitled to conduct the defense of such Third Party Claim as the
Controlling Party (as hereinafter defined). Subject to <U>Section&nbsp;7.4(d)</U> below, in the event
that the Indemnifying Party shall assume the defense of such claim, it shall allow the Indemnified
Party a reasonable opportunity to participate in the defense of such Third Party Claim with its own
counsel and at its own expense. The Person that shall control the defense of any such Third Party
Claim (the &#147;<B>Controlling Party</B>&#148;) shall select counsel, contractors and consultants of recognized
standing and competence after consultation with the other Party and shall take all steps reasonably
necessary in the defense or settlement of such Third Party Claim.


<P align="left" style="font-size: 12pt; text-indent: 8%">(c)&nbsp;The Sellers or Purchaser, as the case may be, shall, and shall cause each of its
Affiliates and Representatives to, cooperate fully with the Controlling Party in the defense of any
Third Party Claim. The Indemnifying Party shall be authorized to consent to a settlement of, or
the entry of any judgment arising from, any Third Party Claim, without the consent of any
Indemnified Party, <I>provided </I>that the Indemnifying Party shall (i)&nbsp;pay all amounts arising out of
such settlement or judgment concurrently with the effectiveness of such settlement (subject to
<U>Section&nbsp;7.2(b)</U>, if applicable), and (ii)&nbsp;obtain, as a condition of any settlement or other
resolution, a complete release of any Indemnified Party potentially affected by such Third Party
Claim.


<P align="left" style="font-size: 12pt; text-indent: 8%">(d)&nbsp;If the Indemnified Party is the non-Controlling Party and a conflict of interest between
the Indemnified Party and the Indemnifying Party exists in respect of such Third Party Claim that
would reasonably be expected to make it inappropriate for the same counsel to represent the
interests of the Indemnifying Party and the Indemnified Party, the Indemnified Party shall have the
right to participate in (but not control) the defense of such Third Party Claim and to retain its
own counsel at the sole expense of the Indemnifying Party, which such counsel shall be reasonably
acceptable to the Indemnifying Party. In any event, the Sellers and Purchaser shall cooperate in
the defense of any Third Party Claim subject to this <U>Article&nbsp;VII</U> and the records of each
shall be reasonably available to the other with respect to such defense.


<P align="left" style="font-size: 12pt; text-indent: 8%">7.5 <U>Exclusive Remedies</U>. Subject to <U>Section&nbsp;2.5</U> and <U>9.2</U>, following the
Closing, the indemnification provisions of this <U>Article&nbsp;VII</U> shall be the sole and exclusive
remedies of any Seller Indemnified Party and any Purchaser Indemnified Party, respectively, for any
Losses (including any Losses from claims for breach of Contract, warranty, tortious conduct
(including negligence) or otherwise and whether predicated on common law, statute, strict
liability, or otherwise) that it may at any time suffer or incur, or become subject to, as a result
of, or in connection with, any breach of any representation or warranty set forth in this Agreement
by Purchaser or the Sellers, respectively, or any breach or failure by Purchaser or the Sellers,
respectively, to perform or comply with any covenant or agreement set forth herein. Nothing in
this Agreement, including this <U>Section&nbsp;7.5</U>, shall limit a Person&#146;s liability following the
Closing for intentional fraud knowingly committed. Without limiting the generality of the
foregoing, the Parties hereby irrevocably waive any right of rescission they may otherwise have or
to which they may become entitled.


<P align="left" style="font-size: 12pt; text-indent: 8%">7.6 <U>Additional Indemnification Provisions</U>. With respect to each indemnification
obligation contained in this Agreement, no representation or warranty of any Seller shall be deemed
to be breached as a consequence of the existence of any fact, circumstance or event that is
disclosed in connection with another representation or warranty contained in this Agreement.


<P align="left" style="font-size: 12pt; text-indent: 8%">7.7 <U>Limitation on Liability</U>. Notwithstanding anything in this Agreement or in any
Transaction Document to the contrary, except to the extent required to be paid to a third party in
connection with a Third Party Claim, in no event shall any Party have any Liability under this
Agreement (including under this <U>Article&nbsp;VII</U>) for any consequential, special or punitive
damages, lost profits or similar items; <I>provided</I>, <I>however</I>, that nothing herein shall limit any
Party&#146;s Liability for Losses in the nature of diminution in value (or the ability of any Party to
establish the amount of Losses in the nature of diminution in value by reference to lost profits or
other damage amounts in respect of any breach of this Agreement).


<P align="left" style="font-size: 12pt; text-indent: 8%">7.8 <U>Tax Treatment of Payments</U>. Seller and Purchaser shall treat any adjustments or
indemnity payments made pursuant to this Agreement as adjustments to the Final Purchase Price for
income Tax purposes unless applicable Tax law causes such payment not to be so treated.


<P align="center" style="font-size: 12pt">ARTICLE VIII



<P align="center" style="font-size: 12pt">MISCELLANEOUS



<P align="left" style="font-size: 12pt; text-indent: 8%">8.1 <U>Expenses</U>. Each of Purchaser and the Sellers shall pay all of their own fees and
expenses (including attorneys&#146; fees and expenses) incurred in connection with this Agreement and
the Transaction Documents and the transactions contemplated hereby and thereby, except that all
amounts charged by the Partnership or the general partner thereof, or incurred to satisfy the
requirements of the Partnership or the general partner thereof, with respect to the transfer of the
Purchased Interests, including obtaining the Approvals, and the admission of Purchaser as a
substitute limited partner with respect to the Purchased Interests shall be allocated equally
between and paid by Purchaser, on the one hand, and the Sellers, on the other hand.


<P align="left" style="font-size: 12pt; text-indent: 8%">8.2 <U>Notices</U>. All notices, consents, waivers and other communications hereunder shall
be in writing and shall be deemed to have been duly given and received when delivered in person,
when received by facsimile or email transmission (in each case, followed by delivery of an original
by another delivery method provided for in this <U>Section&nbsp;8.2</U> below), or one day after duly
sent by overnight courier, addressed as follows (or at such other address for a party as shall be
specified by like notice):


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;if to Purchaser to:

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="62%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">Penske Automotive Group, Inc.<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2555 Telegraph Rd
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">Bloomfield Hills, MI 48098<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attention:<BR>
Facsimile:<BR>
Email:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Counsel<BR>
248-648-2515<BR>
sspradlin@penskeautomotive.com</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 12pt; text-indent: 8%">with a copy to:

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="61%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">Penske Automotive Group, Inc.<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2555 Telegraph Rd
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">Bloomfield Hills, MI 48098<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attention:<BR>
Facsimile:<BR>
Email:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer<BR>
248-648-2155<BR>
jcarlson@penskeautomotive.com</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;if to the Sellers to:

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="67%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">GE Capital Truck Leasing Holding LLC<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Logistics Holding LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">c/o GE Capital US Holdings, Inc.<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">901 Main Avenue, 6<sup>th</sup> Floor<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Norwalk, CT 06851<BR>
Attention:<BR>
Facsimile:<BR>
Email:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
Mark Landis, Executive Counsel &#150; Mergers &#038; Acquisitions<BR>
203-286-2181<BR>
mark.landis@ge.com</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">with a copy to:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">Weil, Gotshal &#038; Manges LLP<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">767 Fifth Avenue<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">New York, New York 10153<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attention:<BR>
Facsimile:<BR>
Email:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jon-Paul Bernard<BR>
212-310-8284<BR>
jon-paul.bernard@weil.com</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 12pt; text-indent: 8%">8.3 <U>No Assignment; Binding Effect</U>. Neither this Agreement nor any of the rights,
interests or obligations under this Agreement may be assigned by either Party without the prior
written consent of the other Party and any attempt to do so shall be void, except for assignments
and transfers by operation of law. This Agreement shall be binding upon, inure to the benefit of,
and may be enforced by, each of the parties to this Agreement and its successors and permitted
assigns.


<P align="left" style="font-size: 12pt; text-indent: 8%">8.4 <U>Entire Agreement</U>. This Agreement and the Transaction Documents supersede any
other agreement, whether written or oral, that may have been made or entered into by the parties
hereto relating to the matters contemplated hereby and thereby and constitute the entire agreement
of the Parties with respect to the subject matter hereof and thereof.


<P align="left" style="font-size: 12pt; text-indent: 8%">8.5 <U>Confidentiality</U>. Except (i)&nbsp;as required or expressly permitted by this Agreement,
(ii)&nbsp;as may be necessary in order to give the notices to obtain any prior regulatory approval or
the Approvals, (iii)&nbsp;as necessary to consult with attorneys, accountants, employees, or other
advisors retained in connection with the transactions contemplated hereby, (iv)&nbsp;as required by
court order or otherwise mandated by law or by Contract to which any Seller or Purchaser is a
party, or (v)&nbsp;in connection with legally required disclosure documents prepared by any Seller,
Purchaser or any Affiliate of either, no such Party shall issue any news release or other public
notice or communication or otherwise make any disclosure to third parties concerning (x)&nbsp;this
Agreement, (y)&nbsp;the transactions contemplated hereby or (z)&nbsp;any information or materials concerning
or relating to the Partnership as long as any Seller is subject to an obligation to keep such
information and/or materials confidential, without the prior consent of the other Party and the
Partnership (which consent shall not be unreasonably withheld, conditioned or delayed by the other
Party or the Partnership). Even in cases where such prior consent is not required, Purchaser, on
the one hand, and the Sellers, on the other hand, shall, to the extent legally permissible,
promptly notify the other Party and the Partnership of such release in advance in order to provide
a reasonable opportunity to the other Party and the Partnership to prepare a corresponding or other
similar release or other action on a timely basis.


<P align="left" style="font-size: 12pt; text-indent: 8%">8.6 <U>Amendments, Supplements, etc</U>. This Agreement may be amended or supplemented only
by a writing signed by Purchaser and the Sellers specifically referring to this Agreement. No term
of this Agreement, nor performance thereof or compliance therewith, may be waived except by a
writing signed by the party charged with giving such waiver.


<P align="left" style="font-size: 12pt; text-indent: 8%">8.7 <U>Headings and Captions</U>. The headings and captions in this Agreement are for
reference purposes only and shall not affect the construction or interpretation of any provision of
this Agreement.


<P align="left" style="font-size: 12pt; text-indent: 8%">8.8 <U>Counterparts</U>. This Agreement may be executed in counterparts, each of which shall
be an original, but all of which together shall constitute one and the same instrument.


<P align="left" style="font-size: 12pt; text-indent: 8%">8.9 <U>Governing Law; Jurisdiction</U>. This Agreement shall be governed by, and construed
and enforced in accordance with, the laws of the State of New York (whether in Contract or in tort)
without giving effect to the principles of conflicts of law thereof, other than Section&nbsp;5-1401 of
the General Obligations Law thereunder. The parties hereto agree that any action, suit, proceeding
or arbitration of any nature, in law or equity (collectively, &#147;<B>Actions or Proceedings</B>&#148;) seeking to
enforce any provision of, or based on any matter arising out of or in connection with this
Agreement or the transactions contemplated hereby shall be brought in the United States District
Court for the Southern District of New York or any New York State court sitting in New York City,
so long as one of such courts shall have subject matter jurisdiction over such Action or
Proceeding, and that any cause of action arising out of this Agreement shall be deemed to have
arisen from a transaction of business in the State of New York, and each of the parties hereby
irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts
therefrom) in any such Action or Proceeding and irrevocably waives, to the fullest extent permitted
by law, any objection that it may now or hereafter have to the laying of the venue of any such
Action or Proceeding in any such court or that any such Action or Proceeding which is brought in
any such court has been brought in an inconvenient forum. Process in any such Action or Proceeding
may be served on any party anywhere in the world, whether within or without the jurisdiction of any
such court. Without limiting the foregoing, the parties hereto agree that service of process on
such party as provided in <U>Section&nbsp;8.2</U> shall be deemed effective service of process on such
party.


<P align="left" style="font-size: 12pt; text-indent: 8%">8.10 <U>Third-Party Beneficiaries</U>. Except as provided in <U>Section&nbsp;8.2</U> and
<U>Section&nbsp;8.3</U> with respect to indemnification obligations of the Sellers and Purchaser for
the benefit of the Purchaser Indemnified Parties and the Seller Indemnified Parties, respectively,
this Agreement is not intended to confer upon any other Person any rights or remedies hereunder.


<P align="left" style="font-size: 12pt; text-indent: 8%">8.11 <U>No Recourse</U>. (i)&nbsp;This Agreement, each Transaction Document and any certificate
or other writing delivered pursuant to this Agreement or any such Transaction Document may be
enforced only against, and any claim, suit, litigation or other proceeding based upon, arising out
of, or related to the foregoing, may be brought only against, the entities that are expressly named
as parties hereunder or thereunder and then only with respect to the specific obligations set forth
herein or therein with respect to such party and (ii)&nbsp;except as expressly provided in this
Agreement, any Transaction Document or any certificate or writing delivered pursuant to this
Agreement or any such Transaction Document, no past, present or future director, officer, employee,
incorporator, member, partner, shareholder, agent, attorney, advisor, lender or representative or
Affiliate of such named party, shall have any Liability (whether in contract or tort, at law or in
equity or otherwise, or based upon any theory that seeks to impose Liability of an entity party
against its owners or Affiliates) for any one or more of the representations, warranties,
covenants, agreements or other obligations or liabilities of such named party or for any claim
based on, arising out of, or related to this Agreement, any Transaction Document or any certificate
or writing delivered pursuant to this Agreement or any such Transaction Document.


<P align="left" style="font-size: 12pt; text-indent: 8%">8.12 <U>No Setoff</U>. The obligations of the Sellers, and each of their respective
Subsidiaries, on the one hand, and Purchaser and each of its Subsidiaries, on the other hand, under
this Agreement and the Transaction Documents shall not be subject to any counterclaim, setoff,
deduction, diminution, abatement, stay, recoupment, suspension, deferment, reduction or defense, in
each case, based upon any claim that Purchaser or the Sellers may have against each other under any
other agreement between or among such parties or any of their respective Affiliates.


<P align="center" style="font-size: 12pt"><B><I>&#091;Remainder of Page Intentionally Left Blank&#093;</I></B>



<P align="left" style="font-size: 12pt; text-indent: 8%">IN WITNESS WHEREOF, the Sellers and Purchaser have caused this Agreement to be duly
executed and delivered as of the date first above written.



<P align="left" style="margin-left:19%; font-size: 12pt"><U><B>SELLERS</B></U><B>:</B>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>GE CAPITAL TRUCK LEASING HOLDING LLC</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD align="left" valign="top">by
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Trevor Schauenberg</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name: Trevor<BR>
Schauenberg</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title: President</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD stub width="%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<!-- End Table Body -->
</TABLE>
</CENTER>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD nowrap align="left" colspan="3" style="border-bottom: 1px solid #000000"><B>LOGISTICS HOLDING LLC</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">by /s/ Trevor Schauenberg<BR></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">Name: Trevor<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">Schauenberg<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">Title: President<BR></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt; display: none">1
<!-- PAGEBREAK -->


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>PURCHASER</B></U><B>:</B></TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD nowrap align="left" colspan="3" style="border-bottom: 1px solid #000000"><B>PENSKE AUTOMOTIVE GROUP, INC.</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD align="left" valign="top">by
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ J.D. Carlson</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name: J.D.<BR>
Carlson</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title: EVP and<BR>
CFO</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 12pt"><U><B>Exhibit&nbsp;A</B></U><BR>
<B>Purchased Interests Ownership</B>


<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">Existing Interest
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">Purchased Interest
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">Remaining Interest
</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GE Capital Truck Leasing Holding LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">29.27</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14.16</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15.11</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Logistics Holding LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.24</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.24</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.00</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt; display: none">2




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<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>exhibit3.htm
<DESCRIPTION>EX-10.2
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<TITLE> EX-10.2 </TITLE>
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<BODY style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt">COOPERATION AGREEMENT<BR>
by and among<BR>
PENSKE TRUCK LEASING CO., L.P.,<BR>
a Delaware limited partnership,<BR>
PENSKE TRUCK LEASING CORPORATION,<BR>
a Delaware corporation,<BR>
PENSKE AUTOMOTIVE GROUP, INC.,<BR>
a Delaware corporation,<BR>
PTL GP, LLC,<BR>
a Delaware limited liability company,<BR>
GE CAPITAL TRUCK LEASING HOLDING LLC,<BR>
a Delaware limited liability company,<BR>
GENERAL ELECTRIC CREDIT CORPORATION OF TENNESSEE,<BR>
a Delaware corporation,<BR>
LOGISTICS HOLDING LLC,<BR>
a Delaware limited liability company,<BR>
and<BR>
MBK USA COMMERCIAL VEHICLES INC.,<BR>
a Delaware corporation</FONT>



<P>
<HR noshade width="26%" align="center" size="1" color="#000000">
<P>



<P align="center" style="font-size: 12pt">Dated as of July&nbsp;27, 2016



<P>
<HR noshade width="26%" align="center" size="1" color="#000000">
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<P align="center" style="font-size: 12pt"><B>COOPERATION AGREEMENT</B>



<P align="left" style="font-size: 12pt; text-indent: 8%">THIS COOPERATION AGREEMENT (this &#147;<B><I>Agreement</I></B>&#148;), dated as of July&nbsp;27, 2016, is among PENSKE
TRUCK LEASING CO., L.P., a Delaware limited partnership (the &#147;<B><I>Partnership</I></B>&#148;), PENSKE TRUCK LEASING
CORPORATION, a Delaware corporation (&#147;<B><I>PTLC</I></B>&#148;), PENSKE AUTOMOTIVE GROUP, INC., a Delaware corporation
(&#147;<B><I>PAG</I></B>&#148;), PTL GP, LLC, a Delaware limited liability company (the &#147;<B><I>General Partner</I></B>&#148;, and together
with PTLC, the &#147;<B><I>Penske Group</I></B>&#148;), GE CAPITAL TRUCK LEASING HOLDING LLC, a Delaware limited liability
company (&#147;<B><I>GE Truck Leasing</I></B>&#148;), GENERAL ELECTRIC CREDIT CORPORATION OF TENNESSEE, a Delaware
corporation (&#147;<B><I>GECC of Tennessee</I></B>&#148;), LOGISTICS HOLDING LLC, a Delaware limited liability company
(&#147;<B><I>Logistics</I></B>&#148;; and together with GE Truck Leasing, the &#147;<B><I>Sellers</I></B>&#148;), and MBK USA COMMERCIAL VEHICLES
INC., a Delaware corporation (the &#147;<B><I>Mitsui Partner</I></B>&#148;).


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS, on the date hereof, Sellers and PAG are entering into that certain Agreement of
Purchase and Sale (as amended, modified or supplemented from time to time, the &#147;<B><I>Purchase
Agreement</I></B>&#148;) which provides for, among other things, the Sale of the Purchased Interests to PAG;


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS, under that certain Fifth Amended and Restated Partnership Agreement of the
Partnership, dated as of March&nbsp;18, 2015 as amended through the date hereof (and as may be further
amended, modified or supplemented up to the time immediately prior to the Closing under the
Purchase Agreement, the &#147;<B><I>Existing Partnership Agreement</I></B>&#148;), certain waivers and consents of the
Partners are required in connection with the Transfer of the Purchased Interests to PAG;


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS, the cooperation and assistance of the Partnership will be required in order for the
Sellers and PAG to carry out the provisions of the Purchase Agreement, including the determination
of any post-Closing adjustments to the purchase price payable by PAG or the Sellers thereunder (as
applicable); and


<P align="left" style="font-size: 12pt; text-indent: 8%">WHEREAS, the parties hereto desire to enter into this Agreement and the other agreements and
documents referred to herein and in the Purchase Agreement, to implement the transactions and other
agreements contemplated by the Purchase Agreement and the other Transaction Documents;


<P align="left" style="font-size: 12pt; text-indent: 8%">NOW, THEREFORE, in consideration of the premises, mutual covenants and agreements hereinafter
contained and for other good and valuable consideration, the receipt and sufficiency of which, by
each of the parties hereto, are hereby acknowledged, the parties hereto agree, intending to be
legally bound, as follows:


<P align="center" style="font-size: 12pt"><B>ARTICLE I</B><BR>
DEFINITIONS



<P align="left" style="font-size: 12pt; text-indent: 8%"><B>Section&nbsp;1.01. </B><B><I>Certain Definitions</I></B>. The following capitalized terms have the meanings set
forth below:



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 4%">&#147;<B><I>Advisory Committee</I></B>&#148; has the meaning assigned to such term in the Existing Partnership
Agreement.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 4%">&#147;<B><I>A&R Partnership Agreement</I></B>&#148; means the Sixth Amended and Restated Partnership Agreement,
dated as of the date hereof, entered into by and among the Penske Group, PAG, GECC of
Tennessee and the Mitsui Partner, in connection with the consummation of the transactions
contemplated by the Purchase Agreement.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 4%">&#147;<B><I>Sale</I></B>&#148; has the meaning assigned to such term in the Existing Partnership Agreement.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 4%">&#147;<B><I>Purchased Interests</I></B>&#148; means all of the 14.4% limited partnership interests in the
Partnership held by the Sellers and to be sold to PAG pursuant to the Purchase Agreement.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 4%">&#147;<B><I>Transfer</I></B>&#148; has the meaning assigned to such term in the Existing Partnership Agreement.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;In addition to the terms herein defined, capitalized terms used but not defined herein
have the meanings set forth in the Purchase Agreement.


<P align="left" style="font-size: 12pt; text-indent: 8%"><B>Section&nbsp;1.02. </B><U>Other Definitional and Interpretive Matters</U>. Unless otherwise expressly
provided, for purposes of this Agreement, the following rules of interpretation shall apply:


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;<I>Subsidiaries</I>. For preclusion of doubt, the Partnership and its Subsidiaries shall not be
deemed to be Subsidiaries or Affiliates of any of (i)&nbsp;the Sellers or GE Capital Global Holdings,
LLC (or any of their respective Subsidiaries), (ii)&nbsp;the Penske Group (or any of their respective
Subsidiaries), (iii)&nbsp;the Mitsui Partner (or any of its Subsidiaries) or (iv)&nbsp;PAG (or any of its
Subsidiaries), in each case, for purposes of this Agreement.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;<I>Exhibits/Schedules</I>. The Exhibits and Schedules to this Agreement are hereby incorporated
herein and made a part hereof and are an integral part of this Agreement. Any capitalized terms
used in any Exhibit or Schedule but not otherwise defined therein shall be defined as set forth in
this Agreement.


<P align="left" style="font-size: 12pt; text-indent: 8%">(c)&nbsp;<I>Gender and Number</I>. Any reference in this Agreement to gender shall include all genders,
and words imparting the singular number only shall include the plural and vice versa.


<P align="left" style="font-size: 12pt; text-indent: 8%">(d)&nbsp;<I>Headings</I>. The division of this Agreement into Articles, Sections and other subdivisions
and the insertion of headings are for convenience of reference only and shall not affect or be
utilized in construing or interpreting this Agreement. All references in this Agreement to any
&#147;Section&#148; are to the corresponding Section of this Agreement unless otherwise specified.


<P align="left" style="font-size: 12pt; text-indent: 8%">(e)&nbsp;<I>Herein</I>. The words such as &#147;herein,&#148; &#147;hereinafter,&#148; &#147;hereof&#148; and &#147;hereunder&#148; refer to this
Agreement as a whole and not merely to a subdivision in which such words appear unless the context
otherwise requires.


<P align="left" style="font-size: 12pt; text-indent: 8%">(f)&nbsp;<I>Including</I>. The word &#147;including&#148; or any variation thereof means (unless otherwise
specified) &#147;including, without limitation,&#148; and shall not be construed to limit any general
statement that it follows to the specific or similar items or matters immediately following it.


<P align="center" style="font-size: 12pt"><B>ARTICLE II</B><BR>
CONSENTS, AGREEMENTS AND WAIVERS



<P align="left" style="font-size: 12pt; text-indent: 8%"><B>Section&nbsp;2.01. </B><U>Consents, Approvals, Agreements and Waivers</U>. Pursuant to the Existing
Partnership Agreement and subject to the execution and delivery as of the date hereof by each of
the Sellers and PAG of the Purchase Agreement, each of the Partners and, as applicable, the
Partnership hereby (i)&nbsp;consents to and approves the Sale of the Purchased Interests to PAG under
and pursuant to the Purchase Agreement, (ii)&nbsp;agrees that it shall not exercise, and hereby waives,
any and all rights under the Existing Partnership Agreement with respect to any Transfer of the
Purchased Interests held by the Sellers to PAG, including pursuant to &#147;rights of first offer&#148; or
&#147;rights of first refusal&#148; as a result of the consummation of the transactions contemplated by the
Purchase Agreement, and (iii)&nbsp;agrees, effective immediately after giving effect to the consummation
of the transactions contemplated by the Purchase Agreement and the delivery by PAG of the
Assignment Agreement to the General Partner, to execute and deliver the A&R Partnership Agreement.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;The consents, approvals, agreements and waivers set forth in <U>Section&nbsp;2.01(a)</U> above
are limited solely to the transactions occurring in connection with the consummation of and as
contemplated by the Purchase Agreement and the other Transaction Documents and not to any
subsequent or unrelated Transfer of Partnership Interests to PAG.


<P align="left" style="font-size: 12pt; text-indent: 8%">(c)&nbsp;Each of the Partners and the Partnership hereby acknowledges and agrees that no other
consent, approval, agreement or waiver is required from any of the Partners or the Partnership or
the Advisory Committee under the terms of the Existing Partnership Agreement for the Sale of the
Purchased Interests to PAG under the Purchase Agreement. Notwithstanding the foregoing, to the
extent that any consent, approval, agreement or waiver is so required, the same is hereby
irrevocably waived by each of the Partners and the Partnership.


<P align="left" style="font-size: 12pt; text-indent: 8%">(d)&nbsp;Each of the Partners and the Partnership hereby acknowledges and agrees that each of the
other parties hereto has been furnished with true, correct and complete copies of the Purchase
Agreement and the other Transaction Documents. Each of the Partners and the Partnership hereby
agrees that, except as otherwise consented to in writing by each of the other parties hereto,
neither it nor any of its Affiliates is a party to any binding agreement relating to the
transactions contemplated by the Purchase Agreement or the Transaction Documents, other than the
Purchase Agreement and the Transaction Documents.


<P align="left" style="font-size: 12pt; text-indent: 8%"><B>Section&nbsp;2.02. </B><U>Determination of Purchase Price under Purchase Agreement</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;From and after the date hereof the Partnership shall concurrently provide to the Sellers
and PAG all such information as shall be reasonably requested by the Sellers or PAG in connection
with the calculation and determination of the Final Purchase Price under the Purchase Agreement and
shall, upon reasonable advance notice, provide the Sellers and PAG with reasonable access during
normal business hours to the offices, properties, personnel, books, commitments, contracts and
records of the Partnership or any of its Subsidiaries and shall instruct its Representatives to
cooperate with the Sellers&#146; and PAG&#146;s Representatives as reasonably necessary in order for the
Sellers and PAG to have the opportunity to make such calculation and determination of the Final
Purchase Price. In connection with the foregoing, (x)&nbsp;the Partnership has delivered to PAG and the
Sellers (1)&nbsp;audited financial statements of the Partnership for the fiscal years ended December&nbsp;31,
2015 and December&nbsp;31, 2014, and draft unaudited quarterly financial statements of the Partnership
for the quarter ended June&nbsp;30, 2016, in each case prepared in compliance with GAAP (collectively,
the &#147;<B><I>PTL Financial Statements</I></B>&#148;) and (2)&nbsp;a draft statement setting forth the Net Income for each
calendar month of 2016 ending prior to the Closing Date, and, (y)&nbsp;the Partnership shall use
commercially reasonable efforts to deliver to PAG and the Sellers, as soon as practicable after the
Closing Date, a statement setting forth the actual Partnership Net Income Amount and supporting
schedules, working papers and all other relevant details to enable a review of such actual
Partnership Net Income Amount by the Sellers and PAG.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;In addition, PAG, on the one hand, and the Sellers, on the other hand, shall cooperate
fully with each other in obtaining any information in the Partnership&#146;s possession that is
reasonably necessary in connection with preparing or reviewing the Purchase Price Statements.


<P align="left" style="font-size: 12pt; text-indent: 8%">(c)&nbsp;After the Closing, each of PTLC, the General Partner and the Partnership shall cooperate
and assist (at the cost and expense of the Sellers and PAG) each of the Sellers and PAG in
connection with the resolution of any disagreement among the Sellers, on the one hand, and PAG, on
the other hand, (i)&nbsp;with respect to the matters reflected in any Dispute Notice, including in
connection with the resolution of any disputes with respect thereto under <I>Section&nbsp;2.4 </I>of the
Purchase Agreement (which cooperation and assistance shall include compliance with the reasonable
requests of the Sellers and PAG in preparing any written presentations to the Independent
Accounting Firm in accordance with <I>Section&nbsp;2.4 </I>of the Purchase Agreement), and (ii)&nbsp;with respect to
Actions or Proceedings between the Sellers and the Buyer initiated in accordance with <I>Section&nbsp;8.9</I>
of the Purchase Agreement.


<P align="left" style="font-size: 12pt; text-indent: 8%"><B>Section&nbsp;2.03. </B><U>Filing Fees</U>. The filing fees associated with the filings that were made
by the Mitsui Partner with Conselho Administrativo de Defesa Econ&#244;mica (CADE)&nbsp;submitted in June
2016 relating to a prior contemplated transaction that was never consummated shall be borne one
half by PAG or its affiliates, one quarter by the Sellers, and one quarter by the Mitsui Partner.


<P align="left" style="font-size: 12pt; text-indent: 8%"><B>Section&nbsp;2.04. </B><U>Partnership Distributions and Allocations</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;The Partnership hereby agrees that all distributions to be made after the Closing Date in
respect of the Purchased Interests for any Subject Year (including any Subject Year prior to the
Closing Date) shall be made to PAG in accordance with the terms of the A&R Partnership Agreement.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;The Partnership hereby agrees to allocate items of income, gain, deduction, loss and
credit of the Partnership with respect to the Purchased Interests between the Sellers, on the one
hand, and PAG, on the other hand, in accordance with an interim closing of the books of the
Partnership as of the end of the day preceding the Closing Date and to determine such items based
on closing of the books at the end of such month of Closing and allocate to the Sellers such items
based on a fraction, the numerator of which is the number of calendar days of such month of Closing
that are included in the Interim Period and the denominator of which is the total number of
calendar days in such month of Closing, and to allocate to PAG the remainder.


<P align="left" style="font-size: 12pt; text-indent: 8%"><B>Section&nbsp;2.05. </B><U>Further Assurances</U>. Each of the Partners agree to take such additional
actions (and to cause their designees to the Advisory Committee, as applicable, to consent to the
taking of such actions) as may be reasonably necessary or appropriate to consummate the
transactions contemplated by this Agreement with respect to the Purchased Interests Sold at the
Closing to PAG pursuant to the Purchase Agreement and the Transaction Documents.


<P align="center" style="font-size: 12pt"><B>ARTICLE III</B><BR>
REPRESENTATIONS AND WARRANTIES OF THE PARTIES



<P align="left" style="font-size: 12pt">Each of (i)&nbsp;the Penske Group, (ii)&nbsp;the Sellers, (iii)&nbsp;the Mitsui Partner, (iv)&nbsp;PAG and (v)&nbsp;the
Partnership, severally and not jointly, represents and warrants to the other parties hereto that:


<P align="left" style="font-size: 12pt; text-indent: 8%"><B>Section&nbsp;3.01. </B><U>Organization and Good Standing</U>. It is duly organized, validly existing
and in good standing under the Laws of its jurisdiction of formation or organization, and has all
requisite power and authority to own, lease and operate its properties and to carry on its
business.


<P align="left" style="font-size: 12pt; text-indent: 8%"><B>Section&nbsp;3.02. </B><U>Authorization of Agreement</U>. It has full organizational power and
authority to execute and deliver this Agreement and to consummate the transactions contemplated
hereby. Its execution, delivery and performance of this Agreement have been duly authorized by all
necessary corporate or other action on behalf of it. This Agreement has been duly executed and
delivered by it and (assuming the due authorization, execution and delivery by the other parties
hereto and thereto), this Agreement constitutes the legal, valid and binding obligation of it,
enforceable against it in accordance with the terms of this Agreement, subject to applicable
bankruptcy, insolvency, reorganization, moratorium and similar Laws affecting creditors&#146; rights and
remedies generally.


<P align="left" style="font-size: 12pt; text-indent: 8%"><B>Section&nbsp;3.03. </B><U>Conflicts; Consents of Third Parties</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;None of the execution and delivery by it of this Agreement, the consummation by it of the
transactions contemplated hereby or the compliance by it with any of the provisions hereof will
conflict with, or result in any violation of or default (with or without notice or lapse of time,
or both) under, or give rise to a right of termination or cancellation under, any provision of (i)
the charter or other organizational documents of it, (ii)&nbsp;any material contract or agreement to
which it is a party or by which it or its properties or assets are bound, (iii)&nbsp;any Order
applicable to it or by which any of its properties or assets are bound or (iv)&nbsp;any applicable Law.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;No consent, waiver, approval, Order or authorization of, or declaration or filing with, or
notification to, any Person or Government Authority is required on the part of it in connection
with the execution and delivery of this Agreement, the compliance by it with any of the provisions
hereof, or the consummation of the transactions contemplated hereby, other than such consents,
waivers, approvals, Orders or authorizations the failure to obtain which has not had, or would not
reasonably be expected to have, a material adverse effect upon its ability to consummate the
transactions contemplated by this Agreement.


<P align="left" style="font-size: 12pt; text-indent: 8%"><B>Section&nbsp;3.04. </B><U>Litigation</U>. There are no Actions or Proceedings pending or, to the
knowledge of it, threatened against it, or to which it is otherwise a party before any Government
Authority, which, has had or, if adversely determined, would reasonably be expected to have, a
material adverse effect on the ability of it to perform its obligations under this Agreement.


<P align="center" style="font-size: 12pt"><B>ARTICLE IV</B><BR>
REPRESENTATIONS AND WARRANTIES OF THE PARTNERSHIP



<P align="left" style="font-size: 12pt">The Partnership represents and warrants to the other parties hereto that:


<P align="left" style="font-size: 12pt; text-indent: 8%"><B>Section&nbsp;4.01. </B><U>Operation of the Partnership in the Ordinary Couse of Business</U>. For the
period beginning on January&nbsp;1, 2016 and ending on the date of this Agreement, the Partnership has
been operated only in the ordinary course of its business, consistent with past practice.


<P align="left" style="font-size: 12pt; text-indent: 8%"><B>Section&nbsp;4.02. </B><U>Financial Statements of the Partnership</U>. Each of the Partners has
previously received true, correct and complete copies of the unaudited consolidated financial
statements of the Partnership as of March&nbsp;31, 2016, and the draft unaudited consolidated financial
statements of the Partnership as of June&nbsp;30, 2016 for the respective periods set forth therein
(including, in each case, any notes and schedules thereto) (the &#147;<B><I>Interim Financial Statements</I></B>&#148;).
The Interim Financial Statements were prepared in accordance with GAAP applied consistently
throughout the periods reflected therein and with prior periods, and fairly present, in all
material respects in accordance with GAAP, the results of operations and financial position of the
Partnership (subject to normal year-end audit adjustments).


<P align="center" style="font-size: 12pt"><B>ARTICLE V</B><BR>
<B><I>&#091;</I></B>RESERVED<B><I>&#093;</I></B><BR>
<B>ARTICLE VI</B><BR>
MISCELLANEOUS



<P align="left" style="font-size: 12pt; text-indent: 8%"><B>Section&nbsp;6.01. </B><U>Expenses</U>. Each of the parties hereto shall pay its own fees and
expenses (including reasonable attorneys&#146; fees and expenses) incurred in connection with this
Agreement and the transactions contemplated hereby; provided that all out-of-pocket expenses paid
by the Partnership or the General Partner to satisfy the requirements of the Partnership or the
General Partner with respect to the Sale of the Purchased Interests, including the admission of PAG
as substitute Limited Partner with respect to the Purchased Interests, shall be allocated equally
between and paid by PAG and the Sellers.


<P align="left" style="font-size: 12pt; text-indent: 8%"><B>Section&nbsp;6.02. </B><U>Notices</U>. All notices, consents, waivers and other communications
hereunder shall be in writing and shall be deemed to have been duly given and received when
delivered in person, when delivered by e-mail transmission with receipt confirmed (followed by
delivery of an original by another delivery method provided for in this <U>Section&nbsp;6.02</U> or by
facsimile transmission), or one day after duly sent by overnight courier, addressed as follows (or
at such other address for a party as shall be specified by like notice):



<P align="left" style="margin-left:8%; font-size: 12pt">(A)&nbsp;if to the Partnership, to:



<P align="left" style="margin-left:8%; font-size: 12pt">Penske Truck Leasing Co., L.P.
<BR>
2675 Morgantown Road
<BR>
Reading, Pennsylvania 19607
<BR>
Attention: Senior Vice President &#151; General Counsel
<BR>
Facsimile: 610-775-6330
<BR>
Email: <U>david.battisti@penske.com</U>



<P align="left" style="margin-left:8%; font-size: 12pt">with a copy to:



<P align="left" style="margin-left:8%; font-size: 12pt">Penske Truck Leasing Co., L.P.
<BR>
2675 Morgantown Road
<BR>
Reading, Pennsylvania 19607
<BR>
Attention: Senior Vice President &#151; Finance
<BR>
Facsimile: 610-775-5064
<BR>
Email: <U>frank.cocuzza@penske.com</U>


<P align="left" style="font-size: 12pt; text-indent: 8%">(B)&nbsp;if to the Mitsui Partner, to:


<P align="left" style="font-size: 12pt; text-indent: 8%">c/o Mitsui & Co., Ltd.


<P align="left" style="font-size: 12pt; text-indent: 8%">Nippon Life Marunouchi Garden Tower


<P align="left" style="font-size: 12pt; text-indent: 8%">1-3, Marunouchi 1-chome, Chiyoda-ku,


<P align="left" style="font-size: 12pt; text-indent: 8%">Tokyo, Japan


<P align="left" style="font-size: 12pt; text-indent: 8%">Attention: Masashi Yamanaka


<P align="left" style="font-size: 12pt; text-indent: 8%">General Manager


<P align="left" style="font-size: 12pt; text-indent: 8%">Second Motor Vehicles Div.


<P align="left" style="font-size: 12pt; text-indent: 8%">Facsimile: &#043;81 3-3285-9005


<P align="left" style="font-size: 12pt; text-indent: 8%">Email: <U>M.Yamanaka@mitsui.com</U>


<P align="left" style="font-size: 12pt; text-indent: 8%">with a copy to:


<P align="left" style="font-size: 12pt; text-indent: 8%">Debevoise & Plimpton


<P align="left" style="font-size: 12pt; text-indent: 8%">919 Third Avenue


<P align="left" style="font-size: 12pt; text-indent: 8%">New York, NY 10022


<P align="left" style="font-size: 12pt; text-indent: 8%">Attention: Ezra Borut


<P align="left" style="font-size: 12pt; text-indent: 8%">Facsimile: 212-909-6836


<P align="left" style="font-size: 12pt; text-indent: 8%">Email: <U>eborut@debevoise.com</U>


<P align="left" style="font-size: 12pt; text-indent: 8%">(C)&nbsp;if to any of the Sellers, to:

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">GE Capital Truck Leasing Holding LLC<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Logistics Holding LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">General Electric Credit Corporation of Tennessee<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">c/o GE Capital US Holdings, Inc.<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">901 Main Avenue, 6th Floor<BR>
Norwalk, CT 06851<BR>
Attention:<BR>
Facsimile:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
<BR>
Mark Landis, Executive Counsel &#150; Mergers &#038; Acquisitions<BR>
(203)&nbsp;286-2181</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 12pt; text-indent: 8%">Email: <U>mark.landis@ge.com</U>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="51%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">with a copy to:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">Weil, Gotshal &#038; Manges LLP<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">767 Fifth Avenue<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">New York, New York 10153<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attention:<BR>
Facsimile:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jon-Paul Bernard<BR>
(212)&nbsp;310-8284</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:8%; font-size: 12pt">Email: <U>jon-paul.bernard@weil.com</U>



<P align="left" style="margin-left:8%; font-size: 12pt">(D)&nbsp;if to PTLC, to:



<P align="left" style="margin-left:8%; font-size: 12pt">Penske Truck Leasing Corporation
<BR>
2675 Morgantown Road
<BR>
Reading, Pennsylvania 19607
<BR>
Attention: Senior Vice President &#151; General Counsel
<BR>
Facsimile: 610-775-6330
<BR>
Email: <U>david.battisti@penske.com</U>


<P align="center" style="font-size: 10pt; display: none">1
<!-- PAGEBREAK -->


<P align="left" style="margin-left:8%; font-size: 12pt">with a copy to:



<P align="left" style="margin-left:8%; font-size: 12pt">Penske Truck Leasing Corporation
<BR>
2675 Morgantown Road
<BR>
Reading, Pennsylvania 19607
<BR>
Attention: Senior Vice President &#151; Finance
<BR>
Facsimile: 610-775-5064
<BR>
Email: <U>frank.cocuzza@penske.com</U>



<P align="left" style="margin-left:8%; font-size: 12pt">and a copy to



<P align="left" style="margin-left:8%; font-size: 12pt">Penske Corporation
<BR>
2555 Telegraph Road
<BR>
Bloomfield Hills, MI 48302
<BR>
Attention: Executive Vice President and General Counsel
<BR>
Facsimile: 248-648-2135
<BR>
Email: <U>larry.bluth@penskecorp.com</U>



<P align="left" style="margin-left:8%; font-size: 12pt">(E)&nbsp;if to the General Partner, to



<P align="left" style="margin-left:8%; font-size: 12pt">c/o PTL GP, LLC
<BR>
2675 Morgantown Road
<BR>
Reading, Pennsylvania 19607
<BR>
Attention: Senior Vice President &#151; General Counsel
<BR>
Facsimile: 610-775-6330
<BR>
Email: <U>david.battisti@penske.com</U>



<P align="left" style="margin-left:8%; font-size: 12pt">with a copy to:



<P align="left" style="margin-left:8%; font-size: 12pt">c/o PTL GP, LLC
<BR>
2675 Morgantown Road
<BR>
Reading, Pennsylvania 19607
<BR>
Attention: Senior Vice President &#151; Finance
<BR>
Facsimile: 610-775-5064
<BR>
Email: <U>frank.cocuzza@penske.com</U>



<P align="left" style="margin-left:8%; font-size: 12pt">and a copy to



<P align="left" style="margin-left:8%; font-size: 12pt">Penske Corporation
<BR>
2555 Telegraph Road
<BR>
Bloomfield Hills, MI 48302
<BR>
Attention: Executive Vice President and General Counsel
<BR>
Facsimile: 248-648-2135
<BR>
Email: <U>larry.bluth@penskecorp.com</U>


<P align="center" style="font-size: 10pt; display: none">2
<!-- PAGEBREAK -->


<P align="left" style="margin-left:8%; font-size: 12pt">(F)&nbsp;if to PAG, to:



<P align="left" style="margin-left:8%; font-size: 12pt">Penske Automotive Group, Inc.
<BR>
2555 Telegraph Road
<BR>
Bloomfield Hills, Michigan 48302
<BR>
Attention: General Counsel
<BR>
Facsimile: 248-648-2515
<BR>
Email: <U>sspradlin@penskeautomotive.com</U>



<P align="left" style="margin-left:8%; font-size: 12pt">with a copy to:



<P align="left" style="margin-left:8%; font-size: 12pt">Penske Automotive Group, Inc.
<BR>
2555 Telegraph Road
<BR>
Bloomfield Hills, Michigan 48302
<BR>
Attention: Chief Financial Officer
<BR>
Facsimile: 248-648-2515
<BR>
E-mail Address: <U>jcarlson@penskeautomotive.com</U>


<P align="left" style="font-size: 12pt; text-indent: 8%"><B>Section&nbsp;6.03. </B><U>Governing Law</U>. This Agreement shall be governed by, and construed and
enforced in accordance with, the laws of the State of New York (whether in contract or in tort)
without giving effect to the principles of conflicts of law thereof, other than Section&nbsp;5-1401 of
the General Obligations Law thereunder. The parties hereto agree that any action, suit, proceeding
or arbitration of any nature, in law or equity (collectively, &#147;<B><I>Actions or Proceedings</I></B>&#148;), seeking to
enforce any provision of, or based on any matter arising out of or in connection with this
Agreement or the transactions contemplated hereby shall be brought in the United States District
Court for the Southern District of New York or any New York State court sitting in New York City,
so long as one of such courts shall have subject matter jurisdiction over such Action or
Proceeding, and that any cause of action arising out of this Agreement shall be deemed to have
arisen from a transaction of business in the State of New York, and each of the parties hereby
irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts
therefrom) in any such Action or Proceeding and irrevocably waives, to the fullest extent permitted
by law, any objection that it may now or hereafter have to the laying of the venue of any such
Action or Proceeding in any such court or that any such Action or Proceeding which is brought in
any such court has been brought in an inconvenient forum. Process in any such Action or Proceeding
may be served on any party anywhere in the world, whether within or without the jurisdiction of any
such court. Without limiting the foregoing, the parties hereto agree that service of process on
such party as provided in <U>Section&nbsp;6.02</U> shall be deemed effective service of process on such
party.


<P align="left" style="font-size: 12pt; text-indent: 8%"><B>Section&nbsp;6.04. </B><U>No Assignment; Binding Effect</U>. Neither this Agreement nor any of the
rights, interests or obligations under this Agreement may be assigned by any party hereto without
the prior written consent of each of the other parties and any attempt to do so shall be void,
except for assignments and transfers by operation of law. This Agreement shall be binding upon,
inure to the benefit of, and may be enforced by, each of the parties to this Agreement and its
permitted successors and permitted assigns.


<P align="left" style="font-size: 12pt; text-indent: 8%"><B>Section&nbsp;6.05. </B><U>Counterparts</U>. This Agreement may be executed in counterparts, each of
which shall be an original, but all of which together shall constitute one and the same instrument.
Facsimiles, e-mail transmission of .pdf signatures or other electronic copies of signatures shall
be deemed to be originals.


<P align="left" style="font-size: 12pt; text-indent: 8%"><B>Section&nbsp;6.06. </B><U>Severability</U>. If any term or other provision of this Agreement is
invalid, illegal or unenforceable by any rule of law or public policy, all other conditions and
provisions of this Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of the transactions contemplated hereby is not affected in any manner
adverse to any party hereto. Upon such determination that any term or other provision is invalid,
illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify
this Agreement so as to effect the original intent of such parties as closely as possible in an
acceptable manner to the end that transactions contemplated hereby are fulfilled to the greatest
extent possible.


<P align="left" style="font-size: 12pt; text-indent: 8%"><B>Section&nbsp;6.07. </B><U>Amendments, Supplements</U>. This Agreement may be amended, supplemented or
otherwise modified only by a writing signed by each of the parties hereto specifically referring to
this Agreement. No term of this Agreement, nor performance thereof or compliance therewith, may be
waived except by a writing signed by all of the parties charged with giving such waiver.


<P align="left" style="font-size: 12pt; text-indent: 8%"><B>Section&nbsp;6.08. </B><U>Headings and Captions</U>. The headings and captions in this Agreement are
for reference purposes only and shall not affect the construction or interpretation of any
provision of this Agreement.


<P align="left" style="font-size: 12pt; text-indent: 8%"><B>Section&nbsp;6.09. </B><U>Negotiated Agreement</U>. This Agreement was negotiated by the parties with
the benefit of legal representation, and any rule of construction or interpretation otherwise
requiring this Agreement to be construed or interpreted against any party shall not apply to the
construction or interpretation hereof.


<P align="left" style="font-size: 12pt; text-indent: 8%"><B>Section&nbsp;6.10. </B><U>Confidentiality</U>. Except (i)&nbsp;as required or expressly permitted by this
Agreement, (ii)&nbsp;as may be necessary in order to give the notices to obtain any prior regulatory
approval or the Approvals, (iii)&nbsp;as necessary to consult with attorneys, accountants, employees, or
other advisors retained in connection with the transactions contemplated hereby, or under the
Purchase Agreement, (iv)&nbsp;as required by court order or otherwise mandated by law (including in
connection with any party hereto providing any access to regulators having supervisory authority
over such party), or (v)&nbsp;in connection with legally required disclosure documents prepared by any
party hereto or any Affiliate thereof, no party shall issue any news release or other public notice
or communication or otherwise make any disclosure to third parties concerning (x)&nbsp;this Agreement or
the Purchase Agreement, (y)&nbsp;the transactions contemplated hereby or thereby or (z)&nbsp;any information
or materials concerning or relating to the Partnership without the prior consent of the other
parties (which consent shall not be unreasonably withheld, conditioned or delayed). Even in cases
where such prior consent is not required, each party shall, to the extent legally permissible,
promptly notify the other parties of such release by it in advance in order to provide a reasonable
opportunity to the other parties to prepare a corresponding or other similar release or other
action on a timely basis.


<P align="left" style="font-size: 12pt; text-indent: 8%"><B>Section&nbsp;6.11. </B><U>Entire Agreement</U>. This Agreement, together with the Purchase Agreement
and the other Transaction Documents, supersedes any other agreement, whether written or oral, that
may have been made or entered into by the parties hereto relating to the matters contemplated
hereby and constitutes the entire agreement of the parties with respect to the subject matter
hereof.


<P align="left" style="font-size: 12pt; text-indent: 8%"><B>Section&nbsp;6.12. </B><U>Specific Performance</U>. Each of the parties hereto hereby acknowledges
and agrees that any breach of any provision of this Agreement by any other party hereto may result
in irreparable harm to the other parties hereto and that money damages would not be a sufficient
remedy for any such breach. In the event of any such breach by any party hereto, each party agrees
that any and all of other parties hereto shall have the right, in addition to any other rights they
may have (whether at law or in equity), to seek specific performance and injunctive or other
equitable relief as a remedy for any such breach of this Agreement, and each of the parties hereby
waives any requirement for the posting of any bond or other security in connection therewith.


<P align="left" style="font-size: 12pt; text-indent: 8%"><B>Section&nbsp;6.13. </B><U>No Waiver</U>. No failure or delay by any party hereto in exercising any
right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the exercise of any
other right, power or privilege hereunder.


<P align="center" style="font-size: 12pt">&#091;THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK&#093;



<P align="left" style="font-size: 12pt; text-indent: 8%">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed
by their respective authorized officers as of the date first written above.

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD nowrap align="left"><B>PENSKE TRUCK LEASING CO., L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>PENSKE TRUCK LEASING CORPORATION</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By: PTL GP, LLC, its sole general partner<BR>
By:/s/ David J. Battisti<BR>
<HR size="1" noshade color="#000000"><BR>
Name: David J. Battisti<BR>
Title: Senior Vice President and General<BR>
Counsel
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: /s/ Walter P. Czarnecki<BR>
&#151;<BR>
Name: Walter P. Czarnecki<BR>
Title: Vice President<BR>
<BR>
<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>PENSKE AUTOMOTIVE GROUP, INC.</B><BR>
By: /s/ J.D. Carlson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>PTL GP, LLC</B><BR>
By:/s/ David J. Battisti</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name: J.D. Carlson<BR>
Title: EVP and CFO
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: David J. Battisti<BR>
Title: Senior Vice President and General<BR>
Counsel</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>GE CAPITAL TRUCK LEASING HOLDING LLC</B><BR>
By: /s/ Trevor Schauenberg<BR>
<HR size="1" noshade color="#000000"><BR>
Name: Trevor Schauenberg<BR>
Title: President
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>GENERAL ELECTRIC CREDIT CORPORATION OF<BR>
TENNESSEE</B><BR>
By: /s/ Trevor Schauenberg<BR>
&#151;<BR>
Name: Trevor Schauenberg<BR>
Title: Vice President</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>LOGISTICS HOLDING LLC</B><BR>
By: /s/ Trevor Schauenberg
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>MBK USA COMMERCIAL VEHICLES INC.</B><BR>
By: /s/ Rui Nakatani</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name: Trevor Schauenberg<BR>
Title: President
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Rui Nakatani<BR>
Title: Chief Executive Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt; display: none">3




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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>5
<FILENAME>exhibit4.htm
<DESCRIPTION>EX-10.3
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 3.2//EN">
<HTML>
<HEAD>
<TITLE> EX-10.3 </TITLE>
</HEAD>
<BODY TEXT="#000000" BGCOLOR="#FFFFFF" ALINK="#0000FF" HLINK="#FF0000" VLINK="#800080">

<BODY style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt; text-indent: 43%"><FONT style="font-size: 12pt">Exhibit&nbsp;10.3
</FONT>

<P align="center" style="font-size: 12pt">SIXTH AMENDED AND RESTATED<BR>
AGREEMENT OF LIMITED PARTNERSHIP<BR>
OF PENSKE TRUCK LEASING CO., L.P.


<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">ARTICLE 1                     THE</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">LIMITED PARTNERSHIP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">1.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Formation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">1.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Certificate of Limited Partnership</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">1.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Name</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">1.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Character of Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">1.5</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Certain Business Policies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">1.6</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Principal Offices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">1.7</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fiscal Year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">1.8</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accounting Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">ARTICLE 2</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:20px; text-indent:-10px">DEFINITIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">2.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Definitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">2.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">General Provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="5" align="left">ARTICLE 3 CAPITAL CONTRIBUTIONS; ISSUANCE OF PARTNERSHIPINTERESTS; CAPITAL ACCOUNTS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">3.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="left">Additional Capital Contributions; Issuance of Additional Partnership Interests22<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">3.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Capital Contributions and Accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">3.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Negative Capital Accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">3.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Compliance with Treasury Regulations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">3.5</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Succession to Capital Accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">3.6</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">No Withdrawal of Capital Contributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">3.7</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">No Partnership Certificates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">3.8</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Percentage Interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">ARTICLE 4</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:20px; text-indent:-10px">COSTS AND EXPENSES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">4.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Operating Costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="5" align="left">ARTICLE 5 DISTRIBUTIONS; PARTNERSHIPALLOCATIONS; TAX MATTERS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">5.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Distributions Prior to Dissolution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">5.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Partnership Allocations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">5.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Special Allocations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">5.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Curative Allocations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">5.5</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other Allocation Rules</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">5.6</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tax Allocations; Code Section&nbsp;704(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">5.7</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accounting Method</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">ARTICLE 6</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:20px; text-indent:-10px">MANAGEMENT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">6.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Rights and Duties of the Partners</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">6.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fiduciary Duty of General Partner</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">6.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Powers of General Partner</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">6.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Advisory Committee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">6.5</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Restrictions on the Authority of the General Partner</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">6.6</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other Activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">6.7</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Transactions with Affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">6.8</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Mitsui Participation Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">6.9</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Exculpation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">ARTICLE 7</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:20px; text-indent:-10px">COMPENSATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">ARTICLE 8</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:20px; text-indent:-10px">ACCOUNTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">8.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Books and Records</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">8.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Reports, Returns and Audits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">8.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Review Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">ARTICLE 9</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:20px; text-indent:-10px">TRANSFERS AND SALES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">9.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Transfer of Interests of General Partner and PTLC Consolidated Group</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">9.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Transfer or Sale of Limited Partner Interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">9.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Right of First Offer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">9.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Certain Changes of Control</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">9.5</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Certain General Provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">9.6</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Allocation of Profits, Losses and Distributions Subsequent to Sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">9.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Death, Incompetence, Bankruptcy, Liquidation or Withdrawal of a Limited
Partner 67</TD>
    <TD width="4%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">9.8</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Satisfactory Written Assignment Required</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">9.9</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Transferee&#146;s Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">9.10</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Transferees Admitted as Partners</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">9.11</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Change of Control Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">ARTICLE 10</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:20px; text-indent:-10px">EXIT/ IPO RIGHT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">10.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">IPO Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">10.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Partnership Restructuring in connection with IPO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">10.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">IPO Alternative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">10.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other IPO Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">ARTICLE 11</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:20px; text-indent:-10px">DISSOLUTION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">11.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Events of Dissolution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">11.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Final Accounting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">11.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Liquidation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">11.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cancellation of Certificate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">ARTICLE 12</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:20px; text-indent:-10px">INVESTMENT REPRESENTATIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">12.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Investment Purpose</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">12.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Investment Restriction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">ARTICLE 13</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:20px; text-indent:-10px">NOTICES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">13.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Method of Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">13.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Computation of Time</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">ARTICLE 14</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:20px; text-indent:-10px">GENERAL PROVISIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">14.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Entire Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">14.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Amendment; Waiver</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">14.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Governing Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">14.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Binding Effect</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">14.5</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Separability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">14.6</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Headings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">14.7</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">No Third-Party Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">14.8</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Waiver of Partition</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">14.9</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Nature of Interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">14.10</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">Counterpart Execution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>SCHEDULES</U></TD>
    <TD width="4%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 12pt; text-indent: 4%">SCHEDULE A &#150; Partners and Percentage Interests


<P align="center" style="font-size: 12pt">SCHEDULE B &#150; Current Members of Advisory CommitteeSIXTH AMENDED AND RESTATED<BR>
AGREEMENT OF LIMITED PARTNERSHIP<BR>
OF<BR>
PENSKE TRUCK LEASING CO., L.P.



<P align="left" style="font-size: 12pt; text-indent: 8%">THIS SIXTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP is entered into this 27th day
of July, 2016, and effective as of the Effective Time, by and among Penske Truck Leasing
Corporation, a Delaware corporation with its offices at 2675 Morgantown Road, Reading, Pennsylvania
19607 (as further defined below, &#147;<B><I>PTLC</I></B>&#148;), PTL GP, LLC, a Delaware limited liability company
(formerly known as LJ VP, LLC) with its offices at 2675 Morgantown Road, Reading, Pennsylvania
19607 (as further defined below, &#147;<B><I>PTL GP</I></B>&#148;), Penske Automotive Group, Inc., a Delaware corporation
with its offices at 2555 Telegraph Road, Bloomfield Hills, Michigan 48302 (as further defined
below, &#147;<B><I>PAG</I></B>&#148;), GE Capital Truck Leasing Holding LLC, a Delaware limited liability company (formerly
known as GE Capital Truck Leasing Holding Corp.) with its offices at 2711 Centerville Road, Suite
400, Wilmington, Delaware 19808 (as further defined below, &#147;<B><I>GE Truck Leasing Holdco</I></B>&#148;), General
Electric Credit Corporation of Tennessee, a Tennessee corporation with its offices at 2 Bethesda
Metro Center, Suite&nbsp;600, Bethesda, MD 20814 (as further defined below, &#147;<B><I>GE Tennessee</I></B>&#148;), and MBK USA
Commercial Vehicles Inc., a Delaware corporation, with its offices at Nippon Life Marunouchi Garden
Tower, 1-3 Marunouchi 1-chome, Chiyoda-ku, Tokyo, Japan (as further defined below, &#147;<B><I>MBK USA CV</I></B>&#148;).


<P align="center" style="font-size: 12pt"><U>WITNESSETH</U>:



<P align="left" style="font-size: 12pt; text-indent: 7%">WHEREAS, a limited partnership was heretofore formed in accordance with the provisions of the
Delaware Revised Uniform Limited Partnership Act (6 <U>Del</U>.<U>C</U>. &#167;17-101, <U>et</U>
<U>seq</U>.) (as amended from time to time and any successor to such Act, the &#147;<B><I>Act</I></B>&#148;) under the
name Penske Truck Leasing Co., L.P. pursuant to an agreement of limited partnership dated July&nbsp;18,
1988 (the &#147;<B><I>Partnership</I></B>&#148;);


<P align="left" style="font-size: 12pt; text-indent: 7%">WHEREAS, the agreement of limited partnership of the Partnership was amended and restated in
its entirety by the Amended and Restated Agreement of Limited Partnership dated August&nbsp;10, 1988,
and thereafter and heretofore was amended or amended and restated from time to time, most recently
by an amendment and restatement in its entirety known as the Fifth Amended and Restated Agreement
of Limited Partnership of the Partnership, dated March&nbsp;18, 2015, as amended by an Amendment No.&nbsp;1
dated as of November&nbsp;24, 2015 and the LPA Acknowledgment Agreement, dated as of March&nbsp;31, 2016 (the
&#147;<B><I>Fifth Amended and Restated Partnership Agreement</I></B>&#148;), by and among the parties hereto and their
predecessors; and


<P align="left" style="font-size: 12pt; text-indent: 7%">WHEREAS, the parties hereto desire to recognize (i)&nbsp;the reorganization of Mitsui&#146;s ownership
of limited Partnership Interests as of March&nbsp;31, 2016 and (ii)&nbsp;the sale to PAG of a portion of the
limited Partnership Interests held by GE Truck Leasing Holdco and GE Logistics Holdco, and to amend
and restate the Fifth Amended and Restated Partnership Agreement in its entirety as hereinafter set
forth.


<P align="left" style="font-size: 12pt; text-indent: 8%">NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the
parties hereto, intending to be legally bound, hereby agree that the Fifth Amended and Restated
Partnership Agreement is hereby amended and restated in its entirety by this Sixth Amended and
Restated Agreement of Limited Partnership and, as so amended and restated hereby, shall read in its
entirety as follows:


<P align="center" style="font-size: 12pt">ARTICLE 1



<P align="center" style="font-size: 12pt">THE LIMITED PARTNERSHIP



<P align="left" style="font-size: 12pt; text-indent: 4%">1.1 <U>Formation</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;The parties hereto have heretofore been admitted to the Partnership as general partner or
limited partners of the Partnership, as applicable, and the Partnership shall engage in the
business hereinafter described for the period and upon the terms and conditions hereinafter set
forth.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;As of the Effective Time, PAG has acquired an additional fourteen and four-tenths percent
(14.4%) limited Partnership Interest previously held by GE Truck Leasing Holdco and GE Logistics
Holdco and consequently GE Logistics Holdco no longer has any Partnership Interests and is no
longer a Partner.


<P align="left" style="font-size: 12pt; text-indent: 8%">(c)&nbsp;Notwithstanding any provision of this Agreement to the contrary, PTL GP shall be the
general partner in the Partnership. If any Conversion Event occurs, then at such time (A)&nbsp;PTL GP&#146;s
Partnership Interest (or in the case of a Sale of a portion of such Partnership Interest, the
portion thereof being Sold) will automatically convert from a Partnership Interest as a general
partner in the Partnership to a Partnership Interest as a limited partner in the Partnership (at
the same Percentage Interest) and, subject to the further conditions relating to Transfers under
this Agreement, the transferee in such Sale or, if there is no such transferee, PTL GP, shall be
admitted as a Limited Partner and (B)&nbsp;if such conversion would otherwise result in there being no
General Partner, then, effective immediately prior to such conversion, the Partnership Interest
held by the then Managing Member of Holdings will automatically convert from a Partnership Interest
as a limited partner in the Partnership to a Partnership Interest as a general partner in the
Partnership and the then Managing Member of Holdings shall be automatically admitted to the
Partnership as a General Partner and shall continue the Partnership without dissolution.


<P align="left" style="font-size: 12pt; text-indent: 4%">1.2 <U>Certificate of Limited Partnership</U>. PTLC has previously executed and caused to be
filed (a)&nbsp;a Certificate of Limited Partnership of the Partnership in the office of the Secretary of
State of the State of Delaware on July&nbsp;18, 1988, (b)&nbsp;a Certificate of Amendment to Certificate of
Limited Partnership of the Partnership in the office of the Secretary of State of the State of
Delaware on July&nbsp;21, 1988, and (c)&nbsp;a Certificate of Amendment to Certificate of Limited Partnership
of the Partnership in the office of the Secretary of State of the State of Delaware on March&nbsp;20,
2002 (such Certificate of Limited Partnership, together with and as amended by such Certificates of
Amendment, is hereinafter collectively referred to as the &#147;<B><I>Certificate</I></B>&#148;). The General Partner shall
execute such further documents (including any additional amendments to the Certificate to reflect
the occurrence of the transactions contemplated by Section&nbsp;1.1) and take such further action as
shall be appropriate to comply with all requirements of Law for the formation and operation of a
limited partnership in the State of Delaware and all other jurisdictions where the Partnership may
elect to do business.


<P align="left" style="font-size: 12pt; text-indent: 4%">1.3 <U>Name</U>. The name of the Partnership is Penske Truck Leasing Co., L.P. Subject to
the provisions of Subsection 6.5(e)(i), the General Partner may change the name of the Partnership
or cause the business of the Partnership to be conducted under any other name (other than any name
including the term &#147;General Electric&#148;, &#147;GE&#148;, &#147;Mitsui&#148; or derivatives thereof) and, in any such
event, the General Partner shall notify the Limited Partners of such name change within thirty (30)
days thereafter.


<P align="left" style="font-size: 12pt; text-indent: 4%">1.4 <U>Character of Business</U>. The business of the Partnership shall be (i)&nbsp;the rental
leasing and servicing (including the provision of fuel) of tractors, trailers and trucks to
third-party users, and the sale of such tractors, trailers and trucks used in the business of the
Partnership, (ii)&nbsp;acting as a dedicated contract motor carrier, (iii)&nbsp;the provision of other
third-party logistics services such as distribution center management, transportation management,
managing and optimizing enterprises&#146; logistics networks, and providing supply chain consulting
services, (iv)&nbsp;conducting Business Activities Ancillary to the businesses set forth in clauses (i),
(ii)&nbsp;and (iii), and (v)&nbsp;such other activities and business as may be lawfully conducted by a
limited partnership formed under the Laws of the State of Delaware. &#147;<B><I>Business Activities Ancillary</I></B>&#148;
to a specified business shall mean business activities that are not conducted as a separate
profitable business offering and comprise not more than five percent (5%) of the value measured by
the net profit of the business activities of the specified business. The Partnership shall have and
exercise all the powers now or hereafter conferred by the Laws of the State of Delaware on limited
partnerships formed under the Laws of that State, and to do any and all things as fully as natural
persons might or could do as are not prohibited by Law in furtherance of the aforesaid business of
the Partnership. The business of the Partnership shall be conducted in accordance with, and any
action required or permitted to be taken by the General Partner or any Limited Partner shall be
taken in compliance with, all applicable Laws.


<P align="left" style="font-size: 12pt; text-indent: 4%">1.5 <U>Certain Business Policies</U>. The Partnership adopted prior to the Effective Time,
in accordance with the terms of this Agreement as then in effect, and maintains policies with
respect to requirements of environmental Laws, antitrust Laws, anti-corruption Laws, anti-bribery
Laws, Laws relating to contracts with Governmental Authorities, insider trading and ethical
business practices. The Partnership shall conduct its business in accordance with such policies, as
the same may be amended from time to time in accordance with Subsection 6.5(c)(ii). The Partnership
shall (i)&nbsp;notify the members of the Advisory Committee promptly upon becoming aware of any
violation by any member of the Partnership Group of any anti-corruption, anti-bribery or similar
Laws, including the FCPA, (ii)&nbsp;promptly provide the members of the Advisory Committee with
information regarding any such violation upon request therefor, and (iii)&nbsp;permit any member of the
Advisory Committee not the target of the violation to examine the relevant books and records of the
Partnership Group and interview relevant personnel of the Partnership Group, in each case regarding
any such violation; <U>provided</U>, that with respect to the procedures in clause (ii)&nbsp;and (iii)
of this Section&nbsp;1.5, such procedures shall be implemented in such a manner to safeguard, to the
greatest extent reasonably practical, the &#147;attorney-client&#148; and &#147;attorney work product&#148; privileges
applicable to the Partnership and/or its Partners (including by entering into a joint defense,
common interest or similar agreement).


<P align="left" style="font-size: 12pt; text-indent: 4%">1.6 <U>Principal Offices</U>. The location of the principal offices of the Partnership shall
be at 2675 Morgantown Road, Reading, Pennsylvania 19607, or at such other location as may be
selected from time to time by the General Partner. If the General Partner changes the location of
the principal offices of the Partnership, the Limited Partners shall be notified in writing within
thirty (30)&nbsp;days thereafter. The Partnership may maintain such other offices at such other places
as the General Partner deems advisable.


<P align="left" style="font-size: 12pt; text-indent: 4%">1.7 <U>Fiscal Year</U>. The fiscal year of the Partnership shall be the calendar year (the
&#147;<B><I>Partnership Year</I></B>&#148;).


<P align="left" style="font-size: 12pt; text-indent: 4%">1.8 <U>Accounting Matters</U>. Unless otherwise specified herein, all accounting
determinations hereunder shall be made, all accounting terms used herein shall be interpreted, and
all financial statements required to be delivered hereunder shall be prepared, in accordance with
Generally Accepted Accounting Principles applied on a consistent basis with prior periods, except,
in the case of such financial statements, for departures from Generally Accepted Accounting
Principles that may from time to time be approved in writing by the Partners and the Auditor who is
at the time reporting on such financial statements. In the event that any &#147;Accounting Change&#148; (as
defined below) shall occur and such change results in a change in the method of calculation of
permitted distributions, standards or other terms in this Agreement, then the General Partner
agrees to enter into negotiations with the other Partners in order to amend such provisions of this
Agreement so as to reflect equitably such Accounting Changes with the desired result that the
criteria for permitting distributions and other matters shall have the same economic effect after
such Accounting Changes as if such Accounting Changes had not been made. Until such time as such an
amendment shall have been executed and delivered by the Partners, all such permitted distributions
and other matters in this Agreement shall continue to be calculated or construed as if such
Accounting Changes had not occurred. &#147;<B><I>Accounting Changes</I></B>&#148; refers to changes in accounting
principles required by the promulgation of any final rule, regulation, pronouncement or opinion by
the Financial Accounting Standards Board of the American Institute of Certified Public Accountants
or any successor organization or, if applicable, the SEC.


<P align="center" style="font-size: 12pt">ARTICLE 2



<P align="center" style="font-size: 12pt">DEFINITIONS



<P align="left" style="font-size: 12pt; text-indent: 4%">2.1 <U>Definitions</U>. The following defined terms used in this Agreement shall have the
respective meanings specified below.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>ABS Facility</I></B>&#148; shall mean the asset-backed securitization facility of the Partnership, which
as of the Effective Time is the $1.1&nbsp;billion revolving asset-backed securitization facility entered
into on October&nbsp;5, 2012, as amended on June&nbsp;24, 2013, October&nbsp;4, 2013, October&nbsp;3, 2014 and October
2, 2015 and as the same may be further amended, restated, supplemented, refinanced, replaced or
otherwise modified from time to time, including any replacement or successor asset-backed
securitization facility <I>pari passu </I>in right of payment.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Accepting Partners</I></B>&#148; shall have the meaning ascribed to such term in Subsection 9.3(e).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Acquisitions</I></B>&#148; shall have the meaning ascribed to such term in Subsection 6.5(d)(v).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Act</I></B>&#148; shall have the meaning ascribed to such term in the first &#147;Whereas&#148; clause hereof as
amended and in effect from time to time, or the corresponding provisions of any successor statute.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Adjusted Capital Account Deficit</I></B>&#148; shall mean, with respect to any Limited Partner, the
deficit balance, if any, in such Partner&#146;s Capital Account as of the end of the relevant taxable
year or other period after giving effect to the following adjustments:


<P align="left" style="font-size: 12pt; text-indent: 12%">(i)&nbsp;Credit to such Capital Account any amounts that such Partner is obligated to restore
(pursuant to the terms of this Agreement or otherwise) or deemed obligated to restore pursuant to
the penultimate sentences of Regulations Sections&nbsp;1.704-2(g)(1) and 1.704-2(i)(5); and


<P align="left" style="font-size: 12pt; text-indent: 12%">(ii)&nbsp;Debit to such Capital Account the items described in Regulations Sections
1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6).


<P align="left" style="font-size: 12pt; text-indent: 4%">The foregoing definition of Adjusted Capital Account Deficit is intended to comply with the
provisions of Regulations Section&nbsp;1.704-1(b)(2)(ii)(d) and shall be interpreted consistently
therewith.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Advisory Committee</I></B>&#148; shall have the meaning ascribed to such term in Subsection 6.4(a).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Affiliate</I></B>&#148; shall mean, with respect to any specified Person, any other Person that, at the
time of determination, (i)&nbsp;directly or indirectly through one or more intermediaries Controls, is
Controlled by or is under common Control with, such specified Person, (ii)&nbsp;beneficially owns or
Controls ten percent (10%) or more of any class or series of outstanding voting securities of such
specified Person, (iii)&nbsp;is a managing member, manager or general partner of such specified Person,
or (iv)&nbsp;is an officer, director, managing member, manager or general partner of any of the
foregoing.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Affiliate Acquisition</I></B>&#148; means any transaction or series of related transactions pursuant to
which (directly or indirectly) the Partnership Group acquires any equity interests, securities,
assets, properties or rights from any Partner or any Affiliate of any Partner (including in a
purchase, merger or consolidation) or in respect of which any Partner or any Affiliate of any
Partner is entitled to receive consideration.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>After-Acquired Business</I></B>&#148; shall have the meaning ascribed to such term in Subsection 6.6(i).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>After-Acquired Company</I></B>&#148; shall have the meaning ascribed to such term in Subsection 6.6(i).


<P align="left" style="font-size: 12pt; text-indent: 4%">This &#147;<B><I>Agreement</I></B>&#148; shall mean this Sixth Amended and Restated Agreement of Limited Partnership,
including the Schedules hereto, as the same may be amended, restated, supplemented or otherwise
modified from time to time.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Alternative Structure</I></B>&#148; or &#147;<B><I>Alternative Structures</I></B>&#148; shall have the meaning ascribed to such
term in Subsection 10.1(b).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Approved IPO Structure</I></B>&#148; shall have the meaning ascribed to such term in Subsection 10.1(f).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Auditor</I></B>&#148; shall mean Deloitte LLP or any successor firm of independent auditors selected
pursuant to Subsection 6.4(g).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Bankruptcy</I></B>&#148; of a Partner shall mean (i)&nbsp;the filing by a Partner of a voluntary petition
seeking liquidation, reorganization, arrangement or readjustment, in any form, of its debts under
Title 11 of the United States Code or any other federal or state insolvency Law, or a Partner&#146;s
filing an answer consenting to or acquiescing in any such petition, (ii)&nbsp;the making by a Partner of
any assignment for the benefit of its creditors or (iii)&nbsp;the expiration of sixty (60)&nbsp;days after
the filing of an involuntary petition under Title 11 of the United States Code, an application for
the appointment of a receiver for the assets of a Partner, or an involuntary petition seeking
liquidation, reorganization, arrangement or readjustment of its debts under any other federal or
state insolvency Law, provided that the same shall not have been vacated, set aside or stayed
within such sixty (60)-day period.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Beneficial Owner</I></B>&#148; or &#147;<B><I>Beneficially Own</I></B>&#148; shall have the meaning given in Rule&nbsp;13d-3 under the
Exchange Act and a Person&#146;s beneficial ownership of securities of any Person will be calculated in
accordance with the provisions of that Rule.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Bona Fide Lender</I></B>&#148; shall have the meaning ascribed to such term in Subsection 9.2(e).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Business Activities Ancillary</I></B>&#148; shall have the meaning ascribed to such term in Subsection
1.4.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Business Day</I></B>&#148; shall mean any day other than a Saturday or Sunday or other day that commercial
banks are required or permitted to be closed in New York City or Tokyo, Japan.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Capital Account</I></B>&#148; shall mean, with respect to any Partner, the Capital Account maintained for
such Partner in accordance with the following provisions:


<P align="left" style="font-size: 12pt; text-indent: 12%">(i)&nbsp;To each Partner&#146;s Capital Account there shall be credited such Partner&#146;s Capital
Contributions, such Partner&#146;s distributive share of Profits and any items in the nature of income
or gain that are specially allocated pursuant to Section&nbsp;5.3 or Section&nbsp;5.4, and the amount of any
Partnership liabilities assumed by such Partner or that are secured by any Partnership property
distributed to such Partner;


<P align="left" style="font-size: 12pt; text-indent: 12%">(ii)&nbsp;To each Partner&#146;s Capital Account there shall be debited the amount of cash and the Gross
Asset Value of any Partnership property distributed to such Partner pursuant to any provision of
this Agreement, such Partner&#146;s distributive share of Losses and any items in the nature of expenses
or losses that are specially allocated pursuant to Section&nbsp;5.3 or Section&nbsp;5.4, and the amount of
any liabilities of such Partner assumed by the Partnership or that are secured by any property
contributed by such Partner to the Partnership.


<P align="left" style="font-size: 12pt; text-indent: 12%">(iii)&nbsp;In the event all or a portion of an interest in the Partnership is Transferred in
accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account of
the transferor to the extent it relates to the transferred interest.


<P align="left" style="font-size: 12pt; text-indent: 12%">(iv)&nbsp;In determining the amount of any liability for purposes of subparagraphs (i)&nbsp;and (ii)&nbsp;and
the definition of &#147;Capital Contribution,&#148; there shall be taken into account Code Section 752(c) and
any other applicable provisions of the Code and Regulations.



<P align="left" style="margin-left:1%; font-size: 12pt; text-indent: 4%">&#147;<B><I>Capital Call Conditions</I></B>&#148; shall mean, collectively, the following conditions:


<P align="left" style="font-size: 12pt; text-indent: 12%">(i)&nbsp;the General Partner shall have determined that the Partnership requires additional equity
capital to maintain any minimum investment grade corporate, unsecured, long-term debt rating for
the Partnership on a stand-alone basis (<I>i.e.</I>, to avoid any non-investment grade rating); and


<P align="left" style="font-size: 12pt; text-indent: 12%">(ii)&nbsp;the General Partner shall have determined to make a capital call that satisfies each of
the following conditions, with the approval of the Advisory Committee (acting reasonably and in
good faith) pursuant to Subsection 6.5(f)(v):


<P align="left" style="font-size: 12pt; text-indent: 15%">(A)&nbsp;the net proceeds of such capital call do not exceed the amount reasonably required to
maintain such minimum investment grade corporate, unsecured, long-term debt rating (<I>i.e.</I>, to avoid
any non-investment grade rating) for the Partnership on a stand-alone basis;


<P align="left" style="font-size: 12pt; text-indent: 15%">(B)&nbsp;such capital call is made, solely for cash in U.S. dollars and at a price based upon the
fair market value of one hundred percent (100%) of the Partnership Interests adjusted for limited
(non-controlling) Partnership Interests (as determined by the Advisory Committee following its
receipt of valuation guidance from an independent third party financial advisor of nationally
recognized standing to the Partnership, and taking into account such factors as, among other
things, the consolidated financial statements of the Partnership and its Subsidiaries, current
forecasts of the Partnership and its Subsidiaries prepared in a manner consistent with past
practice, the results of operations of the Partnership and its Subsidiaries, the current financial
condition of the Partnership and its Subsidiaries, the profitability of the Partnership and its
Subsidiaries and the then-current market conditions);


<P align="left" style="font-size: 12pt; text-indent: 15%">(C)&nbsp;such capital call is, except as otherwise expressly provided in Section&nbsp;3.1, made pro rata
among all of the Partners (in accordance with their respective Percentage Interests); and


<P align="left" style="font-size: 12pt; text-indent: 15%">(D)&nbsp;no amendment, supplement or modification of any kind shall be made to this Agreement in
connection with such capital call or the consummation thereof (other than to adjust Capital
Accounts of the Partners, to adjust the Percentage Interests of the Partners in accordance with
Subsection 3.1(m) (as applicable) and (if applicable) to admit any new purchaser of limited
Partnership Interests with respect to such capital call in accordance with Subsection 3.1(j)(ii)
(if applicable) as a Limited Partner).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Capital Contribution</I></B>&#148; shall mean, with respect to any Partner, the amount of money and the
initial Gross Asset Value of any property (other than money) contributed to the Partnership by such
Partner (or its predecessors in interest) with respect to the Partnership Interest held by such
Partner.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Capital Markets Activity</I></B>&#148; shall have the meaning ascribed to such term in Subsection
6.6(k)(1).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Certificate</I></B>&#148; shall have the meaning ascribed to such term in Section&nbsp;1.2.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Change of Control of the Partnership</I></B>&#148; shall mean (i)&nbsp;the consummation of a merger or
consolidation of one or more members of the Partnership Group which collectively own, directly or
indirectly, all or substantially all of the Partnership Group&#146;s assets with or into another entity
(whether or not it is the surviving entity) that is not the Partnership or a direct or indirect
wholly-owned subsidiary of the Partnership; or (ii)&nbsp;the Sale of all or substantially all of the
Partnership Group&#146;s assets (whether by sale of assets, capital stock or otherwise) in one or a
series of related transactions.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Code</I></B>&#148; shall mean the Internal Revenue Code of 1986, as amended and in effect from time to
time, or the corresponding provisions of any successor statute.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Control</I></B>&#148; (including the correlative terms &#147;<B><I>Controlling</I></B>,&#148; &#147;<B><I>Controlled by</I></B>&#148; and &#147;<B><I>under common
Control with</I></B>&#148;) shall mean the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of a Person, whether through the ownership of voting
securities, by contract or otherwise.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Conversion Event</I></B>&#148; shall mean the occurrence of any of the following: (i)&nbsp;the Sale in
accordance with this Agreement or the Holdings LLC Agreement of all or any portion of PTL GP&#146;s
Partnership Interest; (ii)&nbsp;the dissolution of Holdings pursuant to Section&nbsp;12.1 of the Holdings LLC
Agreement; (iii)&nbsp;the dissolution of PTL GP pursuant to Section&nbsp;15 of the PTL GP LLC Agreement or
the Bankruptcy of PTL GP; and (iv)&nbsp;while PTL GP then holds a Partnership Interest (as a general
partner), the Managing Member of Holdings ceases to be PTLC or a Controlled Affiliate of PTLC other
than as a result of a Bankruptcy of PTLC (or any permitted successor to its Member Interest as the
Managing Member of Holdings).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Corresponding Provision</I></B>&#148; shall mean the provision in a Prior Agreement, if any, that
corresponds to a given provision in this Agreement.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Credit Agreement</I></B>&#148; shall mean the senior credit facility of the Partnership, which as of the
Effective Time is the Credit Agreement, dated as of March&nbsp;9, 2015, by and among the Partnership,
PTL Finance Corporation, the Subsidiary borrowers and the several lenders from time to time parties
thereto, as the same may be amended, restated, supplemented, refinanced, replaced or otherwise
modified from time to time, including any replacement or successor credit agreements <I>pari passu </I>in
right of payment.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Default Recovery/Remarketing Activities</I></B>&#148; shall have the meaning ascribed to such term in
Subsection 6.6(k)(2).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>De Minimis Business</I></B>&#148; shall have the meaning ascribed to such term in Subsection 6.6(k)(3).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Depreciation</I></B>&#148; shall mean, for each taxable year or portion of a taxable year for which the
Partnership is required to allocate Profits, Losses, or other items pursuant to Article&nbsp;5 or the
Corresponding Provision of any Prior Agreement, an amount equal to the depreciation, amortization
or other cost recovery deduction allowable for federal income tax purposes with respect to an asset
for such year or other period, except that (i)&nbsp;with respect to any asset whose Gross Asset Value
differs from its adjusted tax basis for federal income tax purposes and which difference is being
eliminated by use of the &#147;remedial allocation method&#148; defined by Treasury Regulation&nbsp;Section
1.704-3(d), Depreciation for such taxable year or portion of a taxable year shall be the amount of
the book basis recovered for such taxable year or portion of a taxable year under the rules
prescribed in Treasury Regulation&nbsp;Section&nbsp;1.704-3(d)(2) (notwithstanding anything to the contrary
in Subsection 5.6(c) or the Corresponding Provision of any Prior Agreement) and (ii)&nbsp;with respect
to any other asset whose Gross Asset Value differs from its adjusted basis for federal income tax
purposes at the beginning of such year or other period, Depreciation shall be an amount which bears
the same ratio to such beginning Gross Asset Value as the federal income tax depreciation,
amortization or other cost recovery deduction for such year or other period bears to such beginning
adjusted tax basis; <U>provided</U>,<U> however</U>, that if the adjusted tax basis of an asset
at the beginning of such taxable year or portion of a taxable year is zero, Depreciation shall be
determined with reference to such beginning Gross Asset Value using any reasonable method agreed
upon by the Partners.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Discretionary Distributions</I></B>&#148; shall have the meaning ascribed to such term in Subsection
5.1(c).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Effective Time</I></B>&#148; shall mean the close of the Partnership&#146;s business on the date of this
Agreement.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Electing Partner</I></B><I>&#148; </I>shall have the meaning ascribed to such term in Subsection 3.1(d).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Evaluation Material</I></B>&#148; shall have the meaning ascribed to such term in Subsection 6.4(i).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Event of Withdrawal</I></B>&#148; shall have the meaning ascribed to such term in Subsection 11.1(b).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Exchange Act</I></B>&#148; shall mean the Securities Exchange Act of 1934, as amended and in effect from
time to time, or the corresponding provisions of any successor statute, and the rules and
regulations promulgated thereunder.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Exercising Partner</I></B>&#148; shall mean (i)&nbsp;either the GE Representative Partner or Penske Truck
Leasing Corporation, whichever delivers an IPO Notice pursuant to Subsection 10.1(a), or (ii)&nbsp;as
provided in Subsection 10.4(a)(i).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Existing Business Activities</I></B>&#148; shall have the meaning ascribed to such term in Subsection
6.6(k)(4).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>FCPA</I></B>&#148; shall mean the United States Foreign Corrupt Practices Act of 1977, as amended and in
effect from time to time, or the corresponding provisions of any successor statute, and the rules
and regulations promulgated thereunder.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Financial Services Business</I></B>&#148; shall have the meaning ascribed to such term in Subsection
6.6(k)(5).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Financing</I></B>&#148; shall have the meaning ascribed to such term in Subsection 6.6(k)(6).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>First Opportunity</I></B>&#148; shall have the meaning ascribed to such term in Subsection 6.6(i).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Foreclosure</I></B>&#148; shall have the meaning ascribed to such term in Subsection 9.2(e).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>GE Capital</I></B>&#148; shall mean GE Capital Global Holdings, LLC, a Delaware limited liability company.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>GE Capital Consolidated Group</I></B>&#148; shall mean the consolidated group, determined in accordance
with Generally Accepted Accounting Principles, of which GE Capital is the common parent.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>GE Committee Member</I></B>&#148; shall have the meaning ascribed to such term in Subsection 6.4(a).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>GE Logistics Holdco</I></B>&#148; shall mean Logistics Holding LLC, a Delaware limited liability company
(formerly known as Logistics Holding Corp.).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>GE Partners</I></B>&#148; shall mean GE Truck Leasing Holdco and GE Tennessee and any Permitted Intragroup
Transferees thereof.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>GE Priority Amount</I></B>&#148; shall mean the result of (x)&nbsp;49.9% of $700,000,000 minus (y)&nbsp;the Mitsui
Priority Amount.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>GE Representative Partner</I></B>&#148; shall mean (i)&nbsp;GE Truck Leasing Holdco or such other Partner as
designated by the then existing GE Partners, or (ii)&nbsp;any permitted successor or permitted assignee
to which a GE Partner has Sold its right to designate or replace the GE Representative Partner
pursuant to Subsection 9.5(d) (and any permitted successor or permitted assignee thereof) or such
other Partner as designated thereby.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>GE Tennessee</I></B>&#148; shall have the meaning ascribed to such term in the first Paragraph of this
Agreement and shall include any of its Permitted Intragroup Transferees.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>GE Truck Leasing Holdco</I></B>&#148; shall have the meaning ascribed to such term in the first Paragraph
of this Agreement and shall include any of its Permitted Intragroup Transferees.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>General Partner</I></B>&#148; shall mean PTL GP until such time as PTL GP is replaced or substituted in
accordance with the terms of Section&nbsp;1.1(c) or Section&nbsp;11.1(b) of this Agreement, in either case in
its capacity as the general partner in the Partnership and with respect to its Partnership Interest
as a general partner in the Partnership.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Generally Accepted Accounting Principles</I></B>&#148; shall refer to generally accepted accounting
principles as in effect from time to time in the United States of America.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Governmental Authority</I></B>&#148; shall mean any (i)&nbsp;U.S., foreign, federal, state, local or other
government, (ii)&nbsp;governmental commission, board, body, bureau, agency, department or other
judicial, regulatory or administrative authority of any nature, including courts, tribunals and
other judicial bodies, (iii)&nbsp;any self-regulatory body or authority, and (iv)&nbsp;any instrumentality or
entity designed to act for or on behalf of the foregoing in exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to government.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Gross Asset Value</I></B>&#148; shall mean, with respect to any asset, the asset&#146;s adjusted basis for
federal income tax purposes except as follows:


<P align="left" style="font-size: 12pt; text-indent: 12%">(i)&nbsp;The initial Gross Asset Value of any asset contributed by a Partner to the Partnership
shall be the gross fair market value of such asset, as agreed to by the General Partner and the
Contributing Partner at the time of such contribution, provided that, if the contributing Partner
is the General Partner or an Affiliate of the General Partner, the gross fair market value of such
asset must be agreed to by the General Partner and each Significant Limited Partner;


<P align="left" style="font-size: 12pt; text-indent: 12%">(ii)&nbsp;The Gross Asset Values of all Partnership assets shall be adjusted to equal their
respective gross fair market values, as proposed by the General Partner and approved by each
Significant Limited Partner, as of the following times: (a)&nbsp;the acquisition of an additional
interest in the Partnership by any new or existing Partner in exchange for more than a <U>de
minimis</U> Capital Contribution; (b)&nbsp;the distribution by the Partnership to a Partner of more than
a <U>de minimis</U> amount of property as consideration for a Partnership Interest; (c)&nbsp;the
liquidation of the Partnership within the meaning of Treasury Regulation&nbsp;Section
1.704-1(b)(2)(ii)(g); and (d)&nbsp;in connection with the grant of an interest in the Partnership (other
than a <U>de minimis</U> interest) as consideration for the provision of services to or for the
benefit of the Partnership by an existing Partner acting in a partner capacity, or by a new Partner
acting in a partner capacity in anticipation of being a Partner; provided, however, that
adjustments pursuant to clauses (a), (b)&nbsp;and (d)&nbsp;above shall be made only if the General Partner
reasonably determines that such adjustments are necessary or appropriate to reflect the relative
economic interests of the Partners in the Partnership;


<P align="left" style="font-size: 12pt; text-indent: 12%">(iii)&nbsp;The Gross Asset Value of any Partnership asset distributed to any Partner shall be
adjusted to equal the gross fair market value of such asset on the date of distribution as
determined by the distributee and the General Partner, provided that, if the distributee is the
General Partner or an Affiliate of the General Partner, the determination of the fair market value
of the distributed asset must be agreed to by the General Partner and each Significant Limited
Partner; and


<P align="left" style="font-size: 12pt; text-indent: 12%">(iv)&nbsp;The Gross Asset Values of Partnership assets shall be increased (or decreased) to reflect
any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Section
743(b) but only to the extent that such adjustments are taken into account in determining Capital
Accounts pursuant to (a)&nbsp;Regulations Section&nbsp;1.704-1(b)(2)(iv)(m) and (b)&nbsp;subparagraph (vi)&nbsp;of the
definition of &#147;Profits&#148; and &#147;Losses&#148; in this Section&nbsp;2.1 or Subsection 5.3(g), provided, however,
that Gross Asset Values shall not be adjusted pursuant to this subparagraph (iv)&nbsp;to the extent the
General Partner determines that an adjustment pursuant to subparagraph (ii)&nbsp;is necessary or
appropriate in connection with a transaction that would otherwise result in an adjustment pursuant
to this subparagraph (iv).


<P align="left" style="font-size: 12pt; text-indent: 4%">If the Gross Asset Value of an asset has been determined or adjusted pursuant to Subsections
(i), (ii), or (iv)&nbsp;hereof or the Corresponding Provision of any Prior Agreement, such Gross Asset
Value shall thereafter be adjusted by the Depreciation taken into account with respect to such
asset for purposes of computing Profits and Losses.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Holdings</I></B>&#148; shall mean LJ VP Holdings LLC, a Delaware limited liability company and the sole
member of PTL GP.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Holdings LLC Agreement</I></B>&#148; shall mean that certain Second Amended and Restated Limited Liability
Company Agreement of Holdings, dated as of March&nbsp;17, 2015, as amended by an Amendment No.&nbsp;1 dated
as of November&nbsp;24, 2015, as the same may be further amended, restated, supplemented or otherwise
modified from time to time.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Initial Capital Call Deficiency</I></B>&#148; shall have the meaning ascribed to such term in Subsection
3.1(c).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Initiated Offer</I></B>&#148; shall have the meaning ascribed to such term in Subsection 9.3(c).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Insurance</I></B>&#148; shall have the meaning ascribed to such term in Subsection 6.6(k)(7).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Interested Party</I></B>&#148; shall have the meaning ascribed to such term in Subsection 6.6(a).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Investment Company Act</I></B>&#148; shall mean the Investment Company Act of 1940, as amended.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>IPO</I></B>&#148; shall mean the initial public offering limited to common equity securities involving the
Partnership Registrant in accordance with applicable securities Laws.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>IPO Consummation Obligation</I></B>&#148; shall have the meaning ascribed to such term in Subsection
10.1(c).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>IPO Demand Notice</I></B>&#148; shall have the meaning ascribed to such term in Subsection 10.1(b).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>IPO Notice</I></B>&#148; shall have the meaning ascribed to such term in Subsection 10.1(a).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>IPO Rebuttal</I></B>&#148; shall have the meaning ascribed to such term in Subsection 10.1(b).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Issuing Entity</I></B>&#148; shall mean any entity formed to be the issuer in the IPO.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Law</I></B>&#148; shall mean any applicable foreign or domestic, federal, state or local statute,
ordinance, rule, regulation, code, license, permit, authorization, approval, consent, order,
judgment, decree, injunction or requirement of any Governmental Authority or any arbitration
tribunal.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Leasing</I></B>&#148; shall have the meaning ascribed to such term in Subsection 6.6(k)(8).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Level One Approval</I></B>&#148; shall mean the approval (which may be by resolution adopted at a duly
convened meeting) of at least five (5)&nbsp;members of the Advisory Committee (including the GE
Committee Member designated by the GE Representative Partner, the Mitsui Committee Member
designated by MBK USA CV and the PAG Committee Member designated by PAG) given at a duly called
meeting of the Advisory Committee at which a Level One Quorum was present, or by written resolution
in accordance with Subsection 6.4(c).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Level One Quorum</I></B>&#148; shall mean the presence (in person or by telephonic communication or other
means in accordance with Subsection 6.4(c)) of at least five (5)&nbsp;members of the Advisory Committee
(including the GE Committee Member designated by the GE Representative Partner, the Mitsui
Committee Member designated by MBK USA CV and the PAG Committee Member designated by PAG).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Level Two Approval</I></B>&#148; shall mean the approval (which may be by resolution adopted at a duly
convened meeting) of at least three (3)&nbsp;PTLC Committee Members and the GE Committee Member
designated by the GE Representative Partner given at a duly called meeting of the Advisory
Committee at which a Level Two Quorum was present, or by written resolution in accordance with
Subsection 6.4(c).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Level Two Quorum</I></B>&#148; shall mean the presence (in person or by telephonic communication or other
means in accordance with Subsection 6.4(c)) of at least four (4)&nbsp;members of the Advisory Committee
(including the GE Committee Member designated by the GE Representative Partner).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Level Three Approval</I></B>&#148; shall mean the approval (which may be by resolution adopted at a duly
convened meeting) of at least three (3)&nbsp;PTLC Committee Members and at least fifty percent (50%) of
the number of members of the Advisory Committee designated by Significant Limited Partners given at
a duly called meeting of the Advisory Committee at which a Level Three Quorum was present, or by
written resolution in accordance with Subsection 6.4(c).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Level Three Quorum</I></B>&#148; shall mean the presence (in person or by telephonic communication or
other means in accordance with Subsection 6.4(c)) of at least three (3)&nbsp;PTLC Committee Members and
at least fifty percent (50%) of the number of members of the Advisory Committee designated by
Significant Limited Partners.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Level Three Triggering Condition</I></B>&#148; shall have the meaning ascribed to such term in Subsection
6.5(d).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Level Four Approval</I></B>&#148; shall mean the approval (which may be by resolution adopted at a duly
convened meeting) of at least four (4)&nbsp;members of the Advisory Committee given at a duly called
meeting of the Advisory Committee at which a Level Four Quorum was present, or by written
resolution in accordance with Subsection 6.4(c).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Level Four Quorum</I></B>&#148; shall mean the presence (in person or by telephonic communication or other
means in accordance with Subsection 6.4(c)) of at least four (4)&nbsp;members of the Advisory Committee.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Level Four Triggering Condition</I></B>&#148; shall have the meaning ascribed to such term in Subsection
6.5(d).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Lien</I></B>&#148; shall mean any mortgage, deed of trust, pledge, hypothecation, assignment, deposit
arrangement, encumbrance, lien (statutory or other), charge or other security interest or any
preference, priority or other security&#146; agreement or preferential arrangement of any kind or nature
whatsoever (including any conditional sale or other title retention agreement and any capital lease
having substantially the same economic effect as any of the foregoing); <I>provided</I>, <I>however</I>, that
&#147;Liens&#148; shall not include contracts entered into by the Partnership to lease, rent or otherwise
permit the utilization of the Partnership&#146;s assets in the ordinary course of business, unless such
contracts are entered into in connection with the incurrence of indebtedness by the Partnership or
its Subsidiaries.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Limited Partner</I></B>&#148; shall mean (i)&nbsp;as of the Effective Time, GE Tennessee, PTLC, PAG, GE Truck
Leasing Holdco and MBK USA CV and (ii)&nbsp;after the Effective Time, the Persons set forth in the
foregoing clause (i)&nbsp;and such other Persons as may be admitted from time to time as limited
partners in the Partnership in accordance with this Agreement, each in its capacity as a Limited
Partner; provided, however, that the term &#147;Limited Partner&#148; at any given time shall not include (A)
such Persons that cease to be limited partners as provided in Article&nbsp;9, or (B)&nbsp;the Managing Member
of Holdings if it becomes the general partner in the Partnership pursuant to Subsection 1.1(c), but
only with respect to its Partnership Interest as the general partner in the Partnership.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Managing Member</I></B>&#148; shall have the meaning ascribed to such term in the Holdings LLC Agreement.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>MBK USA CV</I></B>&#148; shall have the meaning ascribed to such term in the first Paragraph of this
Agreement and shall include any of its Permitted Intragroup Transferees.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Member</I></B>&#148; shall have the meaning ascribed to such term in the Holdings LLC Agreement.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Member Interest</I></B>&#148; shall have the meaning ascribed to such term in the Holdings LLC Agreement.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Mitsui</I></B>&#148; shall mean Mitsui & Co., Ltd., a Japanese company.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Mitsui Committee Member</I></B>&#148; shall have the meaning ascribed to such term in Subsection 6.4(a).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Mitsui Consolidated Group</I></B>&#148; shall mean the consolidated group, determined in accordance with
Generally Accepted Accounting Principles, of which Mitsui is the common parent.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Mitsui Co-Obligation Fee, Payment and Security Agreement</I></B>&#148; shall mean the Mitsui Co-Obligation
Fee, Payment and Security Agreement dated as of March&nbsp;18, 2015, as amended by an Amendment No.&nbsp;1
dated as of November&nbsp;24, 2015 and an Amendment No.&nbsp;2 dated as of March&nbsp;31, 2016, as the same may be
further amended, restated, supplemented or otherwise modified from time to time.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Mitsui Pledge</I></B>&#148; shall have the meaning ascribed to such term in Subsection 9.2(f).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Mitsui Pledged Interest</I></B>&#148; shall have the meaning ascribed to such term in Subsection 9.2(f).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Mitsui Priority Amount</I></B>&#148; shall mean the Purchase Indemnity Amount under (and as defined in)
that certain Purchase and Sale Agreement, dated as of March&nbsp;18, 2015, by and among GE Logistics
Holdco, GE Capital Memco, LLC, a Delaware limited liability company, General Electric Capital
Corporation, MBK Commercial Vehicles Inc., a Delaware corporation, and MBK USA CV.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Mitsui Trainee</I></B>&#148; shall have the meaning ascribed to such term in Subsection&nbsp;6.8(b).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Net Income</I></B>&#148; shall mean, for any period, the consolidated net income of the Partnership and
its Subsidiaries, determined on a consolidated basis in accordance with Generally Accepted
Accounting Principles; <U>provided</U>, <U>however</U>, (i)&nbsp;any positive or negative currency
translation adjustments will be excluded from the determination of Net Income to the extent such
adjustments do not require an adjustment to the Partnership&#146;s equity and (ii)&nbsp;goodwill impairment
charges will be excluded from the determination of Net Income.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Net Losses</I></B>&#148; shall have the meaning ascribed to such term in Subsection 9.3(i).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Non-Exercising Partner</I></B>&#148; shall mean (i)&nbsp;either the GE Representative Partner or Penske Truck
Leasing Corporation, whichever does not deliver an IPO Notice pursuant to Subsection 10.1(a) or
(ii)&nbsp;as provided in Subsection 10.4(a)(i).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Non-Issuing Partner</I></B>&#148; shall have the meaning ascribed to such term in Subsection 6.4(i).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Nonrecourse Deductions</I></B>&#148; shall have the meaning set forth in Regulations Sections
1.704-2(b)(1) and 1.704-2(c).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Nonrecourse Liability</I></B>&#148; shall have the meaning set forth in Regulations Section&nbsp;1.704-2(b)(3).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Non-Voting Observer</I></B>&#148; shall have the meaning ascribed to such term in Subsection 6.4(j).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Offer</I></B>&#148; shall have the meaning ascribed to such term in Subsection 9.3(c).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Offered Interest</I></B>&#148; shall have the meaning ascribed to such term in Subsection 9.3(c).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Offered Partner</I></B>&#148; shall have the meaning ascribed to such term in Subsection 3.1(n).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Offeree Partners</I></B>&#148; shall have the meaning ascribed to such term in Subsection 9.3(c).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Offering Partner</I></B>&#148; shall have the meaning ascribed to such term in Subsection 9.3(c).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Other Financial Services Activities</I></B>&#148; shall have the meaning ascribed to such term in
Subsection 6.6(k)(9).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>PAG</I></B>&#148; shall have the meaning ascribed to such term in the first Paragraph of this Agreement
and shall include any of its Permitted Intragroup Transferees except for members of the PTLC
Consolidated Group.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>PAG Committee Member</I></B>&#148; shall have the meaning ascribed to such term in Subsection 6.4(a).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>PAG Consolidated Group</I></B>&#148; shall mean a consolidated group, determined in accordance with
Generally Accepted Accounting Principles, of which PAG is the common parent.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>PAG Pledge</I></B>&#148; shall have the meaning ascribed to such term in Subsection 9.2(e).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>PAG Pledged Interest</I></B>&#148; shall have the meaning ascribed to such term in Subsection 9.2(e).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>PAG Security Agreement</I></B>&#148; shall mean the Amended and Restated PAG Co-Obligation Fee, Indemnity
and Security Agreement, dated as of March&nbsp;17, 2015, as modified by the letter agreement among
General Electric Capital Corporation, GE Tennessee and PAG, dated November&nbsp;24, 2015, and as the
same may be further amended, restated, supplemented or otherwise modified from time to time.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Parent Company</I></B>&#148; shall mean, in the case of a GE Partner, GE Capital, and in the case of a
Penske Partner, Penske Corporation.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Partner</I></B>&#148; shall mean the General Partner or a Limited Partner.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Partner Nonrecourse Debt</I></B>&#148; shall have the meaning set forth in Regulations Section
1.704-2(b)(4).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Partner Nonrecourse Debt Minimum Gain</I></B>&#148; shall mean an amount, with respect to each Partner
Nonrecourse Debt, equal to the Partnership Minimum Gain that would result if such Partner
Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with the
provisions of Regulations Section&nbsp;1.704-2(i)(3) relating to &#147;partner nonrecourse debt minimum
gain.&#148;


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Partner Nonrecourse Deductions</I></B>&#148; shall have the meaning set forth in Regulations Sections
1.704-2(i)(1) and 1.704-2(i)(2).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Partnership</I></B>&#148; shall have the meaning ascribed to such term in in the first &#147;Whereas&#148; clause
hereof.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Partnership Certificate</I></B>&#148; shall have the meaning ascribed to such term in Section&nbsp;3.7.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Partnership Group</I></B>&#148; shall mean, individually or in the aggregate, the Partnership and its
Subsidiaries.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Partnership Interest</I></B>&#148; shall refer, with respect to a given Partner as of a given date, to
such Partner&#146;s interest as a general partner of the Partnership (if any) and such Partner&#146;s
interest as a limited partner of the Partnership (if any), in each case as of such date, including
any and all benefits to which the holder of such an interest may be entitled as provided in this
Agreement, together with all obligations of such Partner to comply with the terms and provisions of
this Agreement.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Partnership Minimum Gain</I></B>&#148; shall have the meaning set forth in Regulations Sections
1.704-2(b)(2) and 1.704-2(d).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Partnership Registrant</I></B>&#148; shall mean the Partnership or the Issuing Entity that is the issuer
in the IPO, as the case may be.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Partnership Year</I></B>&#148; shall have the meaning ascribed to such term in Section&nbsp;1.7.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Penske Corporation</I></B>&#148; shall mean Penske Corporation, a Delaware corporation.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Penske Partners</I></B>&#148; shall mean (i)&nbsp;PTLC, (ii)&nbsp;PTL GP until the date, if any, that PTL GP ceases
to be a Controlled Affiliate of Penske Corporation and (iii)&nbsp;subject to the last sentence of
Subsection 6.6(b), PAG until the date, if any, that PAG ceases to be a Controlled Affiliate of
Penske Corporation, and, in each case, any Permitted Intragroup Transferees thereof.


<P align="left" style="font-size: 12pt; text-indent: 4%">The &#147;<B><I>Percentage Interest</I></B>&#148; of a Partner shall be the percentage ownership set forth next to its
respective name on Schedule&nbsp;A hereto, as such Schedule&nbsp;A shall be amended, restated, supplemented
or otherwise modified from time to time to reflect Sales of then outstanding Partnership Interests,
issuance and sales of new Partnership Interests, and additional capital contributions of the
Partners, in each case, in accordance with the terms of this Agreement.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Permitted Intragroup Transferees</I></B>&#148; of a Partner shall mean transferees and assignees of such
Partner to which a Partnership Interest has been Sold as permitted or required under Subsections
9.2(b) or (c), excluding those that have ceased to be a member of the GE Capital Consolidated
Group, the PTLC Consolidated Group, the PAG Consolidated Group or the Mitsui Consolidated Group, as
the case may be.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Person</I></B>&#148; shall include an individual, a partnership, a corporation, a limited liability
company, a trust, an unincorporated organization, a government or any department or agency thereof,
and any other entity.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Potential Buyer</I></B>&#148; shall have the meaning ascribed to such term in Subsection 6.4(i).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Preliminary Distribution</I></B>&#148; shall have the meaning ascribed to such term in Subsection 5.1(a).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Prior Agreement</I></B>&#148; shall mean each of the Amended and Restated Agreement of Limited Partnership
of Penske Truck Leasing Co., L.P., dated August&nbsp;10, 1988, the Second Amended and Restated Agreement
of Limited Partnership of Penske Truck Leasing Co., L.P., dated September&nbsp;19, 2008, the Third
Amended and Restated Agreement of Limited Partnership of Penske Truck Leasing Co., L.P., dated
March&nbsp;26, 2009, the Fourth Amended and Restated Agreement of Limited Partnership of Penske Truck
Leasing Co., L.P., dated April&nbsp;30, 2012, and the Fifth Amended and Restated Partnership Agreement,
in each case, as amended and in effect from time to time.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Profits</I></B>&#148; and &#147;<B><I>Losses</I></B>&#148; shall mean, for each taxable year or portion of a taxable year, an
amount equal to the Partnership&#146;s taxable income or loss for such taxable year or portion of a
taxable year, determined in accordance with Code Section 703(a) (for this purpose, all items of
income, gain, loss or deduction required to be stated separately pursuant to Code Section&nbsp;703(a)(1)
shall be included in taxable income or loss), with the following adjustments:


<P align="left" style="font-size: 12pt; text-indent: 12%">(i)&nbsp;Any income of the Partnership that is exempt from federal income tax and not otherwise
taken into account in computing Profits or Losses pursuant to this definition shall be added to
such taxable income or loss;


<P align="left" style="font-size: 12pt; text-indent: 12%">(ii)&nbsp;Any expenditures of the Partnership described in Code Section&nbsp;705(a)(2)(B) or treated as
Code Section&nbsp;705(a)(2)(B) expenditures pursuant to Treasury Regulation&nbsp;Section
1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses pursuant
to this definition shall be subtracted from such taxable income or loss;


<P align="left" style="font-size: 12pt; text-indent: 12%">(iii)&nbsp;In the event the Gross Asset Value of any Partnership asset is adjusted pursuant to
subparagraphs (ii)&nbsp;or (iii)&nbsp;of the definition of &#147;Gross Asset Value&#148; in this Section&nbsp;2.1 the amount
of such adjustment shall be taken into account as gain or loss from the disposition of such asset
for purposes of computing Profits or Losses;


<P align="left" style="font-size: 12pt; text-indent: 12%">(iv)&nbsp;Gain or loss resulting from any disposition of Partnership property with respect to which
gain or loss is recognized for federal income tax purposes shall be computed by reference to the
Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such
property differs from its Gross Asset Value;


<P align="left" style="font-size: 12pt; text-indent: 12%">(v)&nbsp;In lieu of the depreciation, amortization and other cost recovery deductions taken into
account in computing such taxable income or loss, there shall be taken into account Depreciation
for such taxable year or portion of a taxable year;


<P align="left" style="font-size: 12pt; text-indent: 12%">(vi)&nbsp;To the extent an adjustment to the adjusted tax basis of any Partnership asset pursuant
to Code Sections 734(b) is required pursuant to Regulations Section&nbsp;1.704-1(b)(2)(iv)(m)(4) to be
taken into account in determining Capital Accounts as a result of a distribution other than in
liquidation of a Partner&#146;s interest in the Partnership, the amount of such adjustment shall be
treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the
adjustment decreases the basis of the asset) from the disposition of the asset and shall be taken
into account for purposes of computing Profits or Losses; and notwithstanding any other provision
of this definition of &#147;Profits&#148; and &#147;Losses,&#148; any items that are specially allocated pursuant to
Sections&nbsp;5.3 and 5.4 shall not be taken into account in computing Profits or Losses.


<P align="left" style="font-size: 12pt; text-indent: 12%">(vii)&nbsp;The amounts of items of Partnership income, gain, loss, or deduction available to be
specially allocated pursuant to Sections&nbsp;5.3 and 5.4 shall be determined by applying rules
analogous to those set forth in subparagraphs (i)&nbsp;through (vi).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>PTL GP</I></B>&#148; shall mean PTL GP, LLC, a Delaware limited liability company and shall include any
permitted successors or permitted assigns as contemplated by the Holdings LLC Agreement.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>PTLC</I></B>&#148; shall have the meaning ascribed to such term in the first Paragraph of this Agreement
and shall include any of its Permitted Intragroup Transferees except members of the PAG
Consolidated Group.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>PTLC Committee Member</I></B>&#148; shall have the meaning ascribed to such term in Subsection 6.4(a).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>PTLC Consolidated Group</I></B>&#148; shall mean the consolidated group, determined in accordance with
Generally Accepted Accounting Principles, of which Penske Corporation is the common parent, except
that members of the PAG Consolidated Group shall not be deemed members of the PTLC Consolidated
Group.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>PTLC Security Agreement</I></B>&#148; shall mean the Amended and Restated PTLC Co-Obligation Fee,
Indemnity and Security Agreement, dated as of March&nbsp;17, 2015, as modified by the letter agreement
among General Electric Capital Corporation, GE Tennessee, PTLC and Penske System, Inc., dated
November&nbsp;24, 2015 and as the same may be further amended, restated, supplemented or otherwise
modified from time to time.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Purchasing Partner</I></B>&#148; shall have the meaning ascribed to such term in Subsection 3.1(n).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Recipient Group</I></B>&#148; shall have the meaning ascribed to such term in Subsection 6.4(i).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Registration Rights Agreement</I></B>&#148; shall mean the First Amended and Restated Registration Rights
Agreement entered into by the Partners, the Partnership and Holdings, dated as March&nbsp;18, 2015, as
the same may be amended, restated, supplemented or otherwise modified from time to time.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Regulations</I></B>&#148; shall mean the United States Income Tax Regulations, including Temporary
Regulations, promulgated under the Code, as such regulations may be amended, restated, supplemented
or otherwise modified from time to time.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Regulatory Allocations</I></B>&#148; shall have the meaning set forth in Section&nbsp;5.4.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Remaining Capital Call Deficiency</I></B>&#148; shall have the meaning ascribed to such term in Subsection
3.1(e).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Response Notice</I></B>&#148; shall have the meaning ascribed to such term in Subsection 9.3(d).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Restricted Person</I></B>&#148; shall have the meaning ascribed to such term in Subsection 6.6(i).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Returns</I></B>&#148; shall have the meaning ascribed to such term in Subsection 8.2(d).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Rollins Business</I></B>&#148; shall mean the truck leasing business as conducted by Rollins Truck Leasing
Corp. at the time of its acquisition by the Partnership and such business as may have been
continued by the Partnership Group.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Sale</I></B>&#148; (including, with its correlative meanings, &#147;<B><I>Sell</I></B>&#148; and &#147;<B><I>Sold</I></B>&#148;) with respect to a
Partnership Interest shall mean any voluntary or involuntary sale, assignment, transfer or other
disposition of all or any portion of such Partnership Interest (or any right or interest therein),
including by operation of Law, but, for the avoidance of doubt, does not include the creation of
any Liens upon a Partnership Interest unless the holder of such a Lien acquires all or any portion
of such Partnership Interest or the Partnership Interest is otherwise sold, transferred or assigned
in accordance with the Lien.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Schedule</I></B>&#148; shall refer to one of several written Schedules to this Agreement, as amended,
restated, supplemented or otherwise modified from time to time to the extent permitted by this
Agreement, each of which is hereby incorporated into and made a part of this Agreement for all
purposes.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>SEC</I></B>&#148; shall mean the Securities and Exchange Commission or any successor agency.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Securities</I></B>&#148; shall mean any common equity securities of the Partnership Registrant.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Securities Act</I></B>&#148; shall mean the Securities Act of 1933, as amended and in effect from time to
time, or the corresponding provisions of any successor statute, and the rules and regulations
promulgated thereunder.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Securities Activity</I></B>&#148; shall have the meaning ascribed to such term in Subsection 6.6(k)(10).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Selling Interests</I></B>&#148; shall have the meaning ascribed to such term in Subsection 10.1(d).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Significant Limited Partners</I></B>&#148; shall mean each of (i)&nbsp;the GE Partners (acting through the GE
Representative Partner), (ii)&nbsp;PAG and (iii)&nbsp;MBK USA CV, so long as each such Person or Persons
holds at least a ten percent (10%) Percentage Interest; it being agreed, for the avoidance of
doubt, that there may be no more than one (1)&nbsp;Significant Limited Partner from each of the
foregoing clauses (i)&nbsp;through (iii).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Subject Purchaser</I></B>&#148; shall have the meaning ascribed to such term in Subsection 3.1(i).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Subject Year</I></B>&#148; shall mean a Partnership Year with respect to which Net Income for such
Partnership Year or the fiscal quarters thereof is being calculated for purposes of determining
whether distributions to the Partners are to be made under Section&nbsp;5.1, regardless of whether such
distributions are to be made in such Partnership Year or the following Partnership Year.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Subject Year to Date</I></B>&#148; shall mean the Subject Year through and including the quarter for which
Net Income is being calculated.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Subsidiary</I></B>&#148; shall refer to (i)&nbsp;any corporation (or equivalent legal entity under foreign Law)
of which another Person owns directly or indirectly more than fifty percent (50%) of the stock, the
holders of which are ordinarily and generally, in the absence of contingencies or understandings,
entitled to vote for the election of directors, (ii)&nbsp;any limited liability company in which such
Person owns directly or indirectly more than fifty percent (50%) of the membership interests, (iii)
any partnership in which such other Person owns directly or indirectly more than fifty percent
(50%) of the partnership interests and (iv)&nbsp;any other entity of which another Person has the voting
power to elect the majority of the members of the board of directors, the board of managers or a
similar body of such entity.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Tax Matters Partner</I></B>&#148; shall have the meaning ascribed to such term in Subsection 8.2(e).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Third-Party Proposed Sale</I></B>&#148; shall have the meaning ascribed to such term in Subsection 9.3(c).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Third Tier Built-In Gain</I></B>&#148; shall have the meaning ascribed to such term in Subsection 5.5(d).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>TMP Eligible Partner</I></B>&#148; shall have the meaning ascribed to such term in Subsection 8.2(e).


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Trade Name and Trademark Agreement</I></B>&#148; shall mean that certain Amended and Restated Trade Name
and Trademark Agreement, dated April&nbsp;30, 2012, between Penske System, Inc. and the Partnership, as
the same may be amended, restated, supplemented or otherwise modified from time to time.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Transfer</I></B>&#148; shall mean any Sale or creation of a Lien.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;<B><I>Triggering Transfer</I></B>&#148; shall have the meaning ascribed to such term in Subsection 9.4(b).


<P align="left" style="font-size: 12pt; text-indent: 4%">2.2 <U>General Provisions</U>. Unless the context otherwise requires, as used in this
Agreement, (i)&nbsp;the terms &#147;herein&#148;, &#147;hereof&#148; and &#147;hereunder&#148; and other words of similar import refer
to this Agreement as a whole and not to any particular section, paragraph or subdivision; (ii)
terms used in the singular also include the plural and vice versa; (iii)&nbsp;all references to statutes
and related regulations shall include any amendments of same and any successor statutes and
regulations; (iv)&nbsp;any pronoun shall include the corresponding masculine, feminine and neuter forms;
(v)&nbsp;the words &#147;include,&#148; &#147;includes&#148; and &#147;including&#148; shall be deemed to be followed by the phrase
&#147;without limitation&#148;; (vi)&nbsp;the word &#147;will&#148; shall be construed to have the same meaning and effect
as the word &#147;shall&#148;; (vii)&nbsp;all references herein to Articles, Sections, Exhibits and Schedules
shall be construed to refer to Articles and Section of, and Exhibits and Schedules to, this
Agreement; and (viii)&nbsp;the words &#147;asset&#148; and &#147;property&#148; shall be construed to have the same meaning
and effect and to refer to any and all tangible and intangible assets and properties, including
cash, securities, accounts and contract rights.


<P align="center" style="font-size: 12pt">ARTICLE 3



<P align="center" style="font-size: 12pt">CAPITAL CONTRIBUTIONS; ISSUANCE OF PARTNERSHIP INTERESTS;<BR>
CAPITAL ACCOUNTS



<P align="left" style="font-size: 12pt; text-indent: 4%">3.1 <U>Additional Capital Contributions; Issuance of Additional Partnership Interests</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;Except as required in Section&nbsp;3.3, no additional capital contributions shall be required
to be made by the Partners.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;If at any time the Advisory Committee has approved raising additional equity capital
pursuant to Subsection 6.5(c)(viii) or Subsection 6.5(f)(v) then the General Partner may, by
written notice, cause the Partnership to make a voluntary capital call to all Partners for the
amount of such additional equity capital. Any such notice of any additional capital call shall
include the following information: (i)&nbsp;the aggregate amount of the capital contributions to be made
and the reason for such capital call, (ii)&nbsp;the fair market value of one hundred percent (100%) of
the Partnership Interests adjusted for limited (non-controlling) Partnership Interests, as
determined reasonably and in good faith by the Advisory Committee (on a pro forma basis after
giving effect to the full satisfaction of such capital call), and (iii)&nbsp;the aggregate Percentage
Interest represented by such capital call (on a pro forma basis after giving effect to the full
satisfaction of such capital call).


<P align="left" style="font-size: 12pt; text-indent: 8%">(c)&nbsp;A capital call by the Partnership pursuant to Subsection 3.1(b) shall remain open for
thirty (30)&nbsp;days or such longer period as may be determined by the General Partner. If by the end
of such period, any of the Partners shall have failed to provide written notice to the General
Partner that it has elected to contribute its pro rata portion of such capital call (based on its
Percentage Interests), the General Partner shall inform the Partners in writing within two (2)
Business Days thereafter of the amount of such capital call not subscribed for by any
non-participating Partners and by any Partners not participating in full with respect to their pro
rata shares (such aggregate deficiency, the &#147;<B><I>Initial Capital Call Deficiency</I></B>&#148;).


<P align="left" style="font-size: 12pt; text-indent: 8%">(d)&nbsp;Following receipt of notice from the General Partner of any Initial Capital Call
Deficiency, each Partner that elected to contribute its pro rata portion of the capital call (each,
an &#147;<B><I>Electing Partner</I></B>&#148;) shall be entitled to elect to make an additional capital contribution of up
to its pro rata share of any such Initial Capital Call Deficiency (based upon the aggregate
Percentage Interests of all Electing Partners that elected to make a capital contribution pursuant
to this Subsection 3.1(d), without giving effect to such capital contribution). Each Electing
Partner that exercises this right to contribute up to such pro rata share of any Initial Capital
Call Deficiency shall provide notice thereof to the General Partner and each other Partner within
ten (10)&nbsp;days after receipt of such notice of Initial Capital Call Deficiency from the General
Partner, specifying the maximum amount such Partner has elected to contribute pursuant to this
Subsection 3.1(d).


<P align="left" style="font-size: 12pt; text-indent: 8%">(e)&nbsp;In the event that the Electing Partners do not elect to contribute in the aggregate an
amount sufficient to satisfy in full any Initial Capital Call Deficiency within such ten (10)&nbsp;day
period, the General Partner shall inform the Partners in writing within two (2)&nbsp;Business Days
thereafter of the amount of such Initial Capital Call Deficiency in respect of which Electing
Partners have not elected to make additional capital contributions (the &#147;<B><I>Remaining Capital Call
Deficiency</I></B>&#148;).


<P align="left" style="font-size: 12pt; text-indent: 8%">(f)&nbsp;Following receipt of notice from the General Partner of any Remaining Capital Call
Deficiency, each Partner may elect to make additional capital contributions in respect of all or
any portion of such Remaining Capital Call Deficiency by providing written notice thereof to the
General Partner and each other Partner within ten (10)&nbsp;days after receipt of such notice of
Remaining Capital Call Deficiency.


<P align="left" style="font-size: 12pt; text-indent: 8%">(g)&nbsp;If, within ten (10)&nbsp;days after receipt by each Partner of the notice of such Remaining
Capital Call Deficiency, any Partners shall have provided notice to the General Partner of its
election to contribute all or a portion of the Remaining Capital Call Deficiency, then the
additional amount of capital to be contributed by all such Partners shall be allocated among them
as follows:


<P align="left" style="font-size: 12pt; text-indent: 12%">(1)&nbsp;<U>First</U>, each participating Partner shall contribute its pro rata share of the
Remaining Capital Call Deficiency (calculated by reference to the Percentage Interests of such
participating Partners, but excluding, for purposes of such calculation, the Percentage Interests
of any non-participating Partner) up to (but not to exceed) the additional amount it has agreed to
contribute with respect to such Remaining Capital Call Deficiency; and


<P align="left" style="font-size: 12pt; text-indent: 12%">(2)&nbsp;<U>Thereafter</U>, if any of the Remaining Capital Call Deficiency shall not have been
fully funded, each Partner that has contributed its full pro rata portion of such deficiency
pursuant to Subsection 3.1(g)(1) shall contribute its pro rata share of such remaining shortfall
(calculated by reference to the Percentage Interests of only those Partners that have elected to
contribute more than their pro rata share of the Remaining Capital Call Deficiency) up to (but not
to exceed) the additional amount it has agreed to contribute, up to the remaining amount of such
Remaining Capital Call Deficiency.


<P align="left" style="font-size: 12pt; text-indent: 8%">(h)&nbsp;Upon receipt by the General Partner of a Partner&#146;s election to participate in a capital
call pursuant to Subsections 3.1(c), (d)&nbsp;and (f), such Electing Partner shall be obligated to
contribute to the Partnership the aggregate amount so elected, subject to reduction as provided
herein and subject to abandonment of the capital call pursuant to Subsection 3.1(l). The failure by
any Partner to elect to participate in the capital call pursuant to Subsections 3.1(c), (d)&nbsp;and (f)
shall be an irrevocable waiver of such Partner&#146;s right to participate in satisfying such capital
call.


<P align="left" style="font-size: 12pt; text-indent: 8%">(i)&nbsp;If (and only if) the Remaining Capital Call Deficiency is not satisfied in full by the
participating Partners as provided in Subsection 3.1(g) (including, for the avoidance of doubt,
following any capital call approved pursuant to Subsection 6.5(c)(viii)), then the General Partner
may cause the Partnership to offer to sell and issue limited Partnership Interests, in a
transaction that is exempt from the registration requirements of applicable securities Laws, to any
Person that is a legal entity and is not a Partner or an Affiliate of any Partner (each, a &#147;<B><I>Subject
Purchaser</I></B>&#148;) and to admit such Subject Purchasers as Limited Partners of the Partnership, provided
that:


<P align="left" style="font-size: 12pt; text-indent: 12%">(1)&nbsp;the pricing of the proposed issuance is at least equal to the greater of the fair market
value of the limited Partnership Interests issued and sold or ninety percent (90%) of the implied
price of limited Partnership Interests issued to the existing Partners in such immediately
preceding capital call (based upon the notice delivered by the General Partner to the existing
Partners pursuant to Subsection 3.1(b) above), and the proposed issuance is otherwise on arms&#146;
length terms and conditions; <U>provided</U> that if the proposed issuance of limited Partnership
Interests is at a price that is less than the implied price of limited Partnership Interests issued
to the existing Partners in such immediately preceding capital call, then (A)&nbsp;the implied price of
limited Partnership Interests issued to the existing Partners in the immediately preceding capital
call shall be decreased to equal the price for limited Partnership Interests in such proposed
issuance (but without reducing the amount of the capital contributions by the participating
Partners in respect of such capital call), (B)&nbsp;the aggregate Percentage Interest represented by the
preceding capital call shall be adjusted to reflect the implied price of limited Partnership
Interests in the proposed issuance and the aggregate proceeds to be received by the Partnership in
connection with such proposed issuance and related capital call and (C)&nbsp;the General Partner shall
promptly notify the Partners of the matters reflected in clauses (A)&nbsp;and (B)&nbsp;above; and


<P align="left" style="font-size: 12pt; text-indent: 12%">(2)&nbsp;such issuance is only for the unsatisfied portion of the Remaining Capital Call Deficiency
in respect of such immediately preceding capital call.


<P align="left" style="font-size: 12pt; text-indent: 8%">(j)&nbsp;Any offer and sale of limited Partnership Interests to a Subject Purchaser pursuant to
Subsection 3.1(i) shall be made by the General Partner during the period of one hundred eighty
(180)&nbsp;days following the final election by Electing Partners with respect to the Remaining Capital
Call Deficiency and shall be at a price and on terms and conditions that, in the case of an
issuance approved pursuant to Subsection 6.5(f)(v), comply with Subsection 3.1(i) and, in the case
of an issuance approved pursuant to Subsection 6.5(c)(viii), comply with the terms and conditions
set forth by the Advisory Committee in granting its approval. In addition, such offer and sale
shall be made only subject to the following conditions:


<P align="left" style="font-size: 12pt; text-indent: 12%">(i)&nbsp;the purchase price is paid one hundred percent (100%) in cash in U.S. dollars to the
Partnership (less associated customary fees and expenses);


<P align="left" style="font-size: 12pt; text-indent: 12%">(ii)&nbsp;no amendment, supplement or modification of any kind will be made to this Agreement in
connection with the proposed issuance or the consummation thereof (other than to admit each of the
purchasers thereof as Limited Partners, and to adjust the Percentage Interests of all Partners, in
each case on Schedule&nbsp;A, after receipt by the Partnership of a true and complete copy of this
Agreement duly executed by each such purchaser);


<P align="left" style="font-size: 12pt; text-indent: 12%">(iii)&nbsp;such issuance shall comply with applicable Laws (including any applicable securities
Laws and any applicable regulatory filing requirement of any Governmental Authority with respect
thereto); and


<P align="left" style="font-size: 12pt; text-indent: 12%">(iv)&nbsp;none of the &#147;bad actor&#148; disqualifying events, described in Rule&nbsp;506(d)(1)(i)-(viii)
promulgated under the Securities Act, shall be applicable to any of the purchasers of such limited
Partnership Interests pursuant to such issuance.


<P align="left" style="font-size: 12pt; text-indent: 8%">(k)&nbsp;The closing of the capital contributions and issuance and sale of limited Partnership
Interests provided by this Section&nbsp;3.1 shall be held simultaneously, at a time and place as
determined by the General Partner. However, if such issuance and sale is not consummated within
one hundred eighty (180)&nbsp;days following the final election by participating Partners with respect
to the Remaining Capital Call Deficiency, then the restrictions provided for herein shall again
become effective, and no capital call and no issuance and sale of limited Partnership Interests may
be made thereafter by the Partnership without again complying with the provisions of this Section
3.1.


<P align="left" style="font-size: 12pt; text-indent: 8%">(l)&nbsp;If the expected proceeds of any equity issuance pursuant to Subsection 3.1(i) are
insufficient to satisfy any related Remaining Capital Call Deficiency, then the related capital
call and proposed issuance of Partnership Interests shall be abandoned and shall not be consummated
by the Partners or the Partnership; <I>provided</I>, <I>however</I>, that notwithstanding the foregoing, if the
Partnership has received a notice or other indication from the applicable rating agency or agencies
that the aggregate amount expected to be funded to the Partnership in connection with a capital
call and related proposed issuance of Partnership Interests approved pursuant to Section&nbsp;6.5(f)(v)
(taking into account the amount of any Remaining Capital Call Deficiency) is nonetheless sufficient
to avoid the Partnership&#146;s loss of any minimum investment grade corporate, unsecured, long-term
debt rating, then (i)&nbsp;the General Partner shall provide, as promptly as practicable to the
Partners, a written notice (x)&nbsp;describing such notice or other indication and (y)&nbsp;stating the
General Partner&#146;s reasonable determination that, taking into account such notice or other
indication, that the aggregate amount expected to be funded to the Partnership in connection with
such capital call and related proposed issuance is believed by the General Partner to be sufficient
to avoid the Partnership&#146;s loss of any such debt rating, and (ii)&nbsp;the related capital call and
proposed issuance of Partnership Interests shall not be abandoned and shall be consummated by the
Partners or the Partnership.


<P align="left" style="font-size: 12pt; text-indent: 8%">(m)&nbsp;Following the consummation of the transactions contemplated by this Section&nbsp;3.1, (x)&nbsp;the
Capital Accounts for each participating Partner shall be adjusted, and (y)&nbsp;the Percentage Interests
of each of the Partners shall each be adjusted, in each case, as and to the extent applicable. For
greater clarity, the adjustments in the Capital Accounts and Percentage Interests shall not create
any right to or affect distributions payable under Article&nbsp;5 attributable to Net Income of the
Partnership with respect to periods prior to the date of consummation of the applicable
transaction.


<P align="left" style="font-size: 12pt; text-indent: 8%">(n)&nbsp;Notwithstanding anything in this Section&nbsp;3.1 to the contrary, if the Advisory Committee
has determined to raise equity capital pursuant to Section&nbsp;6.5(f)(v), and because of a financial
exigency it concludes that it is not reasonably practicable to comply with the capital call
provisions of Subsections 3.1(a)-(l), then, at the request of the General Partner, any Partner
(and/or one or more of its Affiliates that satisfies the definition of &#147;Permitted Intragroup
Transferee&#148;) may, at such Partner&#146;s sole election, purchase from the Partnership additional limited
Partnership Interests at a price equal to the fair market value of such limited Partnership
Interests (determined in a manner consistent with Section&nbsp;3.1(b)) and in an aggregate amount not to
exceed the aggregate amount that is necessary to provide the Partnership with the funds reasonably
determined by the General Partner to be necessary for the Partnership to maintain a minimum
investment grade corporate, unsecured long-term debt rating. No limited Partnership Interests
issued pursuant to this Subsection 3.1(n) shall entitle the holder thereof to any greater rights or
preferences than are provided in this Agreement for all of the existing limited Partnership
Interests. Any limited Partnership Interests issued pursuant to this Subsection 3.1(n) shall have
a Percentage Interest based on the price paid relative to the fair market value of all the
Partnership Interests. If a Partner (and/or one or more of such Affiliates that satisfies the
definition of &#147;Permitted Intragroup Transferee&#148;) elects, at the request of the General Partner, to
purchase additional limited Partnership Interests pursuant to the preceding sentences (a
&#147;<B><I>Purchasing Partner</I></B>&#148;), then (A)&nbsp;the Partnership shall notify each Significant Limited Partner that
is not the Purchasing Partner of such issuance of additional limited Partnership Interests no less
than five (5)&nbsp;Business Days before the date of such issuance, (B)&nbsp;each such Significant Limited
Partner and PTLC (as applicable) that is not the Purchasing Partner (the &#147;<B><I>Offered Partners</I></B>&#148;) shall
have thirty (30)&nbsp;Business Days after the delivery of such notice by the Partnership to elect to
purchase (directly or through an Affiliate that satisfies the definition of &#147;Permitted Intragroup
Transferee&#148;) from the Purchasing Partner (or its applicable Affiliate(s), as the case may be), at
the same price and the same other terms and conditions, its pro rata portion of the additional
limited Partnership Interests issued to the Purchasing Partner (or such Affiliate(s), as the case
may be), calculated in accordance with each Partner&#146;s Percentage Interest as of the date
immediately prior to the date the Purchasing Partner (or such Affiliate(s), as the case may be)
purchased the additional limited Partnership Interests from the Partnership in accordance with this
Subsection 3.1(n). If any Offered Partner declines to purchase its full pro rata portion of such
additional limited Partnership Interests, then the limited Partnership Interests that remain
available shall be offered to each Offered Partner that had elected to purchase its full pro rata
portion, utilizing the process set forth in the prior sentence, except substituting a five (5)
Business Day period for the thirty (30)&nbsp;Business Day period in clause (B), and each fully-electing
Offered Partner (and/or one or more of its Affiliates that satisfies the definition of &#147;Permitted
Intragroup Transferee&#148;) shall have the right to purchase up to its relative pro rata portion (for
clarity, calculated only among such fully-electing Offered Partners and the Purchasing Partner) of
such remaining limited Partnership Interests, and of any Partnership Interests that have not been
subscribed for in such second round (calculated using only the Significant Limited Partners (or
such Affiliates, as the case may be) fully participating in such second round and the Purchasing
Partner). In respect of the period when such newly issued additional limited Partnership Interests
are held by the Purchasing Partner (or such applicable Affiliate(s), as the case may be), the
Purchasing Partner (or such Affiliate(s), as the case may be) shall be entitled to (x)&nbsp;all
distributions for such period to the extent payable in respect of such additional limited
Partnership Interests under Article&nbsp;5, and (y)&nbsp;all allocations of items of income, gain, loss and
deduction (including all special allocations) to the extent for such period and in respect of such
additional limited Partnership Interests. Notwithstanding any other provision of this Agreement,
no changes to any governance, voting, approval, consent or other rights of any Partner provided
herein as a result of the issuance of limited Partnership Interests under this Subsection 3.1(n)
shall be effective until the procedures set forth in this Section&nbsp;3.1(n) have been complied with in
full.


<P align="left" style="font-size: 12pt; text-indent: 4%">3.2 <U>Capital Contributions and Accounts</U>. Effective as of the Effective Time, PAG has
acquired an additional fourteen and four-tenths percent (14.4%) limited Partnership Interest
previously held by GE Truck Leasing Holdco and GE Logistics Holdco and is succeeding to the Capital
Account of the Partnership Interest(s) being transferred to it. A Capital Account shall be
maintained for each Partner on the books of the Partnership. Each Partner&#146;s interest in the capital
of the Partnership shall be represented by its Capital Account. The Capital Account of each
Partner as of the Effective Time, after giving effect to the first sentence of this Section&nbsp;3.2, to
all distributions and contributions made at or prior to the Effective Time and to all allocations
of items of income, gain, loss and deduction (including all special allocations) with respect to
any period (or a portion thereof) ending at or prior to the Effective Time, shall be proportionate
to such Partner&#146;s Percentage Interest as set forth on Schedule&nbsp;A in effect at the Effective Time.
The Partnership shall be permitted to adjust the Capital Account of each Partner after the
Effective Time as appropriate to give effect to the immediately preceding sentence.


<P align="left" style="font-size: 12pt; text-indent: 4%">3.3 <U>Negative Capital Accounts</U>. In the event the Partnership is &#147;liquidated&#148; within
the meaning of Regulations Section&nbsp;1.704-1(b)(2)(ii)(g) (other than as a result of a termination
under Code Section&nbsp;708(b)(1)(B)), (x)&nbsp;distributions shall be made pursuant to Article&nbsp;11 to the
Partners who have positive Capital Accounts in compliance with Regulations Section
1.704-1(b)(2)(ii)(b)(2), and (y)&nbsp;if the General Partner&#146;s Capital Account has a deficit balance
(after giving effect to all contributions, distributions, and allocations for all taxable years,
including the taxable year during which such liquidation occurs), the General Partner shall
contribute to the capital of the Partnership the amount necessary to restore such deficit balance
to zero in compliance with Regulations Section&nbsp;1.704-1(b)(2)(ii)(b)(3). If any Limited Partner has
a deficit balance in its Capital Account (after giving effect to all contributions, distributions,
and allocations for all taxable years, including the taxable year during which such liquidation
occurs), such Limited Partner shall have no obligation to make any contribution to the capital of
the Partnership with respect to such deficit, and such deficit shall not be considered a debt owed
to the Partnership or to any other Person for any purposes whatsoever. In no event shall any
transaction contemplated by clauses (x)&nbsp;and (y)&nbsp;of the first sentence of this Section&nbsp;3.3 result in
a change in any Partner&#146;s Percentage Interest.


<P align="left" style="font-size: 12pt; text-indent: 4%">3.4 <U>Compliance with Treasury Regulations</U>. The foregoing provisions and the other
provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply
with Treasury Regulation&nbsp;Section&nbsp;1.704-1(b) (or any corresponding provision of succeeding Law) and
shall be interpreted and applied in a manner consistent with such Regulation. In the event the
General Partner shall determine and each Significant Limited Partner approve that it is prudent to
modify the manner in which the Capital Accounts, or any debits or credits thereto, are computed in
order to comply with such Regulation, the Partnership may make such modifications (provided that no
such modification shall have a material adverse effect on the economic position of any Partner).
The Partnership also shall make any appropriate modifications in the event unanticipated events
might otherwise cause this Agreement not to comply with Treasury Regulation&nbsp;Section&nbsp;1.704-1(b) (or
any corresponding provisions of succeeding Law provided that such modification shall not have a
material adverse effect on the economic position of any Partner).


<P align="left" style="font-size: 12pt; text-indent: 4%">3.5 <U>Succession to Capital Accounts</U>. In the event any interest in the Partnership is
Sold in accordance with the terms of this Agreement, the transferee shall succeed to the Capital
Account of the transferor to the extent it relates to the transferred interest. For purposes of the
immediately preceding sentence, the portion of the Capital Account to which the transferee succeeds
shall be that percentage of the transferor&#146;s total Capital Account as the Percentage Interest being
transferred bears to the total Percentage Interest of the transferor, taking into account Section
9.6.


<P align="left" style="font-size: 12pt; text-indent: 4%">3.6 <U>No Withdrawal of Capital Contributions</U>. No Partner shall withdraw any Capital
Contributions without the unanimous written approval of the other Partners. No Partner shall
receive any interest with respect to its Capital Contributions.


<P align="left" style="font-size: 12pt; text-indent: 4%">3.7 <U>No Partnership Certificates</U>. No certificates to evidence a Partner&#146;s interest in
the Partnership (a &#147;<B><I>Partnership Certificate</I></B>&#148;) shall be issued and any Partnership Certificates
previously issued shall be null and void and without any force or effect whatsoever.


<P align="left" style="font-size: 12pt; text-indent: 4%">3.8 <U>Percentage Interests</U>. Effective as of the Effective Time, the Percentage Interest
of each Partner in the Partnership is as set forth on Schedule&nbsp;A hereto.


<P align="center" style="font-size: 12pt">ARTICLE 4



<P align="center" style="font-size: 12pt">COSTS AND EXPENSES



<P align="left" style="font-size: 12pt; text-indent: 4%">4.1 <U>Operating Costs</U>. The Partnership shall (i)&nbsp;pay or cause to be paid all costs and
expenses of the Partnership incurred in pursuing and conducting, or otherwise related to, the
business of the Partnership and (ii)&nbsp;reimburse the General Partner for any documented out-of-pocket
costs and expenses incurred by it in connection therewith (including in the performance of its
duties as Tax Matters Partner), to the extent permitted by Section&nbsp;6.7.


<P align="center" style="font-size: 12pt">ARTICLE 5



<P align="center" style="font-size: 12pt">DISTRIBUTIONS; PARTNERSHIP ALLOCATIONS;<BR>
TAX MATTERS



<P align="left" style="font-size: 12pt; text-indent: 4%">5.1 <U>Distributions Prior to Dissolution</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;<U>Preliminary Quarterly Distributions</U>. By no later than forty-five (45)&nbsp;days
following the end of each of the first three quarters of each Subject Year, subject to Section&nbsp;9.6,
applicable Law and the terms of any applicable credit agreement, indenture, debt security or debt
instrument, the Partnership shall make a distribution to the Partners of the amount, if any, by
which fifty percent (50%) of Net Income for the Subject Year To Date exceeds the distributions made
pursuant to this Subsection 5.1(a) with respect to such Subject Year (the &#147;<B><I>Preliminary
Distributions</I></B>&#148;), in the following amounts, order and priority (for the avoidance of doubt, the
amounts, order and priority of distributions pursuant to this Subsection 5.1(a) shall not apply to
any distributions in accordance with Section&nbsp;11.3 upon the dissolution of the Partnership and the
failure to continue the Partnership as provided in Section&nbsp;11.1):


<P align="left" style="font-size: 12pt; text-indent: 12%">(i)&nbsp;First, in the event that the Partnership shall have sold all or substantially all of the
Rollins Business, to GE Truck Leasing Holdco in an amount equal to the excess, if any, of (A)&nbsp;the
excess, if any, of (1) $57,000,000, over (2)&nbsp;the product of (x) .40 times (y)&nbsp;the excess, if any,
of (I)&nbsp;the initial Gross Asset Value of the Code Section&nbsp;197 intangibles attributable to the
Rollins Business, over (II)&nbsp;the sales price for such intangibles, over (B)&nbsp;all prior distributions
to GE Truck Leasing Holdco pursuant to this Subsection 5.1(a)(i) or Subsection 5.1(b)(i); and


<P align="left" style="font-size: 12pt; text-indent: 12%">(ii)&nbsp;Second, to the Partners pro rata in accordance with each Partner&#146;s Percentage Interest.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;<U>Annual Distributions</U>. With respect to any Subject Year, by no later than April&nbsp;15
of the following Partnership Year, subject to Section&nbsp;9.6, applicable Law and the terms of any
applicable credit agreement, indenture, debt security or debt instrument, the Partnership shall
make a distribution to the Partners of the amount, if any, by which fifty percent (50%) of Net
Income for the Subject Year based on the Partnership&#146;s audited financial statements determined in
accordance with Generally Accepted Accounting Principles with respect to the Subject Year exceeds
the cumulative Preliminary Distributions made with respect to the Subject Year, in the following
amounts, order and priority (for the avoidance of doubt, the amounts, order and priority of
distributions pursuant to this Subsection 5.1(b) shall not apply to any distributions in accordance
with Section&nbsp;11.3 upon the dissolution of the Partnership and the failure to continue the
Partnership as provided in Section&nbsp;11.1):


<P align="left" style="font-size: 12pt; text-indent: 12%">(i)&nbsp;First, in the event that the Partnership shall have sold all or substantially all of the
Rollins Business, to GE Truck Leasing Holdco in an amount equal to the excess, if any, of (A)&nbsp;the
excess, if any, of (1) $57,000,000, over (2)&nbsp;the product of (x) .40 times (y)&nbsp;the excess, if any,
of (I)&nbsp;the initial Gross Asset Value of the Code Section&nbsp;197 intangibles attributable to the
Rollins Business, over (II)&nbsp;the sales price for such intangibles, over (B)&nbsp;all prior and current
distributions to GE Truck Leasing Holdco pursuant to Subsection 5.1(a)(i) and prior distributions
to GE Truck Leasing Holdco pursuant to this Subsection 5.1(b)(i); and


<P align="left" style="font-size: 12pt; text-indent: 12%">(ii)&nbsp;Second, to the Partners pro rata in accordance with each Partner&#146;s Percentage Interest.


<P align="left" style="font-size: 12pt; text-indent: 8%">(c)&nbsp;<U>Discretionary Special Distributions</U>. Except for distributions to the Partners in
accordance with Subsections 5.1(a) and 5.1(b), the Partnership shall not at any time prior to
January&nbsp;28, 2018 without a Level One Approval make any other distributions to the Partners (such
other distributions &#147;<B><I>Discretionary Distributions</I></B>&#148;). During the period from and after January&nbsp;29,
2018 and on or prior to January&nbsp;28, 2023, and provided that (x)&nbsp;the ratio of consolidated debt to
consolidated equity of the Partnership is less than 3.0 to 1.0 immediately before, and after giving
pro forma effect to the payment of, the proposed Discretionary Distributions and (y)&nbsp;the amount of
all distributions made by the Partnership to the Partners during the then current calendar year
does not exceed eighty percent (80%) of the consolidated net income of the Partnership for the then
current Partnership Year through the date of such Discretionary Distribution, then the making of a
Discretionary Distribution shall require a Level Four Approval. After January&nbsp;29, 2023, the making
of any Discretionary Distribution shall require a Level Four Approval. Any Discretionary
Distributions made pursuant to this Subsection 5.1(c) shall be made by the Partnership to the
Partners pro rata in accordance with each Partner&#146;s Percentage Interest.


<P align="left" style="font-size: 12pt; text-indent: 8%">(d)&nbsp;<U>Notice of Determination of Law</U>. If any determination is made by the General
Partner that applicable Law would forbid any distribution pursuant to this Section&nbsp;5.1, then the
General Partner shall provide notice to each other Partner of such determination (which shall
include the basis for such determination) and provide each other Partner with a reasonable
opportunity to discuss such determination.


<P align="left" style="font-size: 12pt; text-indent: 8%">(e)&nbsp;<U>Certain Tax Amounts</U>. All amounts withheld pursuant to the Code or any provision
of any state or local tax Law with respect to any payment or distribution to a Partner will be
treated as amounts distributed to such Partner for all purposes of this Agreement. If the
Partnership incurs any withholding tax or other liability for tax, interest or penalties with
respect to income, gain, loss, deduction or credit allocated to any Partner (including, but not
limited to, any amount payable by the Partnership pursuant to an adjustment under Code Section
6225), such Partner shall be required promptly to reimburse the Partnership for such amount to the
extent that the Partnership does not recoup the amount by offsetting it against amounts otherwise
distributable to such Partner; the obligations of any Person under this sentence with respect to
any taxable year during which such Person is a Partner shall survive any withdrawal of such Person
from being a Partner in the Partnership, any Transfer of such Person&#146;s Partnership Interest and any
termination, dissolution, liquidation or winding up of the Partnership.


<P align="left" style="font-size: 12pt; text-indent: 4%">5.2 <U>Partnership Allocations</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;<U>Profits and Losses</U>. For each taxable year or portion of a taxable year for which
the Partnership is required to allocate Profits, Losses, or other items pursuant to this Article&nbsp;5,
after giving effect to the special allocations set forth in Sections&nbsp;5.3 and 5.4, and subject to
the rules of Section&nbsp;5.5 and Section&nbsp;9.6, Profits and Losses of the Partnership for the relevant
period shall be allocated to the Partners in proportion to their Percentage Interests, subject to
the limitation in Subsection 5.2(b) below with respect to the allocation of Losses.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;<U>Loss Limitation</U>.


<P align="left" style="font-size: 12pt; text-indent: 12%">(i)&nbsp;<U>Capital Account Limitation</U>. The Losses allocated pursuant to Subsection 5.2(a)
shall not exceed the maximum amount of Losses that can be so allocated without causing any Limited
Partner to have an Adjusted Capital Account Deficit at the end of any taxable year. All Losses
otherwise allocable to a Limited Partner in excess of the limitation set forth in this Subsection
5.2(b)(i) shall be allocated (A)&nbsp;in the case of any Penske Partner (other than PAG), first, to the
other Penske Partners (other than PAG), if any, that are Limited Partners without such an Adjusted
Capital Account Deficit in proportion to and to the extent of the amount of Losses that can be
allocated to each such Penske Partner without causing it to have an Adjusted Capital Account
Deficit and, thereafter, to the General Partner, (B)&nbsp;in the case of PAG, to the General Partner,
(C)&nbsp;in the case of any GE Partner, first, to the other GE Partners without such an Adjusted Capital
Account Deficit in proportion to and to the extent of the amount of Losses that can be allocated to
each such GE Partner without causing it to have an Adjusted Capital Account Deficit and,
thereafter, to the General Partner, (D)&nbsp;in the case of PTL GP, as a Limited Partner, (x)&nbsp;with
respect to eighty-two percent (82%) of such excess losses, first to Penske Partners that are
Limited Partners (other than PAG) without such an Adjusted Capital Account Deficit, after the
application of clauses (A), (B)&nbsp;and (C)&nbsp;of this Subsection 5.2(b)(i), in proportion to and to the
extent of the amount of Losses that can be allocated to each such Limited Partner without causing
it to have an Adjusted Capital Account Deficit and, thereafter, to the General Partner, and (y)
with respect to eighteen percent (18%) of such excess losses, first to PAG to the extent of the
amount of Losses that can be allocated to PAG, after the application of clause (B)&nbsp;of this
Subsection 5.2(b)(i), without causing it to have an Adjusted Capital Account Deficit and,
thereafter, to the General Partner, and (E)&nbsp;in the case of MBK USA CV, to the General Partner.


<P align="left" style="font-size: 12pt; text-indent: 12%">(ii)&nbsp;<U>Tax Basis Limitation</U>. If, as a result of the application of Code Section&nbsp;704(d),
the federal income tax loss associated with an allocation of Losses allocated to a Partner pursuant
to Subsection 5.2(a) or Subsection 5.2(b)(i) cannot be claimed by such Partner for the taxable year
during which such Losses arose, then such Losses may be reallocated as set forth in this Subsection
5.2(b)(ii), but only to the extent such Partner consents to such reallocation, in the following
manner and order: (A)&nbsp;if any Penske Partner other than PAG is limited to any extent by Code Section
704(d) with respect to its ability to claim tax losses associated with an allocation of Losses
pursuant to Subsection 5.2(a) or Subsection 5.2(b)(i), then the other Penske Partners among such
group that are not so limited may elect, by written notice to the General Partner, to have such
Losses allocated to them in proportion to and to the extent of the amount of such Losses that can
be allocated to each such Penske Partner without causing its ability to claim the tax losses
associated with such Losses to be limited under Code Section 704(d) and without causing it to have
an Adjusted Capital Account Deficit; (B)&nbsp;if any GE Partner is limited to any extent by Code Section
704(d) with respect to its ability to claim tax losses associated with an allocation of Losses
pursuant to Subsection 5.2(a) or Subsection 5.2(b)(i), then the other GE Partners among such group
that are not so limited may elect, by written notice to the General Partner, to have such Losses
allocated to them in proportion to and to the extent of the amount of such Losses that can be
allocated to each such GE Partner without causing its ability to claim the tax losses associated
with such Losses to be limited under Code Section 704(d) and without causing it to have an Adjusted
Capital Account Deficit; and (C)&nbsp;if PTL GP is limited to any extent by Code Section 704(d) with
respect to its ability to claim tax losses associated with an allocation of Losses pursuant to
Subsection 5.2(a) or Subsection 5.2(b)(i), then the Penske Partners (other than PAG) that are not
so limited may elect, by written notice to the General Partner, to have up to eighty-two percent
(82%) of such Losses allocated to them in proportion to and to the extent of the amount of such
Losses that can be allocated to each such Penske Partner without causing its ability to claim the
tax losses associated with such Losses to be limited under Code Section 704(d) and without causing
it to have an Adjusted Capital Account Deficit, and PAG may elect, by written notice to the General
Partner, to have up to eighteen percent (18%) of such Losses allocated to it to the extent of the
amount of such Losses that can be allocated to PAG without causing its ability to claim the tax
losses associated with such Losses to be limited under Code Section 704(d) and without causing it
to have an Adjusted Capital Account Deficit.


<P align="left" style="font-size: 12pt; text-indent: 4%">5.3 <U>Special Allocations</U>. The following special allocations shall be made in the
following order:


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;<U>Minimum Gain Chargeback</U>. Except as otherwise provided in Regulations Section
1.704-2(f), notwithstanding any other provision of this Article&nbsp;5, if there is a net decrease in
Partnership Minimum Gain during any Partnership taxable year, each Partner shall be specially
allocated items of Partnership income and gain for such taxable year (and, if necessary, subsequent
taxable years) in an amount equal to such Partner&#146;s share of the net decrease in Partnership
Minimum Gain, determined in accordance with Regulations Section&nbsp;1.704-2(g). Allocations pursuant to
the previous sentence shall be made in proportion to the respective amounts required to be
allocated to each Partner pursuant thereto. The items to be so allocated shall be determined in
accordance with Regulations Sections&nbsp;1.704-2(f)(6) and 1.704-2(j)(2). This Subsection 5.3(a) is
intended to comply with the minimum gain chargeback requirement in Regulations Section&nbsp;1.704-2(f)
and shall be interpreted consistently therewith.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;<U>Partner Minimum Gain Chargeback</U>. Except as otherwise provided in Regulations
Section&nbsp;1.704-2(i)(4), notwithstanding any other provision of this Article&nbsp;5, if there is a net
decrease in Partner Nonrecourse Debt Minimum Gain attributable to a Partner Nonrecourse Debt during
any Partnership taxable year, each Partner who has a share of the Partner Nonrecourse Debt Minimum
Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Regulations
Section&nbsp;1.704-2(i)(5), shall be specially allocated items of Partnership income and gain for such
taxable year (and, if necessary, subsequent taxable years) in an amount equal to such Partner&#146;s
share of the net decrease in Partner Nonrecourse Debt Minimum Gain attributable to such Partner
Nonrecourse Debt, determined in accordance with Regulations Section&nbsp;1.704-2(i)(4). Allocations
pursuant to the previous sentence shall be made in proportion to the respective amounts required to
be allocated to each Partner pursuant thereto. The items to be so allocated shall be determined in
accordance with Regulations Sections&nbsp;1.704-2(i)(4) and 1.704-2(j)(2). This Subsection 5.3(b) is
intended to comply with the minimum gain chargeback requirement in Regulations Section
1.704-2(i)(4) and shall be interpreted consistently therewith.


<P align="left" style="font-size: 12pt; text-indent: 8%">(c)&nbsp;<U>Qualified Income Offset</U>. In the event any Limited Partner unexpectedly receives
any adjustments, allocations, or distributions described in Regulations Section
1.704-1(b)(2)(ii)(d)(4), Section&nbsp;1.704-1(b)(2)(ii)(d)(5), or Section&nbsp;1.704-1(b)(2)(ii)(d)(6), items
of Partnership income and gain shall be specially allocated to each such Limited Partner in an
amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted
Capital Account Deficit of such Limited Partner as quickly as possible, provided that an allocation
pursuant to this Subsection 5.3(c) shall be made only if and to the extent that such Limited
Partner would have an Adjusted Capital Account Deficit after all other allocations provided for in
this Article&nbsp;5 have been tentatively made as if this Subsection 5.3(c) were not in the Agreement.


<P align="left" style="font-size: 12pt; text-indent: 8%">(d)&nbsp;<U>Gross Income Allocation</U>. In the event any Limited Partner has a deficit Capital
Account at the end of any taxable year that is in excess of the sum of (i)&nbsp;the amount such Limited
Partner is obligated to restore (pursuant to the terms of this Agreement or otherwise) and (ii)&nbsp;the
amount such Limited Partner is deemed to be obligated to restore pursuant to the penultimate
sentences of Regulations Sections&nbsp;1.704-2(g)(1) and 1.704-2(i)(5), each such Limited Partner shall
be specially allocated items of Partnership income and gain in the amount of such excess as quickly
as possible; <U>provided</U> that an allocation pursuant to this Subsection 5.3(d) shall be made
only if and to the extent that such Limited Partner would have a deficit Capital Account in excess
of such sum after all other allocations provided for in this Article&nbsp;5 have been made as if
Subsection 5.3(c) and this Subsection 5.3(d) were not in the Agreement.


<P align="left" style="font-size: 12pt; text-indent: 8%">(e)&nbsp;<U>Nonrecourse Deductions</U>. Nonrecourse Deductions for any taxable year shall be
specially allocated among the Partners in proportion to their Percentage Interests.


<P align="left" style="font-size: 12pt; text-indent: 8%">(f)&nbsp;<U>Partner Nonrecourse Deductions</U>. Any Partner Nonrecourse Deductions for any
taxable year shall be specially allocated to the Partner who bears the economic risk of loss with
respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are
attributable in accordance with Regulations Section&nbsp;1.704-2(i)(1).


<P align="left" style="font-size: 12pt; text-indent: 8%">(g)&nbsp;<U>Code Section&nbsp;754 Adjustment</U>. To the extent an adjustment to the adjusted tax
basis of any Partnership asset pursuant to Code Section 734(b) or 743(b) is required, pursuant to
Regulations Section&nbsp;1.704-1(b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4), to be taken into account in
determining Capital Accounts as the result of a distribution to a Partner in complete liquidation
of its interest in the Partnership, the amount of such adjustment to the Capital Accounts shall be
treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the
adjustment decreases such basis) and such gain or loss shall be specially allocated to the Partners
in accordance with their interests in the Partnership in the event Regulations Section
1.704-1(b)(2)(iv)(m)(2) applies, or to the Partners to whom such distribution was made in the event
Regulations Section&nbsp;1.704-1(b)(2)(iv)(m)(4) applies.


<P align="left" style="font-size: 12pt; text-indent: 8%">(h)&nbsp;<U>Special Allocation of Income and Gain to GE Truck Leasing Holdco Upon Liquidation</U>.
In the event that, during any taxable year, the Partnership dissolves and is liquidated pursuant
to Article&nbsp;11, (i)&nbsp;GE Truck Leasing Holdco shall be specially allocated items of Partnership income
and gain in an amount equal to $29,192,000 (or, in the event that GE Truck Leasing Holdco ceases to
be a Partner, the other GE Partners shall be specially allocated such items of income and gain, pro
rata), (ii)&nbsp;MBK USA CV shall be specially allocated items of Partnership income and gain in amounts
equal to $8,900,000, and (iii)&nbsp;PAG shall be specially allocated items of Partnership income and
gain in amounts equal to $6,408,000.


<P align="left" style="font-size: 12pt; text-indent: 8%">(i)&nbsp;<U>Special Allocation of Gain</U>. In the event that, in any taxable year, the
Partnership realizes, or is deemed to realize, a gain from the sale, disposition, or adjustment to
the Gross Asset Value of Partnership Property, the gain from such sale, disposition or adjustment
that would have been allocated to each Partner of the same group under Sections&nbsp;5.2, 5.3 and 5.4 of
this Agreement (other than this Subsection 5.3(i)) shall be re-allocated among the Partners of
such same group in proportion to, and to the extent of, the excess, if any, of (i)&nbsp;the aggregate
amount of Losses allocated to each such Partner (or its predecessor or transferor) for the current
and all prior taxable years pursuant to Subsection 5.2(b)(ii) or the Corresponding Provision of any
Prior Agreement, over (ii)&nbsp;the cumulative amount of gain allocated to such Partner (or its
predecessor or transferor) pursuant to this Subsection 5.3(i) or the Corresponding Provision of any
Prior Agreement for all prior tax years.


<P align="left" style="font-size: 12pt; text-indent: 4%">5.4 <U>Curative Allocations</U>. The allocations set forth in Subsections 5.2(b)(i), 5.3(a),
5.3(b), 5.3(c), 5.3(d), 5.3(e), 5.3(f) and 5.3(g) and the Corresponding Provisions of the Prior
Agreements (the &#147;<B><I>Regulatory Allocations</I></B>&#148;) are intended to comply with certain requirements of the
Regulations. It is the intent of the Partners that, to the extent possible, all Regulatory
Allocations shall be offset either with other Regulatory Allocations or with special allocations of
other items of Partnership income, gain, loss or deduction pursuant to this Section&nbsp;5.4 Therefore,
notwithstanding any other provision of this Article&nbsp;5 (other than the Regulatory Allocations), the
General Partner shall make such offsetting special allocations of Partnership income, gain, loss or
deduction in whatever manner it determines appropriate (without causing an Adjusted Capital Account
Deficit for any Partner) so that, after such offsetting allocations are made, each Partner&#146;s
Capital Account balance is, to the extent possible, equal to the Capital Account balance such
Partner would have had if the Regulatory Allocations were not part of the Agreement or any Prior
Agreement and all Partnership items were allocated pursuant to Subsections 5.2(a), 5.2(b)(ii),
5.3(h) and 5.3(i) or the Corresponding Provisions of the Prior Agreements. In exercising its
discretion under this Section&nbsp;5.4, the General Partner shall take into account future Regulatory
Allocations under Subsections 5.3(a) and 5.3(b) that, although not yet made, are likely to offset
other Regulatory Allocations previously made under Subsections 5.3(e) and 5.3(f).


<P align="left" style="font-size: 12pt; text-indent: 4%">5.5 <U>Other Allocation Rules</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;Profits, Losses, and any other items of income, gain, loss, deduction, or credit shall be
allocated to the Partners pursuant to this Article&nbsp;5 as of the last day of each taxable year,
provided that Profits, Losses, and such other items shall also be allocated at such times as the
Gross Asset Values of Partnership assets are adjusted pursuant to subparagraph (ii)&nbsp;of the
definition of &#147;Gross Asset Value&#148; in Section&nbsp;2.1.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;The Partners are aware of the income tax consequences of the allocations made by this
Article&nbsp;5 and hereby agree to be bound by the provisions of this Article&nbsp;5 in reporting their
shares of Partnership income and loss for income tax purposes.


<P align="left" style="font-size: 12pt; text-indent: 8%">(c)&nbsp;For purposes of determining the Profits, Losses, or any other items of income, gain, loss,
deduction, or credit allocable to any period, Profits, Losses, and any such other items shall be
determined on a daily, monthly, or other basis using the closing of the books method or, if
proposed by the General Partner and approved by the GE Representative Partner with respect to a
particular period beginning on or after the Effective Time, any other permissible method under Code
Section&nbsp;706 and the Regulations thereunder. Notwithstanding the foregoing, for the calendar month
in which PAG acquires limited Partnership Interests from GE Truck Leasing Holdco and GE Logistics
Holdco, the General Partner shall allocate the monthly Profits, Losses and other items of income,
gain, loss, deduction or credit with respect to such Partnership Interests as follows: (i)&nbsp;the
product of such monthly Profits, Losses and other items multiplied by a fraction, the numerator of
which is the number of calendar days of such month that have elapsed (treating 5:00 p.m. Eastern
Time as the end of a day) as of the Effective Time, and the denominator of which is the total
number of calendar days of such month, shall be allocated to GE Truck Leasing Holdco and GE
Logistics Holdco, and (ii)&nbsp;the product of such monthly Profits, Losses and other items multiplied
by a fraction, the numerator of which is the number of calendar days of such month that occur after
the Effective Time, and the denominator of which is the total number of calendar days of such month
of, shall be allocated to PAG.


<P align="left" style="font-size: 12pt; text-indent: 8%">(d)&nbsp;Any &#147;excess nonrecourse liability&#148; of the Partnership, within the meaning of Regulations
Section&nbsp;1.752-3(a)(3), shall be allocated first among the Partners in proportion to and to the
extent of the amount of built-in gain that is allocable to each such Partner on Code Section 704(c)
property or property for which reverse Code Section 704(c) allocations are applicable where such
property is subject to the nonrecourse liability to the extent that such built-in gain exceeds the
gain described in Regulations Section&nbsp;1.752-3(a)(2) with respect to such property (&#147;<B><I>Third Tier
Built-In Gain</I></B>&#148;), except that, if and to the extent necessary for a Partner or Partners to avoid a
limitation in a taxable year on Partnership deductions or losses under Code Section 704(d) or the
recognition of gain on a Partnership distribution under Code Section&nbsp;731(a)(1), allocations based
on Third Tier Built-In Gain for such taxable year shall be increased to such Partner or Partners
and reduced to one or more other Partners, in each case in accordance with Regulations Section
1.752-3(a)(3), provided that such decreases have no adverse effect under Code Section 704(d) or
731(a)(1) on any Partner for such taxable year. The amount of any excess nonrecourse liabilities
not allocated pursuant to the preceding sentence shall be allocated in accordance with the Partners
interests in Partnership profits. Solely for purposes of this Subsection 5.5(d), the Partners&#146;
interests in Partnership profits are in proportion to their Percentage Interests.


<P align="left" style="font-size: 12pt; text-indent: 4%">5.6 <U>Tax Allocations; Code Section&nbsp;704(c)</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;In accordance with Code Section 704(c) and the Treasury Regulations thereunder, income,
gain, loss, and deduction with respect to any property contributed to the capital of the
Partnership shall, solely for tax purposes, be allocated among the Partners so as to take account
of any variation between the adjusted basis of such property to the Partnership for federal income
tax purposes and its initial Gross Asset Value.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;In the event the Gross Asset Value of any asset of the Partnership shall be or has been
adjusted pursuant to the provisions of this Agreement or any Prior Agreement, subsequent
allocations of income, gain, loss and deduction with respect to such asset shall take account of
any variation between the adjusted basis of such asset for federal income tax purposes and its
Gross Asset Value in the same manner as under Code Section 704(c) and the Treasury Regulations
thereunder.


<P align="left" style="font-size: 12pt; text-indent: 8%">(c)&nbsp;Any elections or other decisions relating to such Code Section 704(c) allocations shall be
made by the Partners in any manner that reasonably reflects the purpose and intention of this
Agreement. Code Section 704(c) allocations pursuant to this Section&nbsp;5.6 are solely for purposes of
federal, state, and local taxes and shall not affect, or in any way be taken into account in
computing, any Partner&#146;s Capital Account or share of Profits, Losses, other items, or distributions
pursuant to any provision of this Agreement.


<P align="left" style="font-size: 12pt; text-indent: 8%">(d)&nbsp;The Partnership shall continue to use the &#147;remedial allocation method&#148; (as defined in
Regulations Section&nbsp;1.704-3(d)) for purposes of computing Code Section 704(c) allocations and
reverse Code Section 704(c) allocations to the extent that it previously adopted that method with
respect to property contributed to the Partnership with a Gross Asset Value that differed from its
adjusted tax basis at the time of contribution and property for which differences between Gross
Asset Value and adjusted tax basis were created by a revaluation of Partnership property pursuant
to Regulations Section&nbsp;1.704-1(b)(2)(iv)(f).


<P align="left" style="font-size: 12pt; text-indent: 8%">(e)&nbsp;Except as otherwise provided in Subsection 5.6(d) or Subsection 5.6(f), the Partnership
shall use the &#147;traditional method&#148; (as defined in Regulations Section&nbsp;1.704-3(d)) for purposes of
computing Code Section 704(c) allocations with respect to property contributed to the Partnership
with a Gross Asset Value that differs from its adjusted tax basis at the time of contribution and
reverse Code Section 704(c) allocations with respect to property for which differences between
Gross Asset Value and adjusted tax basis are created when the Partnership revalues Partnership
property pursuant to Regulations Section&nbsp;1.704-1(b)(2)(iv)(f).


<P align="left" style="font-size: 12pt; text-indent: 8%">(f)&nbsp;The Partnership may use any method or combination of methods that is reasonable, under
Regulations Section&nbsp;1.704-3(a), that is proposed in writing by the General Partner and approved by
the GE Representative Partner in writing, for purposes of computing Code Section 704(c) allocations
with respect to specific contributions of property, as identified in the General Partner&#146;s written
proposal, or for purposes of computing reverse Code Section 704(c) allocations with respect to
specific revaluations of property pursuant to Regulations Section&nbsp;1.704-1(b)(2)(iv)(f), as
identified in the General Partner&#146;s written proposal.


<P align="left" style="font-size: 12pt; text-indent: 8%">(g)&nbsp;The Partnership shall account for any goodwill of the Partnership with respect to which
there is a Code Section 734(b) basis adjustment consistent with the provisions of Regulations
Section&nbsp;1.197-2 (including Regulations Section&nbsp;1.197-2(k), <I>Example 31</I>).


<P align="left" style="font-size: 12pt; text-indent: 4%">5.7 <U>Accounting Method</U>. The books of the Partnership (for both tax and financial
reporting purposes) shall be kept on an accrual basis.


<P align="center" style="font-size: 12pt">ARTICLE 6



<P align="center" style="font-size: 12pt">MANAGEMENT



<P align="left" style="font-size: 12pt; text-indent: 4%">6.1 <U>Rights and Duties of the Partners</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;The Limited Partners shall not participate in the control of the business of the
Partnership and shall have no power to act for or bind the Partnership. The Limited Partners shall
have the right to approve certain actions proposed to be taken by the General Partner and certain
voting rights, all as set forth herein.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;Subject to Delaware Law, no Limited Partner shall be liable for losses or debts of the
Partnership beyond the aggregate amount such Partner is required to contribute to the Partnership
pursuant to this Agreement plus such Partner&#146;s share of the undistributed net profits of the
Partnership, except that nothing in this Subsection 6.1(b) shall limit any liability, obligation or
claim incurred by a Limited Partner in its capacity as General Partner at such time as it was
acting as the General Partner of the Partnership.


<P align="left" style="font-size: 12pt; text-indent: 4%">6.2 <U>Fiduciary Duty of General Partner</U>. The General Partner shall have fiduciary
responsibility for the safekeeping and use of all funds and assets (including records) of the
Partnership, whether or not in its immediate possession or control, and the General Partner shall
not employ, or permit another to employ, such funds or assets in any manner except for the
exclusive benefit of the Partnership.


<P align="left" style="font-size: 12pt; text-indent: 4%">6.3 <U>Powers of General Partner</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;Subject to the terms and conditions of this Agreement, the General Partner shall have full
and complete charge of all affairs of the Partnership, and the management and control of the
Partnership&#146;s business shall rest exclusively with the General Partner. Except as otherwise
provided in the Act or by this Agreement, the General Partner shall possess all of the rights and
powers of a partner in a partnership without limited partners under Delaware Law. The General
Partner shall be required to devote to the conduct of the business of the Partnership such time and
attention as is necessary to accomplish the purposes, and to conduct properly the business, of the
Partnership.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;Subject to the limitations set forth in this Agreement, including but not limited to
Section&nbsp;6.5, the General Partner shall perform or cause to be performed all management and
operational functions relating to the business of the Partnership. Without limiting the generality
of the foregoing, the General Partner is solely authorized on behalf of the Partnership, in the
General Partner&#146;s sole discretion and without the approval of the Limited Partners, to:


<P align="left" style="font-size: 12pt; text-indent: 12%">(i)&nbsp;expend the capital and revenues of the Partnership in furtherance of the Partnership&#146;s
business set forth in clauses (i), (ii), (iii)&nbsp;and (iv)&nbsp;of Section&nbsp;1.4 or otherwise approved in
accordance with Subsection 6.5(c)(iv) after the Effective Time, and pay, in accordance with the
provisions of this Agreement, all expenses, debts and obligations of the Partnership to the extent
that funds of the Partnership are available therefor;


<P align="left" style="font-size: 12pt; text-indent: 12%">(ii)&nbsp;make investments in United States government securities, securities of governmental
agencies, commercial paper, insured money market funds, bankers&#146; acceptances and certificates of
deposit, pending disbursement of the Partnership funds in furtherance of the Partnership&#146;s business
set forth in clauses (i), (ii), (iii)&nbsp;and (iv)&nbsp;of Section&nbsp;1.4 or otherwise approved in accordance
with Subsection 6.5(c)(iv) after the Effective Time or to provide a source from which to meet
contingencies;


<P align="left" style="font-size: 12pt; text-indent: 12%">(iii)&nbsp;enter into and terminate agreements and contracts with third parties in furtherance of
the Partnership&#146;s business set forth in clauses (i), (ii), (iii)&nbsp;and (iv)&nbsp;of Section&nbsp;1.4 or
otherwise approved in accordance with Subsection 6.5(c)(iv) after the Effective Time, institute,
defend and settle litigation arising therefrom, and give receipts, releases and discharges with
respect to all of the foregoing;


<P align="left" style="font-size: 12pt; text-indent: 12%">(iv)&nbsp;maintain, at the expense of the Partnership, adequate records and accounts of all
operations and expenditures and furnish any Partner with the reports referred to in Section&nbsp;8.2;


<P align="left" style="font-size: 12pt; text-indent: 12%">(v)&nbsp;purchase, at the expense of the Partnership, liability, casualty, fire and other insurance
and bonds to protect the Partnership&#146;s properties, business, partners and employees and to protect
the General Partner and its employees;


<P align="left" style="font-size: 12pt; text-indent: 12%">(vi)&nbsp;employ, at the expense of the Partnership, consultants, accountants, attorneys, and
others and terminate such employment; <U>provided</U>,<U> however</U>, that if any Affiliate of
any Partner is so employed, such employment shall be in accordance with Section&nbsp;6.7;


<P align="left" style="font-size: 12pt; text-indent: 12%">(vii)&nbsp;execute and deliver any and all agreements, documents and other instruments necessary or
incidental to the conduct of the business of the Partnership; and


<P align="left" style="font-size: 12pt; text-indent: 12%">(viii)&nbsp;incur indebtedness, borrow funds and/or issue guarantees, in each case for the conduct
of the Partnership&#146;s business set forth in clauses (i), (ii), (iii)&nbsp;and (iv)&nbsp;of Section&nbsp;1.4 or
otherwise approved in accordance with Subsection 6.5(c)(iv) after the Effective Time.


<P align="left" style="font-size: 12pt; text-indent: 8%">By executing this Agreement, each Partner shall be deemed to have consented to any exercise by
the General Partner of any of the foregoing powers.


<P align="left" style="font-size: 12pt; text-indent: 8%">(c)&nbsp;The General Partner shall cause <U>Schedule&nbsp;A</U> to be amended to reflect any Sale of a
Partner&#146;s Partnership Interest (to the extent permitted by this Agreement), the total Percentage
Interest of each Partner, any change in name of the Partnership or change in the name or names
under which the Partnership conducts its business (to the extent permitted by this Agreement), and
receipt by the Partnership of any notice of change of address of a Partner. The amended
<U>Schedule&nbsp;A</U>, which shall be kept on file at the principal office of the Partnership, shall
supersede all such prior Schedules and become part of this Agreement, and the General Partner shall
promptly forward a copy of the amended <U>Schedule&nbsp;A</U> to each Partner upon each amendment
thereof.


<P align="left" style="font-size: 12pt; text-indent: 4%">6.4 <U>Advisory Committee</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;<U>Selection of the Advisory Committee</U>. The Partnership shall have an Advisory
Committee (the &#147;<B><I>Advisory Committee</I></B>&#148;) consisting of seven (7)&nbsp;members. Of the seven (7)&nbsp;Advisory
Committee members, four (4)&nbsp;shall be designated by PTLC (each, a &#147;<B><I>PTLC Committee Member</I></B>&#148;), one (1)
shall be designated by PAG (the &#147;<B><I>PAG Committee Member</I></B>&#148;), one (1)&nbsp;shall be designated by MBK USA CV
(the &#147;<B><I>Mitsui Committee Member</I></B>&#148;) and, subject to Section&nbsp;9.5(d), one (1)&nbsp;shall be designated by the
GE Representative Partner (the &#147;<B><I>GE Committee Member</I></B>&#148;). Schedule&nbsp;B annexed hereto sets forth the
members of the Advisory Committee as of the Effective Time.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;<U>Functions of the Advisory Committee; Quorum; Vote Required for Action</U>.


<P align="left" style="font-size: 12pt; text-indent: 12%">(i)&nbsp;The Advisory Committee shall consult with and advise the General Partner with respect to
the business of the Partnership. In addition, the Advisory Committee shall review any matters or
actions proposed to be taken by the General Partner which pursuant to Section&nbsp;6.5 hereof require
the Advisory Committee&#146;s prior approval. Subject to the provisions of Subsection 6.4(b)(ii) below
and provided that notice shall have been duly given as set forth in Subsection 6.4(c) below: (A)&nbsp;at
any meeting of the Advisory Committee at which an action requiring a Level One Approval shall be
considered, the presence of a Level One Quorum shall be a quorum for the consideration of such
action, (B)&nbsp;at any meeting of the Advisory Committee at which an action requiring a Level Two
Approval shall be considered, the presence of a Level Two Quorum shall be a quorum for the
consideration of such action, (C)&nbsp;at any meeting of the Advisory Committee at which an action
requiring a Level Three Approval shall be considered, the presence of a Level Three Quorum shall be
a quorum for the consideration of such action, and (D)&nbsp;at any meeting of the Advisory Committee at
which an action requiring a Level Four Approval shall be considered, the presence of a Level Four
Quorum shall be a quorum for the consideration of such action, and (E)&nbsp;at any other meeting of the
Advisory Committee, the presence of a Level Four Quorum shall be the quorum necessary for the
conduct of any other business.


<P align="left" style="font-size: 12pt; text-indent: 12%">(ii)&nbsp;With respect to any regularly-scheduled meeting of the Advisory Committee, and any other
meeting of the Advisory Committee notice of which shall have been duly given as set forth in
Subsection 6.4(c) below, in the event that a quorum shall not be present at the time and place
fixed for such regularly-scheduled meeting or specified in such notice of any other meeting, then
such meeting shall automatically be adjourned (without the need for further notice) until the same
time (and at the same place) on the next succeeding Business Day. At any meeting of the Advisory
Committee which shall have been so adjourned, the number of members specified for the quorum in
Subsection 6.4(b)(i) above shall constitute a quorum solely with respect to (A)&nbsp;as to any
regularly-scheduled meeting of the Advisory Committee, any matter that may properly be considered
at such meeting and (B)&nbsp;as to any other meeting of the Advisory Committee, only those matters which
shall have been specified in the notice calling the meeting which was so adjourned and no other
matters, and any action purportedly taken by the Advisory Committee in contravention of the
foregoing shall be void and of no force or effect whatsoever.


<P align="left" style="font-size: 12pt; text-indent: 12%">(iii)&nbsp;Each member of the Advisory Committee shall have one vote on all matters which may come
before the Advisory Committee for decision. Members of the Advisory Committee may be present and
vote at meetings thereof in person or by written proxy. All actions by the Advisory Committee shall
require the affirmative vote of a majority of the members of the Advisory Committee and in certain
circumstances as further specified in Subsections 6.5(c), 6.5(d), 6.5(e) and 6.5(f) below the
affirmative vote set forth in such sections.


<P align="left" style="font-size: 12pt; text-indent: 8%">(c)&nbsp;<U>Meetings in Person or by Telephone; Notice; Action by Written Consent</U>. Meetings
of the Advisory Committee may be in person, by telephonic communication or by such other means as
to permit all members to hear and be heard by each other at the same time. All members of the
Advisory Committee shall be given not less than five (5)&nbsp;Business Days&#146; advance notice of all
meetings (other than regularly scheduled meetings), which notice shall set forth the business to be
considered at such meeting, the time of such meeting and the place of such meeting (if other than
the principal office of the Partnership). Notice of any meeting may be waived by means of a written
instrument, including by electronic transmission that may be printed on paper, to such effect
executed and delivered by the waiving member to the Partnership either prior to or after such
meeting. Meetings in person shall be held at the principal office of the Partnership, or at such
other place as may be determined by the Advisory Committee and, at any such meeting, any one or
more members of the Advisory Committee may participate by means of telephonic communication or
other means as aforesaid, so long as all members of the Advisory Committee participating in such
meeting can hear and be heard by one another, and such participation shall be deemed presence in
person for purposes of such meeting. Subject to the last two sentences of this Subsection 6.4(c),
any action required or permitted to be taken at any meeting of the Advisory Committee may be taken
without a meeting if the members of the Advisory Committee whose approval is required for such
action approve such action in a writing or writings or by electronic transmission or transmissions,
and the writing or writings or electronic transmission or transmissions are filed with the minutes
of meetings of the Advisory Committee and provided to the other members of the Advisory Committee.
Such filing shall be in paper form if the minutes are maintained in paper form and shall be in
electronic form if the minutes are maintained in electronic form. All members of the Advisory
Committee shall be given not less than five (5)&nbsp;Business Days&#146; advance notice of any action to be
taken without a meeting requiring less than unanimous approval, and shall be provided with
information relating to such action that reasonably describes the action being taken. Notice of any
action to be taken without a meeting may be waived by means of a written instrument, including by
electronic transmission that may be printed on paper, to such effect executed and delivered by the
waiving member to the Partnership either prior to or after the effectiveness of such consent.


<P align="left" style="font-size: 12pt; text-indent: 8%">(d)&nbsp;<U>Regular Meetings and Special Meetings</U>.


<P align="left" style="font-size: 12pt; text-indent: 12%">(1)&nbsp;Regular meetings of the Advisory Committee shall be held at such times as the Advisory
Committee shall from time to time determine, but no less frequently than once each quarter of the
Partnership Year.


<P align="left" style="font-size: 12pt; text-indent: 12%">(2)&nbsp;Special meetings of the Advisory Committee shall be held whenever called by any member of
the Advisory Committee upon no less than five (5)&nbsp;Business Days&#146; notice to each member of the
Advisory Committee prior to such meeting unless such notice is waived by each such member. Any and
all business that may be transacted at a regular meeting of the Advisory Committee may be
transacted at a special meeting, <U>provided</U>, that unless all members of the Advisory
Committee otherwise agree, only business specified in the written notice of a special meeting may
be conducted at such meeting.


<P align="left" style="font-size: 12pt; text-indent: 12%">(3)&nbsp;As and to the extent practicable, the members of the Advisory Committee shall be furnished
in advance of any regular or special meetings of the Advisory Committee, information relating to
any action to be submitted at such regular or special meeting for any Level One Approval, Level Two
Approval, Level Three Approval and/or Level Four Approval, as applicable, by the Advisory
Committee.


<P align="left" style="font-size: 12pt; text-indent: 12%">(4)&nbsp;At each meeting of the Advisory Committee, the General Partner shall provide to each
member of the Advisory Committee a written summary of any and all actions, claims or proceedings
initiated by the Partnership where the same involves claims in excess of $1,000,000 (other than any
vehicle-related accident claims).


<P align="left" style="font-size: 12pt; text-indent: 8%">(e)&nbsp;<U>Resignation, Replacement and Removal of Advisory Committee Members</U>. Any PTLC
Committee Member may be removed at any time, with or without cause, by proposal of PTLC. Any GE
Committee Member may be removed at any time, with or without cause, by proposal of the GE
Representative Partner. Any PAG Committee Member may be removed at any time, with or without cause,
by proposal of PAG. Any Mitsui Committee Member may be removed at any time, with or without cause,
by proposal of MBK USA CV. In the event of the death, adjudication of insanity or incompetency,
resignation, withdrawal or removal of: (i)&nbsp;a PTLC Committee Member, PTLC shall designate a
replacement member; or (ii)&nbsp;any other Advisory Committee member, the Partner authorized under
Subsections 6.4(a) or 9.5(d) to designate such Committee Member shall designate a replacement
member.


<P align="left" style="font-size: 12pt; text-indent: 8%">(f)&nbsp;<U>Certain Provisions with respect to the Advisory Committee</U>. The Advisory Committee
may adopt from time to time appropriate rules and regulations concerning the frequency and conduct
of its meetings. Any member of the Advisory Committee may delegate any or all of his or her
authority as a member of the Advisory Committee to any person, or may appoint any person as such
member&#146;s proxy with respect to any matter or matters to be considered or action to be taken by the
Advisory Committee, provided that the Partner which designated the Advisory Committee member has
approved such delegation or appointment in writing. Such approval may be revoked by the granting
Partner or Advisory Committee member at any time, provided that any such revocation shall not
affect the validity of any action taken by such delegate or proxy prior to such revocation.


<P align="left" style="font-size: 12pt; text-indent: 8%">(g)&nbsp;<U>Audit Function</U>. The Partnership has engaged the Auditor as its independent
auditors. The Advisory Committee shall review and confer with respect to the performance of the
Partnership&#146;s independent auditors and may, by Level One Approval, require that such auditors be
substituted by the General Partner; <U>provided</U>, <U>however</U>, that notwithstanding the
foregoing only a Level Four Approval shall be required if the substitute auditors are Deloitte LLP,
KPMG LLP, PricewaterhouseCoopers LLP or Ernst & Young LLP (or, with respect to each, any successor
firm thereof). The Partnership shall maintain an internal audit staff which (i)&nbsp;shall report
directly to the Advisory Committee and (ii)&nbsp;without the consent of each Significant Limited
Partner, shall not be utilized by any Partner or any of its Affiliates (other than the Partnership
Group) with respect to its separate business.


<P align="left" style="font-size: 12pt; text-indent: 8%">(h)&nbsp;<U>No Liability</U>. Notwithstanding anything else contained in this Agreement, the
Advisory Committee shall not be deemed to possess and shall not exercise any power that, if
possessed or exercised by a Limited Partner, would constitute participation in the control of the
business of the Partnership, within the meaning of Section&nbsp;17-303 of the Act, and no member of the
Advisory Committee shall be liable to the Partnership, the General Partner, any Limited Partner, or
any other person or entity for any losses, claims, damages or liabilities arising from any act or
omission performed or omitted by it as a member of the Advisory Committee other than acts or
omissions involving willful misconduct or bad faith or a breach of Subsection 6.4(i). The
Partnership shall indemnify, to the fullest extent permitted by Law, each member of the Advisory
Committee (and any proxy thereof) against losses, claims, damages or liabilities arising from any
act or omission performed or omitted by him or her as a member of the Advisory Committee or any
subcommittee thereof from time to time other than those involving willful misconduct or bad faith
on the part of such committee member or a breach of Subsection 6.4(i).


<P align="left" style="font-size: 12pt; text-indent: 8%">(i)&nbsp;<U>Confidentiality</U>. With respect to any and all information provided to or obtained
by any Partner, any assignees of Partnership Interests or any of their Affiliates, or any of its or
their directors, officers, employees, agents, representatives or advisors, including Non-Voting
Observers, as a result of such Partner being a Partner in the Partnership or its designee being a
member of or an observer on the Advisory Committee (except for the exclusions below, &#147;<B><I>Evaluation
Material</I></B>&#148;), such Partner and each of its Affiliates, and its and their directors, officers,
employees, agents, representatives or advisors, including a Non-Voting Observer, shall hold such
information in strict confidence and use such information solely in connection with such Partner&#146;s
evaluation of its investment in the Partnership; <U>provided</U>, <U>however</U>, that any
Partner may disclose such information (a)&nbsp;as required by applicable law, rule or regulation
(including but not limited to the Securities Act, the Exchange Act, or applicable securities Laws
of any other jurisdiction, or rules of a stock exchange or other self-regulatory bodies), (b)&nbsp;to
any person involved in the preparation of the Partner&#146;s or any of its Affiliates&#146; financial
statements, public filings or tax returns, (c)&nbsp;to any of its own Affiliates, or its or their
directors, officers, employees, agents, representatives or advisors who are informed of the
strictly confidential nature of such information and are or have been advised of their obligation
to keep information of this type strictly confidential, (d)&nbsp;upon the request or demand of any
Governmental Authority having jurisdiction over any of the Partnership or any of their Partners or
any of their Affiliates or (e)&nbsp;to any person and such person&#146;s advisors with whom any Partner or
any of its Affiliates is contemplating a financing transaction or to whom such Partner is
contemplating a Transfer of all or any portion of its Partnership Interests in accordance with the
terms of this Agreement (a &#147;<B><I>Potential Buyer</I></B>&#148;), provided that such Potential Buyer and such person&#146;s
advisors are advised of the strictly confidential nature of such information and the Potential
Buyer agrees to be bound by a confidentiality agreement containing protective provisions no less
protective of the information of the Partnership than provided in this Agreement. All press
releases, public announcements, and similar publicity (other than such public announcements
required by applicable law, rule or regulation, pursuant to clause (a)&nbsp;in the immediately preceding
sentence) respecting the Partnership and referencing the name of any Partner or any Affiliate of
any Partner (&#147;<B><I>Non-Issuing Partner</I></B>&#148;) other than the Partner issuing such press release, public
announcement, similar publicity or making such required disclosure shall be made only with the
prior written consent of such Non-Issuing Partner, which consent will not be unreasonably withheld;
<U>provided</U>, <U>however</U>, that without consent any Partner may state in such a public
announcement that it is a Partner and disclose the legal names of the Partnership, and the other
Partners and their respective parents. Nothing in this paragraph shall waive any attorney-client
privilege, attorney work product privilege or other privilege, and any information subject to such
privilege shall not be disclosed except by agreement of the Advisory Committee or as required by
applicable law, rule or regulation or restrict the Partnership&#146;s ability to issue press releases in
the ordinary course of business. For purposes of this Subsection 6.4(i), the Partnership shall not
be deemed to be an Affiliate of any of the Partners. &#147;<B><I>Evaluation Material</I></B>&#148; shall not include
information that (i)&nbsp;is or becomes generally available to the public other than as a result of a
disclosure by the applicable Partner, its representatives or others to whom it voluntarily
discloses such information other than Governmental Authorities (the &#147;<B><I>Recipient Group</I></B>&#148;) in breach of
this Agreement, (ii)&nbsp;was available to a member of the Recipient Group prior to such information&#146;s
disclosure by or on behalf of the Partnership from a source (other than Recipient Group) who, to
the knowledge of the applicable Partner, is not subject to a confidentiality agreement with, or
other obligation of secrecy to, the Partnership, its Affiliates or representatives prohibiting such
disclosure, (iii)&nbsp;is or becomes available to the Recipient Group from a source (other than the
Recipient Group) who, to the knowledge of the applicable Partner, is not subject to a
confidentiality agreement with, or other obligation of secrecy to, the Partnership, its Affiliates
or representatives prohibiting such disclosure, or (iv)&nbsp;was independently developed by the
Recipient Group without reference to the Evaluation Material. If a member of the Recipient Group is
requested or required (by oral questions, interrogatories, requests for information or documents,
subpoena, civil investigative demand, or similar legal process or by regulatory agency, or stock
exchange or other applicable rules) to disclose any of the Evaluation Material, the applicable
Partner agrees promptly upon obtaining knowledge of such request or requirement to disclose to
provide the Advisory Committee with prompt notice of each such request, to the extent practicable
and not legally prohibited, so that the Partnership or a Partner as appropriate may seek an
appropriate protective order (at its own cost and expense). If, absent the entry of a protective
order or other appropriate remedy, the applicable member of a Recipient Group is legally required
to disclose the Evaluation Material, such applicable member may disclose such information only to
the persons and to the extent required without liability under this Agreement.


<P align="left" style="font-size: 12pt; text-indent: 8%">(j)&nbsp;<U>Non-Voting Observers</U>.


<P align="left" style="font-size: 12pt; text-indent: 12%">(i)&nbsp;Each Partner, together with its Affiliates, that does not have the right to appoint a
member of the Advisory Committee pursuant to Subsection 6.4(a), but holds a Percentage Interest of
not less than five percent (5%) (which for the purpose of this determination shall include a pro
rata portion of the Partnership Interest held by PTL GP based upon the Partner&#146;s ownership
interests in Holdings (if any), but with respect to PAG, shall exclude Partnership Interests held
directly or indirectly by the other Penske Partners (other than its interest through PTL GP as
described above and the members of the PAG Consolidated Group) and only for so long as such
Partner, together with its Affiliates, owns a Percentage Interest of not less than five percent
(5%) (which for the purposes of this determination shall include a pro rata portion of the
Partnership Interest held by PTL GP based upon the Partner&#146;s ownership interests in Holdings (if
any), but with respect to PAG, shall exclude Partnership Interests held directly or indirectly by
the other Penske Partners (other than its interest through PTL GP as described above)), shall have
the right to a non-voting observer (the &#147;<B><I>Non-Voting Observer</I></B>&#148;) at all duly called and convened
meetings of the Advisory Committee (as provided for in Subsection 6.4(c). For the sake of clarity,
as of the Effective Time there are no Non-Voting Observers. The Non-Voting Observer shall be
entitled to receive all materials and information distributed to the members of the Advisory
Committee (in such capacity) in connection with such duly called and convened meetings (including
written consents in lieu of such meetings) and shall have access to the Partnership&#146;s management
and records as if the Non-Voting Observer were a member of the Advisory Committee, except that the
General Partner may exclude any Non-Voting Observers from all applicable portions of any meeting of
the Advisory Committee, or deny access to any information or portions thereof provided to members
of the Advisory Committee, if the General Partner reasonably determines that the participation of
the Non-Voting Observer, or access to the applicable information, could reasonably be expected to
(1)&nbsp;result in a waiver of the attorney-client privilege (based on the advice of the Partnership&#146;s
counsel and, if applicable, taking into account the execution of a common interest agreement) with
respect to any matters to be discussed or any matters included in the information to be
distributed; (2)&nbsp;expose to any Non-Voting Observer (who represents or is affiliated with a
competitor to the Partnership, a customer, supplier or other business partner of the Partnership or
a competitor to the Partnership&#146;s customers, suppliers or other business partners) (A)&nbsp;if a
contract or understanding with any Person or Affiliate of such Person represented by the Non-Voting
Observer is being described, discussed or voted upon, any information related to such contract or
understanding and/or (B)&nbsp;the Partnership&#146;s business operations, objectives, opportunities,
competitive positioning and/or prospects related to any such Person or any matter in which such
Person may be reasonably deemed to have an interest that is adverse to the Partnership; (3)&nbsp;cause
the Partnership to violate obligations with respect to confidential or proprietary information of
third parties, provided that a Non-Voting Observer shall not be so excluded unless all other
Persons whose participation in such meeting of the Advisory Committee, or portions thereof, or
receipt of such information, or portions thereof, would result in a violation of such third party
obligations are also excluded; or (4)&nbsp;pose an actual or potential conflict of interest for the
Partner designating the Non-Voting Observer, any of its Affiliates or the Non-Voting Observer. In
addition, if a Non-Voting Observer designated by a Partner is an observer, employee, officer,
director, partner, member, consultant or fiduciary at another company that competes with the
Partnership or is primarily engaged in a business in a substantially related industry, a majority
of the members of the Advisory Committee shall be permitted to exclude the Non-Voting Observer from
any meeting of the Advisory Committee, or portions thereof, or deny access to any information
provided to the members of the Advisory Committee, if such members reasonably determine, in a
closed session, to exclude such Non-Voting Observer to protect the proprietary nature of the
information included in the matters to be discussed and/or distributed.


<P align="left" style="font-size: 12pt; text-indent: 12%">(ii)&nbsp;For the avoidance of doubt, any failures to comply with this Subsection 6.4(j) shall not
affect in any way the validity of any actions taken by the Advisory Committee.


<P align="left" style="font-size: 12pt; text-indent: 4%">6.5 <U>Restrictions on the Authority of the General Partner</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;Notwithstanding any other provision of this Agreement, the General Partner shall not have
authority to do any of the following:


<P align="left" style="font-size: 12pt; text-indent: 12%">(i)&nbsp;any act in contravention of this Agreement;


<P align="left" style="font-size: 12pt; text-indent: 12%">(ii)&nbsp;any act which would make it impossible to carry on the ordinary business of the
Partnership, except as otherwise provided in this Agreement;


<P align="left" style="font-size: 12pt; text-indent: 12%">(iii)&nbsp;possess Partnership property, or assign any rights in specific Partnership property, for
other than a Partnership purpose;


<P align="left" style="font-size: 12pt; text-indent: 12%">(iv)&nbsp;admit a Person as a Partner, except as otherwise provided in this Agreement;


<P align="left" style="font-size: 12pt; text-indent: 12%">(v)&nbsp;except as permitted pursuant to Section&nbsp;14.2, amend or waive any provision of this
Agreement;


<P align="left" style="font-size: 12pt; text-indent: 12%">(vi)&nbsp;except as otherwise permitted by this Agreement, Transfer all or any portion of its
interest as the General Partner of the Partnership;


<P align="left" style="font-size: 12pt; text-indent: 12%">(vii)&nbsp;knowingly commit any act which would subject any Limited Partner to liability as a
general partner in any jurisdiction in which the Partnership transacts business, except to effect
the conversion of the Partnership Interests pursuant to Subsection 1.1(c); or


<P align="left" style="font-size: 12pt; text-indent: 12%">(viii)&nbsp;elect to dissolve the Partnership, except as expressly permitted herein.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;&#091;INTENTIONALLY OMITTED&#093;


<P align="left" style="font-size: 12pt; text-indent: 8%">(c)&nbsp;Notwithstanding any other provision of this Agreement, other than Subsection 6.4(h), the
General Partner shall not have authority to do any of the following without a Level One Approval of
the Advisory Committee:


<P align="left" style="font-size: 12pt; text-indent: 12%">(i)&nbsp;enter into any credit agreement, indenture, debt security or debt instrument (or any
amendment, restatement, supplement or other modification thereto or waiver thereof) that would or
(at such time the agreement or other instrument, or amendment, restatement, supplement or other
modification thereto or waiver thereof, is executed), reasonably would be expected to (A)&nbsp;restrict
or prevent the exercise by the GE Partners, PAG or MBK USA CV, including, in each case, any
permitted successors or permitted assignees, of any rights, actions or transactions contemplated by
the provisions of Article&nbsp;9 or Article&nbsp;10 (without limiting the foregoing, any provision that would
require the consent of creditors or their agents or representatives to such exercise in order to
prevent acceleration or rapid amortization of indebtedness or would give creditors or their agents
or representatives the right to accelerate or more rapidly amortize indebtedness in connection with
such exercise being deemed to be expected to restrict or prevent such right, action or transaction)
or (B)&nbsp;reduce distributions by the Partnership below those otherwise required by Subsections 5.1(a)
and (b);


<P align="left" style="font-size: 12pt; text-indent: 12%">(ii)&nbsp;change the Partnership&#146;s policies relating to requirements of environmental Laws,
antitrust Laws, anti-corruption Laws, anti-bribery Laws, Laws relating to contracts with
Governmental Authorities, insider trading or ethical business practices;


<P align="left" style="font-size: 12pt; text-indent: 12%">(iii)&nbsp;materially change policies relating to accounting matters other than those required by
GAAP;


<P align="left" style="font-size: 12pt; text-indent: 12%">(iv)&nbsp;change the character of the Partnership Group&#146;s business from that set forth in clauses
(i), (ii), (iii)&nbsp;and (iv)&nbsp;of Section&nbsp;1.4 or cause the Partnership Group to engage in any activity
other than as described therein;


<P align="left" style="font-size: 12pt; text-indent: 12%">(v)&nbsp;increase or amend the compensation arrangements for the direct services of Roger S. Penske
from those currently in effect between the Partnership Group and Roger S. Penske (or any entity
that is an Affiliate of Roger S. Penske);


<P align="left" style="font-size: 12pt; text-indent: 12%">(vi)&nbsp;(A)&nbsp;file a voluntary petition seeking liquidation, reorganization, arrangement or
readjustment, in any form, of the Partnership&#146;s debts under Title 11 of the United States Code or
any other federal or state insolvency Law, or file an answer consenting to or acquiescing in any
such petition, (B)&nbsp;make any Transfer for the benefit of the Partnership&#146;s creditors (other than the
creation of Liens as contemplated by Section&nbsp;6.5(d)(ii)), or (C)&nbsp;allow the expiration of sixty (60)
days after the filing of an involuntary petition under Title 11 of the United States Code, the
application by a third party for the appointment of a receiver for the assets of the Partnership,
or the filing of an involuntary petition seeking liquidation, reorganization, arrangement or
readjustment of the Partnership&#146;s debts under any other federal or state insolvency Law, unless the
same shall not have been vacated, set aside or stayed within such sixty-day period;


<P align="left" style="font-size: 12pt; text-indent: 12%">(vii)&nbsp;cause the Partnership Group to take any action or series of related actions, outside of
the ordinary course of business consistent with the past practice of the Partnership Group since
May&nbsp;2012, that could reasonably be expected to result in the loss of any investment grade
corporate, unsecured, long-term debt rating for the Partnership on a stand-alone basis; it being
understood that (A)&nbsp;such actions shall not include distributions required by Subsections 5.1(a) and
5.1(b) and (B)&nbsp;changes in policies or ratings criteria of ratings agencies shall not be taken into
account for this provision;


<P align="left" style="font-size: 12pt; text-indent: 12%">(viii)&nbsp;raise additional equity capital by means of a capital call or equity issuance (provided
that any such capital call shall, in any case precede such equity issuance), other than a capital
call and equity issuance that may be approved pursuant to Subsection 6.5(f)(v);


<P align="left" style="font-size: 12pt; text-indent: 12%">(ix)&nbsp;amend or waive any provision of the Trade Name and Trademark Agreement, if such amendment
or waiver is adverse in any respect to the Partnership;


<P align="left" style="font-size: 12pt; text-indent: 12%">(x)&nbsp;make donations by or in the name of the Partnership if the same involves amounts in excess
of $3,000,000 for any single donation or series of related donations; or


<P align="left" style="font-size: 12pt; text-indent: 12%">(xi)&nbsp;make any Discretionary Distribution that requires a Level One Approval under Subsection
5.1(c).


<P align="left" style="font-size: 12pt; text-indent: 8%">(d)&nbsp;Notwithstanding any other provision of this Agreement, other than Subsections 6.4(h) and
6.5(c), the General Partner shall not have authority to do any of the following without a Level Two
Approval; <U>provided</U>, <U>however</U>, that if at any time (i)&nbsp;the GE Representative Partner
and its Affiliates collectively own less than a fifteen percent (15%) Percentage Interest following
any voluntary Sale after the Effective Time of limited Partnership Interests by the GE Partners
other than to one or more GE Partners (a &#147;<B><I>Level Three Triggering Condition</I></B>&#148;), then each of the
actions set forth in Subsections 6.5(d)(i), 6.5(d)(ii) and 6.5(d)(v) and, solely to the extent
relating to periods after any continuing Level Four Triggering Condition or any continuing Level
Three Triggering Condition (as applicable), 6.5(d)(iv), shall instead require a Level Three
Approval; <U>provided</U>, <U>further</U>, that if at any time the GE Representative Partner and
its Affiliates collectively own less than a ten percent (10%) Percentage Interest following any
voluntary Sale after the Effective Time of limited Partnership Interests by the GE Partners other
than to one or more GE Partners and there are no other Significant Limited Partners (the &#147;<B><I>Level
Four Triggering Condition</I></B>&#148;), then each of the actions set forth in Subsections 6.5(d)(i),
6.5(d)(ii) and 6.5(d)(v) and, solely to the extent relating to periods after any continuing Level
Four Triggering Condition or any continuing Level Three Triggering Condition (as applicable),
6.5(d)(iv), shall instead require a Level Four Approval:


<P align="left" style="font-size: 12pt; text-indent: 12%">(i)&nbsp;cause the Partnership Group to (A)&nbsp;incur indebtedness outside of the ordinary course of
business, (B)&nbsp;incur indebtedness that is not <I>pari passu </I>in right of payment with (x)&nbsp;the Credit
Agreement or (y)&nbsp;the senior notes of the Partnership and PTL Finance Corporation outstanding at the
Effective Time; <U>provided</U> that for the sake of clarity, incurrence of indebtedness in the
ordinary course of business includes (1)&nbsp;the issuance of unsecured senior notes that are <I>pari passu</I>
in right of payment with the Credit Agreement, (2)&nbsp;borrowings under the Credit Agreement, and (3)
borrowings and advances under the ABS Facility, subject to compliance with the borrowing
limitations in the Credit Agreement and the ABS Facility, as applicable;


<P align="left" style="font-size: 12pt; text-indent: 12%">(ii)&nbsp;grant any Liens with respect to any property of the Partnership Group other than: (A)
such Liens granted in connection with the financing of the acquisition of vehicles (or, in the
context of an acquisition by any member of the Partnership Group, existing Liens on real property
so acquired) by the Partnership Group in the ordinary course of business, which Liens attach only
to the vehicles (or, in the context of an acquisition by any member of the Partnership Group,
existing Liens on real property so acquired) being acquired with the proceeds of the applicable
financing, including any chattel paper, replacements, substitutes and proceeds thereof, as such
terms are defined in Article&nbsp;9 of the Uniform Commercial Code, (B)&nbsp;Liens permitted by the Credit
Agreement, or (C)&nbsp;Liens created under the ABS Facility;


<P align="left" style="font-size: 12pt; text-indent: 12%">(iii)&nbsp;&#091;INTENTIONALLY OMITTED&#093;


<P align="left" style="font-size: 12pt; text-indent: 12%">(iv)&nbsp;determine the accounting methods and conventions to be used in, or any other method or
procedure related to, the preparation of the Returns (as defined in Subsection 8.2(d)), and make
any and all elections under the tax Laws of any jurisdiction as to the treatment of items of
income, gain, loss, deduction and credit of the Partnership or file a Form&nbsp;8832 &#151; Entity
Classification Election or in any other manner make or change an election under U.S. Treasury
Regulations Section&nbsp;301.7701-3(c)(1) or successor regulations to have the Partnership taxed as
anything other than as a partnership for federal tax purpose; or


<P align="left" style="font-size: 12pt; text-indent: 12%">(v)&nbsp;(I)&nbsp;subject to Section&nbsp;6.7(c) below, cause the Partnership Group to (a)&nbsp;make acquisitions
during any Partnership Year of (i)&nbsp;any stock or other equity interest in any other entity
(including by purchase, merger or consolidation) or (ii)&nbsp;any assets of any other Person (other than
in respect of the acquisition of new vehicles, the sale-and-leaseback (or sale-and-rentback) of
vehicles, or the acquisition of vehicles for the purpose of disposition by the Partnership within a
reasonable period of time, in each case in the ordinary course of business of the Partnership) or
(b)&nbsp;redeem or otherwise acquire or retire for value any of the equity interests of any Subsidiary
of the Partnership held by Persons other than the Partnership or any of the Partnership&#146;s wholly
owned Subsidiaries (other than pro rata payments to all holders of the equity interests of any such
Subsidiary) (clauses (a)&nbsp;and (b), collectively, &#147;<B><I>Acquisitions</I></B>&#148;) which collectively (in respect of
all such Acquisitions) have an enterprise value (which for purposes of this Section&nbsp;6.5(d)(v) shall
take into account any indebtedness for borrowed money of any acquired entity or related assets and
any redemption payments) in excess of $250,000,000 (in the aggregate), or (II)&nbsp;cause the
Partnership to incur capital expenditures (other than in respect of vehicles) in any Partnership
Year, individually or in the aggregate, in excess of an amount equal to the sum of (a) $10,000,000
and (b)&nbsp;fifteen percent (15%) of facilities and equipment, net (excluding vehicles) as of the end
of the immediately preceding Partnership Year as set forth in the Partnership&#146;s consolidated
balance sheet for such immediately preceding Partnership Year.


<P align="left" style="font-size: 12pt; text-indent: 8%">(e)&nbsp;Notwithstanding any other provision of this Agreement, other than Subsections 6.4(h),
6.5(c) and 6.5(d), the General Partner shall not have authority to do any of the following without
a Level Three Approval:


<P align="left" style="font-size: 12pt; text-indent: 12%">(i)&nbsp;change the name of the Partnership or the name or names under which the Partnership
conducts business; provided, however, that nothing in this Subsection 6.5(e)(i) shall be deemed to
prevent the Partnership from ceasing to use the name &#147;Penske&#148; if and to the extent required by the
Trade Name and Trademark Agreement;


<P align="left" style="font-size: 12pt; text-indent: 12%">(ii)&nbsp;subject to Subsection 6.7(c) below, cause the Partnership Group to make any Acquisitions
which collectively (in respect of all such Acquisitions) have an enterprise value in excess of
$100,000,000 but not in excess of $250,000,000 (in the aggregate) during any Partnership Year;


<P align="left" style="font-size: 12pt; text-indent: 12%">(iii)&nbsp;hire or terminate or modify the compensation of the manager of the internal audit staff
contemplated by Subsection 6.4(g) or adopt its budget; or


<P align="left" style="font-size: 12pt; text-indent: 12%">(iv)&nbsp;for the sake of clarity, to the extent provided in the first paragraph of Subsection
6.5(d), if the Level Three Triggering Condition has occurred and is continuing, take any other
action that would otherwise require a Level Two Approval.


<P align="left" style="font-size: 12pt; text-indent: 8%">(f)&nbsp;Notwithstanding any other provision of this Agreement, other than Subsections 6.4(h),
6.5(c), 6.5(d) and 6.5(e), the General Partner shall not have authority to do any of the following
without a Level Four Approval:


<P align="left" style="font-size: 12pt; text-indent: 12%">(i)&nbsp;adopt the annual budget and business plan of the Partnership Group;


<P align="left" style="font-size: 12pt; text-indent: 12%">(ii)&nbsp;materially change the Partnership&#146;s policies relating to credit approval levels;


<P align="left" style="font-size: 12pt; text-indent: 12%">(iii)&nbsp;appoint the senior officers of the Partnership;


<P align="left" style="font-size: 12pt; text-indent: 12%">(iv)&nbsp;subject to Subsection 6.7(c) below, cause the Partnership Group to make any Acquisitions
which collectively (in respect of all such Acquisitions) have an enterprise value in excess of
$10,000,000 but not in excess of $100,000,000 (in the aggregate) during any Partnership Year;


<P align="left" style="font-size: 12pt; text-indent: 12%">(v)&nbsp;raise equity capital solely through a capital call in accordance with Section&nbsp;3.1 that
satisfies the Capital Call Conditions (including any adjustment to the Percentage Interest of the
Partners in connection therewith), and/or issue limited Partnership Interests to satisfy any
Remaining Capital Call Deficiency in respect of such capital call;


<P align="left" style="font-size: 12pt; text-indent: 12%">(vi)&nbsp;declare or cause the Partnership to make any Discretionary Distributions to its Partners
pursuant to Subsection 5.1(c); or declare or pay any dividend on or make any distribution on or
purchase, redeem or otherwise acquire or retire for value any of the equity interests of any
Subsidiary of the Partnership held by Persons other than the Partnership or any of the
Partnership&#146;s wholly owned Subsidiaries except for pro rata payments to all holders of the equity
interests of any such Subsidiary; or


<P align="left" style="font-size: 12pt; text-indent: 12%">(vii)&nbsp;for the sake of clarity, to the extent provided in the first paragraph of Subsection
6.5(d), if the Level Four Triggering Condition has occurred and is continuing, take any other
action that would otherwise require a Level Two Approval.


<P align="left" style="font-size: 12pt; text-indent: 4%">6.6 <U>Other Activities</U>. Any Partner (other than the General Partner in such capacity)
(the &#147;<B><I>Interested Party</I></B>&#148;) may engage in or possess an interest in other business ventures of any
nature or description, independently or with others, whether presently existing or hereafter
created, and neither the Partnership nor any Partner (including the General Partner) other than the
Interested Party shall have any rights in or to such independent ventures or the income or profits
derived therefrom.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;Notwithstanding the foregoing, none of Penske Corporation, PTLC or any of their respective
Affiliates (excluding PAG and its Subsidiaries) shall, at any time that (i)&nbsp;the aggregate
Percentage Interests that the Penske Partners own exceed five percent (5%), (ii)&nbsp;any Penske Partner
has the right to designate one or more members of the Advisory Committee, (iii)&nbsp;a Penske Partner is
the General Partner or (iv)&nbsp;so long as PTL GP is the General Partner, a Penske Partner is the
Managing Member of Holdings, and for a period of two (2)&nbsp;years after none of the conditions set
forth in the foregoing clauses (i), (ii), (iii)&nbsp;or (iv)&nbsp;applies, directly compete with the
Partnership (as such phrase is defined in Subsection 6.6(f) below) or acquire or possess any
ownership interest (other than investments of less than two percent (2%) of any class of
outstanding securities of a corporation or other entity) in any other entity which directly
competes with the Partnership. For purposes solely of this Subsection 6.6(b), the definition of
&#147;<B><I>Penske Partners</I></B>&#148; excludes PAG and its Permitted Intragroup Transferees that are members of the PAG
Consolidated Group.


<P align="left" style="font-size: 12pt; text-indent: 8%">(c)&nbsp;Notwithstanding the foregoing, neither GE Capital nor any of its Subsidiaries shall, at
any time that the aggregate Percentage Interests that the GE Partners own exceeds five percent (5%)
and for a period of two (2)&nbsp;years after the later of (x)&nbsp;the date upon which the GE Partners cease
to own in excess of such five percent (5%) and (y)&nbsp;the date on which none of the GE Partners has
the right to designate a member of the Advisory Committee, directly compete with the Partnership
(as such phrase is defined in Subsection 6.6(f) below).


<P align="left" style="font-size: 12pt; text-indent: 8%">(d)&nbsp;Notwithstanding the foregoing, neither PAG nor any of its Subsidiaries shall, at any time
that the aggregate Percentage Interests that PAG and its Subsidiaries, collectively, own exceeds
five percent (5%) and for a period of two (2)&nbsp;years after the later of (x)&nbsp;the date upon which PAG
and its Subsidiaries, collectively, cease to own in excess of such five percent (5%) and (y)&nbsp;the
date on which PAG no longer has the right to designate a member of the Advisory Committee, directly
compete with the Partnership (as such phrase is defined in Subsection 6.6(f) below).


<P align="left" style="font-size: 12pt; text-indent: 8%">(e)&nbsp;Notwithstanding the foregoing, neither Mitsui nor any of its Subsidiaries shall, at any
time that the aggregate Percentage Interests that Mitsui and its Subsidiaries, collectively, own
exceeds five percent (5%) and for a period of two (2)&nbsp;years after the later of (x)&nbsp;the date upon
which Mitsui and its Subsidiaries, collectively, cease to own in excess of such five percent (5%)
and (y)&nbsp;the date on which MBK USA CV no longer has the right to designate a member of the Advisory
Committee, directly compete with the Partnership (as such phrase is defined in Subsection 6.6(f)
below).


<P align="left" style="font-size: 12pt; text-indent: 8%">(f)&nbsp;As used in this Section&nbsp;6.6, the phrase &#147;directly compete(s) with the Partnership&#148; shall
mean the active conduct and operation of a business engaged in the renting and full-service leasing
(but not any other types of Leasing) and servicing of tractors, trailers and/or trucks to third
party users, or in acting as a dedicated contract motor carrier, in each case in the United States
of America or Canada. For the avoidance of doubt, and without implicitly agreeing that the
following activities would be subject to the provisions of Subsections 6.6(b) through 6.6(e) above,
(i)&nbsp;Penske Corporation and/or PTLC shall not be deemed to be in breach of Subsection&nbsp;6.6(b), (ii)
GE Capital shall not be deemed to be in breach of Subsection&nbsp;6.6(c), (iii)&nbsp;PAG shall not be deemed
to be in breach of Subsection 6.6(d) and (iv)&nbsp;Mitsui shall not be deemed to be in breach of
Subsection&nbsp;6.6(e), in each case, by virtue of such Partner or any of its Affiliates engaging in any
of the following:


<P align="left" style="font-size: 12pt; text-indent: 15%">(A)&nbsp;contracting with, arranging for, or using any third party motor or other carriers,
delivery services or logistics providers (whether for the benefit of such Partner or any of its
Affiliates, or on behalf of any of the respective suppliers or customers of the foregoing Persons),
in each case, in connection with the delivery of raw materials, inventory, or products that, in
each case, are purchased, sold, financed or brokered, respectively, by such Partner or any of its
Affiliates or in respect of which such Person is acting as a freight forwarder;


<P align="left" style="font-size: 12pt; text-indent: 15%">(B)&nbsp;transportation of hydrocarbons, including crude oil, liquefied natural gas, liquefied
petroleum gas, compressed natural gas and oil products;


<P align="left" style="font-size: 12pt; text-indent: 15%">(C)&nbsp;conducting or operating any business primarily servicing specific infrastructure projects
in which such Partner or any of its Affiliates has investments from time to time;


<P align="left" style="font-size: 12pt; text-indent: 15%">(D)&nbsp;Leasing heavy equipment for construction or other industrial use, including dump trucks,
loader cranes and aerial work platform; and


<P align="left" style="font-size: 12pt; text-indent: 15%">(E)&nbsp;Leasing railcars, providing transportation management and transportation route planning
and other logistics services for transportation by railcars.


<P align="left" style="font-size: 12pt; text-indent: 8%">(g)&nbsp;Subsection 6.6(b) above shall cease to be applicable to any Person (other than the General
Partner and its Subsidiaries) at such time as it is no longer an Affiliate of Penske Corporation
and shall not apply to any Person (other than the General Partner and its Subsidiaries) that
purchases assets, operations or a business from Penske Corporation or one of its Affiliates, if
such Person is not an Affiliate of Penske Corporation after such transaction is consummated. For
the avoidance of doubt, Subsection 6.6(b) shall not apply to PAG or any of its Subsidiaries.


<P align="left" style="font-size: 12pt; text-indent: 8%">(h)&nbsp;Subsections 6.6(c) through 6.6(e) above shall cease to be applicable to (i)&nbsp;any Person at
such time as it is no longer a Subsidiary of GE Capital, PAG or Mitsui, respectively, and shall not
apply to any Person that purchases assets, operations or a business from GE Capital, PAG or Mitsui
or one of their respective Subsidiaries, if such Person is not a Subsidiary of GE Capital, PAG or
Mitsui, respectively, after such transaction is consummated.


<P align="left" style="font-size: 12pt; text-indent: 8%">(i)&nbsp;Notwithstanding the provisions of Subsections 6.6(b) through 6.6(e) above, and without
implicitly agreeing that the following activities would be subject to the provisions of Subsections
6.6(b) through 6.6(e) above, nothing in Subsections 6.6(b) through 6.6(e) above shall preclude,
prohibit or restrict a Person whose conduct is restricted under Subsections 6.6(b) through 6.6(e)
above (each a &#147;<B><I>Restricted Person</I></B>&#148;) from engaging in any manner in any (i)&nbsp;Financial Services
Business, (ii)&nbsp;Existing Business Activities, (iii)&nbsp;De Minimis Business or (iv)&nbsp;business activity
that would otherwise violate Subsections 6.6(b) through 6.6(e) above, as applicable, that is
acquired from any Person (an &#147;<B><I>After-Acquired Business</I></B>&#148;) or is carried on by any Person that is
acquired by or combined with a Restricted Person in each case after the Effective Time (an
&#147;<B><I>After-Acquired Company</I></B>&#148;); <U>provided</U>, that with respect to clauses (iii)&nbsp;and (iv), as
applicable, so long as within 18&nbsp;months (or such longer period agreed to by the General Partner and
each Significant Limited Partner) after the purchase or other acquisition of the After-Acquired
Business or the After-Acquired Company or the loss by a Restricted Person of De Minimis Business
status for its otherwise violative business activities if the restriction in Subsection 6.6(b),
(c), (d)&nbsp;or (e)&nbsp;above with respect to the applicable Restricted Person has not terminated during
such period, such Restricted Person, following the extension to the Partnership of the First
Opportunity which does not result in an acquisition transaction with the Partnership, signs a
definitive agreement to dispose, and subsequently disposes of the relevant portion of the business
or securities of the After-Acquired Business or the After-Acquired Company or the otherwise
violative business activity; or at the expiration of such 18-month period (or such longer period
agreed to by the General Partner and each Significant Limited Partner) the business of the
After-Acquired Business or the After-Acquired Company or the otherwise violative business activity
complies with Subsection 6.6(b), (c), (d)&nbsp;or (e)&nbsp;above, as applicable. With respect to clauses
(iii)&nbsp;and (iv), as applicable, the applicable Restricted Person shall extend to the Partnership the
first opportunity to potentially acquire the relevant portion of the business or securities of the
Acquired Business or the Acquired Company or the otherwise violative business activity. The
Restricted Person and the Partnership agree to enter into good faith discussions, for a period of
ninety (90)&nbsp;days after the Restricted Person notifies the Partnership of the transaction
opportunity in writing, regarding the Partnership&#146;s potential acquisition of the relevant portion
of the business or securities of the Acquired Business or the Acquired Company or the otherwise
violative business activity (the &#147;<B><I>First Opportunity</I></B>&#148;); <U>provided</U>, that the Partnership shall
notify the Restricted Person as soon as practicable if it is not interested in vigorously pursuing
the opportunity, which notice shall terminate the First Opportunity; <U>provided</U>,
<U>further</U> that nothing herein shall (A)&nbsp;require the Restricted Party to Sell to the
Partnership, or require the Partnership to acquire from the Restricted Party, the relevant portion
of the business or securities of the Acquired Business or the Acquired Company or the otherwise
violative business activity; or (B)&nbsp;prohibit or restrict any discussions or negotiations at any
time with third parties to acquire the relevant portion of the business or securities of the
Acquired Business or the Acquired Company. At any time following the expiration or termination of
the First Opportunity, the Restricted Party may enter into definitive agreements to Sell, or
subsequently Sell, the relevant portion of the business or securities of the Acquired Business or
the Acquired Company; <U>provided</U>, that, if the applicable Restricted Person is an Affiliate
of Penske Corporation, the terms and conditions of the Partnership&#146;s potential acquisition shall be
presented to the Advisory Committee for discussion prior to the consummation of any Sale of the
relevant portion of the business or securities of the Acquired Business or the Acquired Company.


<P align="left" style="font-size: 12pt; text-indent: 8%">(j)&nbsp;Notwithstanding anything to the contrary in this Agreement, (x)&nbsp;any amendments,
modifications or waivers to this Section&nbsp;6.6 relating to activities of any of Penske Corporation,
PTLC or any of their respective Affiliates (excluding PAG and its Subsidiaries), GE Capital or any
of its Subsidiaries or Mitsui or any of its Subsidiaries, in each case, shall be approved in
writing by the members of the Advisory Committee designated by the Partners holding a majority of
the Partnership Interests not held by such parties (or their Affiliates) seeking such amendment,
modification or waiver to this Section&nbsp;6.6 (and, for greater clarity, if Penske Corporation, PTLC
or any of their respective Affiliates are seeking such amendment, modification or waiver, then PAG
and its Subsidiaries (for so long as they are Affiliates of Penske Corporation) shall be excluded
for all purposes from the determination of what constitutes such a majority), and (y)&nbsp;any
amendments, modifications or waivers to this Section&nbsp;6.6 relating to activities of PAG or any of
its Subsidiaries shall be approved in writing by at least three (3)&nbsp;members of the Advisory
Committee designated by the PTLC and the Advisory Committee member designated by the GE
Representative Partner.


<P align="left" style="font-size: 12pt; text-indent: 8%">(k)&nbsp;Definitions:


<P align="left" style="font-size: 12pt; text-indent: 12%">(1)&nbsp;&#147;<B><I>Capital Markets Activity</I></B>&#148; means any activity undertaken in connection with efforts by any
Person to raise for or on behalf of any Person capital from any public or private source.


<P align="left" style="font-size: 12pt; text-indent: 12%">(2)&nbsp;&#147;<B><I>Default Recovery/Remarketing Activities</I></B>&#148; means (i)&nbsp;the exercise of any rights or remedies
in connection with any Capital Markets Activity, Financing, Insurance, Leasing, Other Financial
Services Activities or Securities Activity (whether such rights or remedies arise under any
agreement relating to such activity, under applicable Law or otherwise) including any foreclosure,
realization or repossession or ownership of any collateral, business assets or other security for
any Financing (including the equity in any entity or business), Insurance or Other Financial
Services Activity or any property subject to Leasing or (ii)&nbsp;the remarketing (including any
possession, ownership, Insurance, maintenance, transportation, shipment, storage, refurbishment,
repair, sale, offer to sale, auction, consignment, liquidation, disposal, scrapping or other
remarketing activities) of any collateral, business assets or other security for any Financing
(including the equity in any entity or business), Insurance or Other Financial Services Activity or
any property subject to Leasing.


<P align="left" style="font-size: 12pt; text-indent: 12%">(3)&nbsp;&#147;<B><I>De Minimis Business</I></B>&#148; means (a)&nbsp;any business activity that would otherwise violate
Subsections 6.6(b), (c), (d)&nbsp;or (e)&nbsp;above that is carried on by an After-Acquired Business or an
After-Acquired Company, <U>but</U> <U>only</U> <U>if</U>, at the time of such acquisition or
thereafter at the end of each Partnership Year following such acquisition, the operating revenues
(excluding non-operating revenues) derived from business that directly competes with the
Partnership (as such phrase is defined in Subsection 6.6(f) above) by such After-Acquired Business
or After-Acquired Company constitute less than $100,000,000 for the most recently completed fiscal
year preceding such acquisition or at the end of any Partnership Year following such acquisition,
or (b)&nbsp;any business activity conducted by Penske Corporation or any of its Affiliates (excluding
PAG and its Subsidiaries), GE Capital or any of its Subsidiaries, PAG or any of its Subsidiaries or
Mitsui or any of its Subsidiaries that constitutes Business Activities Ancillary to its principal
businesses.


<P align="left" style="font-size: 12pt; text-indent: 12%">(4)&nbsp;&#147;<B><I>Existing Business Activities</I></B>&#148; means, (i)&nbsp;with respect to Penske Corporation or any of its
Affiliates (excluding PAG and its Subsidiaries), any business conducted or investment held by
Penske Corporation or any of its Affiliates on the date of this Agreement, (ii)&nbsp;with respect to GE
Capital or any of its Subsidiaries, any business conducted or investment held by GE Capital or any
of its Subsidiaries on the date of this Agreement, (iii)&nbsp;with respect to PAG or any of its
Subsidiaries, any business conducted or investment held by PAG or any of its Subsidiaries on the
date of this Agreement, and (iv)&nbsp;with respect to Mitsui or any of its Subsidiaries, any business
conducted or investment held by Mitsui or any of its Subsidiaries on the date of this Agreement,
or, in each case, contemplated by any existing contractual arrangements applicable to Penske
Corporation or any of its Affiliates (excluding PAG and its Subsidiaries), GE Capital or any of its
Subsidiaries, PAG or any of its Subsidiaries or Mitsui or any of its Subsidiaries, as the case may
be, on the date of this Agreement. It is acknowledged and agreed that neither the business
operations conducted as of the date hereof by GE Capital Fleet Services or the commercial equipment
finance businesses of GE Capital or its predecessors, nor any reasonable expansions of such
business operations or extensions of such business operations (including by acquisition) which are
reasonably and directly related to the businesses and operations of GE Capital Fleet Services or
the commercial equipment finance businesses of GE Capital or its predecessors conducted as of the
date hereof shall be deemed to directly compete with the Partnership for purposes of this Section
6.6. In addition, it is acknowledged and agreed that the following business operations and
expansions shall not be deemed to directly compete with the Partnership for purposes of this
Section&nbsp;6.6: (A)&nbsp;the business operations conducted as of the date hereof by Mitsui Bussan Logistics
Inc. or its Subsidiaries, and/or any reasonable expansions of such business operations or
extensions of such business (including by acquisition) which are reasonably and directly related to
the business and operations of Mitsui Bussan Logistics Inc. or its Subsidiaries conducted as of the
date hereof, (B)&nbsp;the business operations conducted as of the date hereof by TRI-NET(JAPAN)INC. or
its Subsidiaries, and/or any reasonable expansions of such business operations or extensions of
such business (including by acquisition) which are reasonably and directly related to the business
and operations of TRI-NET(JAPAN)INC. or its Subsidiaries conducted as of the date hereof and
(C)&nbsp;the business operations conducted as of the date hereof by Premier Truck Group or its
Subsidiaries, and/or any reasonable expansions of such business operations or extensions of such
business (including by acquisition) which are reasonably and directly related to the business and
operations of Premier Truck Group or its Subsidiaries conducted as of the date hereof.


<P align="left" style="font-size: 12pt; text-indent: 12%">(5)&nbsp;&#147;<B><I>Financial Services Business</I></B>&#148; means any activities undertaken principally in connection
with or in furtherance of (i)&nbsp;any Capital Markets Activity, (ii)&nbsp;Financing, (iii)&nbsp;Leasing (other
than Leasing activities that would constitute directly competing with the Partnership, as defined
in Subsection 6.6(f) above), (iv)&nbsp;Default Recovery/Remarketing Activities, (v)&nbsp;Other Financial
Services Activities, (vi)&nbsp;any Securities Activity or (vii)&nbsp;the sale of Insurance, the conduct of
any Insurance brokerage activities or services or the provision of Insurance advisory services,
business processes or software. Financial Services Business also includes any investment or
ownership interest in a Person through an employee benefit or pension plan.


<P align="left" style="font-size: 12pt; text-indent: 12%">(6)&nbsp;&#147;<B><I>Financing</I></B>&#148; means the making, entering into, purchase of, or participation in (including
syndication or servicing activities) (i)&nbsp;secured or unsecured loans, conditional sales agreements,
debt instruments or transactions of a similar nature or for similar purposes and (ii)&nbsp;non-voting
preferred equity investments.


<P align="left" style="font-size: 12pt; text-indent: 12%">(7)&nbsp;&#147;<B><I>Insurance</I></B>&#148; means any product or service determined to constitute insurance, assurance or
reinsurance by the Laws in effect in any jurisdiction in which the restrictions set forth in
Subsections 6.6(b) through 6.6(e) above apply.


<P align="left" style="font-size: 12pt; text-indent: 12%">(8)&nbsp;&#147;<B><I>Leasing</I></B>&#148; means the rental, leasing, or financing, in each case under operating leases,
finance leases, capital leases, synthetic leases, leveraged leases, tax-oriented leases,
non-tax-oriented leases, retail installment sales contracts, hire purchase or rental agreements, of
property, whether real, personal, tangible or intangible.


<P align="left" style="font-size: 12pt; text-indent: 12%">(9)&nbsp;&#147;<B><I>Other Financial Services Activities</I></B>&#148; means the offering, sale, distribution or provision,
directly or through any distribution system or channel, of any financial products, financial
services, asset management services, including investments on behalf of Penske Corporation or any
of its Affiliates, GE Capital or any of its Subsidiaries, PAG or any of its Subsidiaries or Mitsui
or any of its Subsidiaries purely for financial investment purposes, investments for the benefit of
third party and client accounts, credit card products or services, vendor financing and trade
payables services, back-office billing, processing, collection and administrative services or
products or services related or ancillary to any of the foregoing.


<P align="left" style="font-size: 12pt; text-indent: 12%">(10)&nbsp;&#147;<B><I>Securities Activity</I></B>&#148; means any activity, function or service (without regard to where
such activity function or service actually occurs) which, if undertaken or performed (i)&nbsp;in the
United States would be subject to the United States federal securities Laws or the securities Laws
of any state of the United States or (ii)&nbsp;outside of the United States within any other
jurisdiction in which the restrictions set forth in Subsections 6.6(b) through 6.6(e) above apply,
would be subject to any Law in any such jurisdiction governing, regulating or pertaining to the
sale, distribution or underwriting of securities or the provision of investment management,
financial advisory or similar services.


<P align="left" style="font-size: 12pt; text-indent: 4%">6.7 <U>Transactions with Affiliates</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;Subject to Subsection 6.7(c), nothing in this Agreement shall preclude transactions
between the Partnership and any Partner (including the General Partner) or an Affiliate or
Affiliates of any Partner acting in and for its own account, provided that any services performed
or products provided by or assets or properties sold by or to the Partner or any such Affiliates
are services, products, assets and/or properties that the General Partner reasonably believes, at
the time of requesting such services, products, assets and/or properties to be in the best
interests of the Partnership, and further provided that the rate of compensation to be paid for any
such services, products, assets and/or properties shall be comparable to the amount paid for
similar services, products, assets and/or properties under similar circumstances to independent
third parties in arm&#146;s-length transactions, and further provided that the members of the Advisory
Committee will receive a written notice within thirty (30)&nbsp;days of the date on which any such
transaction is entered setting forth the material terms of any transaction or series of related
transactions described above for which the aggregate amount involved in such transaction or series
of transactions, which includes the U.S. dollar value of the amounts involved throughout the
duration of any agreements entered into with respect to such transaction(s), is greater than
$15,000,000.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;All bills with respect to services provided to the Partnership by a Partner or any
Affiliate of a Partner shall be separately submitted and shall be supported by logs or other
written data.


<P align="left" style="font-size: 12pt; text-indent: 8%">(c)&nbsp;Notwithstanding any of the foregoing provisions of this Section&nbsp;6.7, the General Partner
shall not have the authority to enter into any commitment or agreement regarding, or to consummate,
any Affiliate Acquisition or series of related Affiliate Acquisitions in respect of which the
target assets, business(es) or company(ies) have an aggregate enterprise value (for the avoidance
of doubt, taking into account any direct or indirect indebtedness for borrowed money of any
acquired entity or any related assets, including any such indebtedness assumed or prepaid) in
excess of $15,000,000 without the approval of each PTLC Committee Member and each member of the
Advisory Committee that is not appointed by the Partner or Partners that are proposing to engage
(or whose Affiliate or Affiliates are proposing to engage) in any such Affiliate Acquisition with
the Partnership (or, in the absence of any such disinterested members of the Advisory Committee,
all members of the Advisory Committee).


<P align="left" style="font-size: 12pt; text-indent: 4%">6.8 <U>Mitsui Participation Rights</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;MBK USA CV (so long as it is a Significant Limited Partner) shall have the right to
appoint a senior level management position selected by MBK USA CV and deemed as adequate by the
General Partner directly reporting to the Chief Executive Officer of the Partnership.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;MBK USA CV (so long as it is a Significant Limited Partner) shall have the right to send
annually a person selected by MBK USA CV to be a trainee at the Partnership (the &#147;<B><I>Mitsui Trainee</I></B>&#148;).
The Mitsui Trainee shall be assigned from time to time, at the reasonable discretion of the
General Partner, to various business units within the Partnership for the purpose of gaining a deep
understanding of the Partnership&#146;s business practices and expanding his or her skills and knowledge
with respect to the truck leasing, rental and logistics industries so that the Mitsui Trainee may
assist MBK USA CV in identifying new opportunities to add value to the Partnership.


<P align="left" style="font-size: 12pt; text-indent: 8%">6.9 <U>Exculpation</U>. Neither the General Partner (including for purposes of this Section
6.9 any Person formerly serving as the General Partner) nor any of its Affiliates nor any of their
respective holders of partnership interests, shareholders, officers, directors, employees or agents
shall be liable, in damages or otherwise, to the Partnership or to any of the Limited Partners for
any act or omission on its or his or her part, except for (i)&nbsp;any act or omission resulting from
its or his or her own willful misconduct or bad faith, (ii)&nbsp;with respect to the General Partner
only, any breach by the General Partner of its obligations as a fiduciary of the Partnership or
(iii)&nbsp;with respect to the General Partner only, any breach by the General Partner of any of the
terms and provisions of this Agreement. The Partnership shall indemnify, defend and hold harmless,
to the fullest extent permitted by Law, the General Partner or any of its Affiliates or any of
their respective holders of partnership interests, members, shareholders, officers, directors,
employees and agents, from and against any claim or liability of any nature whatsoever arising out
of or in connection with the assets or business of the Partnership, except where attributable to
the willful misconduct or bad faith of such individual or entity or where relating to a breach by
the General Partner of its obligations as a fiduciary of the Partnership or to a breach by the
General Partner of any of the terms and provisions of this Agreement.


<P align="center" style="font-size: 12pt">ARTICLE 7



<P align="center" style="font-size: 12pt">COMPENSATION



<P align="left" style="font-size: 12pt; text-indent: 8%">The General Partner shall be entitled to reimbursement of all of its expenses attributable to
the performance of its obligations hereunder, as provided in Article&nbsp;4 hereof, to the extent
permitted by Section&nbsp;6.7. Subject to the Act, no amount so paid to the General Partner shall be
deemed to be a distribution of Partnership assets for purposes of this Agreement.


<P align="center" style="font-size: 12pt">ARTICLE 8



<P align="center" style="font-size: 12pt">ACCOUNTS



<P align="left" style="font-size: 12pt; text-indent: 4%">8.1 <U>Books and Records</U>. The General Partner shall maintain complete and accurate books
of account of the Partnership&#146;s affairs at the Partnership&#146;s principal office, including a list of
the names and addresses of all Partners. Each Partner shall have the right to inspect the
Partnership&#146;s books and records (including the list of the names and addresses of Partners). Each
of the Partners shall have the right to audit independently the books and records of the
Partnership, any such audit being at the sole cost and expense of the Partner conducting such
audit.


<P align="left" style="font-size: 12pt; text-indent: 4%">8.2 <U>Reports, Returns and Audits</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;The books of account shall be closed promptly after the end of each Partnership Year. The
books and records of the Partnership shall be audited as of the end of each Partnership Year by the
Auditor. Within ninety (90)&nbsp;days after the end of each Partnership Year, the General Partner shall
make a written report to each person who was a Partner at any time during such Partnership Year
which shall include financial statements comprised of at least the following: a balance sheet as of
the close of the preceding Partnership Year, and statements of earnings or losses, changes in
financial position and changes in Partners&#146; capital accounts for the Partnership Year then ended,
which financial statements shall be certified by the Auditor as in accordance with Generally
Accepted Accounting Principles. The report shall also contain such additional statements with
respect to the status of the Partnership business as are considered necessary by any member of the
Advisory Committee to advise any or all Partners properly about their investment in the
Partnership. As soon as practicable after the end of each quarter in each Partnership Year, the
Partnership shall deliver to PTLC and each Significant Limited Partner a written report which shall
include forecasts for the current quarter, including forecast changes in debt balances of the
Partnership.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;Prior to August&nbsp;15 of each year, each Partner shall be provided with an information letter
(containing such Partner&#146;s Form K-1 or comparable information) with respect to its distributive
share of income, gains, deductions, losses and credits for income tax reporting purposes for the
previous Partnership Year, together with any other information concerning the Partnership necessary
for the preparation of a Partner&#146;s income tax return(s), and the Partnership shall provide each
Partner with an estimate of the information to be set forth in such information letter by no later
than April&nbsp;15 of each year. With the sole exception of mathematical errors in computation, the
financial statements and the information contained in such information letter shall be deemed
conclusive and binding upon such Partner unless written objection shall be lodged with the General
Partner within ninety (90)&nbsp;days after the giving of such information letter to such Partner.


<P align="left" style="font-size: 12pt; text-indent: 8%">(c)&nbsp;The Partnership shall also furnish the Partners with such periodic reports concerning the
Partnership&#146;s business and activities as are considered necessary by any member of the Advisory
Committee or PAG to advise any or all Partners properly about their investment in the Partnership.


<P align="left" style="font-size: 12pt; text-indent: 8%">(d)&nbsp;The General Partner shall, in accordance with the advice of the Advisory Committee,
prepare or cause to be prepared all federal, state and local income tax returns of the Partnership
(the &#147;<B><I>Returns</I></B>&#148;) for each year for which such Returns are required to be filed, and shall cause all
such Returns to be filed in a timely manner; provided however that it shall not file any Return
without first providing each Significant Limited Partner with a reasonable opportunity to review
the Return and without first obtaining the consent of the GE Representative Partner to such filing,
which consent shall not be unreasonably withheld or delayed. To the extent permitted by Law, for
purposes of preparing the Returns, the Partnership shall use the Partnership Year. Subject to
Subsection 6.5(d)(iv), the General Partner may make any elections under the Code and/or applicable
state or local tax Laws, and the General Partner shall be absolved from all liability for any and
all consequences to any previously admitted or subsequently admitted Partners resulting from its
making or failing to make any such election. Notwithstanding the foregoing, the General Partner
shall make the election provided for in Code Section&nbsp;754 with respect to the Partnership and any
Partnership Subsidiary that is a partnership for federal tax purposes, if requested to do so by any
Partner, without the need of approval of the Advisory Committee. Any allocation required under
Code Section&nbsp;755 as a result of a Section&nbsp;754 election shall be made by the General Partner acting
in good faith; <U>provided</U>, that any such allocation relating to or with respect to the
Partnership Interests transferred by GE Truck Leasing Holdco and GE Logistics Holdco to PAG shall
be approved by PAG, such approval not to be unreasonably withheld or delayed.


<P align="left" style="font-size: 12pt; text-indent: 8%">(e)&nbsp;The General Partner shall be the &#147;tax matters partner&#148; of the Partnership within the
meaning of Code Section&nbsp;6231(a)(7) (as in effect prior to November&nbsp;2, 2015) and shall serve in any
similar capacity under applicable Law including, as the &#147;partnership representative&#148; within the
meaning of that term in Code Section 6223(a) when such provision becomes applicable to the
Partnership (the &#147;<B><I>Tax Matters Partner</I></B>&#148;). In any case in which more than one Partner is eligible
under Regulations Section&nbsp;301.6231(a)(7)-1(c), by reason of having been or being the General
Partner, to be designated as the Tax Matters Partner for a given taxable year (each such Partner a
&#147;<B><I>TMP Eligible Partner</I></B>&#148;), the Tax Matters Partner designated for such year shall be selected by
unanimous agreement among all such TMP Eligible Partners for such year. In the absence of unanimous
agreement, the TMP Eligible Partner that was the General Partner on the last day of such taxable
year shall be designated as the Tax Matters Partner for such taxable year. Each Significant Limited
Partner shall each be given at least fifteen (15)&nbsp;Business Days advance notice from the Tax Matters
Partner of the time and place of (i)&nbsp;any administrative proceeding relating to the determination at
the Partnership level of partnership items on which the Partners, rather than the Partnership, are
taxable and (ii)&nbsp;any discussions with the Internal Revenue Service (or other governmental tax
authority) relating to the allocations pursuant to Article&nbsp;5 of this Agreement or the Corresponding
Provision of any Prior Agreement. The GE Representative Partner shall have the right to
participate in, and each other Significant Limited Partner shall have the right to review (but not
participate in) the administrative proceedings and discussions described in (i)&nbsp;and (ii)&nbsp;of the
preceding sentence. The Tax Matters Partner shall not initiate any action or proceeding in any
court in its capacity as Tax Matters Partner, extend any statute of limitation, or take any other
action contemplated by Code Sections&nbsp;6222 through 6232 (or similar state, local or foreign Laws
with respect to income or income-based taxes that apply to the Partners rather than the
Partnership) if such initiation, extension or other action would legally bind any other Partner or
the Partnership without (x)&nbsp;the approval of the GE Representative Partner, which approval will not
be unreasonably withheld or untimely delayed and (y)&nbsp;the review of each other Significant Limited
Partner. The Tax Matters Partner shall not make an election under section 1101(g)(4) of P.L. 114-74
without the approval of all persons that were Partners at any time in taxable years 2016 or 2017.
The Tax Matters Partner shall from time to time upon request of any other Partner confer, and cause
the Partnership&#146;s tax attorneys and accountants to confer, with such other Partner and its
attorneys and accountants on any matters relating to a Partnership tax return or any tax election.


<P align="left" style="font-size: 12pt; text-indent: 8%">(f)&nbsp;The Partnership shall provide such other information as may be reasonably required for the
Partners or their Affiliates to timely comply with applicable financial reporting requirements or
their customary financial reporting practices and the Partnership shall continue to provide
substantially the same accounting assistance to the Partners or their Affiliates as the Partnership
provided to them for the 2015 Partnership Year including preparing quarterly accounting closing
schedules at the end of each quarter of the Partnership Year.


<P align="left" style="font-size: 12pt; text-indent: 4%">8.3 <U>Review Rights</U>. Without limiting the provisions of Section&nbsp;6.5(f)(i) above, not
less than twenty-one (21)&nbsp;days prior to the presentation of the annual budget and business plan of
the Partnership Group to the Advisory Committee, the General Partner shall provide a draft thereof
to each Significant Limited Partner. During the twenty-one (21)&nbsp;day period prior to the
presentation of the annual budget and business plan of the Partnership Group to the Advisory
Committee, each Significant Limited Partner may review with the General Partner such annual budget
and business plan, and may propose for consideration any recommendations thereto (which may or may
not be accepted in the sole discretion of the General Partner). In addition to the foregoing, the
members of the Advisory Committee designated by each Significant Limited Partner may make any
comments to, raise any questions or make any recommendations to the annual budget and business plan
of the Partnership Group presented to the Advisory Committee at any meeting of the Advisory
Committee.


<P align="center" style="font-size: 12pt">ARTICLE 9



<P align="center" style="font-size: 12pt">TRANSFERS AND SALES



<P align="left" style="font-size: 12pt; text-indent: 4%">9.1 <U>Transfer of Interests of General Partner and PTLC Consolidated Group</U>.
Notwithstanding anything to the contrary contained in this Article&nbsp;9 or any other provision of this
Agreement:


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;The General Partner shall not withdraw from the Partnership or resign as General Partner
or Transfer all or any portion of its general partner Partnership Interest, except in each case (i)
as provided in Subsection 1.1(c) or (ii)&nbsp;with the prior written approval of each Significant
Limited Partner.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;The General Partner shall be liable to the Partnership for any Event of Withdrawal in
violation of Subsection 9.1(a) above.


<P align="left" style="font-size: 12pt; text-indent: 8%">(c)&nbsp;PTL GP may not Sell all or any portion of its Partnership Interest, except in accordance
with the Holdings LLC Agreement.


<P align="left" style="font-size: 12pt; text-indent: 8%">(d)&nbsp;For so long as members of the GE Capital Consolidated Group hold in the aggregate not less
than a ten percent (10%) Percentage Interest and for two (2)&nbsp;years after that is no longer the
case, the PTLC Consolidated Group shall be required at all times to hold not less than a
twenty-five percent (25%) Percentage Interest.


<P align="left" style="font-size: 12pt; text-indent: 8%">(e)&nbsp;Any voluntary or involuntary sale, assignment, transfer or other disposition of, or any
creation of a lien on, any of the equity interests in Holdings or PTL GP shall be deemed to be, and
shall be treated as, a Transfer of Partnership Interests for all purposes of this Agreement;
<U>provided</U> that any Liens granted under the PAG Security Agreement or the PTLC
Security&nbsp;Agreement are authorized, and the granting of Liens on the equity interests, of Holdings
or PTL GP (but not a Foreclosure or other exercise of remedies in respect of such Liens), that are
permissible under the PAG Security Agreement or the PTLC Security Agreement, are permitted
hereunder; and <U>provided</U>, <U>further</U>, that Sections&nbsp;9.1 (except for this further
proviso), 9.2 and 9.3 will not apply to any Sale of Collateral (as defined in the PAG Security
Agreement or the PTLC Security Agreement) as authorized by such agreements or to any Third-Party
Proposed Sale or Equity Offering as defined in and contemplated by Article&nbsp;10 of the Holdings LLC
Agreement.


<P align="left" style="font-size: 12pt; text-indent: 4%">9.2 <U>Transfer or Sale of Limited Partner Interests</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;Except (i)&nbsp;as permitted by the further provisions of this Section&nbsp;9.2, (ii)&nbsp;as permitted
by Section&nbsp;9.3, (iii)&nbsp;as permitted by Section&nbsp;9.4, (iv)&nbsp;in accordance with Article&nbsp;10 or (v)&nbsp;in
accordance with Sections&nbsp;10.2 and 10.3 of the Holdings LLC Agreement, at all times subject to
Section&nbsp;9.1, commencing as of the Effective Time, no Limited Partner may Transfer all or any
portion of its limited Partnership Interest to any Person.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;(i)&nbsp;Each of GE Truck Leasing Holdco and GE Tennessee may Sell all or any portion of its
limited Partnership Interests from time to time to any member or members of the GE Capital
Consolidated Group.


<P align="left" style="font-size: 12pt; text-indent: 12%">(ii)&nbsp;PTLC may Sell all or any portion of its limited Partnership Interests from time to time
to any member or members of the PAG Consolidated Group or to any member or members of the PTLC
Consolidated Group.


<P align="left" style="font-size: 12pt; text-indent: 12%">(iii)&nbsp;MBK USA CV may Sell all or any portion of its limited Partnership Interests from time to
time to any member or members of the Mitsui Consolidated Group.


<P align="left" style="font-size: 12pt; text-indent: 12%">(iv)&nbsp;PAG may Sell all or any portion of its limited Partnership Interests from time to time to
any member or members of the PAG Consolidated Group and may from time to time Sell (in the
aggregate) up to a nine and two-hundredths percent (9.02%) Percentage Interest of limited
Partnership Interests to one or more members of the PTLC Consolidated Group without complying with
Section&nbsp;9.3. If PAG proposes to Sell limited Partnership Interests in excess of such aggregate
amount to one or more members of the PTLC Consolidated Group, PAG must comply with Section&nbsp;9.3 with
respect to such excess amount.


<P align="left" style="font-size: 12pt; text-indent: 8%">(c)&nbsp;In the event of any Sale pursuant to Subsection 9.2(b), if the assignee in such Sale shall
cease at any time for any reason (other than as a result of a change in Generally Accepted
Accounting Principles after the Effective Time) to be a member of the GE Capital Consolidated
Group, the PTLC Consolidated Group, the PAG Consolidated Group or the Mitsui Consolidated Group, as
the case may be, then such assignee shall concurrently with ceasing to be a member of the
applicable Consolidated Group Sell such Partnership Interests to a Person that is a member of the
applicable consolidated group.


<P align="left" style="font-size: 12pt; text-indent: 8%">(d)&nbsp;Prior to and as a condition to any Sale pursuant to Subsection 9.2(b), the assignee shall
agree in writing with the Partnership to be bound by all of the terms and conditions of this
Agreement in the same manner as the assignor.


<P align="left" style="font-size: 12pt; text-indent: 8%">(e)&nbsp;PAG may, in connection with a bona fide financing from one or more third-party lenders
(such lenders, or an agent or a representative therefor (a &#147;<B><I>Bona Fide Lender</I></B>&#148;)), grant a security
interest in, or otherwise pledge (the &#147;<B><I>PAG Pledge</I></B>&#148;), to a Bona Fide Lender, PAG&#146;s share in the
profits and losses of the Partnership and PAG&#146;s right to receive distributions of the Partnership
solely with respect to all or any portion of its Percentage Interest as of the Effective Time in
the Partnership, as such percentage has been or may be increased other than by virtue of a Transfer
to PAG or any of its Subsidiaries of any additional Partnership Interest after the Effective Time,
unless the GE Representative Partner and PTLC agree otherwise (such portion of the limited
Partnership Interests owned by PAG and so secured or pledged being referred to herein as the &#147;<B><I>PAG
Pledged Interest</I></B>&#148;) but, for the avoidance of doubt, (x)&nbsp;shall not include any indirect interest
held by PAG in or through Holdings or PTL GP and (y)&nbsp;notwithstanding anything else herein, PAG&#146;s
rights pursuant to this Subsection 9.2(e) shall not be Transferable to any assignee or otherwise,
unless the GE Representative Partner and PTLC agree otherwise, it being understood and agreed that
(i)&nbsp;prior to or upon any foreclosure or similar exercise of rights of the Bona Fide Lender pursuant
to the terms of its security interest (a &#147;<B><I>Foreclosure</I></B>&#148;) the Bona Fide Lender (or any transferee of
the PAG Pledged Interest following any Foreclosure) shall only be entitled to receive distributions
of cash or other property from the Partnership in accordance with the terms of this Agreement (and
after a Foreclosure only to receive allocations of the income, gains, credits, deductions, profits
and losses of the Partnership attributable to such PAG Pledged Interest after the effective date of
such Foreclosure in accordance with the terms of this Agreement) and shall not at any time become a
Partner (and shall not have any rights with respect to governance, voting, approvals, consents,
observation or other management rights with respect to the Partnership, all of which shall remain
with PAG) and (ii)&nbsp;upon a Foreclosure, PAG&#146;s rights with respect to governance, observation or
other management rights with respect to the Partnership shall lapse and any and all voting,
approval and consent rights of PAG attributable to the PAG Pledged Interest foreclosed upon shall
be deemed made in proportion to the other Partners.


<P align="left" style="font-size: 12pt; text-indent: 8%">(f)&nbsp;MBK USA CV has, in connection with the Mitsui Co-Obligation Fee, Payment and Security
Agreement, granted a security interest (the &#147;<B><I>Mitsui Pledge</I></B>&#148;) to GE Tennessee or any Affiliate
thereof, in its share in the profits and losses of the Partnership and its rights to receive
distributions of the Partnership with respect to the portion of their limited Partnership Interests
that are pledged pursuant to the terms of the Mitsui Co-Obligation Fee, Payment and Security
Agreement as of the Effective Time (such portion of the limited Partnership Interests owned by MBK
USA CV and so secured or pledged being referred to herein as the &#147;<B><I>Mitsui Pledged Interest</I></B>&#148;).
Notwithstanding anything else herein, none of Sections&nbsp;9.1, 9.2 (except this sentence) or 9.3 shall
apply to any Sale of the Mitsui Pledged Interest as authorized by the Mitsui Co-Obligation Fee,
Payment and Security Agreement.


<P align="left" style="font-size: 12pt; text-indent: 4%">9.3 <U>Right of First Offer</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;No Partner shall Transfer all or any portion of such Partner&#146;s Partnership Interest except
(i)&nbsp;as permitted by Section&nbsp;9.2, (ii)&nbsp;as further permitted in this Section&nbsp;9.3, (iii)&nbsp;as permitted
by Section&nbsp;9.4, (iv)&nbsp;in accordance with Article&nbsp;10 or (v)&nbsp;in accordance with Sections&nbsp;10.2 and 10.3
of the Holdings LLC Agreement, at all times subject to Section&nbsp;9.1, and, for avoidance of doubt,
Subsection 1.1(c).


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;For purposes of this Section&nbsp;9.3, members of the GE Capital Consolidated Group, members of
the PTLC Consolidated Group, members of the PAG Consolidated Group and members of the Mitsui
Consolidated Group shall each be deemed a single Partner.


<P align="left" style="font-size: 12pt; text-indent: 8%">(c)&nbsp;No Partner may Sell all or any portion of its Partnership Interest, unless (i)&nbsp;such
portion of its Partnership Interest constitutes a Percentage Interest of at least five percent (5%)
unless such Partner is selling all of its then-held Partnership Interests, taken as a whole,
immediately prior to the consummation of such Sale and (ii)&nbsp;the consideration for such Sale
consists solely of cash and/or a promissory note; <U>provided</U>, <U>however</U>, that if a
promissory note shall form a portion of the consideration being offered by a third-party offeror,
such note must (A)&nbsp;be issued by the party which proposes to acquire the Partnership Interest, (B)
bear an interest rate not less than the then-current market rate for a note of such
creditworthiness, terms and conditions and tenor and (iii)&nbsp;not represent more than fifty percent
(50%) of the total amount of the consideration being offered for such Partnership Interest. In the
event that (I)&nbsp;a Partner (other than (i)&nbsp;PTL GP or (ii)&nbsp;PTLC, in each case with respect to its
general partner Partnership Interest), proposes to Sell all or any portion of its Partnership
Interest (an &#147;<B><I>Initiated Offer</I></B>&#148;), or (II)&nbsp;a Partner shall have received an offer from a third party
to acquire such Partner&#146;s Partnership Interest (or such portion thereof) that the Partner proposes
to accept (a &#147;<B><I>Third-Party Proposed Sale</I></B>&#148;), then in either such event such Partner (the &#147;<B><I>Offering
Partner</I></B>&#148;) shall first offer (the &#147;<B><I>Offer</I></B>&#148;) in writing (which Offer shall set forth the price and all
other material terms of such proposed Sale, and, in the case of a Third-Party Proposed Sale, have
attached to it a copy of such third party&#146;s written offer to purchase) to sell its Partnership
Interest (or such portion thereof) (individually or collectively, the &#147;<B><I>Offered Interest</I></B>&#148;) to the
other Partners other than PTL GP (the &#147;<B><I>Offeree Partners</I></B>&#148;) at the price and on the other financial
terms specified in the Offer and on substantially the same terms (other than price and the other
financial terms) as are set forth in the Agreement of Purchase and Sale dated as of July&nbsp;27, 2016
pursuant to which PAG purchased an additional Partnership Interest from GE Truck Leasing Holdco and
GE Logistics Holdco. A copy of such Offer shall also be provided to the General Partner at the same
time as it is provided to the other Partners.


<P align="left" style="font-size: 12pt; text-indent: 8%">(d)&nbsp;Within sixty (60)&nbsp;days (or such longer period as the Offering Partner and the Offeree
Partners may agree) after the date of the Offer each Offeree Partner must provide notice to the
Offering Partner and the General Partner (the &#147;<B><I>Response Notice</I></B>&#148;) that such Offeree Partner either
(1)&nbsp;agrees to purchase its proportion, based on its Percentage Interests relative to the aggregate
Percentage Interests held by all Offeree Partners (taking into account the interests held
indirectly through PTL GP), of the Offered Interest at the offering price and on the other terms
set forth in the Offer or at such other price and on such other terms as the Partners may agree or
(2)&nbsp;declines to accept the Offer; <U>provided</U> that, if the Offering Partner is also proposing
to Sell Member Interests concurrently to the same purchaser or affiliated group of purchasers, each
Offeree Partner must either (x)&nbsp;agree to purchase its proportion of Member Interests and
Partnership Interests, collectively, based on its Percentage Interest relative to the aggregate
Percentage Interests held by all Offeree Partners for Partnership Interests as of the date of the
Offer (taking into account the interests held indirectly through PTL GP), or (y)&nbsp;decline to accept
the Offer for the offered Partnership Interests and Member Interests collectively, and the terms
&#147;Offer&#148; and &#147;Offered Interest&#148; shall be deemed to include such offered Partnership Interests and
Member Interests collectively.


<P align="left" style="font-size: 12pt; text-indent: 8%">(e)&nbsp;If the Response Notices of the Offeree Partners constitute an acceptance, collectively,
for the entire Offered Interest, the parties will consummate the Sale of the Offered Interest at
the time and in the manner set forth in Subsections 9.3(g) and 9.5(a). Unless otherwise agreed by
the accepting Offeree Partners (the &#147;<B><I>Accepting Partners</I></B>&#148;), the right to purchase the Offered
Interest will be allocated among the Offeree Partners pro rata based on the relative Percentage
Interests held by all Offeree Partners for Partnership Interests as of the date of the Offer. If
the Response Notices of the Offeree Partners do not constitute an acceptance, collectively, for the
entire Offered Interest, then at the end of the sixty (60)&nbsp;day period (as it may be extended
pursuant to Subsection 9.3(d) above) (or, if earlier, when all Response Notices have been received)
set forth in Subsection 9.3(d), the Offering Partner shall provide written notice to the Accepting
Partners pursuant to which the Accepting Partners shall have the option to elect to purchase, for a
period of thirty (30)&nbsp;days following the date of such notice, all (but not less than all) of the
portion of the Offered Interest that the non-Accepting Partners did not elect to purchase, in
proportion to the relative Percentage Interests (disregarding the Percentage Interests of the
non-Accepting Partners) of such Accepting Partners (or on such other basis as the Accepting
Partners determine) and on substantially the same terms and conditions described in Subsection
9.3(c).


<P align="left" style="font-size: 12pt; text-indent: 8%">(f)&nbsp;If (i)&nbsp;none of the Offeree Partners delivers a Response Notice (or the Offeree Partners
otherwise decline to purchase all of the Offered Interest) within the sixty (60)&nbsp;day period (as it
may be extended pursuant to Subsection 9.3(d) above) set forth in Subsection 9.3(d) or (ii)&nbsp;after
the end of the thirty (30)&nbsp;day period set forth in Subsection 9.3(e), the Accepting Partners have
not elected to purchase all of the Offered Interest, then in each case the Offeree Partners will be
deemed to have declined to exercise their rights under this Section&nbsp;9.3 and the Offering Partner
shall, with respect to the Offered Interest only, have the right, if an Initiated Offer, to, at the
Offering Partner&#146;s sole expense, not violative of Law or Section&nbsp;9.5(b), launch a confidential
marketing process (which may include the engagement of financial advisors and other advisors to
conduct a customary auction sale process in which potential buyers are required to enter into
confidentiality agreements contemplated by clause (e)&nbsp;of Section&nbsp;6.4(i)), and, if an Initiated
Offer or a Third-Party Proposed Sale, enter into negotiations with a third party or enter into a
definitive agreement, to Sell the Offered Interest in respect of an Offer at the same or a higher
price and upon terms and conditions that are no less favorable in the aggregate to the Offering
Partner than as set forth in the Offer (other than those representations, warranties, covenants,
indemnities and other agreements customary for similar transactions) for a period of one hundred
eighty (180)&nbsp;days, which period may be extended as agreed upon by the Offering Partner and the
Offeree Partners.


<P align="left" style="font-size: 12pt; text-indent: 8%">(g)&nbsp;If an Offeree Partner or Partners shall have accepted the Offer in accordance with
Subsections 9.3(d) and (e), then the Offering Partner shall Sell the Offered Interest to the
Accepting Partners (or to such nominees of the Accepting Partners as the Accepting Partners may
specify in writing to the Offering Partner not less than three (3)&nbsp;Business Days prior to the
closing of such purchase and Sale) and the Sale of the Offered Interest to the Accepting Partners
(or such nominees, as the case may be) shall be consummated within ninety (90)&nbsp;days thereafter,
which period shall if all other conditions to closing have been satisfied except for required
regulatory approvals (and those conditions that by their terms are to be satisfied at closing), be
extended, unless the Offering Partner and the Accepting Partners otherwise agree in writing, for as
long as reasonably necessary in order to obtain such regulatory approvals (until such time as it is
determined that such approvals will not be obtained), at the principal office of the Partnership or
such other location as the Offering Partner and the Accepting Partners (or their nominees) may
agree, at which time the Offering Partner shall Sell to the Accepting Partners (or their nominees)
the Offered Interest, free and clear of all Liens, claims, options to purchase and other
restrictions of any nature whatsoever, except those set forth in this Agreement, against payment in
cash of the purchase price therefor; <U>provided, however,</U> that in the event that the
Accepting Partners (or their nominees) shall be purchasing the Offered Interest at the price set
forth in the Offer pertaining thereto, and the terms of such Offer shall state that the third-party
offeror offered to acquire the Offered Interest for consideration consisting of cash and (subject
to the proviso to Subsection 9.3(c) above) a promissory note, then the Accepting Partners (or their
nominees) shall pay to the Offering Partner the purchase price for the Offered Interest in cash, in
an amount equal to the sum of (i)&nbsp;the amount of the purchase price which would have been paid in
cash by the third-party offeror as set forth in the Offer, plus (ii)&nbsp;the principal amount of the
promissory note which would have been delivered by the third-party offeror as set forth in the
Offer.


<P align="left" style="font-size: 12pt; text-indent: 8%">(h)&nbsp;In the event that any proposed Sale of a Partnership Interest to a third party shall not
have been consummated within the 90&nbsp;days after the execution of the underlying definitive agreement
referred to in Subsection 9.3(f) (which period shall, if all other conditions to closing have been
satisfied except for required regulatory approvals (and those conditions that by their terms are to
be satisfied at closing), automatically be extended for as long as reasonably necessary in order to
obtain such regulatory approvals (until such time as it is determined that such approvals will not
be obtained), any such proposed Sale, or any further proposed Sale, of such Partnership Interest
shall again be subject to the provisions of this Section&nbsp;9.3.


<P align="left" style="font-size: 12pt; text-indent: 8%">(i)&nbsp;Upon any Sale or exchange by PTLC and/or any of its Affiliates (other than PAG and its
Subsidiaries) of one hundred percent (100%) of the Partnership Interest then held by PTLC and its
Affiliates (other than PAG and its Subsidiaries), whether to the GE Representative Partner or any
of its Affiliates or to one or more third parties, GE Tennessee (or an assignee of Partnership
Interests held at the Effective Time by members of the GE Capital Consolidated Group which assignee
shall have assumed the obligations under this Subsection 9.3(i)) shall pay or cause to be paid to
PTLC, in cash, an amount equal to the lesser of (i) $5,000,000 and (ii)&nbsp;the amount equal to the
amount of federal income tax that would be due and payable by PTLC and/or such Affiliates, as the
case may be, in respect of such Sale or exchange, determined as if the maximum marginal rate for
corporations with respect to ordinary income or capital gains, as the case may be, as in effect in
the year such Sale or exchange takes place, applied to such transaction, on the excess of (A)&nbsp;the
gain recognized by PTLC and/or such Affiliates upon such Sale or exchange over (B)&nbsp;the excess of
(1)&nbsp;the aggregate amount of the losses and deductions allocated to PTLC and/or any of such
Affiliates from the inception of the Partnership through the date of such Sale or exchange pursuant
to Section&nbsp;5.2, 5.3, 5.4 and 5.6 of this Agreement or the Corresponding Provisions of any Prior
Agreement over (2)&nbsp;the aggregate amount of the income and gains allocated to PTLC and/or any of its
Affiliates from the date of inception of the Partnership through the date of such Sale or exchange
pursuant to Sections&nbsp;5.2, 5.3, 5.4 and 5.6 of this Agreement or the Corresponding Provisions of any
Prior Agreement (the excess of such losses and deductions over such income and gains is sometimes
hereinafter referred to as &#147;<B><I>Net Losses</I></B>&#148;). For purposes of computing the amount of such federal
income tax that would be due and payable in respect of such Sale or exchange, (x)&nbsp;both the Net
Losses and the gain recognized by PTLC and/or its Affiliates upon such Sale or exchange shall be
deemed to have arisen in the same taxable year, and (y)&nbsp;all losses, deductions and credits
allocated to PTLC and/or its Affiliate under Sections&nbsp;5.2, 5.3, 5.4 and 5.6 of this Agreement shall
be taken into account and no limitations shall apply or be deemed to apply to the use of such
losses, deductions and credits. Such calculation shall initially be made by PTLC and shall be
confirmed in writing to GE Tennessee (or the assuming assignee as aforesaid) by the Auditor before
any payment shall be required to be made by or on behalf of GE Tennessee (or such assignee) under
this Subsection 9.3(i).


<P align="left" style="font-size: 12pt; text-indent: 8%">(j)&nbsp;Notwithstanding anything to the contrary set forth in this Section&nbsp;9.3, (i)&nbsp;the provisions
of this Section&nbsp;9.3 shall not restrict or otherwise apply to the Sale of Partnership Interests (x)
effected pursuant to the IPO or (y)&nbsp;after the IPO that are effected pursuant to (I)&nbsp;a public
offering under an effective registration statement or (II)&nbsp;Rule&nbsp;144 under the Securities Act and
(ii)&nbsp;no Transfer permitted under this Section&nbsp;9.3 shall be offered or consummated in the absence of
an effective registration statement covering the applicable Partnership Interest under the
Securities Act, unless such Transfer is exempt from registration under the Securities Act.


<P align="left" style="font-size: 12pt; text-indent: 4%">9.4 <U>Certain Changes of Control</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;If (i)&nbsp;Penske Corporation, at any time and for any reason, either (A)&nbsp;ceases to own,
directly or indirectly, at least fifty-one percent (51%) of the outstanding common stock or other
voting securities of Penske Transportation Holdings Corp. and (1)&nbsp;in an election of directors for
which proxies are not solicited under the Exchange Act, Penske Corporation and/or its Affiliates by
vote of their own shares and shares for which they have obtained proxies from other shareholders,
is unable to elect at least half of the directors of Penske Transportation Holdings Corp., or (2)
in an election of directors for which proxies are solicited under the Exchange Act, proxies for
management nominees and the vote of Penske Corporation and/or its Affiliates and other persons
shall not have resulted in the election of management nominee directors who aggregate at least half
of the directors elected, or (B)&nbsp;ceases to own, directly or indirectly, at least twenty-five
percent (25%) of the outstanding common stock or other voting securities of Penske Transportation
Holdings Corp., or (ii)&nbsp;Penske Transportation Holdings Corp., at any time and for any reason,
ceases to own, directly or indirectly, and have voting control over at least eighty percent (80%)
of the outstanding common stock or other voting securities of the PTLC Consolidated Group member,
or members on an aggregate basis, then holding Partnership Interests (excluding PTL GP and Holdings
from the PTLC Consolidated Group for this determination), then each Significant Limited Partner
shall have the right, but not the obligation (which right shall expire ninety (90)&nbsp;days after the
date on which PTLC gives the notice referred to in the last sentence of this Subsection 9.4(a)), to
deliver an IPO Notice under Subsection 10.4(a). PTLC shall give prompt written notice to the other
Partners of the occurrence of any of the events specified in clauses (i)(A), (i)(B) or (ii)&nbsp;of this
Subsection 9.4(a).


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;In the event that any Penske Partner proposes to Transfer any portion of such Penske
Partner&#146;s Partnership Interest and, after giving effect to such Transfer (and any related series of
Transfers by any Penske Partners) the Penske Partners and the MBK USA CV cease to own, collectively
(directly or indirectly), more than a fifty percent (50%) Percentage Interest (the &#147;<B><I>Triggering
Transfer</I></B>&#148;), then in connection with such Triggering Transfer, each of MBK USA CV and the GE
Partners will have the right to require the Transferring Penske Partner to cause the proposed
transferee to purchase from MBK USA CV or the GE Partners (as applicable) a portion of the
Partnership Interests of MBK USA CV or the GE Partners (as applicable) equal to (i)&nbsp;the Percentage
Interest that MBK USA CV or the GE Partners (as applicable), directly or indirectly, own prior to
giving effect to such transfer <U>multiplied by</U> (ii)&nbsp;the Partnership Interests being purchased
in total, at the same purchase price and on the same terms and conditions as those applicable to
the Transferring Penske Partner. Notwithstanding the foregoing, any Transfer of Partnership
Interests in an IPO or any public offering after an IPO shall not constitute a Triggering Transfer.


<P align="left" style="font-size: 12pt; text-indent: 4%">9.5 <U>Certain General Provisions</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;Any amounts payable in cash by any party pursuant to Section&nbsp;9.3 or Section&nbsp;9.4 shall be
effected by means of wire transfer of immediately available funds to such account or accounts in
the United States as the payee shall specify not less than one (1)&nbsp;Business Day prior to the date
on which such payment is to occur.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;Notwithstanding anything to the contrary set forth in Subsection 9.2, 9.3 or 9.4, in the
event that the acquisition by a Person of a Partnership Interest pursuant to any such provision
would result in the Partnership ceasing to enjoy the status of a limited partnership under Delaware
Law, then such Person shall not effect such acquisition, but such Person may affect the acquisition
through an Affiliate of such Person or member of such Person&#146;s consolidated group if such
acquisition eliminates the cessation of the Partnership&#146;s enjoying the status of a limited
partnership under Delaware Law.


<P align="left" style="font-size: 12pt; text-indent: 8%">(c)&nbsp;The Limited Partners agree, upon request of the General Partner, to execute such
certificates or other documents and perform such acts as the General Partner reasonably deems
appropriate to preserve the status of the Partnership as a limited partnership, upon or after the
completion of any Transfer of any Partnership Interest, under Delaware Law.


<P align="left" style="font-size: 12pt; text-indent: 8%">(d)&nbsp;Notwithstanding anything to the contrary in this Agreement, in the event of the
consummation of any Sale by any GE Partner of all or any portion of its Partnership Interests in
accordance with this Article&nbsp;9, the transferring GE Partner may Sell to the same third party (A)
the rights of the GE Representative Partner under Subsections 6.4(a) and 6.4(e) to designate and
replace a member of the Advisory Committee that it is then entitled to so designate and replace or
(B)&nbsp;the rights to designate and replace the GE Representative Partner under Section&nbsp;6.4(e),
provided that such Sale is accompanied by the Sale to the same third party of the right of the GE
Representative Partner under Subsections 6.4(a) and 6.4(e) to designate and replace a member of the
Advisory Committee. For the avoidance of doubt, the GE Representative Partner may Sell its right to
designate and replace a member of the Advisory Committee to another member of the GE Capital
Consolidated Group, subject to Subsection 9.2(d).


<P align="left" style="font-size: 12pt; text-indent: 8%">(e)&nbsp;Any transferee of a Partnership Interest that (i)&nbsp;acquires a Percentage Interest of at
least ten percent (10%), (ii)&nbsp;has the right to designate and replace a member of the Advisory
Committee pursuant to this Agreement or (iii)&nbsp;has the right to direct the vote of a member of the
Advisory Committee shall be required to enter into a noncompetition covenant on substantially the
same terms as the restrictions set forth in Section&nbsp;6.6.


<P align="left" style="font-size: 12pt; text-indent: 8%">(f)&nbsp;Notwithstanding anything to the contrary set forth in this Agreement, in the event of any
Sale of a Partnership Interest permitted by this Agreement, the transferor Partner shall not cease
to be a Partner or be deemed to have withdrawn as a Partner, until the transferee of such
Partnership Interest shall have been admitted as a Partner pursuant to Section&nbsp;9.10 below.


<P align="left" style="font-size: 12pt; text-indent: 4%">9.6 <U>Allocation of Profits, Losses and Distributions Subsequent to Sale</U>. All Profits,
Losses, or any other items of income, gain, loss, deduction, or credit of the Partnership
attributable to any Partnership Interest acquired by reason of any Sale of such Partnership
Interest (i)&nbsp;that are allocable, in accordance with Subsection 5.5(c) to the portion of the
Partnership Year ending on the effective date of the Sale shall be allocated, and any distributions
made with respect thereto shall be distributed, to the transferor, and (ii)&nbsp;that are allocable, in
accordance with Subsection 5.5(c), to subsequent periods shall be allocated, and any distributions
made with respect thereto shall be distributed, to the transferee. Notwithstanding anything to the
contrary in this Agreement, (x)&nbsp;PAG (or its successors or assigns) shall be entitled to receive
(and the Partnership shall pay directly to it (or its successors or assigns)) in respect of the
Percentage Interest acquired by PAG as referred to in Subsection 1.1(b), all distributions made
pursuant to Section&nbsp;5.1 from and after the Effective Time, (y)&nbsp;GE Capital Memco, LLC, a Delaware
limited liability company and a former Limited Partner of the Partnership (or its successors or
assigns) shall be entitled to receive (and the Partnership shall pay directly to it (or its
successors or assigns)), in respect of the Percentage Interest held by it prior to March&nbsp;18, 2015,
all distributions made pursuant to Subsection 5.1(b) for the 2014 Subject Year payable in respect
of such Percentage Interest, and (z)&nbsp;MBK USA CV (or its successors or assigns) shall be entitled to
receive, in respect of its Percentage Interest, all distributions for the 2015 Subject Year that
were unpaid as of March&nbsp;18, 2015, if any, and any future distributions in respect of any prior
Subject Year other than distributions made pursuant to Subsection 5.1(b) for the 2014 Subject Year.


<P align="left" style="font-size: 12pt; text-indent: 4%">9.7 <U>Death, Incompetence, Bankruptcy, Liquidation or Withdrawal of a Limited Partner</U>.
The death, incompetence, Bankruptcy, liquidation or withdrawal of a Limited Partner shall not cause
(in and of itself) a dissolution of the Partnership, but the rights of such a Limited Partner to
share in the Profits and Losses of the Partnership, to receive distributions and to assign its
Partnership Interest pursuant to this Article&nbsp;9, on the happening of such an event, shall devolve
on its beneficiary or other successor, executor, administrator, guardian or other legal
representative for the purpose of settling its estate or administering its property, and the
Partnership shall continue as a limited partnership. Such successor or personal representative,
however, shall become a substituted limited partner only upon compliance with the requirements of
Section&nbsp;9.10 with respect to a transferee of a Partnership Interest. The estate of a Bankrupt
Limited Partner shall be liable for all the obligations of the Limited Partner.


<P align="left" style="font-size: 12pt; text-indent: 4%">9.8 <U>Satisfactory Written Assignment Required</U>. Anything herein to the contrary
notwithstanding, both the Partnership and the General Partner shall be entitled to treat the
transferor of a Partnership Interest as the absolute owner thereof in all respects, and shall incur
no liability for distributions of cash or other property made in good faith to it, until such time
as a written assignment or other evidence of the consummation of a Sale that conforms to the
requirements of this Article&nbsp;9 and is reasonably satisfactory to the General Partner has been
received by and recorded on the books of the Partnership, at which time the Sale shall become
effective for purposes of this Agreement.


<P align="left" style="font-size: 12pt; text-indent: 4%">9.9 <U>Transferee&#146;s Rights</U>. Any purported Transfer of a Partnership Interest which is
not in compliance with this Agreement shall be null and void and of no force or effect whatsoever.
A permitted transferee of any Partnership Interest pursuant to Section&nbsp;9.1, 9.2, 9.3, 9.4 or 9.7
hereof shall be entitled to receive, in accordance with Section&nbsp;9.6, allocations of Profits,
Losses, or other items of income, gain, loss, deduction, or credit of the Partnership attributable
to such Partnership Interest and allocable to periods after the effective date of the Sale, and
distributions of cash or other property from the Partnership made with respect to periods after the
effective date of the Sale, subject, in each case, to the last sentence of Section&nbsp;9.6, but shall
not become a Partner unless and until admitted pursuant to Section&nbsp;9.10 hereof.


<P align="left" style="font-size: 12pt; text-indent: 4%">9.10 <U>Transferees Admitted as Partners</U>. The assignee or transferee of any Partnership
Interest shall be admitted as a Partner only upon the satisfaction of the following conditions:


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;A duly executed and acknowledged written instrument of Sale, in a form reasonably
acceptable to the General Partner, and either a copy of this Agreement duly executed by the
transferee or an instrument of assumption in form and substance reasonably satisfactory to the
General Partner setting forth the transferee&#146;s agreement to be bound by the provisions of this
Agreement have been delivered to the Partnership.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;The transferee has paid any fees and reimbursed the Partnership for any expenses paid by
the Partnership in connection with the Sale and admission.


<P align="left" style="font-size: 12pt">The effective date of an admission of an assignee of a Partner and the withdrawal of the
transferring Partner, if any, shall be the first day which is the last Business Day of a calendar
month to occur following the satisfaction of the foregoing conditions, except as otherwise may be
agreed by all the Partners in writing.


<P align="left" style="font-size: 12pt; text-indent: 4%">9.11 <U>Change of Control Rights</U>. In addition to any other approval required under the
Act, any Change of Control of the Partnership (excluding, for the avoidance of doubt, the changes
contemplated by Subsection 1.1(c)) shall be subject to approval by each Significant Limited
Partner.


<P align="center" style="font-size: 12pt">ARTICLE 10



<P align="center" style="font-size: 12pt">EXIT/ IPO RIGHT



<P align="left" style="font-size: 12pt; text-indent: 4%">10.1 <U>IPO Notice</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;On or after December&nbsp;31, 2017, and on or prior to December&nbsp;31, 2024, any Exercising
Partner will have the right to deliver a written demand to the General Partner and the other
Partners that an IPO be effected in accordance with the provisions of this Article&nbsp;10 (the &#147;<B><I>IPO
Notice</I></B>&#148;) and, if applicable, to effect the registration of all or any portion of the Exercising
Partner&#146;s Securities (which may include any of such Partner&#146;s Affiliates identified in such IPO
Notice) in such IPO. Except as expressly provided below, each of the other Partners agrees to use
all reasonable best efforts to effect such IPO. Upon receipt of such IPO Notice, promptly and in
any event within the sixty (60)&nbsp;day period thereafter, the Exercising Partner and the
Non-Exercising Partner (and their respective advisors) will meet from time to time at mutually
agreeable times and locations to attempt to decide jointly in good faith on an appropriate
transaction structure for such IPO. In such meetings, the Exercising Partner and the Non-Exercising
Partner (and their respective advisors) will review, analyze and discuss the economic and tax
impacts of potential transaction structures and will consider an &#147;Up-C&#148; transaction structure and
appropriate opinion(s) (if any) of a nationally recognized law firm or accounting firm with respect
to potential transaction structures. In addition to the foregoing, the Exercising Partner and the
Non-Exercising Partner shall consult with each other Significant Limited Partner regarding the
structuring of any IPO and shall consider in good faith any suggestions of such Partners in
connection therewith.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;If the Exercising Partner, the Non-Exercising Partner and the other Significant Limited
Partners are unable to agree on a transaction structure for such IPO within such sixty (60)&nbsp;day
period (or such longer period as they may mutually agree), the Exercising Partner will have the
right, within the thirty (30)&nbsp;day period following such sixty (60)&nbsp;day period, to deliver a written
demand to the General Partner and the other Partners that such IPO shall utilize the transaction
structure set forth in such notice (the &#147;<B><I>IPO Demand Notice</I></B>&#148;). Within sixty (60)&nbsp;days thereafter,
the Non-Exercising Partner will have the right to object to such IPO Demand Notice by delivering a
written notice to such effect to the Exercising Partner and the other Partners based solely on the
Non-Exercising Partner&#146;s conclusion that the consummation of such IPO (utilizing the transaction
structure set forth in the IPO Demand Notice) could be reasonably expected to result in material
adverse tax impacts on the Non-Exercising Partner or its Parent Company as well as the basis for
such objection (with such basis set forth in reasonable detail in writing if practicable) (the &#147;<B><I>IPO
Rebuttal</I></B>&#148;). If an IPO Rebuttal is received, for the thirty (30)&nbsp;day period following receipt
thereof, the Exercising Partner will have the opportunity to (i)&nbsp;object to such IPO Rebuttal on the
basis that the proposed transaction structure set forth therein would not constitute such a
material adverse tax impact and/or (ii)&nbsp;propose an alternate transaction structure(s) for the IPO
that would not result in material adverse tax impacts on the Non-Exercising Partner or its Parent
Company (the &#147;<B><I>Alternative Structure</I></B>&#148; or &#147;<B><I>Alternative Structures</I></B>&#148;). If a valid Alternative Structure
is proposed within such thirty (30)&nbsp;day period (or such longer period as the Exercising Partner and
the Non-Exercising Partner may mutually agree), then the IPO Consummation Obligation will continue
by utilizing such Alternative Structure, provided that the Alternative Structure would not have
material adverse tax impacts on the Non-Exercising Partner or its Parent Company. The Partners
hereby agree that in no event will indemnification be required for any potential adverse tax
impacts arising in connection with the consummation of an IPO or the utilization of any transaction
structure.


<P align="left" style="font-size: 12pt; text-indent: 8%">(c)&nbsp;Subject to Subsections 10.1(a) and 10.1(b), commencing one year from the date of the
initial IPO Notice, the General Partner and the Partnership shall take all reasonable best efforts
to pursue an IPO to be consummated as soon as practicable thereafter (the &#147;<B><I>IPO Consummation
Obligation</I></B>&#148;). The time period for commencement or consummation of the IPO pursuant to the IPO
Consummation Obligation may be delayed upon receipt of a manually signed approval of a duly
authorized officer of the Exercising Partner to such effect.


<P align="left" style="font-size: 12pt; text-indent: 8%">(d)&nbsp;If an IPO is consummated pursuant to this Section&nbsp;10.1, all of the Partners shall have the
right to participate pro rata in such IPO in accordance with their respective Percentage Interests.
Notwithstanding the immediately preceding sentence, if the IPO is consummated on or before June&nbsp;18,
2019 (<I>i.e.</I>, the date of maturity of the Company Bonds (as defined in the Holdings LLC Agreement)),
or on a later date on which the Company Bonds continue to be outstanding, and the GE Partners, MBK
USA CV, PTLC or PAG desire to participate as selling equityholders in the IPO (the &#147;<B><I>Selling
Interests</I></B>&#148;), then, with respect to the Selling Interests, the GE Partners, MBK USA CV, PTLC and PAG
will have the right to demand that the Partnership give first priority to: &nbsp;(i) in the case of
PTLC, Partnership Interests held by PTLC with a value of up to $287,560,000, (ii)&nbsp;in the case of
PAG, Partnership Interests held by PAG with a value of up to $63,140,000, (iii)&nbsp;in the case of the
GE Partners, Partnership Interests held by the GE Partners with a value of up to the GE Priority
Amount, and (iv)&nbsp;in the case of MBK USA CV, Partnership Interests held by MBK USA CV with a value
of up to the Mitsui Priority Amount.


<P align="left" style="font-size: 12pt; text-indent: 8%">(e)&nbsp;For the avoidance of doubt, the transactions contemplated by this Section&nbsp;10.1 shall not
be subject to Sections&nbsp;9.2 and 9.3.


<P align="left" style="font-size: 12pt; text-indent: 8%">(f)&nbsp;In the event that an IPO is abandoned or otherwise not consummated pursuant to this
Section&nbsp;10.1, and a transaction structure proposed for such IPO had been subject to the review and
discussion process in Subsections 10.1(a) and 10.1(b), during which it was agreed or determined
that such transaction structure would not have material adverse tax impacts on the Non-Exercising
Partner or its Parent Company (an &#147;<B><I>Approved IPO Structure</I></B>&#148;), either Exercising Partner will have
the right to deliver an IPO Notice with respect to such Approved IPO Structure and the
Non-Exercising Partner will have the right, within the sixty (60)&nbsp;day period following the delivery
of such IPO Notice, to deliver an IPO Rebuttal based solely on its conclusion that such Approved
IPO Structure could reasonably be expected to result in material adverse tax impacts on the
Non-Exercising Partner or its Parent Company when compared to the tax impacts existing at the time
such transaction structure was previously determined not to have material adverse tax impacts on
the Non-Exercising Partner or its Parent Company. If such IPO Rebuttal is delivered, then the
Exercising Partner and the Non-Exercising Partner shall then follow the procedures set forth in
Subsection 10.1(b) with respect to such IPO Notice. If no such IPO Rebuttal is timely delivered to
the Exercising Partner, then the IPO Consummation Obligation will continue by utilizing such
Approved IPO Structure.


<P align="left" style="font-size: 12pt; text-indent: 8%">(g)&nbsp;In the event that an IPO is abandoned or otherwise not consummated pursuant to this
Section&nbsp;10.1, and (i)&nbsp;the last transaction structure proposed by the Exercising Partner and
discussed under Subsections 10.1(a) and (b)&nbsp;would have had material adverse tax impacts on the
Non-Exercising Partner or its Parent Company, (ii)&nbsp;an Approved IPO Structure did not exist, or
(iii)&nbsp;the Exercising Partner desires to pursue a transaction other than an Approved IPO Structure,
then, notwithstanding the first sentence of Subsection 10.1(a), neither the Exercising Partner nor
the non-Exercising Partner will have the right to deliver a new IPO Notice until on or after the
first anniversary of the date of the most recent IPO Notice. Such IPO Notice will be subject to the
process set forth in Subsections 10.1(a) and 10.1(b), except that the sixty (60)&nbsp;day periods
therein shall be thirty (30)&nbsp;day periods for any such subsequent IPO Notice.


<P align="left" style="font-size: 12pt; text-indent: 8%">(h)&nbsp;No Exercising Partner shall have the right to deliver an IPO Notice pursuant to
Subsections 10.4(a) or 10.4(b) during the pendency of discussions pursuant to this Section&nbsp;10.1 or
Section&nbsp;10.4 concerning a previously delivered IPO Notice.


<P align="left" style="font-size: 12pt; text-indent: 8%">(i)&nbsp;For the avoidance of doubt, the Exercising Partner, the Non-Exercising Partner, MBK USA CV
and PAG agree that in connection with any IPO, such Partners shall agree on a mutually acceptable
structure therefor, including by making amendments to this Agreement to reflect appropriate
governance rights for the Partners in a public company structure at such time; provided, however,
that any such governance rights included in this Agreement at the time of such IPO shall not be
materially and disproportionately detrimental to MBK USA CV and PAG relative to the other Limited
Partners (taking into account the Percentage Interests held by the Limited Partners).


<P align="left" style="font-size: 12pt; text-indent: 4%">10.2 <U>Partnership Restructuring in connection with IPO</U>. Subject to Subsection 10.1(a),
commencing one year from the date of receipt of the IPO Notice by the General Partner, the Partners
shall meet to discuss restructuring the Partnership in order to effect an IPO with the most
favorable tax treatment possible (currently expected to be an &#147;Up-C&#148; transaction structure) and
each of the General Partner and each Limited Partner shall use reasonable best efforts to devise
and effect such restructuring.


<P align="left" style="font-size: 12pt; text-indent: 4%">10.3 <U>IPO Alternative</U>. Upon receipt of the IPO Notice, the GE Partners or Penske
Partners, as applicable, will have the option to simultaneously seek a purchaser of the Partnership
Interests and Member Interests held by the Exercising Partner. If such interests are not purchased
pursuant to a purchase agreement executed and delivered to the Partnership by another Person at a
price acceptable to the Exercising Partner(s) in its sole discretion by the first anniversary of
the date of the IPO Notice, then the Exercising Partner or other Partners will have the right to
participate in the IPO in accordance with the Registration Rights Agreement. Any Sale of
Partnership Interests pursuant to this Section&nbsp;10.3 shall not be subject to the provisions of
Article&nbsp;9.


<P align="left" style="font-size: 12pt; text-indent: 4%">10.4 <U>Other IPO Rights</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;<U>Change of Control IPO</U>. Each Significant Limited Partner shall have the right, to
the extent provided in Subsection 9.4(a), to deliver an IPO Notice to the General Partner and the
other Partners.


<P align="left" style="font-size: 12pt; text-indent: 12%">(i)&nbsp;If any Significant Limited Partner delivers an IPO Notice prior to December&nbsp;31, 2019
pursuant to this Subsection 10.4(a), the IPO will be effected in accordance with the procedures set
forth in Section&nbsp;10.1 and the GE Representative Partner shall be deemed to be the Exercising
Partner and PTLC shall be deemed to be the Non-Exercising Partner.


<P align="left" style="font-size: 12pt; text-indent: 12%">(ii)&nbsp;If any Significant Limited Partner delivers an IPO Notice on or after December&nbsp;31, 2019
pursuant to this Subsection 10.4(a), the IPO will be effected in accordance with the procedures set
forth in this Section&nbsp;10.4 and, for the sake of clarity, there shall be no Exercising Partner or
Non-Exercising Partner.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;<U>Post-2025 IPO</U>. PTLC and each Significant Limited Partner shall have the right,
after December&nbsp;31, 2024, to deliver an IPO Notice to the General Partner and the other Partners. If
an IPO Notice is delivered pursuant to this Subsection 10.4(b), the IPO will be effected in
accordance with the procedures set forth in this Section&nbsp;10.4 and, for the sake of clarity, there
shall be no Exercising Partner or Non-Exercising Partner.


<P align="left" style="font-size: 12pt; text-indent: 8%">(c)&nbsp;Upon receipt by the General Partner of an IPO Notice delivered pursuant to Subsection
10.4(a)(ii) or 10.4(b), each of the Partners shall use commercially reasonable efforts to effect an
IPO as soon as reasonably practicable thereafter, subject to this Section&nbsp;10.4. No Partner shall
have the right to deliver an IPO Notice pursuant to Subsections 10.4(a) or 10.4(b) during the
pendency of discussions pursuant to Section&nbsp;10.1 or this Section&nbsp;10.4 concerning a previously
delivered IPO Notice.


<P align="left" style="font-size: 12pt; text-indent: 8%">(d)&nbsp;In the event of an IPO Notice delivered pursuant to Subsection 10.4(a)(ii) or 10.4(b), the
General Partner shall have the right to determine the appropriate transaction structure for such
IPO after considering the economic and tax impacts of potential transactions structures, including
an &#147;Up-C&#148; transaction. The General Partner shall consult with each other Significant Limited
Partner regarding the structuring of any IPO and shall consider in good faith any suggestions of
such Partners in connection therewith.


<P align="left" style="font-size: 12pt; text-indent: 8%">(e)&nbsp;The provisions of Subsections 10.1(d) and 10.1(e) shall apply to an IPO pursuant to this
Section&nbsp;10.4.


<P align="left" style="font-size: 12pt; text-indent: 8%">(f)&nbsp;The Partner delivering an IPO Notice pursuant to Subsection 10.4(a)(ii) or Subsection
10.4(b) may at any time withdraw such notice by notice to the General Partner and each other
Significant Limited Partner, upon which the obligations of the General Partner to effect such IPO
shall be terminated unless, within ten (10)&nbsp;Business Days thereafter, another Significant Limited
Partner delivers an IPO Notice.


<P align="left" style="font-size: 12pt; text-indent: 8%">(g)&nbsp;In effecting an IPO pursuant to this Section&nbsp;10.4, the Partners shall make appropriate
amendments to this Agreement and otherwise facilitate such IPO; <U>provided</U>, that no Partner
shall be required to agree to any amendment or to take any other action that is materially and
disproportionately detrimental to such Partner relative to the other Limited Partners.


<P align="center" style="font-size: 12pt">ARTICLE 11



<P align="center" style="font-size: 12pt">DISSOLUTION



<P align="left" style="font-size: 12pt; text-indent: 4%">11.1 <U>Events of Dissolution</U>. The Partnership shall continue until December&nbsp;31, 2035,
or such later date as PTLC and each Significant Limited Partner may agree, unless dissolved upon
the earliest to occur of the following events, which shall cause an immediate dissolution of the
Partnership:


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;the sale, exchange or other disposition of all or substantially all of the Partnership&#146;s
assets;


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;the withdrawal, resignation, filing of a certificate of dissolution or revocation of the
charter or Bankruptcy of the General Partner or the occurrence of any other event which causes the
General Partner to cease to be a general partner of the Partnership under the Act, except as
contemplated by Section&nbsp;1.1 (each an &#147;<B><I>Event of Withdrawal</I></B>&#148;); <U>provided</U>,<U> however</U>,
that upon the occurrence of an Event of Withdrawal of the General Partner, the Partnership shall
not be dissolved and its business shall not be required to be wound up if within ninety (90)&nbsp;days
after such Event of Withdrawal all the Limited Partners then holding a majority of the Partnership
Interests (exclusive of any Partnership Interest then held by members of the PTLC Consolidated
Group) agree in writing to continue the business of the Partnership and to the appointment,
effective as of the occurrence of such Event of Withdrawal, of one or more successor general
partners of the Partnership, each of whom is hereby authorized to continue the business of the
Partnership; or


<P align="left" style="font-size: 12pt; text-indent: 8%">(c)&nbsp;such earlier date as PTLC and each Significant Limited Partner elect.


<P align="left" style="font-size: 12pt; text-indent: 4%">11.2 <U>Final Accounting</U>. Upon the dissolution of the Partnership and the failure to
continue the Partnership as provided in Section&nbsp;11.1 hereof, a proper accounting shall be made by
the Partnership&#146;s Auditor from the date of the last previous accounting to the date of dissolution.


<P align="left" style="font-size: 12pt; text-indent: 4%">11.3 <U>Liquidation</U>. Upon the dissolution of the Partnership and the failure to continue
the Partnership as provided in Section&nbsp;11.1 hereof, the General Partner or, if there is no General
Partner, a person approved by PTLC and each Significant Limited Partner, shall act as liquidator to
wind up the Partnership. The liquidator shall have full power and authority to sell, assign and
encumber any or all of the Partnership&#146;s assets and to wind up and liquidate the affairs of the
Partnership in an orderly and business-like manner. All proceeds from liquidation shall be
distributed in the following orders of priority: (a)&nbsp;to the payment and discharge of the debts and
liabilities of the Partnership (other than liabilities for distributions to Partners) and expenses
of liquidation, (b)&nbsp;to the setting up of such reserves as the liquidator may reasonably deem
necessary for any contingent liability of the Partnership (other than liabilities for distributions
to Partners), and (c)&nbsp;the balance to the Partners in accordance with their Capital Accounts after
adjustment to reflect all Profit and Loss for the Partnership Year in which such liquidation
occurs.


<P align="left" style="font-size: 12pt; text-indent: 4%">11.4 <U>Cancellation of Certificate</U>. Upon the completion of the distribution of
Partnership assets as provided in Section&nbsp;11.3 hereof, the Partnership shall be terminated and the
person acting as liquidator shall cause the cancellation of the Certificate and shall take such
other actions as may be necessary or appropriate to terminate the Partnership.


<P align="center" style="font-size: 12pt">ARTICLE 12



<P align="center" style="font-size: 12pt">INVESTMENT REPRESENTATIONS



<P align="left" style="font-size: 12pt; text-indent: 4%">12.1 <U>Investment Purpose</U>. Each Limited Partner represents and warrants to the
Partnership and to each other Partner that it has acquired its limited partner interest in the
Partnership for its own account, for investment only and not with a view to the distribution
thereof, except to the extent provided in or contemplated by this Agreement.


<P align="left" style="font-size: 12pt; text-indent: 4%">12.2 <U>Investment Restriction</U>. Each Partner recognizes that (a)&nbsp;the limited partner
interests in the Partnership have not been registered under the Securities Act in reliance upon an
exemption from such registration, and agrees that it will not Transfer its limited partner interest
in the Partnership (i)&nbsp;in the absence of an effective registration statement covering such limited
partner interest under the Securities Act, unless such offer or Transfer is exempt from
registration for any proposed sale, and (ii)&nbsp;except in compliance with all applicable provisions of
this Agreement, and (b)&nbsp;the restrictions on transfer imposed by this Agreement may severely affect
the liquidity of an investment in limited partner interests in the Partnership.


<P align="center" style="font-size: 12pt">ARTICLE 13



<P align="center" style="font-size: 12pt">NOTICES



<P align="left" style="font-size: 12pt; text-indent: 4%">13.1 <U>Method of Notice</U>. Any notice or request hereunder may be given to any Partner at
their respective addresses/ numbers set forth below or at such other address/ number as may
hereafter be specified in a notice designated as a notice of change of address under this Section.
Any notice or request hereunder may be given by (a)&nbsp;hand delivery, (b)&nbsp;overnight courier, (c)
registered or certified mail, return receipt requested, or (d)&nbsp;electronic transmission or facsimile
(or such other e-mail address or number as may hereafter be specified in a notice designated as a
notice of change of address), with electronic confirmation of its receipt and subsequently
confirmed by registered or certified mail or overnight courier. Any notice or other communication
required or permitted pursuant to this Agreement shall be deemed given (i)&nbsp;when personally
delivered to any officer of the party to whom it is addressed, (ii)&nbsp;on the earlier of actual
receipt thereof or five (5)&nbsp;Business Days following posting thereof by certified or registered
mail, postage prepaid, (iii)&nbsp;upon actual receipt thereof when sent by a recognized overnight
delivery service or (iv)&nbsp;upon actual receipt thereof when sent by electronic transmission or by
facsimile to the address or number set forth below with electronic confirmation of its receipt, in
each case, addressed to each party at its address set forth below or at such other address as has
been furnished in writing by a party to the other by like notice, provided, that in order for an
electronic transmission to constitute proper notice hereunder, such electronic transmission must
specifically reference this Section&nbsp;13.1 and state that it is intended to constitute notice
hereunder:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If to PTLC at: Penske Truck Leasing Corporation</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2675 Morgantown Road<BR>
Reading, Pennsylvania 19607
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">Attention: Senior Vice President &#151; General Counsel<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Facsimile: 610-775-6330
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">E-mail Address: david.battisti@penske.com<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">with a copy to:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Penske Truck Leasing Corporation</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="57%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2675 Morgantown Road
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">Reading, Pennsylvania 19607<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">Attention: Senior Vice President &#151; Finance<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Facsimile: 610-775-5064
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">E-mail Address: tom.janowicz@penske.com<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">and a copy to
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Penske Corporation</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2555 Telegraph Road<BR>
Bloomfield Hills, MI 48302
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Attention: Executive Vice President and General Counsel<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Facsimile: 248-648-2135
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">E-mail Address: larry.bluth@penskecorp.com<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(2</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If to PTL GP at:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">c/o Penske Truck Leasing Corporation</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="51%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2675 Morgantown Road<BR>
Reading, Pennsylvania 19607
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">Attention: Senior Vice President &#151; General Counsel<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Facsimile: 610-775-6330
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">E-mail Address: david.battisti@penske.com<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">with a copy to:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">c/o Penske Truck Leasing Corporation</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="57%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2675 Morgantown Road
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">Reading, Pennsylvania 19607<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">Attention: Senior Vice President &#151; Finance<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Facsimile: 610-775-5064
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">E-mail Address: tom.janowicz@penske.com<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">and a copy to
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Penske Corporation</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2555 Telegraph Road<BR>
Bloomfield Hills, MI 48302
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Attention: Executive Vice President and General Counsel<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Facsimile: 248-648-2135
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">E-mail Address: larry.bluth@penskecorp.com<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(3</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If to PAG at:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Penske Automotive Group, Inc.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2555 Telegraph Road
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">Bloomfield Hills, Michigan 48302<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attention: General Counsel<BR>
Facsimile: 248-648-2515
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">E-mail Address: sspradlin@penskeautomotive.com<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">with a copy to:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Penske Automotive Group, Inc.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2555 Telegraph Road
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Bloomfield Hills, Michigan 48302<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Attention: Chief Financial Officer<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Facsimile: 248-648-2515
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">E-mail Address: jcarlson@penskeautomotive.com<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(4</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If to GE Truck Leasing<BR>
Leasing Holdco at:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GE Capital Truck Leasing Holding LLC<BR>
GE Capital Truck Leasing Holding LLC</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">c/o GE Capital Global Holdings, LLC<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">901 Main Avenue, 6<sup>th</sup> Floor<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Norwalk, Connecticut 06851
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">Attention: Executive Counsel &#150; Mergers &#038; Acquisitions<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Facsimile: (203)&nbsp;286-2181<BR>
Email:mark.landis@ge.com<BR>
with a copy to
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
<BR>
Weil Gotshal &#038; Manges, LLP</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:23%; font-size: 12pt">767 Fifth Avenue
<BR>
New York, New York 10153
<BR>
Attention: Jon-Paul Bernard
<BR>
Facsimile: (212)&nbsp;310-8007
<BR>
Email: jon-paul.bernard@weil.com


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If to GE Tennessee at: General Electric Credit Corporation of Tennessee</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">c/o GE Capital Global Holdings, LLC<BR>
901 Main Avenue, 6<sup>th</sup> Floor<BR>
Norwalk, Connecticut 06851
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
<BR>
<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">Attention: Executive Counsel &#150; Mergers &#038; Acquisitions<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Facsimile: (203)&nbsp;286-2181<BR>
Email:mark.landis@ge.com<BR>
with a copy to
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
<BR>
Weil Gotshal &#038; Manges, LLP</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">767 Fifth Avenue
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">New York, New York 10153<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Attention: Jon-Paul Bernard<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Facsimile: (212)&nbsp;310-8007<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Email: jon-paul.bernard@weil.com<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(6</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If to MBK USA CV at:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MBK USA Commercial Vehicles Inc.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="56%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">c/o Mitsui &#038; Co., Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">Nippon Life Marunouchi Garden Tower<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">1-3, Marunouchi 1-chome, Chiyoda-ku,<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tokyo, Japan<BR>
Attention: Masashi Yamanaka<BR>
General Manager<BR>
Second Motor Vehicles Div.<BR>
Facsimile: &#043;81 3-3285-9005<BR>
Email: m.yamanaka@mitsui.com<BR>
with a copy to
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
<BR>
<BR>
<BR>
<BR>
<BR>
Debevoise &#038; Plimpton LLP</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:23%; font-size: 12pt">919 Third Avenue
<BR>
New York, NY 10022
<BR>
Attention: Ezra Borut, Esq.
<BR>
Facsimile: 212-909-6836
<BR>
Email: eborut@debevoise.com


<P align="left" style="font-size: 12pt; text-indent: 4%">13.2 <U>Computation of Time</U>. In computing any period of time under this Agreement, the
day of the act, event or default from which the designated period of time begins to run shall not
be included. The last day of the period so computed shall be included, unless it is a Saturday,
Sunday or legal holiday, in which event the period shall run until the end of the next day which is
not a Saturday, Sunday or non-Business Day.


<P align="center" style="font-size: 12pt">ARTICLE 14



<P align="center" style="font-size: 12pt">GENERAL PROVISIONS



<P align="left" style="font-size: 12pt; text-indent: 4%">14.1 <U>Entire Agreement</U>. This Agreement constitutes the entire agreement with respect
to the subject matter hereof prospectively from the Effective Time. For preclusion of doubt, this
Agreement does not modify or amend any rights or obligations of the Partnership or any Partners
with respect to events or circumstances arising or existing prior to the Effective Time, which
matters will continue to be governed by the agreement of limited partnership of the Partnership in
effect at the applicable time, and does not waive or release any claim of a Partner or the
Partnership with respect to any event or circumstance arising or existing prior to the Effective
Time.


<P align="left" style="font-size: 12pt; text-indent: 4%">14.2 <U>Amendment; Waiver</U>. The written approval of all of the Partners shall be required
with respect to any amendment of this Agreement that would have either a disproportionate or a
material adverse effect on the rights or obligations of any Partner; all other amendments shall
require the approval of the General Partner and each Significant Limited Partner. For the avoidance
of doubt, distributions and allocations to the Partners are deemed material for the purposes of the
preceding sentence. No rights under this Agreement shall be waived except by an instrument in
writing signed by the party sought to be charged with such waiver. The General Partner shall give
written notice to all Partners promptly after any amendment has become effective.


<P align="left" style="font-size: 12pt; text-indent: 4%">14.3 <U>Governing Law</U>. This Agreement shall be construed and enforced in accordance with
and governed by the Laws of the State of Delaware, without giving effect to the provisions,
policies or principles thereof relating to choice or conflict of Laws.


<P align="left" style="font-size: 12pt; text-indent: 4%">14.4 <U>Binding Effect</U>. Except as provided otherwise herein, this Agreement shall be
binding upon and shall inure to the benefit of the parties hereto and their respective permitted
successors and permitted assigns.


<P align="left" style="font-size: 12pt; text-indent: 4%">14.5 <U>Separability</U>. Any provision of this Agreement which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions hereof or
affecting the validity or enforceability of such provision in any other jurisdiction.


<P align="left" style="font-size: 12pt; text-indent: 4%">14.6 <U>Headings</U>. The section and other headings contained in this Agreement are for
reference purposes only and shall not affect the meaning or interpretation of this Agreement.


<P align="left" style="font-size: 12pt; text-indent: 4%">14.7 <U>No Third-Party Rights</U>. Nothing in this Agreement shall be deemed to create any
right in any person not a party hereto (other than the permitted successors and permitted assigns
of a party hereto) and this Agreement shall not be construed in any respect to be a contract in
whole or in part for the benefit of any third party (except as aforesaid).


<P align="left" style="font-size: 12pt; text-indent: 4%">14.8 <U>Waiver of Partition</U>. Each Partner, by requesting and being granted admission to
the Partnership, is deemed to waive until termination of the Partnership any and all rights that it
may have to commence or maintain any action for partition of the Partnership&#146;s assets.


<P align="left" style="font-size: 12pt; text-indent: 4%">14.9 <U>Nature of Interests</U>. All Partnership property, whether real or personal,
tangible or intangible, shall be deemed to be owned by the Partnership as an entity, and none of
the Partners shall have any direct ownership of such property.


<P align="left" style="font-size: 12pt; text-indent: 4%">14.10 <U>Counterpart Execution</U>. This Agreement may be executed in any number of
counterparts, each of which shall be an original instrument and all of which, when taken together,
shall constitute one and the same Agreement. Delivery of an executed signature page of this
Agreement by email, PDF or facsimile transmission shall be effective as delivery of a manually
executed counterpart hereof.


<P align="left" style="font-size: 12pt; text-indent: 8%">IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first above written, effective as of the Effective Time.

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="79%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">GENERAL PARTNER:<BR></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">PTL GP, LLC<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">LJ VP Holdings LLC,<BR>
its sole member</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:27%; font-size: 12pt">By: Penske Truck Leasing Corporation,



<P align="left" style="margin-left:27%; font-size: 12pt; text-indent: 4%">its sole managing member



<P align="left" style="margin-left:23%; font-size: 12pt; text-indent: 4%">By:<U> /s/ Walter P. Czarnecki</U><BR>
Name: Walter P. Czarnecki<BR>
Title: Vice President<BR>



<P align="left" style="margin-left:23%; font-size: 12pt; text-indent: 4%"><U>LIMITED PARTNER</U>:



<P align="left" style="margin-left:27%; font-size: 12pt">PENSKE TRUCK LEASING
<BR>
CORPORATION



<P align="left" style="margin-left:23%; font-size: 12pt; text-indent: 4%">By:<U> /s/ Walter P. Czarnecki</U><BR>
Name: Walter P. Czarnecki<BR>
Title: Vice President<BR>



<P align="left" style="margin-left:23%; font-size: 12pt; text-indent: 4%"><U>LIMITED PARTNER</U>:



<P align="left" style="margin-left:23%; font-size: 12pt; text-indent: 4%">PENSKE AUTOMOTIVE GROUP, INC.



<P align="left" style="margin-left:23%; font-size: 12pt; text-indent: 4%">By:<U> /s/ J.D. Carlson</U><BR>
Name: J.D. Carlson<BR>
Title: EVP and CFO<BR>



<P align="left" style="margin-left:23%; font-size: 12pt; text-indent: 4%"><U>LIMITED PARTNER</U>:



<P align="left" style="margin-left:27%; font-size: 12pt">GE CAPITAL TRUCK LEASING
<BR>
HOLDING LLC



<P align="left" style="margin-left:23%; font-size: 12pt; text-indent: 4%">By:<U>/s/ Trevor Schauenberg</U><BR>
Name: Trevor Schauenberg<BR>
Title: President<U>LIMITED PARTNER</U>:<BR>



<P align="left" style="margin-left:27%; font-size: 12pt">GENERAL ELECTRIC CREDIT
<BR>
CORPORATION OF TENNESSEE



<P align="left" style="margin-left:23%; font-size: 12pt; text-indent: 4%">By:<U>/s/ Trevor Schauenberg</U><BR>
Name: Trevor Schauenberg<BR>
Title: Vice President<BR>



<P align="left" style="margin-left:23%; font-size: 12pt; text-indent: 4%"><U>LIMITED PARTNER</U>:



<P align="left" style="margin-left:27%; font-size: 12pt">MBK USA COMMERCIAL VEHICLES INC.



<P align="left" style="margin-left:23%; font-size: 12pt; text-indent: 4%">By: <U>/s/ Rui Nakatani</U><BR>
Name: Rui Nakatani<BR>
Title: Chief Executive Officer<BR>


<P align="center" style="font-size: 12pt"><U><B>Schedule&nbsp;A</B></U>



<P align="center" style="font-size: 12pt">Effective at the Close of Business of the Partnership on July&nbsp;27, 2016


<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="83%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Percentage Interest</B></TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">General Partner</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PTL GP, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.79</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Limited Partners
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Penske Truck Leasing Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">32.23</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Penske Automotive Group, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21.48</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GE Capital Truck Leasing Holding LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15.11</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">General Electric Credit Corporation of<BR>
Tennessee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">0.39%<BR>
<BR>
</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">MBK USA Commercial Vehicles Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">20.00%<FONT style="font-size: 10pt"><sup>1</sup>
</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>Schedule&nbsp;B</B><BR>
<U>Current Members of Advisory Committee</U></FONT>


<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD align="left" valign="top">PTLC Committee Members:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Roger S. Penske<BR>
Brian Hard<BR>
Roger Penske, Jr.<BR>
J. Patrick Conroy</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD align="left" valign="top">GE Committee Member:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Trevor Schauenberg</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD align="left" valign="top">PAG Committee Member:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert H. Kurnick, Jr.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD align="left" valign="top">Mitsui Committee Member:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Takeshi Mitsui</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt"><sup>1</sup></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"><B>Note</B>: Certain of the Partnership Interests
included in, and represented by, MBK USA CV&#146;s Percentage Interest are pledged
pursuant to the terms of the Mitsui Co-Obligation Fee, Payment and Security
Agreement.</FONT></TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt; display: none">




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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>6
<FILENAME>exhibit5.htm
<DESCRIPTION>EX-99.1
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 3.2//EN">
<HTML>
<HEAD>
<TITLE> EX-99.1 </TITLE>
</HEAD>
<BODY TEXT="#000000" BGCOLOR="#FFFFFF" ALINK="#0000FF" HLINK="#FF0000" VLINK="#800080">

<BODY style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
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<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 12pt"><B>FOR IMMEDIATE RELEASE</B></FONT></DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
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</DIV>


<P align="center" style="font-size: 12pt"><B>PENSKE AUTOMOTIVE REPORTS SECOND QUARTER RESULTS</B>



<P align="center" style="font-size: 12pt"><B>Second Quarter Earnings per Share from Continuing Operations of $1.11</B>



<P align="center" style="font-size: 12pt"><B>Increases Ownership Interest in Penske Truck Leasing; Estimates Accretion<BR>
Of at least $0.25 per Share on an Annualized Basis</B>


<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>Second Quarter 2016</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><I>Six Months 2016</I></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Revenue Increases 6.8% to $5.3 Billion
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Revenue Increases 7.2% to $10.1 Billion</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Same-store Retail Revenue Increases<BR>
0.2%, Excluding Foreign Exchange 2.7%
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Same-store Retail Revenue Increases 1.3%,<BR>
Excluding Foreign Exchange 3.7%</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Income from Continuing Operations<BR>
Attributable to Common Shareholders<BR>
Increases 0.6% to $94.7 Million,<BR>
Excluding Foreign Exchange Increases<BR>
3.5%
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
Income from Continuing Operations<BR>
Attributable to Common Shareholders<BR>
Increases 2.2% to $174.0 Million,<BR>
Excluding Foreign Exchange Increases 5.2%</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Earnings Per Share from Continuing<BR>
Operations Attributable to Common<BR>
Shareholders Increases 6.7% to $1.11,<BR>
Excluding Foreign Exchange Increases<BR>
9.6%
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
Earnings Per Share from Continuing<BR>
Operations Attributable to Common<BR>
Shareholders Increases 6.4% to $2.00,<BR>
Excluding Foreign Exchange Increases 9.6%</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">EBITDA Increases 4.6% to $187.5 Million
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">EBITDA Increases 4.7% to $345.1 Million</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 12pt; text-indent: 3%"><B>BLOOMFIELD HILLS, MI, </B>July&nbsp;28, 2016 &#150; <U>Penske Automotive Group, Inc.</U> (NYSE:PAG), an
international transportation services company, announced today record second quarter and six-month
results. For the three months ended June&nbsp;30, 2016, income from continuing operations attributable
to common shareholders increased 0.6% to $94.7&nbsp;million, and related earnings per share increased
6.7% to $1.11 when compared to the same period last year. Total automotive retail units increased
6.2% and total revenue increased 6.8% to $5.3&nbsp;billion. Excluding foreign exchange, total revenue
increased 9.2%. Same-store retail revenue increased 0.2%. Excluding foreign exchange, same-store
retail revenue increased 2.7%. Foreign exchange rates negatively impacted earnings per share
attributable to common shareholders by $0.03 for the three months ended June&nbsp;30, 2016.


<P align="left" style="font-size: 12pt; text-indent: 3%">Commenting on the company&#146;s results, Penske Automotive Group Chairman Roger S. Penske said, &#147;I
am very pleased with the performance of our business in the second quarter. Not only did we
produce another quarter of record results, we continued to grow by acquiring five commercial truck
dealerships in Canada, and we solidified our capital structure by issuing new 10-year senior
subordinated notes at 5.5%. Further, the Brexit vote did not impact the performance of our
business in the second quarter, and I am pleased to report that our U.K. business has remained
strong to date since the Brexit vote.&#148;


<P align="left" style="font-size: 12pt"><U><B>Automotive Retail Highlights of the Second Quarter</B></U>



<P align="left" style="margin-left:2%; font-size: 12pt">Retail Unit Sales &#043;6.2% to 115,106



<P align="left" style="margin-left:5%; font-size: 12pt">New unit retail sales &#043;5.7%
<BR>
Used unit retail sales &#043;6.8%



<P align="left" style="margin-left:2%; font-size: 12pt">Same-store Retail Unit Sales -1.9% to 106,266



<P align="left" style="margin-left:5%; font-size: 12pt">New unit retail sales -1.4%
<BR>
Used unit retail sales -2.6%



<P align="left" style="margin-left:2%; font-size: 12pt">Same-Store Retail Revenue &#043;0.2%



<P align="left" style="margin-left:5%; font-size: 12pt">New -0.4%; Used &#043;0.2%; Finance & Insurance &#043;1.6%; Service and Parts &#043;3.4%
<BR>
-0.7% in the United States; &#043;1.8% Internationally
<BR>
Excluding f/x, same-store retail revenue &#043;2.7%



<P align="left" style="margin-left:2%; font-size: 12pt">Average Transaction Price Per Unit



<P align="left" style="margin-left:5%; font-size: 12pt">New $39,586; -0.9%
<BR>
Used $27,936; &#043;0.2%



<P align="left" style="margin-left:2%; font-size: 12pt">Average Gross Profit Per Unit



<P align="left" style="margin-left:5%; font-size: 12pt">New $3,106, &#043;$100/unit; Gross Margin 7.8%, &#043;30 basis points



<P align="left" style="margin-left:9%; font-size: 12pt">Excluding f/x $3,175, &#043;$169/unit; Gross Margin 7.9%, &#043;40 basis points



<P align="left" style="margin-left:5%; font-size: 12pt">Used $1,697, -$85/unit; Gross Margin 6.1%, -30 basis points



<P align="left" style="margin-left:9%; font-size: 12pt">Excluding f/x $1,736, -$46/unit; Gross Margin 6.0%, -40 basis points



<P align="left" style="margin-left:5%; font-size: 12pt">Finance & Insurance $1,092, -$32/unit



<P align="left" style="margin-left:9%; font-size: 12pt">Excluding f/x $1,118, -$6/unit


<P align="left" style="font-size: 12pt">Note: f/x = foreign exchange


<P align="left" style="font-size: 12pt; text-indent: 3%">For the six months ended June&nbsp;30, 2016, total revenue increased 7.2% to $10.1&nbsp;billion,
including a 1.3% increase in same-store retail revenue. Excluding foreign exchange, total revenue
increased 9.6%, while same-store retail revenue increased 3.7%. Total automotive retail unit volume
increased 8.0%, including 0.3% on a same-store basis. Income from continuing operations
attributable to common shareholders increased 2.2% to $174.0&nbsp;million and related earnings per share
increased 6.4% to $2.00 when compared to the same period last year. Foreign exchange rates
negatively impacted earnings per share attributable to common shareholders by $0.06.


<P align="left" style="font-size: 12pt"><U><B>Retail Commercial Truck Operations</B></U>


<P align="left" style="font-size: 12pt; text-indent: 3%">Previously, the company announced that it had acquired Harper Truck Centres located in
Ontario, Canada. Harper has five locations in the Greater Toronto market area and is expected to
generate $130&nbsp;million in annualized revenue. The company operates nineteen locations, including
fourteen full-service dealerships, under the &#147;Premier Truck Group&#148; brand name, offering primarily
the Freightliner and Western Star brands. For the three months and six months ended June&nbsp;30, 2016,
Premier Truck Group generated $309.5&nbsp;million and $516.2&nbsp;million of revenue, and $38.3&nbsp;million and
$71.5&nbsp;million of gross profit, respectively, principally through the retail sale of new/used medium
and heavy-duty trucks and service/parts sales. Service and parts gross profit represents
approximately 76.5% and 77.9% of total Premier Truck Group gross profit, respectively.


<P align="left" style="font-size: 12pt"><U><B>Acquires Additional 14% of Penske Truck Leasing</B></U>


<P align="left" style="font-size: 12pt; text-indent: 3%">On July&nbsp;27, 2016, the company acquired an additional 14.4% interest in Penske Truck Leasing
Co., L.P. (&#147;PTL&#148;), from subsidiaries of GE Capital Global Holdings, LLC</FONT><FONT style="font-size: 10pt">, </FONT><FONT style="font-size: 12pt">for
approximately $498.7&nbsp;million. The purchase price was funded using existing liquidity including the
company&#146;s U.S. credit agreement. After completion of the purchase, Penske Automotive Group now
holds a 23.4% ownership interest and will continue to account for the ownership interest using the
equity method of accounting. By acquiring the additional interest in PTL, the company expects to
realize accretion to earnings per share and additional cash flow from cash tax savings and the
annual cash distributions PTL provides to its partners. We estimate the transaction will provide
at least $0.25 per share in earnings accretion on an annualized basis as well as significant cash
tax savings heavily weighted to the first few years of the investment.
</FONT>

<P align="left" style="font-size: 12pt"><U><B>Conference Call</B></U>


<P align="left" style="font-size: 12pt; text-indent: 3%">Penske Automotive will host a conference call discussing financial results relating to the
second quarter of 2016 on <B>Thursday</B>, <B>July&nbsp;28, 2016</B>, at <B>2:00 p.m. Eastern Daylight Time</B>. To listen to
the conference call, participants must dial <B>(800)&nbsp;230-1085 &#151; &#091;International, please dial (612)
234-9959&#093;</B>. The call will also be simultaneously broadcast over the Internet through the Investor
Relations section of the Penske Automotive Group website. Additionally, an investor presentation
relating to the second quarter 2016 financial results has been posted to the company&#146;s website. To
access the presentation or to listen to the company&#146;s webcast, please refer to
<U>www.penskeautomotive.com.</U>


<P align="left" style="font-size: 12pt"><U><B>About Penske Automotive</B></U>


<P align="left" style="font-size: 12pt; text-indent: 3%"><U>Penske Automotive Group, Inc</U>., (NYSE:PAG) headquartered in Bloomfield Hills, Michigan,
is an international transportation services company that operates automotive and commercial truck
dealerships principally in the United States, Canada, and Western Europe, and distributes
commercial


<P align="left" style="font-size: 12pt">vehicles, diesel engines, gas engines, power systems and related parts and services principally in
Australia and New Zealand. PAG employs more than 23,000 people worldwide and is a member of the
Fortune 500 and Russell 2000. For additional information, visit the company&#146;s website at
<U>www.penskeautomotive.com</U>.


<P align="left" style="font-size: 12pt"><U><B>Non-GAAP Financial Measures</B></U>


<P align="left" style="font-size: 12pt; text-indent: 3%">This release contains certain non-GAAP financial measures as defined under SEC rules, such as
earnings before interest, taxes, depreciation and amortization (&#147;EBITDA&#148;). The company has
reconciled these measures to the most directly comparable GAAP measures in the release. The company
believes that these widely accepted measures of operating profitability improve the transparency of
the company&#146;s disclosures and provide a meaningful presentation of the company&#146;s results from its
core business operations excluding the impact of items not related to the company&#146;s ongoing core
business operations, and improve the period-to-period comparability of the company&#146;s results from
its core business operations. These non-GAAP financial measures are not substitutes for GAAP
financial results, and should only be considered in conjunction with the company&#146;s financial
information that is presented in accordance with GAAP.


<P align="left" style="font-size: 12pt"><U><B>Caution Concerning Forward Looking Statements</B></U>


<P align="left" style="font-size: 12pt; text-indent: 3%">Statements in this press release may involve forward-looking statements, including
forward-looking statements regarding Penske Automotive Group, Inc.&#146;s future sales and earnings
accretion potential. Actual results may vary materially because of risks and uncertainties that are
difficult to predict. These risks and uncertainties include, among others: economic conditions
generally, conditions in the credit markets and changes in interest rates and foreign currency
exchange rates, adverse conditions affecting a particular manufacturer, including the adverse
impact to the vehicle and parts supply chain due to natural disasters, recall or other disruptions
that interrupt the supply of vehicles or parts to us, changes in consumer credit availability, the
outcome of legal and administrative matters, and other factors over which management has limited
control. These forward-looking statements should be evaluated together with additional information
about Penske Automotive&#146;s business, markets, conditions and other uncertainties, which could affect
Penske Automotive&#146;s future performance. These risks and uncertainties are addressed in Penske
Automotive&#146;s Form 10-K for the year ended December&nbsp;31, 2015, and its other filings with the
Securities and Exchange Commission (&#147;SEC&#148;). This press release speaks only as of its date, and
Penske Automotive disclaims any duty to update the information herein.


<P align="left" style="font-size: 12pt"><FONT style="font-size: 11pt"><I>Find a vehicle</I>: <U>http://www.penskecars.com</U>
<BR>
<I>Engage Penske Automotive</I>: <U>http://www.penskesocial.com</U>
<BR>
<I>Like Penske Automotive on Facebook</I>: <U>https://facebook.com/PenskeCars</U>
<BR>
<I>Follow Penske Automotive on Twitter</I>: <U>https://twitter.com/Penskecarscorp</U>
<BR>
<I>Visit Penske Automotive on YouTube</I>: <U>http://www.youtube.com/penskecars</U>
</FONT>

<P align="left" style="font-size: 11pt"><FONT style="font-size: 12pt">Inquiries should contact:
</FONT>
<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="41%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">J.D. Carlson<BR>
Executive Vice President and<BR>
Chief Financial Officer<BR>
Penske Automotive Group, Inc.<BR>
248-648-2810<BR>
jcarlson@penskeautomotive.com
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Anthony R. Pordon<BR>
Executive Vice President Investor Relations and<BR>
Corporate Development<BR>
Penske Automotive Group, Inc.<BR>
248-648-2540<BR>
tpordon@penskeautomotive.com</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 12pt"><FONT style="font-size: 11pt"># # #</FONT>




<P align="center" style="font-size: 10pt; display: none">1
<!-- PAGEBREAK -->




<P align="center" style="font-size: 11pt"><FONT style="font-size: 12pt">PENSKE AUTOMOTIVE GROUP, INC.</FONT><BR>
<FONT style="font-size: 11pt">Consolidated Condensed Statements of Income<BR>
(Amounts in Millions, Except Per Share Data)<BR>
(Unaudited)</FONT>


<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Six Months Ended</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Increase/</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Increase/</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(Decrease)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(Decrease)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Revenue
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">5,254.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">4,920.6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6.8</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">10,078.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">9,403.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7.2</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Cost of Sales
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4,482.8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4,189.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7.0</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8,583.6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7,982.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7.5</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gross Profit
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">771.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">731.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.5</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,495.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,421.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.2</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SG&#038;A Expenses
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">582.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">553.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.4</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,141.6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,088.9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.8</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Depreciation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">19.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">26.9</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">45.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">37.9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">19.5</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Operating Income
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">164.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">158.9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.3</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">308.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">294.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.7</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Floor Plan Interest Expense
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(13.1</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(11.0</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">19.1</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(25.9</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(21.3</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21.6</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Other Interest Expense
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(19.5</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(16.4</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18.9</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(36.7</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(32.7</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.2</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Equity in Earnings of Affiliates
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(6.4</TD>
    <TD nowrap valign="top">%)</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Income from Continuing Operations Before Income Taxes
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">143.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">143.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">263.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">259.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.5</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Income Taxes
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(47.3</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(47.7</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(0.8</TD>
    <TD nowrap valign="top">%)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(86.7</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(86.5</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.2</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Income from Continuing Operations
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">96.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">95.8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.4</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">176.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">172.6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.2</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Loss from Discontinued Operations, net of tax
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(1.2</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(0.1</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">nm
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(1.2</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(1.0</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">nm
</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Net Income
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">95.0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">95.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(0.7</TD>
    <TD nowrap valign="top">%)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">175.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">171.6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.1</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Less: Income Attributable to Non-Controlling Interests
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(11.8</TD>
    <TD nowrap valign="top">%)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">&#151;
</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Net Income Attributable to Common Shareholders
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">93.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">94.0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(0.5</TD>
    <TD nowrap valign="top">%)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">172.8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">169.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.1</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amounts Attributable to Common Shareholders:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Reported Income from Continuing Operations
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">96.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">95.8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.4</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">176.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">172.6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.2</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Less: Income Attributable to Non-Controlling Interests
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(11.8</TD>
    <TD nowrap valign="top">%)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">&#151;
</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Income from Continuing Operations, net of tax
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">94.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">94.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.6</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">174.0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">170.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.2</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Loss from Discontinued Operations, net of tax
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(1.2</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(0.1</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">nm
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(1.2</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(1.0</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">nm
</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Net Income Attributable to Common Shareholders
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">93.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">94.0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(0.5</TD>
    <TD nowrap valign="top">%)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">172.8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">169.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.1</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Income from Continuing Operations Per Share
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.11</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.04</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6.7</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.00</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.88</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6.4</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Income Per Share
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.10</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.04</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.8</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.99</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.87</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6.4</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Weighted Average Shares Outstanding
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">85.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">90.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(5.4</TD>
    <TD nowrap valign="top">%)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">86.8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">90.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(3.9</TD>
    <TD nowrap valign="top">%)</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 9pt">Nm &#150; not meaningful


<P align="center" style="font-size: 10pt; display: none">2
<!-- PAGEBREAK -->

<P align="center" style="font-size: 9pt"><FONT style="font-size: 12pt">PENSKE AUTOMOTIVE GROUP, INC.</FONT><BR>
<FONT style="font-size: 11pt">Consolidated Condensed Balance Sheets<BR>
(Amounts in Millions)<BR>
(Unaudited)</FONT>


<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>December 31,</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Cash and Cash Equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">97.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">62.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Accounts Receivable, Net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">827.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">782.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,351.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,463.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other Current Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Assets Held for Sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Total Current Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,385.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,406.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Property and Equipment, Net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,576.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,520.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Intangibles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,722.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,731.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other Long-Term Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">390.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">355.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,075.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,013.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Liabilities and Equity:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Floor Plan Notes Payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,061.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,247.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Floor Plan Notes Payable &#150; Non-Trade</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">969.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,132.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Accounts Payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">554.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">493.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Accrued Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">403.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">378.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Current Portion Long-Term Debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Liabilities Held for Sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total Current Liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,041.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,285.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Long-Term Debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,613.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,247.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other Long-Term Liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">687.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">645.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total Liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,342.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,178.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,732.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,834.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total Liabilities and Equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,075.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,013.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt; display: none">3
<!-- PAGEBREAK -->


<P align="center" style="font-size: 9pt"><FONT style="font-size: 12pt">PENSKE AUTOMOTIVE GROUP, INC.</FONT><BR>
<FONT style="font-size: 11pt">Consolidated Operations<BR>
Selected Data<BR>
(Unaudited)</FONT>


<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="59%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Six Months Ended</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Geographic Revenue Mix:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">North America</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">60.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">61.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">58.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">61.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">U.K.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">32.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">33.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">34.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">34.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other International</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Revenue: (Amounts in Millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Retail Automotive</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,836.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,554.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9,349.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,741.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Retail Commercial Trucks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">309.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">241.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">516.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">434.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Commercial Vehicles Australia/Power Systems and Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">212.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">227.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,254.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,920.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,078.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9,403.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gross Profit: (Amounts in Millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Retail Automotive</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">702.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">662.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,367.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,291.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Retail Commercial Trucks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Commercial Vehicles Australia/Power Systems and Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">771.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">731.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,495.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,421.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gross Margin:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Retail Automotive</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Retail Commercial Trucks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">16.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Commercial Vehicles Australia/Power Systems and Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">28.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">24.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">26.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">25.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt; display: none">4
<!-- PAGEBREAK -->


<P align="center" style="font-size: 9pt"><FONT style="font-size: 12pt">PENSKE AUTOMOTIVE GROUP, INC.</FONT><BR>
<FONT style="font-size: 11pt">Consolidated Operations<BR>
Selected Data<BR>
(Unaudited)</FONT>


<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="9"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="9"><B>Six Months Ended</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="9" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="9" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Increase/</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Increase/</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>(Decrease)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>(Decrease)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Operating Items as a Percentage of<BR>
Revenue:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
<BR>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
<BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
<BR>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
<BR>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
<BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gross Profit
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14.7</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14.9</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-20 bps
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14.8</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15.1</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-30 bps</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Selling, General and Administrative<BR>
Expenses
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
11.1%
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
11.2%
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
-10 bps
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
11.3%
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
11.6%
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
-30 bps</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Operating Income
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.1</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.2</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-10 bps
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.1</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.1</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Inc. From Cont. Ops. Before Inc. Taxes
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.7</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.9</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-20 bps
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.6</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.8</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-20 bps</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD colspan="5" valign="top" align="left"><B>Operating Items as a Percentage of Total Gross Profit:</B><BR></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Selling, General and Administrative<BR>
Expenses
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
75.5%
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
75.6%
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
-10 bps
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
76.4%
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
76.6%
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
-20 bps</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Operating Income
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21.3</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21.7</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-40 bps
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">20.6</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">20.7</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-10 bps</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Six Months Ended</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Increase/ (Decrease)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Increase/ (Decrease)</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD align="left">(Amounts in Millions)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">EBITDA*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">$<BR>
187.5
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">$<BR>
179.2
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.6</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">345.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">$<BR>
329.7
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
4.7%
</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Floorplan Credits
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">10.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">8.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">22.9</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">19.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">15.0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">27.3</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rent Expense
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">51.9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">49.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.5</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">103.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">99.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>See the following Non-GAAP reconciliation table.</TD>
</TR>



</TABLE>

<P align="center" style="font-size: 10pt; display: none">5
<!-- PAGEBREAK -->


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 9pt">



</TABLE>


<P align="center" style="font-size: 9pt"><FONT style="font-size: 12pt">PENSKE AUTOMOTIVE GROUP, INC.</FONT><BR>
<FONT style="font-size: 11pt">Retail Automotive Operations<BR>
Selected Data<BR>
(Unaudited)</FONT>


<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Six Months Ended</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Retail Automotive Units:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">New Retail</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,801</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,923</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,119</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Used Retail</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,936</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,677</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,687</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108,386</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">226,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">209,806</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Retail Automotive Revenue: (Amounts in Millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">New Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,461.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,347.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,729.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,487.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Used Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,478.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,382.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,891.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,665.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Finance and Insurance, Net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">244.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Service and Parts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">496.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">456.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">974.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">894.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Fleet and Wholesale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">510.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">460.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,836.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,554.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9,349.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,741.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Retail Automotive Gross Profit: (Amounts in Millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">New Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">193.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">176.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">368.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">344.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Used Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">174.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">173.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Finance and Insurance, Net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">244.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Service and Parts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">288.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">274.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">570.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">535.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Fleet and Wholesale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total Gross Profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">702.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">662.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,367.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,291.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Retail Automotive Revenue Per Vehicle Retailed:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">New Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">39,586</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">39,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">39,110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">40,027</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Used Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,936</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,890</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,290</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Retail Automotive Gross Profit Per Vehicle Retailed:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">New Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,049</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,074</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Used Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,697</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,773</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Finance &#038; Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,092</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,077</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,110</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt; display: none">6
<!-- PAGEBREAK -->


<P align="center" style="font-size: 9pt"><FONT style="font-size: 12pt">PENSKE AUTOMOTIVE GROUP, INC.</FONT><BR>
<FONT style="font-size: 11pt">Retail Automotive Operations<BR>
Selected Data<BR>
(Unaudited)</FONT>


<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Six Months Ended</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Retail Automotive Revenue Mix Percentages:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">New Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">50.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">51.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">50.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">51.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Used Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">30.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">30.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">30.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">30.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Finance and Insurance, Net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Service and Parts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Fleet and Wholesale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Retail Automotive Gross Profit Mix Percentages:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">New Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">27.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">26.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">27.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">26.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Used Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Finance and Insurance, Net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">17.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">17.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Service and Parts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">41.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">41.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">41.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">41.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Fleet and Wholesale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Six Months Ended</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Increase/</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Increase/</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(Decrease)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(Decrease)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Retail Automotive Gross Margin:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">New Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">&#043;30 bps</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">&#043;10 bps</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Used Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">-30 bps</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">-50 bps</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Service and Parts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">58.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">60.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">-190 bps</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">58.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">59.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">-130 bps</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Fleet and Wholesale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="left">120 bps</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="left">70 bps</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total Gross Margin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">--- bps</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">-20 bps</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt; display: none">7
<!-- PAGEBREAK -->


<P align="center" style="font-size: 9pt"><FONT style="font-size: 12pt">PENSKE AUTOMOTIVE GROUP, INC.</FONT><BR>
<FONT style="font-size: 11pt">Retail Automotive Operations<BR>
Selected Data<BR>
(Unaudited)</FONT>


<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="68%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Six Months Ended</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Retail Automotive Revenue Mix:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><B>Premium:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">BMW / MINI</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">26</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">27</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Audi</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Mercedes-Benz</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Land Rover</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Porsche</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Lexus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Ferrari / Maserati</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Acura</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Bentley</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Total Premium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">72</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">72</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">72</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">72</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><B>Volume Non-U.S.:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Toyota</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Honda</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Volkswagen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Nissan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Total Volume Non-U.S.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">24</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">24</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">24</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">24</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><B>U.S.:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">General Motors / Chrysler / Ford</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Retail Automotive Geographic Revenue Mix:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">U.S.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">58.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">61.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">57.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">60.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">U.K.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">35.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">36.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">36.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">37.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other International</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Retail Automotive Geographic Gross Profit Mix:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">U.S.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">62.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">65.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">62.0</FONT></TD>
    <TD nowrap><FONT style="font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">64.5</FONT></TD>
    <TD nowrap><FONT style="font-size: 10pt">%</FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 9pt">U.K.</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">31.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">32.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">32.4</FONT></TD>
    <TD nowrap><FONT style="font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">33.7</FONT></TD>
    <TD nowrap><FONT style="font-size: 10pt">%</FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 9pt">Other/International</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"> 5.6</FONT></TD>
    <TD nowrap><FONT style="font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">1.8</FONT></TD>
    <TD nowrap><FONT style="font-size: 10pt">%</FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt"> 100</FONT></TD>
    <TD nowrap><FONT style="font-size: 9pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"> 100</FONT></TD>
    <TD nowrap><FONT style="font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">100</FONT></TD>
    <TD nowrap><FONT style="font-size: 10pt">%</FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt">PENSKE AUTOMOTIVE GROUP, INC.</FONT><BR>
<FONT style="font-size: 11pt">Retail Automotive Operations<BR>
Same-Store<BR>
Selected Data<BR>
(Unaudited)</FONT>


<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Six Months Ended</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Retail Automotive Same-Store Units:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">New Retail</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,965</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,301</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,888</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Used Retail</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,301</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,579</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96,927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,623</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106,266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108,374</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210,228</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">209,511</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD colspan="5" align="left">Retail Automotive Same-Store Revenue: (Amounts in Millions)<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">New Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,337.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,347.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,494.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,469.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Used Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,385.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,382.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,706.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,662.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Finance and Insurance, Net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">241.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">232.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Service and Parts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">471.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">455.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">922.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">891.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Fleet and Wholesale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">270.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">499.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">458.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,587.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,554.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,864.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,715.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD colspan="5" align="left">Retail Automotive Same-Store Gross Profit: (Amounts in Millions)<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">New Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">175.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">176.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">337.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">342.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Used Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">173.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Finance and Insurance, Net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">241.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">232.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Service and Parts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">277.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">274.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">544.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">533.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Fleet and Wholesale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total Gross Profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">665.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">662.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,297.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,287.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD colspan="5" align="left">Retail Automotive Same-Store Revenue Per Vehicle Retailed:<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">New Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">40,317</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">39,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">39,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">39,950</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Used Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,676</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,888</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,923</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,278</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD colspan="5" align="left">Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">New Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,978</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,063</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Used Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,693</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,772</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Finance &#038; Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,166</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,109</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt; display: none">8
<!-- PAGEBREAK -->


<P align="center" style="font-size: 9pt"><FONT style="font-size: 12pt">PENSKE AUTOMOTIVE GROUP, INC.</FONT><BR>
<FONT style="font-size: 11pt">Retail Commercial Truck Operations<BR>
Selected Data<BR>
(Unaudited)</FONT>


<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Six Months Ended</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Retail Commercial Truck Units:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">New Retail</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,949</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,491</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,530</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Used Retail</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">274</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">298</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">594</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,789</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,654</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD colspan="5" align="left">Retail Commercial Truck Revenue: (Amounts in Millions)<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">New Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">212.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">146.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">328.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">248.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Used Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Finance and Insurance, Net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Service and Parts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Lease, Rental &#038; Wholesale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">309.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">241.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">516.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">434.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD colspan="5" align="left">Retail Commercial Truck Gross Profit: (Amounts in Millions)<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">New Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">7.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">12.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">11.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Used Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.6</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1.0</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Finance and Insurance, Net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Service and Parts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Lease, Rental &#038; Wholesale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total Gross Profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">38.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">38.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">71.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">71.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD colspan="5" align="left">Retail Commercial Truck Revenue Per Vehicle Retailed:<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">New Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">108,764</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">98,154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">105,725</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">98,232</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Used Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,247</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,394</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,988</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,045</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD colspan="5" align="left">Retail Commercial Truck Gross Profit Per Vehicle Retailed:<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">New Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,904</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,645</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,664</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Used Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,096</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,785</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,671</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Finance &#038; Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">809</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">947</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt; display: none">9
<!-- PAGEBREAK -->


<P align="center" style="font-size: 9pt"><FONT style="font-size: 12pt">PENSKE AUTOMOTIVE GROUP, INC.</FONT><BR>
<FONT style="font-size: 11pt">Retail Commercial Truck Operations<BR>
Same-Store<BR>
Selected Data<BR>
(Unaudited)</FONT>


<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="54%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Six Months Ended</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Retail Commercial Truck Same-Store Units:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">New Retail</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,673</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,491</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,376</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,660</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Used Retail</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">298</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">561</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,939</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,789</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,221</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD colspan="5" align="left">Retail Commercial Truck Same-Store Revenue: (Amounts in Millions)<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">New Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">180.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">146.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">157.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">176.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Used Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Finance and Insurance, Net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Service and Parts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Lease, Rental &#038; Wholesale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">268.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">241.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">295.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">332.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD colspan="5" align="left">Retail Commercial Truck Same-Store Gross Profit: (Amounts in Millions)<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">New Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">7.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Used Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.6</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Finance and Insurance, Net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Service and Parts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Lease, Rental &#038; Wholesale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total Gross Profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">34.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">38.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">53.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">60.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD colspan="5" align="left">Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed:<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">New Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">107,613</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">98,154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">114,448</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">106,508</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Used Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,378</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,394</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,945</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,346</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD colspan="5" align="left">Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed:<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">New Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,645</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,164</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,811</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Used Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,264</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,789</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,727</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Finance &#038; Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,621</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,257</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt; display: none">10
<!-- PAGEBREAK -->


<P align="center" style="font-size: 9pt"><FONT style="font-size: 12pt">PENSKE AUTOMOTIVE GROUP, INC.</FONT><BR>
<FONT style="font-size: 11pt">Consolidated Non-GAAP Reconciliations<BR>
(Unaudited)</FONT>



<P align="left" style="font-size: 11pt"><FONT style="font-size: 12pt">The following table reconciles reported net income to earnings before interest, taxes,
depreciation and amortization (&#147;EBITDA&#148;) for the three and six months ended June&nbsp;30, 2016 and 2015:
</FONT>
<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Six Months Ended</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Increase/</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Increase/</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(Decrease)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(Decrease)</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD align="left">(Amounts in Millions)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Net Income
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">95.0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">95.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(0.7</TD>
    <TD nowrap valign="top">%)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">175.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">171.6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.1</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Add: Depreciation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">19.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">26.9</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">45.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">37.9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">19.5</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Other Interest Expense
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">19.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18.9</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">36.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">32.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.2</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Income Taxes
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">47.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">47.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(0.8</TD>
    <TD nowrap valign="top">%)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">86.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">86.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.2</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Loss from Discontinued Operations, net of tax
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">nm
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">nm
</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">EBITDA
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">187.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">179.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.6</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">345.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">329.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.7</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 9pt">nm &#150; not meaningful



<P align="center" style="font-size: 10pt; display: none">11




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