KPMG LLP

Suite 700

20 Pacifica

Irvine, CA 92618-3391

Independent Accountants’ Agreed-Upon Procedures Report

Automotive Rentals, Inc. (the “Company”)

BofA Securities, Inc.

(together, the “Specified Parties”)

Re:  ARI Fleet Lease Trust 2023-B – Lease Data File and Disposition Data File Procedures

We have performed the procedures described below on the specified attributes in (i) an electronic data file entitled “ARIFL 2023-B Pool Data Tape.xlsx” (the “Lease Data File”) provided by the Company on August 29, 2023, containing information on 23,835 automobile lease contracts (the “Leases”) as of July 31, 2023 (the “Cutoff Date”), which we were informed are intended to be included as collateral in the offering by ARI Fleet Lease Trust 2023-B; and, (ii) an electronic data file entitled “Dispositions Detail 2022.xlsx” (the “Disposition Data File”) provided by the Company on August 29, 2023, containing certain information related to dispositions of Leases by the Company during calendar year 2022. The Company is responsible for the specified attributes identified by the Company in the Lease Data File and Disposition Data File.

The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate to meet their intended purpose of assisting specified parties in evaluating the accuracy of the specified attributes in the Lease Data File and Disposition Data File. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose.

The procedures performed may not address all the items of interest to a specified party of this report and may not meet the needs of all specified parties of this report and, as such, specified parties are responsible for determining whether the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures either for the intended purpose or for any other purpose.

Unless otherwise stated, the following definitions have been adopted in presenting our procedures and findings:

• The term “compared” means compared to the information shown and found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were within the reporting threshold.

• The term “recomputed” means recalculated and compared the result to the information shown and found it to be in agreement, unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were within the reporting threshold.

• The term “reporting threshold” means that dollar amounts, number of months, and percentages were within $1.00, 0.1 months, and 0.01%, respectively.

• The term “Lease File Documents” means the following information provided by the Company:

- Motor Vehicle Lease Agreement

- Certificate of Insurance Coverage

- Certificate of Liability Insurance

- Certificate of Self-Insurance

- Company’s asset system - Vehicle Information Inquiry

KPMG LLP, a Delaware limited liability partnership and a member firm of

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

- Company’s GDT internal accounting system of record - Vehicle Master Inquiry, Billing History File Inquiry and Client Profile Account Summary

The Lease File Documents were represented by the Company to be either the original Lease File Documents, a copy of the original Lease File Documents, and/or electronic records contained within the Company’s asset system and GDT internal accounting system of record. We make no representation regarding the validity or accuracy of these documents or the execution of the Motor Vehicle Lease Agreement by the lessee.

• The term “Title Documents” means a Certificate of Title, Apportioned Registration, Lien Statement, Application for Title or Lien Statement, Lease and Title Instructions, or information in the Vehicle Information Inquiry provided by the Company.

• The term “Rate History Schedule” means an electronic data file (“Rate Sheet.xlsx”) provided by the Company on September 13, 2023, containing certain index rate history information.

• The term “Titling Trust Owners Schedule” means an electronic data file (“Additional Insured Schedule_ Titling Trust Owner Schedule_2023-B.xlsx”) provided by the Company on September 16, 2023, containing a listing of titling company names and abbreviations that are acceptable variations of “Automotive Rentals, Inc.” attached hereto as Exhibit D.

• The term “Additional Insured Schedule” mean an electronic data file (“Additional Insured Schedule _Titling Trust Owner Schedule_2023-B.xlsx”) provided by the Company on September 16, 2023, containing a listing of (i) insured entities and (ii) abbreviations that are acceptable variations of “Automotive Rentals, Inc.” attached hereto as Exhibit C.

• The term “Source Documents” means the Lease File Documents, Title Documents, Rate History Schedule, Titling Trust Owners Schedule, and Additional Insured Schedule.

• The term “Instructions” means the instructions provided by the Company pertaining to a procedure, attribute, or methodology, as described in the “Source Documents” column below.

• The term “Provided Information” means the Source Documents and Instructions.

The procedures we were instructed by the Company to perform and the associated findings are as follows:

I. The Lease Data File

A. We randomly selected a sample of 150 Leases from the Lease Data File (the “Sample Leases”). A listing of the Sample Leases is attached hereto as Exhibit A. For purposes of this procedure, the Company did not inform us of the basis they used to determine the number of Leases we were instructed to randomly select from the Lease Data File.

B. For each Sample Lease, we compared or recomputed the specified attributes listed below to or using the corresponding information included in the Source Documents, utilizing the Instructions, as applicable. The Specified Parties indicated that the absence of any of the information in the Source Documents or the inability to agree the indicated information from the Lease Data File to the Source Documents, utilizing the Instructions, for each of the attributes, constituted an exception. The Source Documents are listed in the order of priority.

Attribute	Source Documents
VEHICLE NO	Motor Vehicle Lease Agreement, Vehicle Information Inquiry
LESSEE CODE	Motor Vehicle Lease Agreement, Vehicle Information Inquiry
END BALANCE	Billing History File Inquiry
TERM	Motor Vehicle Lease Agreement
DELIV DATE	Motor Vehicle Lease Agreement
TITLE STATE	Title Documents For Sample Leases for which the TITLE STATE value is not populated, observe (i) the existence of an Application for Title or (ii) “Title Location” or “Document LOC” in the Vehicle Information Inquiry stated “PENDING.”
CAP COST	Motor Vehicle Lease Agreement
MTHLY AMORT	Billing History File Inquiry, Motor Vehicle Lease Agreement For Sample Lease #17, recompute the MTHLY AMORT as the average of the MTHLY AMORT billed in May and June 2023 in the Billing History File Inquiry. For Sample Lease #127, recompute the MTHLY AMORT as the CAP COST divided by the TERM in the Motor Vehicle Lease Agreement.
BILLED RATE	Motor Vehicle Lease Agreement, Vehicle Master Inquiry, Rate History Schedule. For floating rate assets, for which the Motor Vehicle Lease Agreement “Int-Type” field is “Float” or for which the Vehicle Master Inquiry “Lease Type” field is “Plateau,” add the applicable index rate from the Rate History Schedule to the “Mark Up” value in the Vehicle Master Inquiry.
MAKE	Motor Vehicle Lease Agreement If the MAKE in the Lease Data File contained more than 10 characters, only compare the first 10 characters to the Motor Vehicle Lease Agreement.
MODEL	Motor Vehicle Lease Agreement, Vehicle Information Inquiry
ADMIN AMT	Motor Vehicle Lease Agreement, Billing History File Inquiry
OPEN/CLOSE	Vehicle Lease Agreement

C. We performed the following additional procedures for each Sample Lease:

• We compared the name of the owner stated on the Title Documents to the corresponding information in the Titling Trust Owners Schedule or Vehicle Information Inquiry.

• We observed an internal approval date was populated in the “Last Review” field in the Client Profile Account Summary. We make no representation regarding the validity of such approval.

• We observed the Motor Vehicle Lease Agreement was signed. We make no representation regarding the validity of the signature.

• We observed the existence of a Certificate of Insurance Coverage, a Certificate of Liability Insurance, or Certificate of Self-Insurance and identified one of the names on the Additional Insured Schedule as an Additional Insured party or the Certificate Holder.

II. The Disposition Data File

A. We randomly selected a sample of 40 dispositions from the Disposition Data File (the “Sample Dispositions”). A listing of the Sample Dispositions is attached hereto as Exhibit B. For purposes of this procedure, the Company did not inform us of the basis they used to determine the number of dispositions that we were instructed to randomly select from the Disposition Data File.

B. For each Sample Disposition, we compared or recomputed the specified attributes listed below to the corresponding information including in the Source Documents, utilizing the Instructions, as applicable. The Specified Parties indicated that the absence of any of the information in the Source Documents or the inability to agree the indicated information from the Disposition Data File to the Source Documents, utilizing the Instructions, for each of the attributes, constituted an exception. The Source Documents are listed in the order of priority.

Attribute	Source Documents
ORIGINATION DATE	Motor Vehicle Lease Agreement, Vehicle Master Inquiry
CLIENT NAME	Motor Vehicle Lease Agreement, Vehicle Master Inquiry
MAKE	Motor Vehicle Lease Agreement, Vehicle Master Inquiry
MODEL (excluding trim or engine type)	Motor Vehicle Lease Agreement, Vehicle Master Inquiry
CAP COST	Motor Vehicle Lease Agreement, Vehicle Master Inquiry
BOOK VALUE AT SALE	Motor Vehicle Lease Agreement, Vehicle Master Inquiry
YEAR	Motor Vehicle Lease Agreement, Vehicle Master Inquiry
SALE PROCEEDS	Motor Vehicle Lease Agreement, Vehicle Master Inquiry
GAIN-LOSS AMOUNT	Recompute as the difference between BOOK VALUE AT SALE and SALE PROCEEDS in the Vehicle Master Inquiry.

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants, which involves us performing the specific procedures agreed to and acknowledged above and reporting on findings based on performing those procedures. We were not engaged to, and did not, conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the specified attributes in the Lease Data File and Disposition Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported.

We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

The procedures performed were applied based on the information included in the Lease Data File, Disposition Data File, and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Company, (ii) the physical existence of the Leases, (iii) the reliability or accuracy of the Provided Information which was used in our procedures, or (iv) matters of legal interpretation.

The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the Leases to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such Leases being securitized, (iii) the compliance of the originator of the Leases with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the Leases that would be material to the likelihood that the issuer of the notes will pay interest and principal in accordance with applicable terms and conditions. The procedures performed were not intended to satisfy any criteria for due diligence published by the nationally recognized statistical rating organizations (“NRSROs”).

The terms of our engagement are such that we have no responsibility to update this report because of events and circumstances that may subsequently occur.

This report is intended solely for the information and use of the Specified Parties. It is not intended to be and should not be used by any other person or entity, including investors or the NRSROs, who are not identified in the report as the Specified Parties but may have access to this report as required by law or regulation.

/s/KPMG LLP

Irvine, California

September 22, 2023

Exhibit A

The Sample Leases

Sample Lease Number	ICN No	Sample Lease Number	ICN No	Sample Lease Number	ICN No
1	****4647	51	****6180	101	****1202
2	****0121	52	****5661	102	****1858
3	****1552	53	****9925	103	****8003
4	****6279	54	****8522	104	****2064
5	****5534	55	****8055	105	****4574
6	****8606	56	****2741	106	****2502
7	****6802	57	****3249	107	****2246
8	****0814	58	****0866	108	****8371
9	****8186	59	****7245	109	****4770
10	****8744	60	****0147	110	****8024
11	****8954	61	****3515	111	****4759
12	****6747	62	****5635	112	****5628
13	****4218	63	****4937	113	****3680
14	****3848	64	****7836	114	****3709
15	****0504	65	****7411	115	****5234
16	****1888	66	****5600	116	****7560
17	****0715	67	****5143	117	****5090
18	****6089	68	****2858	118	****0073
19	****5731	69	****5400	119	****4580
20	****2620	70	****5923	120	****7930
21	****8248	71	****7940	121	****7859
22	****0154	72	****9583	122	****6767
23	****3765	73	****2816	123	****7595
24	****6762	74	****2923	124	****0665
25	****8412	75	****2542	125	****6278
26	****6110	76	****9107	126	****3050
27	****0514	77	****8122	127	****9241
28	****6001	78	****6507	128	****0807
29	****1478	79	****6533	129	****1219
30	****9466	80	****8599	130	****5567
31	****6977	81	****0765	131	****0731
32	****0481	82	****4564	132	****4917
33	****8489	83	****1750	133	****3132
34	****4632	84	****1397	134	****8455
35	****2596	85	****1569	135	****9457
36	****4992	86	****1072	136	****7392
37	****0933	87	****3592	137	****8627
38	****8639	88	****0073	138	****0113
39	****7721	89	****3204	139	****2049
40	****2514	90	****9985	140	****1595
41	****9617	91	****9366	141	****5051
42	****8082	92	****9635	142	****1090
43	****4370	93	****9441	143	****9348
44	****5273	94	****1932	144	****6221
45	****1115	95	****1890	145	****4314
46	****3498	96	****8718	146	****5133
47	****9084	97	****7145	147	****7425
48	****7336	98	****5642	148	****7822
49	****4138	99	****5301	149	****7242
50	****4100	100	****4658	150	****1440

Exhibit B

The Sample Dispositions

Sample Disposition Number	Vehicle ID
1	****2923
2	****1028
3	****665
4	****2285
5	****888
6	****1248
7	****6757
8	****5917
9	****7697
10	****3676
11	****562
12	****6034
13	****2979
14	****6721
15	****073
16	****8650
17	****769
18	****7292
19	****011
20	****786
21	****542
22	****0771
23	****0793
24	****4188
25	****9613
26	****905
27	****095
28	****557
29	****554
30	****4662
31	****074
32	****030
33	****6214
34	****6886
35	****5733
36	****004
37	****3422
38	****095
39	****7086
40	****3420

Exhibit C

Additional Insured Schedule

Automotive Rentals, Inc. & ARI Fleet LT

Automotive Rental, Inc. & ARI Fleet LT

Automotive Rental, Inc

Automotive Rentals, Inc

ARI FLEET LT

Automotive Rentals, Inc.

Automotive Rental, Inc.

Automotive Resources International

Automotive Resource International

Automotive Resources, Inc.

Automotive Resource, Inc.

ARI

ARI & Enterprise Rent-a-Car

Automotive Resources International, Automotive Rentals, Inc. & ARI Fleet LT

ARI, ARI Fleet LT & Automotive Rental Inc

ARI Fleet LT and Automotive Rentals Inc

Automotive Rental Inc and ARI Fleet LT

AUTOMOTIVE RENTALS,INC. AND ARI FLEET LT

Automotive Rentals, Inc & ARI Fleet, LT

Automotive Rentals Inc & ARI Fleet LT.

ARI, Automotive Rentals Inc and ARI Fleet LT

ARI Fleet LT Automotive Rentals Inc

Automotive Rentals Inc. And ARI Fleet LT

Automotive Rentals, Inc and ARI Fleet LT

Automotive Rentals, Inc. and ARI Fleet LT

ARI & ARI Fleet LT

ARI Fleet LT & Automotive Rentals, Inc

ARI Fleet LT and Automotive Rentals Inc.

ARI Fleet LT and Automotive Rentals, Inc

ARI Fleet LT Automotice Rentals, Inc

ARI FLEET LT AUTOMOTIVE RENTALS INC.

ARI, Automotive Rentals Inc. and ARI Fleet LT

Auto motive Rental, Inc. AND Ari Fleet LT

Automotive Rentals Inc & ARI Fleet LT

Automotive Rentals Inc.

Automotive Rentals Inc. ARI Fleet LT

Automotive Rentals, Inc & ARI Fleet LT.

Automotive Rentals, Inc. AND ARI Fleet LT.

Automotive Rentals, Inc. ARI Fleet LT

Automotive Rentals, Inc., and ARI Fleet LT

Automotive Resources International (ARI) and ARI Fleet LT

Automotive Resources International and ARI Fleet LT

ARI FLEET INC

ARI FLEET

Automotive Rental Inc. and ARI Fleet LT

  Exhibit C

Additional Insured Schedule (continued)

Automotive Rental, Inc. AND Ari Fleet LT

ARI & ARI FLEET, LT

Automotive Rentals Inc and ARI Fleet LT

ARI (Automotive Rentals, Inc.) and ARI Fleet LT

ARI,ARI Fleet LT & Automotive Rental, Inc.

Automobile Rentals, Inc. AND ARI Fleet LT

Automotive Rentals Inc. & ARI Fleet LT

AUTOMOTIVE RENTALS INC. & ARI FLEET LT

ARI, Automotive Rentals Inc., ARI and ARI Fleet LT

ARI, Automotive Rentals Inc. ARI Fleet LT

ARI Fleet LT and Automotive Rentals, Inc.

Automotive Rentals, Inc. & ARI Fleet LET

Automotive Rentals, Inc.;ARI Fleet LT

ARI FLEET ADMINISTRATION

ARI, Automotive Rentals, Inc. & ARI Fleet LT

Automotive Rentals, Inc ARI Fleet LT

ARI, Automotive Rentals, Inc. and ARI Fleet LT

ARI, Automotive Rentals Inc., and ARI Fleet LT

Automotive Rentals, Inc., ARI Fleet LT

ARI, AUTOMOTIVE RENTALS INC & ARI FLEET LT

ARI, AUTOMOTIVE RENTALS, INC.,ARI FLEET LT

ARI, Automotive Rentals Inc, and ARI Fleet LT

Automotive Rentals & ARI Fleet, LT

Automotive Rental, Inc and ARI Fleet LT

Automotive Rentals, Inc & ARI Fleet LT

ARI, Automotive Rentals, Inc., ARI Fleet LT

ARI, Automotive Rentals Inc., ARI Fleet LT

Holman Enterprises

Alyeska Pipeline Service Company

Pacific Gas & Electric

Exhibit D

Titling Trust Owners Schedule

ARI FLEET LT

ARI FLEET LT LTD

ARI FLEET LT LSR

ARI FLEET LT INC

ARI FLEET LT, A BUSINESS TRUST

ARI FLEET (BUSINESS TRUST)

ARI TRUST

ARI FLEET LT A BUISNESS TRUST

ARI FLEET LT A BUSINESS TRUST

ARI FLEET LT A BUSINESS TRUSTLSR

ARI FLEET LT LESSOR COG OPERATING LLC LESSEE

ARI FLEET LT-LESSOR

LSR ARI FLEET LT

ARI FLEET LT LESSOR

ARI FLEET LT-LSR

ARI FLEET LT INC LSR

ARI Fleet LT %AmerisourceBergen Corp

ARI Fleet LT (Lessor)

ARI Fleet LT A Business Trust

ARI Fleet LT C/O PAR Electrical Contractors

ARI FLEET LT INC

ARI Fleet LT Lessor

ARI Fleet LT LSR

ARI FLEET LT LSR ALLIED UNIVERSAL

ARI FLEET LT LSR ROAD FITTERS LSE

ARI Fleet LT Ltd

LSR ARI FLEET LT