Financial News Releases

AVIS BUDGET GROUP REPORTS RECLASSIFICATION OF PREVIOUSLY ANNOUNCED CASH FLOWS FOR FIRST QUARTER 2007

Parsippany, N.J. 05-10-2007 — Avis Budget Group, Inc. (NYSE: CAR) today reported a modification to the presentation of its cash flows contained on the tables that accompanied the Company's May 2 announcement of its results for its first quarter, which ended March 31, 2007. Such modification results from a reclassification of $45 million from cash provided by operations to cash provided by (used in) investing activities. The reclassified amount represents cash payments received from Realogy and Wyndham for the settlement of reimbursable transactions in connection with the separation of Cendant Corporation in 2006. The Company has included in this release a revised table to its first quarter earnings announcement reflecting this reclassification. The Company's aggregate cash flows, income statement and balance sheet for first quarter 2007 are not impacted by this reclassification. Furthermore, the Company reiterated that, over time, its Free Cash Flow is expected to approximate pretax income and noted that this estimate is unaffected by this reclassification.

Click here to download this release with the revised tables as an Adobe PDF file.

About Avis Budget Group, Inc.
Avis Budget Group (NYSE: CAR) is a leading provider of vehicle rental services, with operations in more than 70 countries. Through its Avis and Budget brands, the Company is the largest general-use vehicle rental company in each of North America, Australia, New Zealand and certain other regions. Avis Budget Group is headquartered in Parsippany, N.J. and has more than 30,000 employees. For more information about Avis Budget Group, visit www.avisbudgetgroup.com.

Forward-Looking Statements
Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words "believes", "expects", "anticipates", "intends", "projects", "estimates", "plans", "may increase", "may fluctuate" and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. Any statements that refer to expectations or other characterizations of future events, circumstances or results are forward-looking statements. Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this press release include, but are not limited to, the high level of competition in the vehicle rental industry, greater than expected cost increases for new vehicles, no increase or a downturn in airline passenger traffic, an occurrence or threat of terrorism, a significant increase in interest rates or borrowing costs, the Company's ability to operate independently in a cost-efficient fashion following completion of the separation, risks inherent in the restructuring of the operations of Budget Truck Rental and the Company's ability to accurately estimate its future results and implement its strategy for growth. Other unknown or unpredictable factors also could have material adverse effects on Avis Budget Group's performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. Important assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements are specified in Avis Budget Group's Annual Report on Form 10-K for the year ended December 31, 2006, included under headings such as "Forward-Looking Statements", "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations". Except for the Company's ongoing obligations to disclose material information under the federal securities laws, the Company undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless required by law.

This release includes certain non-GAAP financial measures as defined under Securities and Exchange Commission rules. As required by SEC rules, important information regarding such measures is contained on the Table attached to this release.

Media Contacts:
John Barrows
973-496-7865

Investor Contacts:
David Crowther
973-496-7277