Avis Budget Group Inc.

Avis Budget Group, Inc. (Avis Budget) formally knows as Budget Rent A Car System, is a car and truck rental company, providing services to consumers and businesses in the United States and internationally. It was established in 1958 for the “budget-minded” by Morris Mirkin, with a $10,000 investment. The Budget Rent a Car brand is licensed within Europe, the Middle East and Africa to Zodiac Europe Ltd. Budget locations are either directly owned or franchised to local operators across the region. Budget combines the strength of one of the world’s largest car rental brands together with the detailed local knowledge, flexibility and great value for money you need.

The Company functions two of the brands in the global vehicle rental industry through Avis and Budget. Avis is a rental car supplier to the premium commercial and leisure segments of the travel industry and Budget is a rental car supplier to the “budget- minded” price-conscious segments of the industry.

Started in Los Angeles, California, Morris Mirkin was joined in 1959 by Julius Lederer (husband of Ann Landers), and in 1960 the headquarters was moved to Chicago, Illinois. Budgets global network now includes more than 2,700 locations, operating a wide range of cars, trucks and vans in 115 countries.

In 1986 Budget was sold in a leveraged buyout by Gibbons, Green and van Amerongen Ltd., along with management and selected investors. It was taken public in 1987. Before that the company was acquired by Transamerica Corporation.

In 1997 the public company was purchased by Team Rental Group, which took the name Budget Group. In 2002 the company’s assets were sold to Cendant Corporation, which also owned Avis. In September 2006 Cendant Corporation separated into four independent companies by spinning off its real estate division, now called Realogy, Inc., and its hospitality services division, now Wyndham Worldwide, and by selling its travel distribution services division, called Travelport, Inc., to an affiliate of The Blackstone Group. In 2006, following the Travelport sale, Cendant, now composed solely of its vehicle rental services businesses, renamed itself Avis Budget Group.

Budget operates in three segments: domestic car rental, international car rental and truck rental. Domestics being the avis and budget car rental operations in the United States alone, international being the car rental operations internationally and truck rental consisting of the avis and budget truck rental operations.

During 2006, approximately 61%, 31% and 8% of the vehicle rental revenue was accounted for by the avis, budget and budget truck brands.

For financial information on Avis Budget Group Inc, visit

Company website:
http://www.avisbudgetgroup.com/

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CORPORATE HEADQUARTERS:
Zodiac Europe Ltd (a subsidiary of Avis Europe Plc)
Registered Office: Avis House, Park Road, Bracknell, Berkshire RG12 2EW.
Registered in England and Wales No. 4634240. VAT No. 813 0429 65