Presentation to Investors

November 2012

Forward-Looking Statements

Statements about future results made in this presentation constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include projections. These statements are based on current expectations and the current economic environment. Forward-looking statements and projections are inherently subject to significant economic, competitive and other uncertainties and contingencies, many of which are beyond the control of management. The Company cautions that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Important assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements and projections are specified in the Company's most recently filed Form 10-K, most recently filed Form 10-Q and other SEC filings. 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, the date of our last earnings conference call. This presentation includes certain non-GAAP financial measures as defined under SEC rules. Important information regarding such measures is contained within this presentation, including in the Glossary section.

Driving Sustained, Profitable Growth

The Business Today

Strong Financial Performance

Investing in Profitable Growth Initiatives

Driving Revenue and Earnings

Avis Budget Provides Vehicle Rental Services Worldwide

125 million rental days

10,000 locations

$7 billion annual revenue

28 million transactions 490,000 vehicles

A Global Leader in the Car Rental Industry

Locations in More Than 175 Countries

#1 #2

#2 #2 #1 #1 #1
Share position Owned and joint-venture territories Licensed territories
(a) Source: Airport authorities, Euromonitor

#1

Diversified Revenue Sources

Avis vs. Budget

Commercial vs. Leisure

On-Airport vs. Off-Airport

U.S. vs. International

70%

30%

50%

50%

70%

30%

60%

40%

Driving Sustained, Profitable Growth

The Business Today

Strong Financial Performance

Investing in Profitable Growth Initiatives

Driving Revenue and Earnings

Solid Post-Recession Revenue Recovery

LTM Revenue
($ in billions) $6.0

$5.5

$5.0

$4.5

2008

2009

2010

2011

Note: Results exclude Avis Europe

Substantial Worldwide Licensee Revenue Stream

Licensee Revenue(a)
($ in millions)

$123

$125

$132
North America

Other International(b)

Europe

2009

2010

2011

(a) Pro forma to include Avis Europe; converted to US$ at average 2011 exchange rates (b) Includes Asia-Pacific, Latin America, Middle East and Africa

Free Cash Flow of More Than $900 Million Since 2007

($ in millions)

$1,181 $922

$342 $83
Cash Flow From Operations(a)

Capital Expenditures

Vehicle Programs (b)

Free Cash Flow

Note: Data is cumulative for years 2007-2011 (a) Excluding vehicle depreciation (b) Including vehicle depreciation

10

2012 Year-to-Date Results

Strategic Initiatives Contributing to Record Growth and Profitability y

+39% +34% +33%

+41%

Volume

Revenue(a)

Adjusted (a,b) EBITDA

Diluted (b) EPS

11

(a) Excluding the acquisition of Avis Europe, volume increased 4%, revenue increased 3% and Adjusted EBITDA increased 13% (b) Excluding certain items

Driving Sustained, Profitable Growth

The Business Today

Strong Financial Performance

Investing in Profitable Growth Initiatives

Driving Revenue and Earnings

12

Key Messages

Driving Sustained, Profitable Growth

Strategically Accelerate Growth

Expand Our Global Footprint

Put the Customer First

Drive Efficiency Throughout the Organization

Strong Financial Performance

13

Numerous Initiatives for Accelerated Growth

Initiative
` Grow international inbound ` Grow small-business rentals ` Grow ancillary revenues ` Co-brand local market locations
(b)

Expands Margins

2012 Results
+7% volume +8% volume +7% revenue

(a)

; ; ; ;

+121 locations

(a) North America; year-to-date as of September 30, 2012 (b) 590 locations in total, representing over half of our local market footprint

14

Expanding with the Acquisition of Avis Europe

Brands ` Enables us to control our brand proposition globally Growth ` Increases our presence in faster-growing markets Opportunity ` Expanding Budget in Europe is a significant opportunity Synergies ` Provides meaningful cost and revenue synergies

15

European Integration Plan to Generate Significant Benefits

($ in millions) ` ` ` ` ` ` ` ` Drive Budget growth Fleet optimization Cost savings Performance Excellence Ancillary sales Cost savings Expand Budget Performance Excellence

Phase III
(>2015)

Phase II
(2012-15)

$55-$75

` Cost savings

Phase I
(2012)

$40 Annual Savings

` Inbound volume ` Performance Excellence

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Building a Fully Integrated Demand/Fleet/Pricing System

Expect to Generate More Than $50 Million of Incremental EBITDA by 2014

Harvest ` North America in 2014 ` International in 2015

Profit Improvement
Define ` Processes ` Input variables ` Constraints

Implement and Refine ` Pricing module ` Fleet optimization ` Review, analyze and adjust

2012

2013

2014/15
17

Improve the Customer Experience to Drive Profits

Empowerment ` Empowering customers with Avis Preferred Select & Go Loyalty ` Investing in our brands to drive revenue and loyalty Transparency ` Simplifying our customer materials for better transparency Trusted Relationship ` Capturing a higher share of our customers rental spend

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Driving Sustained, Profitable Growth

The Business Today

Strong Financial Performance

Investing in Profitable Growth Initiatives

Driving Revenue and Earnings

19

Revenue to Increase by Approximately 24% in 2012

Revenue
($ in millions)

$7,300 $5,900
EMEA

$5,541

2011

2012E

Note: 2012 estimate as of November 2, 2012

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North America Per-Unit Fleet Costs to Decline 6-8% in 2012

LTM Monthly Per-Unit Fleet Costs
North America $400 $347 $350 $312 $300 $260 $250 $283 $262 2012E $240-$245 $361 $324

$200 2005 Risk % 1% 2006 8% 2007 26% 2008 55% 2009 65% 2010 53% 2011 52% 2012E 60%
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Note: 2012 estimate as of November 2, 2012

Lower Vehicle Borrowing Rates

ABS Term Debt Average Rates(a)

5.8% 4.9% 4.0%

2010

2011

2012E

Expect to generate more than $25 million of annual interest savings year-over-year due to lower rates
(a) U.S. only

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Strong Revenue and Earnings Growth Expected

($ in millions, except per-share amounts)

2012 Estimate $7,300 825 840 110 265 450 465 167 172 $283 $293

(a)

Growth vs. 2011 24% 36%

(b)

Revenue Adjusted EBITDA Non-vehicle D&A Interest expense Pretax income Income taxes Net income Diluted EPS

41%

40% 45%

$2.35 $2.45

Expect Free Cash Flow of at least $375 Million

(a) As of November 2, 2012; excludes certain items such as acquisition-related costs, restructuring costs and amortization of intangible assets (a) recognized in purchase accounting (b) Based on mid-point of range

23

2013 Outlook

` Expect demand trends in North America will be similar to 2012 ` Rapid Budget growth targeted in Europe Anticipate macroeconomic challenges in Europe ` Full-year benefit from synergies implemented in 2012 will add $15 to $20 million to Adjusted EBITDA ` Asia-Pacific will benefit from the Apex acquisition ` Expect North America fleet costs to increase by at least $100 million ` Corporate and vehicle interest costs should decline

Note: As of November 2, 2012

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Maximizing Pricing Opportunities

` Not satisfied with our current pricing ` The used car market appears to have peaked ` Pricing has historically risen during periods of cost-push

Adjusted EBITDA Impact of a 1% Change in Driver

($ in millions)
$30

$10 Average Average Daily Rate Daily Rate Per-unit Per-unit Fleet Costs Fleet Costs

North America 25

Multiple Sources of Long-Term Earnings Growth

Long-Term Earnings Growth Opportunity Growth in developed markets Incremental growth from developing markets Ancillary revenues Fleet and yield optimization Productivity growth Other strategic initiatives Inflationary cost increases Deployment of free cash flow 2% - 4% 1% - 3% 1% - 2% 1% - 3% 2% - 4% 1% - 3% (2%) - (4%) 5% - 2% 11% - 17%

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Key Messages

Driving Sustained, Profitable Growth

Strategically Accelerate Growth

Expand Our Global Footprint

Put the Customer First

Drive Efficiency Throughout the Organization

Strong Financial Performance

27

Substantial Margin Improvement

Adjusted EBITDA Impact of a 1% Change in Driver

($ in millions)

$45
$15

$19
$30 $6 $13

$17
$5 $12

$14
$4 $10

Average Daily Rate Average Daily

Rental Days Rental Days

North America

Utilization Utilization
International

Per-unit Fleet Costs Per-unit

Rate

Fleet Costs

A-1 29

No Corporate Debt Maturities Until 2014

($ in millions)

$1,425

$725

$380
$130 $250

$450 $300
$700

$250

$50
2015 2016 2017 2018 2019 2020

2012

2013

2014 Term loan

Senior notes

Convertible notes

Note: As of November 8, 2012; pro forma for the planned fourth quarter redemption of 7.75% notes due 2016

A-2 30

Well-Laddered ABS Term Maturities

($ in millions)

$960

$950

$920

$530 $300

$510 $350

2012

2013

2014

2015

2016

2017

2018

Refinancing completed

Note: Data are U.S. only as of September 30, 2012

A-3 31

Substantial Margin Improvement

LTM Adjusted EBITDA Margin(a)
12% 10% 8% 6% 4% 2.3% 2% 0% 2006 2007 2008 2009 2010 2011 12.0%

Margins have improved 490 bps since 2006 7.1%

Note: Excluding the acquisition of Avis Europe (a) Excluding certain items

A-4 32

Glossary
This presentation includes certain non-GAAP (generally accepted accounting principles) financial measures as defined under SEC rules. We have provided below reasons we present these non-GAAP financial measures, a description of what they represent and a reconciliation to the most comparable financial measure calculated and presented in accordance with GAAP. Adjusted EBITDA Adjusted EBITDA represents income (loss) before non-vehicle related depreciation and amortization, any impairment charge, transaction-related costs, non-vehicle related interest and income taxes. Adjusted EBITDA excluding certain items represents Adjusted EBTIDA excluding restructuring-related expenses, costs related to early extinguishment of debt and other certain items as such items are not representative of the results of operations of our business. We believe that Adjusted EBITDA and Adjusted EBITDA excluding certain items are useful as supplemental measures in evaluating the aggregate performance of our operating businesses. Adjusted EBITDA is the measure that is used by our management, including our chief operating decision maker, to perform such evaluation. It is also a component of our financial covenant calculations under our credit facilities, subject to certain adjustments. Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss) or other income statement data prepared in accordance with GAAP and our presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies. We believe that the measures referred to above are useful as supplemental measures in evaluating the aggregate performance of the Company. Reconciliation of Adjusted EBITDA to income (loss) before income taxes (in millions): Year Ended December 31, 2008 2009 $ 5,984 $ 5,131 $ 169 88 129 $ (48) $ $ 243 96 153 (6) 20 18 33 (77) $ Three Months Ended Sept. 30, 2012 $ 2,170 $ 377 26 67 $ 284 11 7 4 2 260 $ Nine Months Ended Sept. 30, 2012 $ 5,659 $ 762 80 208 474 21 26 12 52 363

Total Revenue Adjusted EBITDA excluding certain items Less: Non-vehicle related depreciation and amortization Interest expense related to corporate debt, net (excluding pre-closing interest related to acquisition financing) Income (loss) before income taxes, excluding certain items Less certain items: Transaction-related costs Restructuring expense Acquisition-relation amortization expense Early-extinguishment of debt Acquisition-related interest Litigation costs Impairment Separation-related costs, net Vehicle and intercompany interest, net Public company costs Non-vehicle depreciation and amortization Interest expense related to corporate debt Corporate and other EBITDA Avis Budget Group, Inc. income (loss) before income taxes
(a) Pro forma

2006(a) $ 5,628 $ 405 96 137 $ 172 10 23 8 (6) 9 412 393 (677)

2007 $ 5,986 $ 409 84 127 $ 198 1,195 (5) (992)

$ $

2010 5,185 410 90 162 158 14 11 52 8 1 72

$ $

2011 5,900 610 91 195

324 255 5 4 24 36

28 5 1,262 $ (1,343)

A-5 33