National Car Rental and Alamo Rent A Car Announce Move of Headquarters to Tulsa

Third Largest Airport Car Rental Company to Relocate By Year's End

FT. LAUDERDALE, Fla., Jan. 29 -- Vanguard Car Rental USA Inc., the operators of the National Car Rental and Alamo Rent A Car brands, and the country's third largest airport car rental company, will move its headquarters to the Tulsa, Oklahoma area by the end of the year. The announcement was made in Tulsa today by Oklahoma Governor Brad Henry, Tulsa Mayor Bill LaFortune and William E. Lobeck, President & Chief Executive Officer of Vanguard Car Rental USA Inc.

In making the announcement, Governor Henry said, "This is a major 'win' for our State. The National and Alamo brands are well known throughout the world and we are thrilled that the company has decided that Tulsa is where they want to be headquartered." The move is expected to be completed by late 2004. Lease negotiations for the new Tulsa location are currently being finalized and the site will be announced shortly. The company currently is headquartered in Fort Lauderdale, Florida. It is expected that the move will eventually add close to 700 jobs to the Tulsa area.

William Lobeck, President and CEO of Vanguard said, "The State of Oklahoma and the cities of Tulsa and Owasso showed they wanted our company to join their growing economic community. The incentives they offered as well as the access to a well-qualified workforce in a geographically central location were major components of our decision. This move will significantly reduce our current costs."

The Alamo and National brands were acquired by Vanguard Car Rental USA Inc. in October 2003. Vanguard Car Rental USA Inc. is owned by a group of private investors.

The National and Alamo brands generated worldwide annual revenues of approximately $2.4 billion in 2002. The organization employs more than 14,000 associates, has more than 3200 locations in 83 countries and serves customers with a fleet of more than 217,000 automobiles.