Vanguard Car Rental Holdings LLC Announces Strategic Alliance with Europcar to Provide Global Car Rental Solution

TULSA, Okla., Nov. 13, 2006 -- Vanguard Car Rental Holdings LLC ("Vanguard"), operating under the National Car Rental and Alamo Rent A Car brands, announced today that it has entered into a strategic alliance with Europcar Groupe S.A. ("Europcar") to provide a global car rental solution to corporate and leisure customers.

"Our partnership with Europcar will enable us to better serve our customers and provide them with a competitive global alternative in the car rental market," said William E. Lobeck, President and Chief Executive Officer of Vanguard. "They will also benefit from having access to an enhanced network that will truly deliver the highest quality car rental experience worldwide for our National Car Rental and Alamo Rent A Car customers."

"Europcar and Vanguard share a common vision of the vehicle rental market and today we are forging an alliance that will enable us to offer our clients a premium quality service anywhere in the world," said Salvatore Catania, CEO of Europcar.

Under the alliance, National, Alamo and Europcar will be operating in over 150 countries with access to nearly 6,000 locations and a fleet of over 500,000 vehicles.

As a part of this alliance, Vanguard also entered into a definitive agreement with Europcar to sell the equity of its subsidiary, Vanguard Car Rental EMEA Holdings Ltd., which operates in Europe, the Middle East and Africa (EMEA). The sale is subject to regulatory approvals and other customary closing conditions. The transaction is expected to close in the first quarter of 2007.

About Vanguard Car Rental Holdings LLC

As operator of the National Car Rental and Alamo Rent A Car brands, Vanguard Car Rental Holdings LLC comprises one of the leading car rental companies, with more than 3,200 locations in 83 countries, including the United States, Canada, Mexico, Europe, the Caribbean, Latin America, Asia, the Pacific Rim, Africa, the Middle East and Australia.

About Europcar

The French investment company Eurazeo has a majority holding in Europcar, via the Europcar Group. Europcar is a European leader in passenger car and light utility vehicle rentals. Its network comprises over 2,950 rental outlets in over 145 countries. With a fleet of over 200,000 vehicles and almost 7 million rental contracts signed in 2005, Europcar provides its services to its clients (business and private) throughout Europe, Africa, the Middle East, Latin America and the Asia-Pacific region. In 2005, Europcar achieved revenues of 1.28 billion euros. In the first half of 2006, revenues increased by 14.6 per cent compared to the first half of 2005. The Group has a workforce of 5,600 employees.