Avis Budget Group Announces Expected Timing for Filing of Its Third Quarter Form 10-Q

Posts Avis Budget Car Rental Financial Results on the Company's Website

Concludes Review of PHH Accounting Matters

PARSIPPANY, N.J., Nov. 15 -- Avis Budget Group, Inc. announced today that it expects to file its Quarterly Report on Form 10-Q for third quarter 2006 on or prior to November 20, 2006. The Company has provided to the trustee the third-quarter financial information for Avis Budget Car Rental and its subsidiaries, the companies that comprise our vehicle rental business, as required by Avis Budget Car Rental's indenture and such information is available on the Company's web site at http://www.avisbudgetgroup.com/.

The continued delay in filing our Form 10-Q is principally due to completing the additional calculations required by the large volume of transactions that occurred during the third quarter related to the separation of Cendant Corporation and finalizing the calculations, adjustments and disclosures related to the PHH accounting matters described below.

We have completed our review of the accounting matters which are being evaluated by the Company's former PHH subsidiary and are in the process of finalizing the allocations, adjustments and disclosures that will be required to be reflected in the Form 10-Q. Such matters will require a re-allocation among current and former reporting units of the purchase price associated with our 2001 acquisition of Avis Group Holdings (then parent of PHH's fleet management and Wright Express fuel card businesses) and a change to disaggregate two of the businesses acquired for purposes of testing goodwill impairment. Such re-allocation and change in aggregation will result in (i) a restatement of the gain recorded upon the initial public offering of Wright Express in first quarter 2005; (ii) a prior period impairment charge, which in turn will result in a restatement of the impairment charge recorded upon the spin-off of PHH in first quarter 2005; and (iii) a restatement of certain of our expenses. Such changes will be reflected principally in the discontinued operations of Avis Budget and, with respect to continuing operations, are expected to decrease our aggregate net income over the period of 2001-2004 by an immaterial amount. In addition, we expect to record additional adjustments to discontinued operations over the period of 2001-2005 which are expected to increase our aggregate net income over that period (with a corresponding offsetting decrease to net income for periods prior to 2001). Since PHH has neither re-filed its prior financial statements nor, to our knowledge, completed its evaluation of all of the accounting matters, there can be no assurance that we will not receive additional information from PHH that is inconsistent with the information received to date.