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Budget Group Announces the Pricing of $300 Million Convertible Preferred Securities

18 June 1998

Budget Group Announces the Pricing of $300 Million Convertible Preferred Securities

    DAYTONA BEACH, Fla., June 17 -- Budget Group, Inc.
announced the pricing of its $300 million 6-1/4% Remarketable Term Income
Deferrable Equity Securities (High Tides(sm)).  The securities will be
convertible into Class A Common Stock at a conversion price of $32.94.
    Proceeds from the offering will be used for the redemption of $165 million
aggregate principal amount of Budget Group 9.57% Guaranteed Senior Notes Due
2007 and the balance will be applied toward the purchase of $175 million
aggregate principal amount of Ryder TRS outstanding 10% Senior Subordinated
Notes Due 2006.  As previously announced, Budget Group expects to complete its
acquisition of Ryder TRS, Inc., and certain related financing transactions,
including the High Tides offering, on Friday, June 19, 1998.
    The High Tides are not registered under the Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent
registration with the Securities and Exchange Commission or the availability
of an applicable exemption from such registration requirements.  Credit Suisse
First Boston was the lead manager for the High Tides offering.
    Budget Group, Inc., through subsidiary companies and their franchisees,
operates Budget Car and Truck Rental, the third largest worldwide car and
truck rental system.  In addition, the company owns Premier Car Rental, which
serves the insurance replacement market.  Budget Group also owns Budget Car
Sales, one of the largest independent retailers of late model vehicles in the
United States, and Cruise America, the largest recreational vehicle rental and
sales company in North  America.  The company also operates airport parking
facilities at certain locations and, through Van Pool Services, leases vans
for van pooling operations.
    Ryder TRS, Inc. rents trucks to both individual consumers and businesses.
Ryder TRS is the second largest provider of truck rentals and related moving
supplies and services to consumers and light commercial users in the United
States, with a fleet of approximately 29,000 trucks as of December 31, 1997.