Third Quarter 2021 Investor Presentation

Avis Investor Presentation

November 2, 2021

Forward-Looking Statements

Non-GAAP Financial Measures

Avis Budget Group ("Avis" or "the Company") emphasizes that 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.

Certain statements in this presentation constitute "forward-looking statements." Any statements that refer to outlook, expectations or other characterizations of future events, circumstances or results, including all statements related to any impact from the coronavirus, cost-saving actions, the global semiconductor shortage and cash flows are forward-looking statements. Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this presentation include, but are not limited to, the severity and duration of the COVID-19 pandemic and related impact on travel and the economy, the high level of competition in the mobility industry, changes in our fleet costs as a result of a change in the cost of new vehicles, manufacturer recalls and/or the value of used vehicles, disruption in the supply of new vehicles, the financial condition of the manufacturers that supply our rental vehicles which could affect their ability to perform their obligations under our repurchase and/or guaranteed depreciation arrangements, any further deterioration in economic conditions, particularly during our peak season and/or in key market segments, any further deterioration in travel demand, including airline passenger traffic, any occurrence or threat of terrorism, any changes to the cost or supply of fuel, risks related to acquisitions or integration of acquired businesses, a significant increase in interest rates or borrowing costs, our ability to obtain financing for our global operations, including the funding of our vehicle fleet via asset-backed securities markets, our ability to meet the covenants contained in the agreements governing our indebtedness, and our ability to accurately estimate our future results and implement our cost savings actions. Important assumptions and other important factors that could cause actual results to differ materially from those in the forward- looking statements are specified in Avis Budget Group's Annual Report on Form 10-K for the year ended December 31, 2020, Quarterly Report on Form 10-Q for the three and six months ended June 30, 2021 and in other filings and furnishings made by the Company with the Securities and Exchange Commission (the "SEC") from time to time. The Company undertakes no obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances.

This presentation includes certain non-GAAP financial measures as defined under SEC rules. See the appendix to this presentation for important information regarding such non-GAAP financial measures, including a discussion of the definitions of such measures and the reasons why the Company believes the presentation of such measures provides useful information to investors. Important information regarding reconciliation of such measures is contained within this presentation, included in the appendix.

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Agenda

• Company Overview
• Financial Results & Update
• Liquidity and Leverage Summary
• Safety & Strategy

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Overview and Brands

• We are a leading global provider of mobility solutions with a portfolio of premium and leisure car rental and sharing brands:
• • Approximately 10,600 rental locations in ~180 countries around the world.
  • Zipcar is the world's leading car sharing network with more than onemillion members.
• We generated Revenues of $8.1 billion, Net Income of $812 million and Adjusted EBITDA of $1.8 billion for the twelve month period ended September 30, 2021.
• Due to the pandemic and related declines in global travel volumes, we reduced our ending fleet by 31% year-over-year, removed over $2.5 billion in costs, and have liquidity of $1.3 billion as of December 31, 2020, after returning more than $600 million back into our vehicle programs.

We operate directly in approximately 30 countries…

…and maintain a Global Brand Portfolio

Licensees operate our brands

in more than 150 additional countries

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Diversified Revenue Stream

35%		50%
Budget		Off-Airport
Brand	55%		Airport
	Avis		50%
10%
		On-Airport
Other
40%
Commercial		27%
Customer		International	Segment
60%
		73%
	Leisure
			Americas

All numbers are approximate as of year ended December 31, 2020

Budget brand includes Budget Truck. Other brands include Zipcar, Payless, Apex, Maggiore, FranceCars, ACL Hire, Turiscar, and Morini

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