SINGAPORE, 16 February 2022: Avis Budget Group announced on Tuesday financial results for the fourth quarter and full-year ended 31 December 2021.

The group ended 2021 with fourth-quarter revenues 90% above
the previous year and 19% above the fourth quarter of 2019, at USD2.6 billion.

Revenues were driven by increased revenue per day and rental
days as demand continued from the third quarter. Net income was USD381 million
and Adjusted EBITDA was USD683 million, the best fourth quarter Adjusted EBITDA
in the company’s history. Utilisation for the quarter was 68.2%, showing that
our fleet was well-positioned to meet demand.

Full-year revenues increased 72% compared to the prior year
and 2% above 2019, at USD9.3 billion. Net Income was USD1.3 billion, and
Adjusted EBITDA was USD2.4 billion, both new full-year records for the company.
The significant increase in revenues suggests a steady return to historic
travel levels.

The group’s liquidity position at the end of the quarter was
approximately USD757 million with an additional USD2.6 billion of fleet funding
capacity.

“Our strong performance continued in the fourth quarter
with all of our key metrics beating pre-pandemic levels in the Americas,”
said  Avis Budget Group chief executive
officer Joe Ferraro. “We were able to achieve these results and deliver
the best year in our company’s history despite the emergence of Omicron. This
wouldn’t have been possible without the tireless effort of our entire
organisation, and I want to thank the team for helping us achieve these
milestones.”

About Avis Budget Group

Avis Budget Group Inc is a leading global provider of mobility solutions, both through its Avis and Budget brands, which have more than 10,000 rental locations in approximately 180 countries worldwide and through its Zipcar brand, which is the world’s leading car-sharing network with more than one million members. Avis Budget Group operates most of its car rental offices in North America, Europe and Australasia directly and operates primarily through licensees in other parts of the world. Avis Budget Group is headquartered in Parsippany, New Jersey.