AVIS BUDGET GROUP, INC. — Director's Dealing 2017

Dec 12, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AVIS BUDGET GROUP, INC. (CAR)
CIK: 0000723612
Period of Report: 2017-12-08

Reporting Person: SRS Investment Management, LLC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-12-08	Common Stock, par value $0.01 ("Common Stock")	X	1376795	$39.99	Acquired	9876795	Indirect
2017-12-08	Common Stock	J	1376795	$40.56	Disposed	8500000	Indirect
2017-12-08	Common Stock	X	1621445	$40.03	Acquired	10121445	Indirect
2017-12-08	Common Stock	J	1621445	$40.56	Disposed	8500000	Indirect
2017-12-08	Common Stock	X	213321	$26.30	Acquired	8713321	Indirect
2017-12-08	Common Stock	J	213321	$40.56	Disposed	8500000	Indirect
2017-12-08	Common Stock	X	288439	$26.41	Acquired	8788439	Indirect
2017-12-08	Common Stock	J	288439	$40.56	Disposed	8500000	Indirect
2017-12-08	Common Stock	P	3500000	$40.56	Acquired	12000000	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-12-08	Equity Swap (obligation to buy)	$39.99	X	1	Disposed	2019-01-11	Common Stock (1376795)	Indirect
2017-12-08	Equity Swap (obligation to buy)	$40.03	X	1	Disposed	2019-01-11	Common Stock (1621445)	Indirect
2017-12-08	Equity Swap (obligation to buy)	$26.30	X	1	Disposed	2019-02-25	Common Stock (213321)	Indirect
2017-12-08	Equity Swap (obligation to buy)	$26.41	X	1	Disposed	2019-02-25	Common Stock (288439)	Indirect

Footnotes

F1: Equity swaps settled on December 8, 2017 pursuant to their terms based on the closing price of the Common Stuck on such date. The swaps were exercisable at any time.

F2: SRS Investment Management, LLC, a Delaware limited liability company, ("SRS") serves as investment manager to certain investment funds (the "Funds") and has investment discretion with respect to the securities reported herein which are held by the Funds. SRS Investment Management, LP ("SRS IM"), a Delaware limited partnership, is the managing member of the Investment Manager. SRS Investment Management GP, LLC, a Delaware limited liability company ("SRS IM GP"), is the general partner of SRS IM. Karthik R. Sarma, an Indian citizen ("Mr. Sarma," and together with SRS, the "Reporting Persons") is the managing member and principal of SRS IM GP. In such capacities, Mr. Sarma and the Investment Manager may be deemed to have voting and dispositive power with respect to the shares of Common Stock held for the Funds.

F3: The filing of this statement shall not be deemed an admission that any of the Reporting Persons is the beneficial owner of the securities reported herein for purposes of Section 16 of the Securities Act of 1934, as amended, or otherwise. Each of the Reporting Persons expressly disclaims beneficial ownership of the securities reported herein except to the extent of its or his pecuniary interest therein.