AVIS BUDGET GROUP, INC. — Director's Dealing 2018

Jan 23, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AVIS BUDGET GROUP, INC. (CAR)
CIK: 0000723612
Period of Report: 2018-01-19

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

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-01-19	Option (Right to buy)	$40.00	X	1	Disposed	2018-01-19	Common Stock (4000)	Indirect
2018-01-19	Equity Swap (obligation to buy)	$40.00	X	1	Acquired	2018-01-19	Common Stock (4000)	Indirect

Footnotes

F1: On January 19, 2018, the previously reported option for cash-settled equity swaps was automatically exercised on its expiration date pursuant to its terms. As previously reported by the Reporting Persons, the option was settleable for a cash-settled equity swap referencing the number of shares of Common Stock equal to the total number of shares of Common Stock underlying the option.

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.