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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
723612	Avis Budget Group Inc.	CAR	Services-Auto Rental & Leasing (No Drivers) (7510)	060918165

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1503174	Srs Investment Management, Llc	1 Bryant Park 39Th Floor New York NY 10036		No	No	Yes	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock, Par Value $0.01 ("Common Stock")	Acquisiton	2017-12-08	1,376,795	$39.99	9,876,795	Yes	4	X	Indirect	See footnotes
Common Stock	Disposition	2017-12-08	1,376,795	$40.56	8,500,000	Yes	4	J	Indirect	See footnotes
Common Stock	Acquisiton	2017-12-08	1,621,445	$40.03	10,121,445	Yes	4	X	Indirect	See footnotes
Common Stock	Disposition	2017-12-08	1,621,445	$40.56	8,500,000	Yes	4	J	Indirect	See footnotes
Common Stock	Acquisiton	2017-12-08	213,321	$26.30	8,713,321	Yes	4	X	Indirect	See footnotes
Common Stock	Disposition	2017-12-08	213,321	$40.56	8,500,000	Yes	4	J	Indirect	See footnotes
Common Stock	Acquisiton	2017-12-08	288,439	$26.41	8,788,439	Yes	4	X	Indirect	See footnotes
Common Stock	Disposition	2017-12-08	288,439	$40.56	8,500,000	Yes	4	J	Indirect	See footnotes
Common Stock	Acquisiton	2017-12-08	3,500,000	$40.56	12,000,000	No	4	P	Indirect	See footnotes

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Yes	4	X	Indirect	See footnotes
Yes	4	J	Indirect	See footnotes
Yes	4	X	Indirect	See footnotes
Yes	4	J	Indirect	See footnotes
Yes	4	X	Indirect	See footnotes
Yes	4	J	Indirect	See footnotes
Yes	4	X	Indirect	See footnotes
Yes	4	J	Indirect	See footnotes
No	4	P	Indirect	See footnotes

Reported Derivative Transactions

Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Equity Swap (obligation to buy)	Disposition	2017-12-08	1	$0.00	1,376,795	$39.99
Common Stock	Equity Swap (obligation to buy)	Disposition	2017-12-08	1	$0.00	1,621,445	$40.03
Common Stock	Equity Swap (obligation to buy)	Disposition	2017-12-08	1	$0.00	213,321	$26.30
Common Stock	Equity Swap (obligation to buy)	Disposition	2017-12-08	1	$0.00	288,439	$26.41

Remaning Holdings	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
0	2019-01-11	Yes	4	X	Indirect
0	2019-01-11	Yes	4	X	Indirect
1	2019-02-25	Yes	4	X	Indirect
1	2019-02-25	Yes	4	X	Indirect

Footnotes

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.
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.
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.