SRS Investment Management Signs Cooperation Agreement With Avis Budget Group, Inc. (CAR)

Page 6 of 7 SEC Filing

(b) Each of the Reporting Persons
has the shared power to vote or to direct the vote or to dispose or to direct the disposition of 9,500,000 shares of Common Stock.

(c) None.

(d) Not applicable.

(e) Not applicable.

Item 6.	CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER
On January 25, 2016, the Issuer and the SRS Parties entered into the Cooperation Agreement, the terms of which are described in Item 4 of the Schedule 13D. The Cooperation Agreement is referenced as Exhibit 1 to the Schedule 13D and is incorporated by reference herein. The Reporting Persons are parties to an agreement with respect to the joint filing of this Schedule 13D and any amendments thereto. A copy of such agreement is attached as Exhibit 2 to this Schedule 13D and is incorporated by reference herein. The Reporting Persons may be deemed to have economic exposure to an additional 10,500,000 shares of Common Stock pursuant to certain cash-settled equity swaps between the Funds and broker-dealer counterparties. Such swaps mature on dates ranging from August 21, 2018 to May 18, 2020. The reference prices for such swaps range from $25.66 to $46.90. The Reporting Persons do not have voting power or dispositive power with respect to the Common Shares referenced in such swaps and disclaim beneficial ownership of the shares underlying such swaps. Except as set forth herein, there are no contracts, arrangements, understandings or relationships among the Reporting Persons or between the Reporting Persons and any other person with respect to the Common Stock.

Item 7.	MATERIAL TO BE FILED AS EXHIBITS
Exhibit 1 2	Description Cooperation Agreement, dated January 24, 2016 (incorporated by reference to Exhibit 10.1 of the Form 8-K, filed by the Issuer on January 25, 2016). Joint Filing Agreement, dated January 25, 2016.

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