Avis Budget Group's Pending Acquisition of Zipcar Receives U.S. Antitrust Clearance

Avis Budget Group's Pending Acquisition of Zipcar Receives U.S. Antitrust

PARSIPPANY, N.J. and CAMBRIDGE, Mass., Feb. 12, 2013 (GLOBE NEWSWIRE) -- Avis
Budget Group, Inc. (Nasdaq:CAR) and Zipcar, Inc. (Nasdaq:ZIP), the world's
leading car sharing network, today announced that the waiting period under the
U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, expired
on February 11, 2013 in connection with Avis Budget's previously announced
agreement to acquire Zipcar. The closing of the transaction remains subject to
other customary conditions, including approval by Zipcar shareholders and
review by UK competition authorities.

The companies currently expect Avis Budget Group's acquisition of Zipcar to be
completed in March or April 2013.

About Avis Budget Group, Inc.

Avis Budget Group, Inc. is a leading global provider of vehicle rental
services through its Avis and Budget brands, with more than 10,000 rental
locations in approximately 175 countries around the world. Avis Budget Group
operates most of its car rental offices in North America, Europe and Australia
directly, and operates primarily through licensees in other parts of the
world. Avis Budget Group has approximately 28,000 employees and is
headquartered in Parsippany, N.J. More information is available at

The Avis Budget Group, Inc. logo is available at

About Zipcar, Inc.

Zipcar is the world's leading car sharing network, with more than 760,000
members and over 10,000 vehicles in urban areas and college campuses
throughout the United States, Canada, the United Kingdom, Spain and
Austria.Zipcar offers more than 30 makes and models of self-service vehicles
by the hour or day to residents and businesses looking for an alternative to
the high costs and hassles of owning a car.More information is available at

Forward-Looking Statements

Certain statements in this press release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995.Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Avis Budget Group or Zipcar to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements.Statements preceded by, followed
by or that otherwise include the words "believes", "expects", "anticipates",
"intends", "projects", "estimates", "plans", "may increase", "forecast" and
similar expressions or future or conditional verbs such as "will", "should",
"would", "may" and "could" are based upon then current assumptions and
expectations and are generally forward-looking in nature and not historical
facts.Any statements that refer to outlook, expectations or other
characterizations of future events, circumstances or results are also
forward-looking statements.

There can be no assurance that the proposed acquisition of Zipcar will occur
as currently contemplated, or at all, or that the expected benefits from the
transaction will be realized on the timetable currently contemplated, or at
all.Additional risks and uncertainties relating to the proposed acquisition
of Zipcar include, but are not limited to, uncertainties as to the
satisfaction of closing conditions to the acquisition, including timing and
receipt of regulatory approvals, timing and receipt of approval by the
shareholders of Zipcar, the respective parties' performance of their
obligations under the merger agreement relating to the acquisition, the status
of capital markets, including availability and cost of capital, and other
factors affecting the execution of the transaction.

A further list and description of important assumptions and other important
factors that could cause actual results to differ materially from those in the
forward-looking statements are specified in Avis Budget's Annual Report on
Form 10-K for the year ended December 31, 2011 and Zipcar's Annual Report on
Form 10-K for the year ended December 31, 2011, included under headings such
as "Forward-Looking Statements", "Risk Factors" and "Management's Discussion
and Analysis of Financial Condition and Results of Operations", Avis Budget's
and Zipcar's most recently filed Form 10-Q, and in other filings and
furnishings made by Avis Budget and Zipcar with the Securities and Exchange
Commission from time to time.Other unknown or unpredictable factors could
also have material adverse effects on Avis Budget's or Zipcar's performance or
achievements.In light of these risks, uncertainties, assumptions and factors,
the forward-looking events discussed in this press release may not occur.You
are cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date stated, or if no date is stated, as of the
date of this press release.Avis Budget and Zipcar undertake no obligation to
release publicly any revisions to any forward-looking statements, to report
events or to report the occurrence of unanticipated events unless required by

Additional Information

In connection with the meeting of Zipcar shareholders to be held with respect
to the proposed merger, Zipcar has filed a definitive proxy statement with the
BECAUSE THEY CONTAIN IMPORTANT INFORMATION. The definitive proxy statement has
been mailed to the shareholders of Zipcar seeking their approval of the
proposed merger. Investors and security holders may also obtain a free copy of
the definitive proxy statement and other relevant documents filed by Zipcar
with the SEC from the SEC's website at http://www.sec.gov and from Zipcar by
directing a request to Zipcar, Inc., 25 First Street, 4th Floor, Cambridge, MA
02141, Attention:Investor Relations.

Zipcar and its directors, executive officers and certain other employees may
be deemed to be participants in the solicitation of proxies of Zipcar
shareholders in connection with the proposed merger.Investors and security
holders may obtain more detailed information regarding the names, affiliations
and interests of Zipcar directors and executive officers by reading Zipcar's
proxy statement for its 2012 annual meeting of shareholders, which was filed
with the SEC on April 12, 2012.Additional information regarding potential
participants in such proxy solicitation and a description of their direct and
indirect interests, by security holdings or otherwise, is included in the
definitive proxy statement filed by Zipcar with the SEC in connection with the
proposed merger.

CONTACT: Avis Budget Group Media Contact:
         John Barrows

         Avis Budget Group Investor Contact:
         Neal Goldner

         Zipcar Media Contact:
         Karen Drake

         Zipcar Investor Contacts:
         Jamie Moser / Nick Lamplough
         Joele Frank, Wilkinson Brimmer Katcher
         jmoser@joelefrank.com /

         Jonathan Schaffer
         The Blueshirt Group

Avis Budget Group, Inc. Logo
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