Press Release

DBRS Finalizes Provisional Ratings on Avis Budget Rental Car Funding (AESOP) LLC, Series 2014-2

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July 25, 2014

DBRS has today finalized the provisional ratings on the following notes (the Series 2014-2 Notes) issued by Avis Budget Rental Car Funding (AESOP) LLC:

-- Series 2014-2, Class A Notes rated AAA (sf)
-- Series 2014-2, Class B Notes rated BBB (sf)

In addition, pursuant to the issuance of the Series 2014-2 Notes, DBRS confirms the ratings for various series and classes of Notes issued by AESOP as noted below.

Notes:
The applicable methodology is Rating U.S. Rental Car Securitizations, which can be found on our website under Methodologies.

The full report providing additional analytical detail is available by clicking on the link or by contacting us at info@dbrs.com.

These ratings are endorsed by DBRS Ratings Limited for use in the European Union.

Ratings

Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-3

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
25-Jul-14	Series 2010-3 Notes, Class A	AAA (sf)	--	Confirmed	US E
25-Jul-14	Series 2010-3 Notes, Class B	BBB (high) (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
25-Jul-14	Series 2010-5 Notes, Class A	AAA (sf)	--	Confirmed	US
25-Jul-14	Series 2010-5 Notes, Class B	BBB (high) (sf)	--	Confirmed	US
25-Jul-14	Series 2010-5 Notes, Class C	BBB (low) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
25-Jul-14	Series 2010-6	A (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
25-Jul-14	Series 2011-2 Notes, Class A	AAA (sf)	--	Confirmed	US E
25-Jul-14	Series 2011-2 Notes, Class B	BBB (high) (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
25-Jul-14	Series 2011-3 Notes, Class A	AAA (sf)	--	Confirmed	US
25-Jul-14	Series 2011-3 Notes, Class B	A (low) (sf)	--	Confirmed	US
25-Jul-14	Series 2011-3 Notes, Class C	BBB (low) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
25-Jul-14	Series 2011-5 Notes, Class A	AAA (sf)	--	Confirmed	US
25-Jul-14	Series 2011-5 Notes, Class B	A (low) (sf)	--	Confirmed	US
25-Jul-14	Series 2011-5 Notes, Class C	BBB (low) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
25-Jul-14	Series 2012-1 Notes, Class A	AAA (sf)	--	Confirmed	US E
25-Jul-14	Series 2012-1 Notes, Class B	BBB (high) (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
25-Jul-14	Series 2012-2 Notes, Class A	AAA (sf)	--	Confirmed	US
25-Jul-14	Series 2012-2 Notes, Class B	A (low) (sf)	--	Confirmed	US
25-Jul-14	Series 2012-2 Notes, Class C	BBB (low) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
25-Jul-14	Series 2012-3 Notes, Class A	AAA (sf)	--	Confirmed	US
25-Jul-14	Series 2012-3 Notes, Class B	A (low) (sf)	--	Confirmed	US
25-Jul-14	Series 2012-3 Notes, Class C	BBB (low) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
25-Jul-14	Series 2013-1 Notes, Class A	AAA (sf)	--	Confirmed	US
25-Jul-14	Series 2013-1 Notes, Class B	A (low) (sf)	--	Confirmed	US
25-Jul-14	Series 2013-1 Notes, Class C	BBB (low) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
25-Jul-14	Series 2013-2 Notes, Class A	AAA (sf)	--	Confirmed	US
25-Jul-14	Series 2013-2 Notes, Class B	BBB (high) (sf)	--	Confirmed	US
25-Jul-14	Series 2013-2 Notes, Class C	BBB (low) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
25-Jul-14	Series 2014-1, Class A Notes	AAA (sf)	--	Confirmed	US
25-Jul-14	Series 2014-1, Class B Notes	BBB (high) (sf)	--	Confirmed	US
25-Jul-14	Series 2014-1, Class C Notes	BBB (low) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
25-Jul-14	Series 2014-2 Notes, Class A	AAA (sf)	--	Provis.-Final	US
25-Jul-14	Series 2014-2 Notes, Class B	BBB (sf)	--	Provis.-Final	US

Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-3

Series 2010-3 Notes, Class A

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-3 Notes, Class B

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:USE

Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-5

Series 2010-5 Notes, Class A

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2010-5 Notes, Class B

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2010-5 Notes, Class C

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Avis Budget Rental Car Funding (AESOP) LLC, Series 2010-6

Series 2010-6

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

Avis Budget Rental Car Funding (AESOP) LLC, Series 2011-2

Series 2011-2 Notes, Class A

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-2 Notes, Class B

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:USE

Avis Budget Rental Car Funding (AESOP) LLC, Series 2011-3

Series 2011-3 Notes, Class A

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-3 Notes, Class B

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-3 Notes, Class C

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Avis Budget Rental Car Funding (AESOP) LLC, Series 2011-5

Series 2011-5 Notes, Class A

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-5 Notes, Class B

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-5 Notes, Class C

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Avis Budget Rental Car Funding (AESOP) LLC, Series 2012-1

Series 2012-1 Notes, Class A

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1 Notes, Class B

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:USE

Avis Budget Rental Car Funding (AESOP) LLC, Series 2012-2

Series 2012-2 Notes, Class A

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-2 Notes, Class B

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-2 Notes, Class C

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Avis Budget Rental Car Funding (AESOP) LLC, Series 2012-3

Series 2012-3 Notes, Class A

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-3 Notes, Class B

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-3 Notes, Class C

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Avis Budget Rental Car Funding (AESOP) LLC, Series 2013-1

Series 2013-1 Notes, Class A

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1 Notes, Class B

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1 Notes, Class C

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Avis Budget Rental Car Funding (AESOP) LLC, Series 2013-2

Series 2013-2 Notes, Class A

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-2 Notes, Class B

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-2 Notes, Class C

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Avis Budget Rental Car Funding (AESOP) LLC, Series 2014-1

Series 2014-1, Class A Notes

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1, Class B Notes

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1, Class C Notes

Date Issued:Jul 25, 2014
Rating Action:Confirmed
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Avis Budget Rental Car Funding (AESOP) LLC, Series 2014-2

Series 2014-2 Notes, Class A

Date Issued:Jul 25, 2014
Rating Action:Provis.-Final
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-2 Notes, Class B

Date Issued:Jul 25, 2014
Rating Action:Provis.-Final
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

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