Press Release

DBRS Confirms Ratings to Outstanding Avis Budget Rental Car Funding (AESOP) LLC Series

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November 26, 2014

Corresponding with the renewal of Series 2010-6, DBRS, Inc. has today confirmed the ratings on the following series of notes issued by Avis Budget Rental Car Funding (AESOP) LLC:

-- Series 2010-3 Notes, Class A rated AAA (sf)
-- Series 2010-3 Notes, Class B rated BBB (high) (sf)
-- Series 2010-5 Notes, Class A rated AAA (sf)
-- Series 2010-5 Notes, Class B rated BBB (high) (sf)
-- Series 2010-5 Notes, Class C rated BBB (low) (sf)
-- Series 2010-6 rated A (sf)
-- Series 2011-3 Notes, Class A rated AAA (sf)
-- Series 2011-3 Notes, Class B rated A (low) (sf)
-- Series 2011-3 Notes, Class C rated BBB (low) (sf)
-- Series 2011-5 Notes, Class A rated AAA (sf)
-- Series 2011-5 Notes, Class B rated A (low) (sf)
-- Series 2011-5 Notes, Class C rated BBB (low) (sf)
-- Series 2012-1 Notes, Class A rated AAA (sf)
-- Series 2012-1 Notes, Class B rated BBB (high) (sf)
-- Series 2012-2 Notes, Class A rated AAA (sf)
-- Series 2012-2 Notes, Class B rated A (low) (sf)
-- Series 2012-2 Notes, Class C rated BBB (low) (sf)
-- Series 2012-3 Notes, Class A rated AAA (sf)
-- Series 2012-3 Notes, Class B rated A (low) (sf)
-- Series 2012-3 Notes, Class C rated BBB (low) (sf)
-- Series 2013-1 Notes, Class A rated AAA (sf)
-- Series 2013-1 Notes, Class B rated A (low) (sf)
-- Series 2013-1 Notes, Class C rated BBB (low) (sf)
-- Series 2013-2 Notes, Class A rated AAA (sf)
-- Series 2013-2 Notes, Class B rated BBB (high) (sf)
-- Series 2013-2 Notes, Class C rated BBB (low) (sf)
-- Series 2014-1 Notes, Class A rated AAA (sf)
-- Series 2014-1 Notes, Class B rated BBB (high) (sf)
-- Series 2014-1 Notes, Class C rated BBB (low) (sf)
-- Series 2014-2 Notes, Class A rated AAA (sf)
-- Series 2014-2 Notes, Class B rated BBB (sf)

Notes:
The applicable methodology is Rating U.S. Rental Car Securitizations (June 2011), which can be found on our website under Methodologies.

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
26-Nov-14	Series 2010-3 Notes, Class A	AAA (sf)	--	Confirmed	US E
26-Nov-14	Series 2010-3 Notes, Class B	BBB (high) (sf)	--	Confirmed	US E

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

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

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

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

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

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

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

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

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

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

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
26-Nov-14	Series 2014-2 Notes, Class A	AAA (sf)	--	Confirmed	US
26-Nov-14	Series 2014-2 Notes, Class B	BBB (sf)	--	Confirmed	US

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

Series 2010-3 Notes, Class A

Date Issued:Nov 26, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-3 Notes, Class B

Date Issued:Nov 26, 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:Nov 26, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2010-5 Notes, Class B

Date Issued:Nov 26, 2014
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2010-5 Notes, Class C

Date Issued:Nov 26, 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:Nov 26, 2014
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

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

Series 2011-3 Notes, Class A

Date Issued:Nov 26, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-3 Notes, Class B

Date Issued:Nov 26, 2014
Rating Action:Confirmed
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-3 Notes, Class C

Date Issued:Nov 26, 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:Nov 26, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-5 Notes, Class B

Date Issued:Nov 26, 2014
Rating Action:Confirmed
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-5 Notes, Class C

Date Issued:Nov 26, 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:Nov 26, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1 Notes, Class B

Date Issued:Nov 26, 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:Nov 26, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-2 Notes, Class B

Date Issued:Nov 26, 2014
Rating Action:Confirmed
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-2 Notes, Class C

Date Issued:Nov 26, 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:Nov 26, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-3 Notes, Class B

Date Issued:Nov 26, 2014
Rating Action:Confirmed
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-3 Notes, Class C

Date Issued:Nov 26, 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:Nov 26, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1 Notes, Class B

Date Issued:Nov 26, 2014
Rating Action:Confirmed
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1 Notes, Class C

Date Issued:Nov 26, 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:Nov 26, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-2 Notes, Class B

Date Issued:Nov 26, 2014
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-2 Notes, Class C

Date Issued:Nov 26, 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:Nov 26, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1, Class B Notes

Date Issued:Nov 26, 2014
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1, Class C Notes

Date Issued:Nov 26, 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:Nov 26, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-2 Notes, Class B

Date Issued:Nov 26, 2014
Rating Action:Confirmed
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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