Press Release

Kirkland & Ellis Advises Avis Budget Group in $500 Million Acquisition of Zipcar, Inc.

Kirkland & Ellis LLP advises Avis Budget Group, Inc., in its agreement to acquire Zipcar, Inc., the world's leading car sharing network, for $12.25 per share in cash, representing a total transaction value of approximately $500 million. The transaction is subject to approval by Zipcar shareholders and other customary closing conditions, and is expected to be completed in the spring of 2013. The board of directors of Zipcar unanimously approved the transaction, and shareholders representing approximately 32 percent of the outstanding common stock have agreed to vote their shares in support of the transaction. Kirkland partners David Fox, Daniel Wolf and Michael Brueck advised Avis.

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