ANC Rental: Operating Results Will be Impacted by Terrorist Attacks

    FORT LAUDERDALE, Fla.--Sept. 24, 2001--ANC Rental Corporation today announced that the recent terrorist attacks in the United States and the difficulties being experienced by the U.S. airline industry will significantly negatively impact ANC Rental's operating results for the remainder of 2001.
    The terrorist attacks have caused major U.S. airlines to dramatically reduce their airline capacity and have prompted passengers worldwide to postpone or cancel their U.S. airline travel plans. Since approximately 90 percent of ANC's car rental transactions are linked to deplaning airline passengers, the negative impact on car rental transactions has been direct and immediate. In order to operate more efficiently given the industry's new dynamics, ANC Rental is reviewing alternatives to reduce its fleet by 25 to 35 percent, preparing a revised strategic and operations plan, and examining other aggressive cost reduction initiatives.
    In addition, ANC Rental is currently under discussions with its creditors and other parties in order to review liquidity options and other financial issues. The company is also considering various alternatives to improve its financial position, including seeking assistance from the U.S. federal government.
    Mr. Michael S. Egan, Chairman and Chief Executive Officer noted: "We are deeply saddened by the events of last week and our thoughts and prayers are with the victims, their families, and all of those working to help repair the damage that has been done. We at ANC have done our best through these difficult times to assist travelers in getting to their destinations."