<SEC-DOCUMENT>0000902664-16-005041.txt : 20160125
<SEC-HEADER>0000902664-16-005041.hdr.sgml : 20160125
<ACCEPTANCE-DATETIME>20160125172020
ACCESSION NUMBER:		0000902664-16-005041
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20160125
DATE AS OF CHANGE:		20160125

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AVIS BUDGET GROUP, INC.
		CENTRAL INDEX KEY:			0000723612
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-AUTO RENTAL & LEASING (NO DRIVERS) [7510]
		IRS NUMBER:				060918165
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-34719
		FILM NUMBER:		161359449

	BUSINESS ADDRESS:	
		STREET 1:		6 SYLVAN WAY
		CITY:			PARSIPPANY
		STATE:			NJ
		ZIP:			07054
		BUSINESS PHONE:		973-496-5147

	MAIL ADDRESS:	
		STREET 1:		6 SYLVAN WAY
		CITY:			PARSIPPANY
		STATE:			NJ
		ZIP:			07054

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENDANT CORP
		DATE OF NAME CHANGE:	19971218

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CUC INTERNATIONAL INC /DE/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMP U CARD INTERNATIONAL INC
		DATE OF NAME CHANGE:	19870914

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SRS Investment Management, LLC
		CENTRAL INDEX KEY:			0001503174
		IRS NUMBER:				208182628
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		SC 13D

	BUSINESS ADDRESS:	
		STREET 1:		1 BRYANT PARK
		STREET 2:		39TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212-520-7907

	MAIL ADDRESS:	
		STREET 1:		1 BRYANT PARK
		STREET 2:		39TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>p16-0234sc13d.htm
<DESCRIPTION>AVIS BUDGET GROUP, INC.
<TEXT>
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<TITLE></TITLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 99%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">SECURITIES
    AND EXCHANGE COMMISSION</FONT></TD>
    <TD STYLE="width: 1%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">Washington,
    D.C. 20549</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">SCHEDULE
    13D</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">Under
    the Securities Exchange Act of 1934</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid"><FONT STYLE="font-size: 11pt">AVIS
        BUDGET GROUP, INC.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">(Name
    of Issuer)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid"><FONT STYLE="font-size: 11pt">Common
        Stock, par value $0.01 per share</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">(Title
    of Class of Securities)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid"><FONT STYLE="font-size: 11pt">053774105</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">(CUSIP
    Number)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">David
        Zales</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">SRS Investment
        Management, LLC</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">One Bryant
        Park</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">39th
        Floor</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">New York,
        New York 10036</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">(212)
        520-7900</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">with
        a copy to:</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">Marc
        Weingarten, Esq.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">Eleazer
        Klein, Esq.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">Schulte
        Roth &amp; Zabel LLP</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">919 Third
        Avenue</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">New York,
        New York 10022</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid"><FONT STYLE="font-size: 11pt">(212)
        756-2000</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">(Name,
    Address and Telephone Number of Person</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">Authorized
    to Receive Notices and Communications)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid"><FONT STYLE="font-size: 11pt">January
        13, 2016</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">(Date
    of Event Which Requires Filing of This Statement)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-size: 11pt">If the filing person has previously
filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule
because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. [X]</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-size: 11pt">(Page 1
of   7 Pages)</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">______________________________</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-size: 11pt">* The remainder of this cover
page shall be filled out for a reporting person&#8217;s initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">The information required on the remainder
of this cover page shall not be deemed to be &#8220;filed&#8221; for the purpose of Section 18 of the Securities Exchange Act
of 1934 (&#8220;Act&#8221;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>1</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 0"><FONT STYLE="font-size: 11pt">NAME OF REPORTING PERSON</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="font-size: 11pt">SRS INVESTMENT
        MANAGEMENT, LLC</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>2</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">CHECK
    THE APPROPRIATE BOX IF A MEMBER OF A GROUP</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0"><FONT STYLE="font-size: 11pt">(a)&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">(b)&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>3</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">SEC
    USE ONLY</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>4</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 0"><FONT STYLE="font-size: 11pt">SOURCE OF FUNDS</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="font-size: 11pt">AF</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>5</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding: 3pt 6pt 6pt"><FONT STYLE="font-size: 11pt">CHECK
    BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 16pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>6</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 0"><FONT STYLE="font-size: 11pt">CITIZENSHIP OR PLACE
        OF ORGANIZATION</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="font-size: 11pt">Delaware, United
        States</FONT></P></TD></TR>
<TR>
    <TD ROWSPAN="4" STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 11pt">NUMBER
    OF<BR>
    SHARES<BR>
    BENEFICIALLY<BR>
    OWNED BY<BR>
    EACH<BR>
    REPORTING<BR>
    PERSON WITH:</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>7</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 0"><FONT STYLE="font-size: 11pt">SOLE VOTING POWER</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>8</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 0"><FONT STYLE="font-size: 11pt">SHARED VOTING POWER</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="font-size: 11pt">9,500,000 shares
        of Common Stock</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>9</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 0"><FONT STYLE="font-size: 11pt">SOLE DISPOSITIVE POWER</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>10</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border: Black 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 0"><FONT STYLE="font-size: 11pt">SHARED DISPOSITIVE POWER</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="font-size: 11pt">9,500,000 shares
        of Common Stock</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>11</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 0"><FONT STYLE="font-size: 11pt">AGGREGATE AMOUNT BENEFICIALLY
        OWNED BY EACH PERSON</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="font-size: 11pt">9,500,000 shares
        of Common Stock</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>12</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">CHECK
    IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 16pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>13</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 0"><FONT STYLE="font-size: 11pt">PERCENT OF CLASS REPRESENTED
        BY AMOUNT IN ROW (11)</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="font-size: 11pt">9.5%<SUP> </SUP>(see
        Item 5)</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>14</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 0"><FONT STYLE="font-size: 11pt">TYPE OF REPORTING PERSON</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="font-size: 11pt">IA, OO</FONT></P></TD></TR>
<TR>
    <TD STYLE="width: 16%; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 59%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt; font-weight: bold"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%; vertical-align: top; text-align: left">CUSIP No. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">053774105</FONT></TD><TD STYLE="width: 34%; vertical-align: top; text-align: center">SCHEDULE 13D</TD><TD STYLE="width: 33%; vertical-align: top; text-align: right">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;of 7 Pages</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>1</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 0"><FONT STYLE="font-size: 11pt">NAME OF REPORTING PERSON</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="font-size: 11pt">KARTHIK R. SARMA</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>2</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">CHECK
    THE APPROPRIATE BOX IF A MEMBER OF A GROUP</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0"><FONT STYLE="font-size: 11pt">(a)&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">(b)&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>3</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">SEC
    USE ONLY</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>4</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 0"><FONT STYLE="font-size: 11pt">SOURCE OF FUNDS</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="font-size: 11pt">AF</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>5</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding: 3pt 6pt 6pt"><FONT STYLE="font-size: 11pt">CHECK
    BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 16pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>6</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 0"><FONT STYLE="font-size: 11pt">CITIZENSHIP OR PLACE
        OF ORGANIZATION</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="font-size: 11pt">India</FONT></P></TD></TR>
<TR>
    <TD ROWSPAN="4" STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 11pt">NUMBER
    OF<BR>
    SHARES<BR>
    BENEFICIALLY<BR>
    OWNED BY<BR>
    EACH<BR>
    REPORTING<BR>
    PERSON WITH:</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>7</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 0"><FONT STYLE="font-size: 11pt">SOLE VOTING POWER</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>8</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 0"><FONT STYLE="font-size: 11pt">SHARED VOTING POWER</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="font-size: 11pt">9,500,000 shares
        of Common Stock</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>9</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 0"><FONT STYLE="font-size: 11pt">SOLE DISPOSITIVE POWER</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>10</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border: Black 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 0"><FONT STYLE="font-size: 11pt">SHARED DISPOSITIVE POWER</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="font-size: 11pt">9,500,000 shares
        of Common Stock</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>11</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 0"><FONT STYLE="font-size: 11pt">AGGREGATE AMOUNT BENEFICIALLY
        OWNED BY EACH PERSON</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="font-size: 11pt">9,500,000 shares
        of Common Stock</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>12</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">CHECK
    IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 16pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>13</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 0"><FONT STYLE="font-size: 11pt">PERCENT OF CLASS REPRESENTED
        BY AMOUNT IN ROW (11)</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="font-size: 11pt">9.5% (see Item
        5)</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: bold 16pt Times New Roman, Times, Serif; padding-top: 3.8pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>14</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 0"><FONT STYLE="font-size: 11pt">TYPE OF REPORTING PERSON</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in"><FONT STYLE="font-size: 11pt">IN</FONT></P></TD></TR>
<TR>
    <TD STYLE="width: 16%; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 59%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt; font-weight: bold"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%; vertical-align: top; text-align: left">CUSIP No. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">053774105</FONT></TD><TD STYLE="width: 34%; vertical-align: top; text-align: center">SCHEDULE 13D</TD><TD STYLE="width: 33%; vertical-align: top; text-align: right">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;of 7 Pages</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B>Item
    1.</B></FONT></TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B>SECURITY
    AND ISSUER</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: bold 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">This
    statement relates to the shares of common stock, par value $0.01 per share (the &#8220;Common Stock&#8221;), of Avis Budget
    Group, Inc., a Delaware corporation (the &#8220;Issuer&#8221;). The Issuer&#8217;s principal executive offices are located
    at 6 Sylvan Way, Parsippany, NJ 07054.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B>Item
    2.</B></FONT></TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B>IDENTITY
    AND BACKGROUND</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: bold 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: bold 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt; font-weight: normal; font-style: normal">(a)
    This Schedule 13D is filed by (i) SRS Investment Management, LLC, a Delaware limited liability company (the
    &#8220;Investment     Manager&#8221;), and (ii) Karthik R. Sarma, an Indian citizen (&#8220;Mr. Sarma,&#8221; and, together
    with the Investment     Manager, the &#8220;Reporting Persons&#8221;). This Schedule 13D relates to the shares of Common
    Stock held for the accounts     of SRS Partners US, LP, a Delaware limited partnership, and SRS Partners Master Fund LP, a
    limited partnership formed in the     Cayman Islands, investment funds managed by the Investment Manager (collectively with
    SRS Special Opportunities Master II, LP, a limited partnership formed in the Cayman Islands, and SRS Long Opportunities Master
    Fund, LP, a limited partnership formed in the Cayman Islands,     other funds managed by the Investment     Manager as
    disclosed below, the &#8220;Funds&#8221;). The Investment Manager serves as investment     manager to the Funds. SRS
    Investment Management,     LP (&#8220;SRS IM&#8221;), a Delaware limited partnership, is the     managing member of the
    Investment Manager. SRS Investment     Management GP, LLC, a Delaware limited liability company     (&#8220;SRS IM
    GP&#8221;), is the general partner of SRS IM. Mr.     Sarma is the managing member and principal of SRS IM GP.     In such
    capacities, Mr. Sarma and the Investment Manager may be deemed     to have voting and dispositive power with respect     to
    the shares of Common Stock held for the Funds.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">(b)
    The business address of each of the Reporting Persons is 1 Bryant Park, 39th Floor, New York, NY 10036.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">(c)
    The principal business of the Investment Manager is investing in securities and related instruments. The principal business
    of Mr. Sarma is serving as the sole Managing Member of the Investment Manager.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">(d)
    During the last five years, none of the Reporting Persons have been convicted in a criminal proceeding (excluding traffic
    violations or similar misdemeanors).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">(e)
    None of the Reporting Persons has, during the last five years, been a party to a civil proceeding of a judicial or administrative
    body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree, or final order
    enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding
    any violation with respect to such laws.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">(f)
    The place of organization of the Investment Manager is Delaware, United States of America. Mr. Sarma is a citizen of India.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B>Item
    3.</B></FONT></TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B>SOURCE
    AND AMOUNT OF FUNDS OR OTHER CONSIDERATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: bold 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">The
    Reporting Persons used approximately $123,537,487 (including brokerage commissions) of the working capital of the applicable
    Funds in     the aggregate to purchase the shares of Common Stock reported in this Schedule 13D. Such shares of Common Stock
    are or may     be held from time to time by the applicable Funds in margin accounts established with their respective brokers
    or banks     and a portion     of the purchase price for the Common Stock may be obtained through margin borrowing.
    Securities positions     which may be held     in the margin accounts, including the Common Stock, may be pledged as
    collateral security for the     repayment of debit balances     in the margin accounts.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt; font-weight: bold"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%; vertical-align: top; text-align: left">CUSIP No. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">053774105</FONT></TD><TD STYLE="width: 34%; vertical-align: top; text-align: center">SCHEDULE 13D</TD><TD STYLE="width: 33%; vertical-align: top; text-align: right">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;of 7 Pages</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B>Item
    4.</B></FONT></TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B>PURPOSE
    OF TRANSACTION</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt"><p><FONT STYLE="font-size: 11pt">The Reporting Persons
acquired the shares of Common Stock reported herein for investment purposes in the ordinary course of business. The Reporting
Persons acquired such shares of Common Stock because they believed that the shares of Common Stock reported herein, when purchased,
represented an attractive investment opportunity.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">The Investment Manager and its representatives
have, from time to time, engaged in, and expect to continue to engage in, discussions with members of the Issuer&rsquo;s management
and board of directors (the &ldquo;Board&rdquo;), other current or prospective stockholders, industry participants, investment
professionals and other third parties regarding a variety of matters relating to the Issuer, which may include, among other things,
the Issuer&rsquo;s business, management, capital structure and allocation, corporate governance, Board composition and strategic
alternatives and direction.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">On January 25, 2016, the
Investment Manager, along with the Funds (collectively, the &ldquo;SRS Parties&rdquo;), entered into a cooperation agreement
with the Issuer (the &ldquo;Cooperation Agreement&rdquo;) whereby the parties agreed, among other things, and subject to
certain conditions, that: (i) the Issuer will increase the size of the Board to twelve directors and appoint Brian Choi,  a
senior employee of the Investment Manager, to the Board no later than two business days following the execution and
delivery of the Cooperation Agreement; (ii) the Issuer will increase the size of its Board and appoint a reasonably
acceptable additional independent director recommended by the SRS Parties (the &ldquo;Subsequent New Director&rdquo; and,
together with Mr. Choi, the &ldquo;New Directors&rdquo;); (iii) the Company will include the previously appointed New
Directors in its slate of nominees for election as directors at the 2016 annual meeting of stockholders (the &ldquo;2016
Annual Meeting&rdquo;) and on certain committees of the Board; (iv) the
SRS Parties will abide by certain standstill provisions during the Standstill Period (as defined in the Cooperation Agreement); and (v) the SRS Parties will vote their shares of Common Stock in favor of
the Issuer&rsquo;s nominees and other ordinary course proposals at the 2016 Annual Meeting.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">The foregoing summary of the
Cooperation Agreement is qualified in its entirety by reference to the full text of the Cooperation Agreement, which is
referenced as Exhibit 1 to this Schedule 13D (and which is incorporated by reference to Exhibit 10.1 of the Form 8-K, filed by the Issuer on January 25, 2016).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 11pt">The Investment Manager intends to review its investment in the Issuer on a
continuing basis. Depending on various factors, including, without limitation, the outcome of any discussions referenced above,
the Issuer&rsquo;s financial position, results and strategic direction, actions taken by the Issuer&rsquo;s management and the
Board, price levels of the Common Stock, other investment opportunities available to the Investment Manager, conditions in the
securities market and general economic and industry conditions, the Investment Manager may in the future take such actions with
respect to its investment in the Issuer as it deems appropriate, including, without limitation, acquiring additional Common Stock
and/or other securities of the Issuer (collectively, &ldquo;Securities&rdquo;) or disposing of some or all of the Securities beneficially
owned by it, in public market or privately negotiated transactions; entering into financial instruments or other agreements that
increase or decrease the Investment Manager&rsquo;s economic exposure with respect to its investment in the Issuer and/or otherwise
changing its intention with respect to any and all matters referred to in Item 4 of Schedule 13D.</FONT></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B>Item
    5.</B></FONT></TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B>INTEREST
    IN SECURITIES OF THE ISSUER</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><p></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">(a) The aggregate number of shares
of Common Stock to which this Schedule 13D relates is 9,500,000 shares of Common Stock, constituting approximately 9.5% of the
outstanding Common Stock. All percentages set forth herein are based upon a total of 100,306,123 shares of Common Stock outstanding
as of October 30, 2015, as reported   in the Issuer&rsquo;s Quarterly Report on Form 10-Q for the period ended September 30, 2015, filed with the SEC on November 3, 2015.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">Pursuant to certain cash-settled
equity swaps, the Reporting Persons have economic exposure to, and may be deemed to beneficially own, an additional 10,500,000
notional shares of Common Stock, constituting approximately 10.5% of the outstanding shares of Common Stock, as more fully described
in Item 6 of this Schedule 13D.&nbsp;</FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"></FONT></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt; font-weight: bold"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%; vertical-align: top; text-align: left">CUSIP No. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">053774105</FONT></TD><TD STYLE="width: 34%; vertical-align: top; text-align: center">SCHEDULE 13D</TD><TD STYLE="width: 33%; vertical-align: top; text-align: right">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;of 7 Pages</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">(b) Each of the Reporting Persons
has the shared power to vote or to direct the vote or to dispose or to direct the disposition of 9,500,000 shares of Common Stock.</FONT></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(<FONT STYLE="font-size: 11pt">c) None.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">(d) Not applicable.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"></FONT><FONT STYLE="font-size: 11pt">(e) Not applicable.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B>Item
    6.</B></FONT></TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B>CONTRACTS,
    ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">On January 25, 2016, the
        Issuer and the SRS Parties entered into the Cooperation Agreement, the terms of which are described in Item 4 of
        the Schedule 13D. The Cooperation Agreement is referenced as Exhibit 1 to the Schedule 13D and is incorporated
        by reference herein.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">The Reporting Persons are
parties to an agreement with respect to the joint filing of this</FONT> <FONT STYLE="font-size: 11pt">Schedule 13D and any amendments
thereto. A copy of such agreement is attached as Exhibit 2 to this Schedule 13D and is incorporated by reference herein.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">The Reporting Persons may
        be deemed to have economic exposure to an additional 10,500,000 shares of Common Stock pursuant to certain cash-settled
        equity swaps between the Funds and broker-dealer counterparties. Such swaps mature on dates ranging from
        August 21, 2018 to May 18, 2020.         The reference prices for such swaps range from $25.66 to $46.90. The Reporting
        Persons do not have voting power or dispositive         power with respect to the Common Shares referenced in such swaps and
        disclaim beneficial ownership of the shares underlying         such swaps.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">Except as set forth herein,
        there are no contracts, arrangements, understandings or relationships among the Reporting Persons or between the Reporting
        Persons and any other person with respect to the Common Stock.</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B>Item
    7.</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 53%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B>MATERIAL
    TO BE FILED AS EXHIBITS</B></FONT></TD>
    <TD STYLE="width: 37%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: bold 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: bold 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt"><B><U>Exhibit</U></B></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">1</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">2</FONT></P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"><B><U>Description</U></B></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">Cooperation Agreement, dated
        January 24, 2016 (incorporated by reference to Exhibit 10.1 of the Form 8-K, filed by the Issuer on January 25, 2016).</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">Joint Filing Agreement, dated
        January 25, 2016.</FONT></P></TD></TR>
</TABLE>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt; font-weight: bold"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%; vertical-align: top; text-align: left">CUSIP No. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">053774105</FONT></TD><TD STYLE="width: 34%; vertical-align: top; text-align: center">SCHEDULE 13D</TD><TD STYLE="width: 33%; vertical-align: top; text-align: right">&nbsp;Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;of 7 Pages</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 11pt">SIGNATURES</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 11pt">After
reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information
set forth in this statement is true, complete and correct.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">Date: January 25, 2016</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B> </B></FONT></TD>
    <TD STYLE="font: bold 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B>SRS INVESTMENT MANAGEMENT,
    LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 55%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 11pt">By:</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">/s/ David
    B. Zales</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Name:&#9;David B. Zales</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Title:&#9;General Counsel</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: bold 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">&nbsp;</FONT><B>KARTHIK R. SARMA</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">/s/ Karthik R. Sarma</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>


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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>p16-0234exhibit2.htm
<DESCRIPTION>JOINT FILING AGREEMENT PURSUANT TO RULE 13D-1(K)
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">EXHIBIT 2</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">JOINT FILING AGREEMENT<BR>
PURSUANT TO RULE 13d-1(k)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The undersigned
acknowledge and agree that the foregoing statement on Schedule 13D is filed on behalf of each of the undersigned and that all subsequent
amendments to this statement on Schedule 13D shall be filed on behalf of each of the undersigned without the necessity of filing
additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments,
and for the completeness and accuracy of the information concerning him or it contained herein and therein, but shall not be responsible
for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason
to believe that such information is inaccurate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">DATE: January 25, 2016</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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    <TD STYLE="font: bold 11pt Times New Roman, Times, Serif"><B></B></TD>
    <TD STYLE="font: bold 11pt Times New Roman, Times, Serif">SRS INVESTMENT MANAGEMENT, LLC</TD></TR>
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    <TD STYLE="width: 52%; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48%; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right">By:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif">/s/ David B. Zales</TD></TR>
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    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">Name:&#9;David B. Zales</TD></TR>
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    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">Title:&#9;General Counsel</TD></TR>
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    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
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    <TD STYLE="font: bold 11pt Times New Roman, Times, Serif"><B></B></TD>
    <TD STYLE="font: bold 11pt Times New Roman, Times, Serif">KARTHIK R. SARMA</TD></TR>
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    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif">/s/ Karthik R. Sarma</TD></TR>
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