Dollar Thrifty Automotive Group amends credit agreements for sixty days

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TULSA, OK – Dollar Thrifty Automotive Group, Inc. announced today that the company successfully amended its senior secured credit facility to modify the level of permissible leverage during the period beginning September 30, 2008 and continuing through November 30, 2008. Compliance with the leverage ratio test under the amended agreement at any date during that period will be based on Corporate EBITDA for the trailing four quarters ended June 30, 2008, rather than for the most recently completed trailing four quarters.

As previously announced, third quarter results have been negatively affected by challenges in the areas of revenue per day and vehicle depreciation costs, as well as the bankruptcy of one of the company’s tour operators, resulting in the need to reduce non-vehicle debt or modify the company’s leverage ratio to maintain covenant compliance. Following the 60-day amendment period, the leverage ratio test will again be based on Corporate EBITDA for the trailing four quarters most recently completed prior to the relevant test date. Depending on actual results for the third quarter, among other factors, the company may seek additional modifications to its leverage ratio test during the 60-day amendment period and/or reduce non-vehicle debt.

Through November 30, 2008, the company will be prohibited from further borrowings under the facility and from requesting the issuance of additional letters of credit thereunder as enhancement for its commercial paper and medium-term note programs. The company does not anticipate a need for additional enhancement letters of credit during this period. Through November 30, 2008, the company must also maintain at least $60 million of unrestricted cash and cash equivalents, although it may use these assets (or their proceeds) to prepay facility debt, and it will be subject to restrictions on certain activities otherwise permissible under the facility.

After giving effect to the amendment, the company is in compliance with the leverage ratio test.