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Hertz Investor

Presentation

April 16, 2014

BAML Auto Summit

New York, NY

1

Forward-Looking Statements

Certain statements contained in this presentation are “forward-looking statements” within the meaning of the

Private Securities Litigation Reform Act of 1995. These statements give our current expectations or forecasts of

future events and our future performance and do not relate directly to historical or current events or our

historical or current performance. Most of these statements contain words that identify them as forward looking,

such as “anticipate”, “estimate”, “expect”, “project”, “intend”, “plan”, “believe”, “seek”, “will”, “may”, “opportunity”,

“target” or other words that relate to future events, as opposed to past or current events.

Forward-looking statements are based on the then-current expectations, forecasts and assumptions of our

management and involve risks and uncertainties, some of which are outside of our control, that could cause

actual outcomes and results to differ materially from current expectations. For some of the factors that could

cause such differences, please see the sections of our annual report on Form 10-K for the year ended

December 31, 2013 and quarterly reports on Form 10-Q for the quarters of 2013 entitled “Risk Factors” and

“Cautionary Note Regarding Forward-Looking Statements.” Copies of these reports are available from the

Securities and Exchange Commission, our website or our Investor Relations department.

We cannot assure you that the assumptions under any of the forward-looking statements will prove accurate or

that any projections will be realized. We expect that there will be differences between projected and actual

results. These forward-looking statements speak only as of the date of this presentation, and we do not

undertake any obligation to update or revise any forward-looking statements, whether as a result of new

information, future events or otherwise. We caution prospective purchasers not to place undue reliance on

forward-looking statements. All forward-looking statements attributable to us are expressly qualified in their

entirety by the cautionary statements contained herein and in our annual and quarterly reports described

above.

2

Disclosure on Financials in Presentation

Amounts shown in this presentation, unless otherwise indicated, are for Hertz Global Holdings,

Inc., (HGH), the ultimate parent company of The Hertz Corporation (THC). GAAP and non-GAAP

profitability metrics for THC, the wholly owned operating subsidiary, are different from those of

HGH.

During 2006, the results of HGH and THC varied primarily due to the $1.0 billion loan facility on

the books of HGH which was repaid with the proceeds from HGH’s initial public offering. In 2007,

THC had lower total expenses than HGH primarily due to $2.0 million of secondary offering costs

incurred at the HGH level. In 2009, 2010, 2011, 2012, and 2013 HGH also had interest expense

relating to the 5.25% Convertible Senior Notes issued in May 2009, as well as debt

extinguishment costs related to the early conversion of a portion of the Convertible Senior Notes

during the third quarter of 2013.

Other minor differences in the various profit metrics for HGH and THC, presented on both a

GAAP and non-GAAP basis, exist relating to additional audit fees and interest income relating to

additional cash on had at the HGH level.

3

Accelerating

Cash Flow

Generation

Advanced

Technology

Leader

Culture of

Operational

Excellence

Superior

Growth

Strategies

Diverse,

Global

Portfolio

TRANSFORMING HERTZInvestment Proposition

4

A Market Leader with the

Most Diversified Offering

Worldwide

Equipment Rental

Revenue

$1.5B

Off-Airport

Revenue

$2.5B

Leasing/

Fleet Mgmt

Revenue

$0.5B

FY:13 Total Revenue +19%; Adj. Pre-tax Income +29%

Construction

Revenue

$0.6B

Fragmented

Revenue

$0.5B

Industrial

Revenue

$0.4B

Diverse,

Global

Portfolio

Worldwide

Rental Car

Revenue

$9.2B

Airport

Revenue

$6.2B

Total Hertz

$10.8B

5

Tax-free separation

RAC Focus – Primarily cash generation and growth

HERC Focus – Growth and cost reduction through cycle

Distinct strategies and investment profiles

Tailored capital structures

Board replaces prior buyback authorization with new $1B plan

Rental car target leverage ratio of 2.5x-3.5x allows for potential

ongoing capital return to shareholders

Transaction Unlocks Significant Value for Shareholders

Transaction Summary

Separation

of Two

Strong

Companies

Pure Play

Valuations

$1B Share

Repurchase

Program

6

$1.54B

$667M

43%

$292M

19%

Construction

Revenue

$0.6B

Fragmented

Revenue

$0.5B

Industrial

Revenue

$0.4B

2013 Revenue

Corporate EBITDA

(% Margin)

Adj. Pre-Tax Income

(% Margin)

1. HERC Segment financials as reported. Not pro forma for incremental allocations or incremental standalone costs.

(1)

Separation Benefits - Equipment Rental

(1)

Pure play company

Increased reporting

transparency

Attract more focused investor

base

Resources aligned with growth strategies

Optimizes capital structure

Consolidation opportunities

Enhanced management focus

Financial

Overview

(2013)

Key

Segments

/ End

Markets

“New” HERC

Separation

Benefits

7

Financial

Overview

(2013)

Key

Segments

/ End

Markets

1. RAC Segment financials plus all corporate overhead and other reconciling items. Adjusted pre-tax income based on existing HTZ capital structure and does not adjust for any debt paydown post separation.

$9.24B

$1.38B

15%

$861M

9%

Hertz Rental Car “Post Separation”

2013 Revenue

Corporate EBITDA

(% Margin)

Adj. Pre-Tax Income

(% Margin)

(1)

(1)

Separation

Benefits

Off-Airport

Revenue

$2.5B

+ HCM

Leasing/

Fleet Mgmt

Revenue

$0.5B

Airport

Revenue

$6.2B

Pure play company

Increased reporting transparency

Leader in consolidated industry

More stable cash generation

Greater capacity to return cash

to shareholders

Best-in-class financial profile

(1)

Separation Benefits - Rental Car

8

Visibility Adds Value

____________________

Note: Hertz Rental Car Post-Separation financials represent RAC Segment financials plus all HGH reconciling items and unallocated corporate allocations. This data speaks

as of 03/18/2014, the date on which the estimate was originally given, and this slide does not constitute confirmation or an update of that previously issues estimate.

1. Pro forma Adj. Pre-Tax income based on existing HTZ capital structure and does not adjust for any debt paydown post separation.

BEST-IN-CLASS FINANCIAL PERFORMANCE

Should Capture Greater Valuation

Hertz RENTAL CAR Post-Separation – Financial Summary

Pro Forma Income Statement Metrics

($ in billions) 2010 2011 2012 2013 2014E

Revenue $6.5 $7.1 $7.6 $9.2 $9.9

YoY Growth 8.4% 9.2% 7.8% 20.9% 6.8%

Corporate EBITDA $0.7 $0.9 $1.1 $1.4 $1.5

Margin 10.8% 12.6% 13.8% 14.9% 15.3%

Adjusted Pre-tax Income $0.3 $0.5 $0.7 $0.9 $1.0

Margin 4.1% 7.1% 8.7% 9.3% 10.2%

(1)

9

Rental Car Strategic Revenue Drivers

Rental Car

Off Airport

Rental Car

Leisure Segment

Insurance

Replacement

Technology

Superior

Growth

Strategies

Vehicle

Leasing

10

U.S. Off Airport Rental Car

Superior

Growth

Strategies

Greatest incremental revenue growth opportunity:

Locations 2007 = 1,580 vs. FY:13 =2,875; +76%

Capture share in insurance replacement; double-digit growth over last 2 years

‒ Recession proof business

‒ 2014 elevated to primary position with top 5 national insurance company

Broaden network coverage; targeting 200+ net new locations annually

Offer 24/7 rentals “in your neighborhood”

*Auto Rental News 2012 & Company Reports

$11B off-airport rental car market*

Hertz share at only ~13% represents

significant potential growth

11

U.S. Off Airport Rental Car

Strong Margin Contribution

Superior

Growth

Strategies

Retail

49%

Longer rentals &

lower cost structure

drive off-airport

margins

(Per Transaction Day)

Mature

Off Airport

Location

Average

Airport

Location Comparison

Labor Costs $4.09 $4.47 8% lower

DOE $18.54 $28.00 34% lower

SG&A $1.63 $3.12 48% lower

Utilization 84.3% 82.1% 220 bps higher

Off Airport Margin Analysis – Locations Open > 2 Years

Lower RPD

Low cost infrastructure

Longer length rental

Video kiosks drive

down labor costs;

reduce need for brick &

mortar expansion

Rapidly expanding by

co-locating

with body shops,

hotels, etc.

12

Donlen Fleet Leasing & Management

Vehicle Leasing

Vehicle acquisition

License and title

management

Vehicle remarketing

Fleet Management Services

Vehicle Maintenance

Accident management

Fuel management

Telematics

Reduces fuel use and

resulting CO2 emissions

Improves safety

Improves productivity

Equipment Financing

Syndication model

Longer term fixed financing

Class 4+ trucks, trailers and

material handling equipment

Highly

Synergistic

Businesses

Superior

Growth

Strategies

13

Similar 3-Tier Strategy in Europe

Premium Mid-Tier Value

U.S. Rental Car Leisure Segment$11B Total U.S. Airport Market

Superior

Growth

Strategies

14

Acquisition Synergies

Recognized over 3 years

$300M REVENUE Synergies $300M COST

Synergies

Leverage

Global

Partners

40%

Europe

Corporate

Expansion

37%

Other 6%

Fleet

40%

Technology

& Related

31% Other

14%

EU opened 143 corporate Thrifty

locations

Negotiated DTG agreements with 350

HTZ corporate accounts; exclusive

partners, including AAA, Marriott;

airline partners like Jet Blue, Spirit

DTG referrals to HTZ OAP underway

Fleet - procurement, 3 pts utilization,

alternative sales channels

Technology – systems integration:

fleet, pricing, counter, e-commerce,

reservations, billing, HR, finance

Non-fleet procurement – Centralize

DTG spend, leverage combined scale

15

HERC Strategic Revenue Drivers

Equipment

Rental

Non-res

Construction

Recovery

Superior

Growth

Strategies

Market

Penetration

Brand

Expansion

N.A. Rev. Mix FY:13 FY:06

Constr. 38% 52%

Industrial 26% 18%

Fragmented 36% 30%

Franchise & JV

expansion

Latin America,

Middle East, Asia

Now Positioned to Stand Alone as Best-in-Class

16

Recovery of Non-Res Construction only Beginning

U.S. industrial market leads equipment rental recovery

U.S. non-res construction industry awaiting recover

Equipment Rental Growth Drivers

$200

$220

$240

$260

$280

$300

$320

2007 2008 2009 2010 2011 2012 2013 2014F

U.S. Industrial Spending

$125

$150

$175

$200

$225

$250

2007 2008 2009 2010 2011 2012 2013 2014F

Source: McGraw-Hill

Source: IIR

U.S. Non-res Construction Starts

Superior

Growth

Strategies

17

Cash Flow Acceleration

Improved Profit

& Margin

Better Capital

Management

Revenue Growth

Fleet

Management

Lean Six Sigma

Asset Light

Technology-led

Expansion

Franchising

Improved Balance

Sheet

18

Better Fleet Management Drives Returns

$400

$1,000

Dealer Direct Retail & R2B

% of Total Hertz Vehicle Sales

Alternative Resale Channels

Accelerating

Cash Flow

Generation

Incremental Return vs. Auction

32%

12%

38%

15%

39%

15%

40%

30%

Dealer Direct Retail & Rent2Buy‘11 ‘12 ‘13 ’14E

Dealer Direct

‘11 ’12 ’13 ’14E

Retail & Rent2Buy

Licensed in 35

states

Rent2buy.com

online sales

Staff of used-car

experts

Reduces cost of sale, improves sale price, keeps cars on rent longer

19

$0

$187

$500

$1,260

$1,698

$2,156

$2,639

$2,939

$175

$193

$203

$211

$222

$226 $229

$235

2006 2007 2008 2009 2010 2011 2012 2013

* Rental Revenue per Employee

Lean Six Sigma

Productivity Improvements

Leveraging Lean Six Sigma

across operations

Corporate culture of

operational excellence

More than 430 black,

yellow and green belts

deployed worldwide

Expanding Lean Six Sigma

“Lighthouse” program to

off-airport rental car

locations

Annual gross cost savings

of ~$200M targeted to

offset inflation

Employee productivity 29 consecutive quarters of YoY improvement

Employee Efficiency* ($ in thousands)

Cumulative Cost Savings ($ in millions)

Accelerating

Cash Flow

Generation

20

Higher Return Investments

Increases productivity, enhances customer

experience and improves revenue

management

Enables rapid expansion of off-airport network

Expands hours of operation to virtually 24/7

Technology & Innovation

Reducing costs while enhancing customer experience

Video Kiosks

Virtual rental experience

24/7

Reduces brick & mortar,

labor investment

Hertz On Demand

Accelerating

Cash Flow

Generation

E-ReturnMobile Gold Alert

Express Rent

Kiosks

Hertz

24 /7

21

Consistently Improving Trends

2009 2010 2011 2012 2013 2014E1

Revenue $7,101.5 $7,562.5 $8,299.3 $9,024.9 $10,771.9 $11,550.0

YoY Growth 6.5% 9.7% 8.7% 19.4% 7.2%

Corporate EBITDA $974.0 $1,094.3 $1,370.8 $1,626.4 $2,043.7 $2,240.0

Margin 13.7% 14.5% 16.5% 18.0% 19.0% 19.4%

YoY Growth 12.4% 25.3% 18.6% 25.7% 9.6%

Adjusted Pre-tax $193.0 $340.1 $661.8 $892.3 $1,153.2 $1,320.0

Adj. PreTax Mgn 2.7% 4.5% 8.0% 10.0% 10.7% 11.4%

YoY Growth 76.2% 94.6% 34.8% 29.2% 14.5%

Adjusted EPS $0.28 $0.51 $0.94 $1.31 $1.63 $1.85

YoY Growth 82.1% 84.3% 39.4% 24.4% 13.5%

Free Cash Flow ($347) $463 $63 $155 $449 $600

1Mid-point of 3/18/14 guidance; this guidance speaks only as of that date and this slide does not constitute confirmation or an update of that

previously issued guidance.

($ in millions)

Accelerating

Cash Flow

Generation

22

Transformation Positions Businesses

for Standalone Success

Superior

Growth

Strategies

Next Step: Optimize Strategies; Maximize Profit & Cash Flow

23

Earnings and FCF generation should allow for ongoing deleveraging

Balanced Capital Focus: debt reduction; fleet investment

Prudent capital investments to promote steady base growth rate

Balanced Capital Focus: debt reduction; share repurchases

HERC proceeds fund new $1B share buyback and immediate deleveraging

Under stable market conditions, absent unique investments or new fleet

capex, target leverage ratio allows for potential ongoing returns to

shareholders

Balance Capital Allocation

HERC

Hertz

Rental

Car

Accelerating

Cash Flow

Generation

24

Accelerating

Cash Flow

Generation

Advanced

Technology

Leader

Culture of

Operational

Excellence

Superior

Growth

Strategies

Diverse,

Global

Portfolio

TRANSFORMING HERTZInvestment Proposition

25

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