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Press Releases

Hertz Reports Record Second Quarter Earnings of $103.7 Million, Up 18%
PRNewswire
PARK RIDGE, N.J.

The Hertz Corporation , the world's largest car rental company and a leading industrial and construction equipment rental business, reported record second quarter, 2000, earnings of $103.7 million, up 18% from the $87.9 million generated for the same period last year. Earnings per share on a diluted basis for the quarter were 96 cents, compared to 81 cents for the second quarter, 1999. Hertz' second quarter net income includes a $5.4 million net gain relating to the disposal of real property.

Hertz achieved record revenues for the quarter of $1.289 billion, an increase of 10.4% from $1.167 billion last year.

The increase for the second quarter of 2000 reflected continued pricing pressure in Hertz' equipment rental unit and a strong volume performance in the worldwide car rental market. However, price increases are required to offset increasing inflation relating to vehicles, wages and interest rates.

Effective immediately, nationwide, Hertz has raised non-contract daily and weekend rates by $3 per day. For weekly rentals, those with advance reservations of 21 days or more have been raised $10 per week and those of less than 21 days advance reservations were raised $20 per week. The rate increases apply to compact through full-size class vehicles nationwide.

Hertz President and Chief Executive Officer, Craig R. Koch stated, "We are on track to produce our seventh consecutive year of record earnings."

Headquartered in Park Ridge, NJ, Hertz operates from approximately 6,500 locations in the U.S. and over 140 foreign countries.

                          THE HERTZ CORPORATION
                     CONSOLIDATED STATEMENT OF INCOME
                        (In Thousands of Dollars)
                                Unaudited

                            Three Months                    As % of
                           Ended June 30,                Total Revenue
                          2000         1999           2000          1999

  Revenue             $1,289,327    $1,167,389       100.0%        100.0%
  Expenses:
  Direct operating       569,495       518,246        44.2%         44.4%
  Depreciation of
   revenue earning
   equipment             336,068       308,136        26.0%         26.4%
  Selling, general
   and administrative    115,730       114,731         9.0%          9.8%
  Interest - net          99,014        79,347         7.7%          6.8%
  Total expenses       1,120,307     1,020,460        86.9%         87.4%
  Income before
   income taxes          169,020       146,929        13.1%         12.6%
  Income taxes            65,289        59,026         5.1%          5.1%
  Net income            $103,731       $87,903         8.0%          7.5%
  Earnings per share:
  Basic                    $0.96         $0.81
  Diluted                  $0.96         $0.81
  Weighted average
   number of shares
   outstanding:
  Basic              107,574,249   108,089,721
  Diluted            107,724,814   109,054,545

                            Six Months                      As % of
                          Ended June 30,                 Total Revenue
                          2000        1999            2000         1999

  Revenue             $2,424,532    $2,200,344       100.0%        100.0%
  Expenses:
  Direct operating     1,108,496     1,006,534        45.7%         45.7%
  Depreciation of
   revenue earning
   equipment             640,098       584,861        26.4%         26.6%
  Selling, general
   and administrative    225,343       223,484         9.3%         10.2%
  Interest - net         188,289       156,497         7.8%          7.1%
  Total expenses       2,162,226     1,971,376        89.2%         89.6%
  Income before
   income taxes          262,306       228,968        10.8%         10.4%
  Income taxes           102,275        92,304         4.2%          4.2%
  Net income            $160,031      $136,664         6.6%          6.2%
  Earnings per share
  Basic                    $1.49         $1.27
  Diluted                  $1.48         $1.26
  Weighted average
   number of shares
   outstanding:
  Basic              107,711,182   107,987,221
  Diluted            107,913,346   108,731,620

                            BALANCE SHEET DATA
                        (In Thousands of Dollars)
                                Unaudited

                                                       June 30,
                                                  2000            1999

  Revenue earning equipment:
  Cars                                          $6,372,583     $5,567,731
  Other equipment                                1,721,880      1,527,938
  Total assets                                  11,450,770     10,123,285
  Total debt                                     7,616,626      6,700,837
  Stockholders' equity                           1,790,609      1,502,781

SOURCE: The Hertz Corporation

Contact: Financial - Lauren S. Babus, 201-307-2337; Media - Lauren E.
Garvey, 201-307-2448, both of The Hertz Corporation

Company News On-Call: http://www.prnewswire.com/comp/406850.html or fax,
800-758-5804, ext. 406850