Category: Press Release

PARK RIDGE, N.J., May 6, 2013 /PRNewswire/ — The Hertz Corporation (NYSE: HTZ) announced a partnership with MINDDRIVE, a non-profit educational program, to engage and educate local communities about sustainable mobility through a cross country road trip in an electric vehicle built by MINDDRIVE students. MINDDRIVE teaches at-risk high school students business and technology based skills by converting older model cars into electric vehicles.

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"MINDDRIVE is a great partner for Hertz as both of our organizations are actively promoting positive sustainability and community outcomes through fleet, innovation and technology," said Mark P. Frissora, Chairman and CEO of Hertz. "Just as MINDDRIVE engages students through first-hand learning and technology, Hertz believes that providing our customers with the opportunity to drive new, alternative fuel vehicles will help educate them about the benefits of sustainable transportation."

To help raise awareness about green transport and travel, Hertz is sponsoring the MINDDRIVE teams’ cross country road trip this summer, as well as providing support vehicles from its Green Traveler Collection. The Green Traveler Collection includes high fuel economy and alternative fuel vehicles, such as hybrids, electric vehicles and clean diesel.

The 2013 MINDDRIVE campaign includes rebuilding a 1967 Karmann Ghia into a fully electric, low-speed, neighborhood car. The team will be touring the country in the rebuilt EV to help raise awareness about MINDDRIVE’s education program. From there, students will replicate the neighborhood car design using sustainable materials, including molded plywood and fiberglass, resulting in a lightweight, ultra-efficient and sustainable vehicle. This Series 2 Karmann Ghia will become a kit car for low-production resale.

"Our mission is to inspire students to learn, expand their vision of the future, and to have a positive influence on urban workforce development," says Steve Rees, MINDDRIVE founder. "When our students work shoulder-to-shoulder for 16 weeks with an adult mentor, they begin to envision a different outcome for their lives."

About MINDDRIVE

MINDDRIVE, is a 501(c)3 organization based in Kansas City, Missouri which serves the high school students, teaching math, science, technology and creativity through hands-on, experiential learning. The program ignites the students’ engagement in their education and their futures by providing state-of-the-art projects that address important global issues of our time. For more information, visit http://www.minddrive.org.

About The Hertz Corporation

Hertz operates its car rental business through the Hertz, Dollar and Thrifty brands from approximately 10,400 corporate, licensee and franchisee locations in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental brand, operating from approximately 8,800 corporate and licensee locations in approximately 150 countries. Hertz is the number one airport car rental brand in the U.S. and at 111 major airports in Europe. Dollar and Thrifty have approximately 1,580 corporate and franchisee locations in approximately 80 countries. Hertz is an inaugural member of Travel + Leisure’s World’s Best Awards Hall of Fame and was recently named, for the thirteenth time, by the magazine’s readers as the Best Car Rental Agency. Hertz was also voted the Best Overall Car Rental Company in Zagat’s 2012/13 U.S. Car Rental Survey, earning top honors in 14 additional categories, and the Company swept the global awards for Best Rewards Program and Best Overall Benefits from FlyerTalk.com. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, and unique cars and SUVs offered through the Company’s Adrenaline, Prestige and Green Traveler Collections, also set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation and operates the Hertz On Demand car sharing business. The Company also owns a leading North American equipment rental business, Hertz Equipment Rental Corporation, which includes Hertz Entertainment Services.

To make car rental reservations or for more information, customers can call Hertz toll-free at 1-800-654-3131. Information and reservations are also available on the web at www.hertz.com.

To learn more about Hertz’s global sustainability efforts, visit www.hertzlivingjourney.com.

SOURCE The Hertz Corporation

PARK RIDGE, N.J., May 3, 2013 /PRNewswire/ —

Event:	Hertz Global Holdings, Inc.’s Chairman & Chief Executive Officer Mark Frissora to speak at the 2013 Wells Fargo Securities Industrial & Construction Conference
Time/Date:	10:55 am (ET) on Wednesday May 8, 2013
Internet Access:	Hertz’s presentation will be broadcast live through an audio webcast available from the Investor Relations section of Hertz’s website, www.hertz.com/investorrelations. Presentation slides will be available for download at the site and the webcast will be available for replay until May 22, 2013.

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About Hertz
Hertz (NYSE: HTZ) is the largest worldwide airport general use car rental brand, operating from approximately 10,460 corporate and licensee locations in approximately 150 countries in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest airport general use car rental brand, operating from approximately 8,960 corporate and licensee locations in approximately 150 countries. Our Dollar and Thrifty brands have approximately 1,500 corporate and franchise locations in 85 countries. Hertz is the number one airport car rental brand in the U.S. and at 120 major airports in Europe. Hertz is an inaugural member of Travel + Leisure’s World’s Best Awards Hall of Fame and was recently named, for the thirteenth time, by the magazine’s readers as the Best Car Rental Agency. Hertz was also voted the Best Overall Car Rental Company in Zagat’s 2012/13 U.S. Car Rental Survey, earning top honors in 14 additional categories, and the Company swept the global awards for Best Rewards Program and Best Overall Benefits from FlyerTalk.com. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, and unique cars and SUVs offered through the Company’s Adrenaline, Prestige and Green Traveler Collections, also set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation and operates the Hertz On Demand car sharing business. The Company also owns a leading North American equipment rental business, Hertz Equipment Rental Corporation, which includes Hertz Entertainment Services.

To make car rental reservations or for more information, customers can call their travel agent, or call Hertz toll-free at 1-800-654-3131. Information and reservations are also available on the web at www.hertz.com. For information on Hertz Equipment Rental, visit the company on the web at www.hertzequip.com.

SOURCE Hertz Global Holdings, Inc.

PARK RIDGE, N.J., April 29, 2013 /PRNewswire/ — Hertz Global Holdings, Inc. (NYSE: HTZ) (with its subsidiaries, the "Company" or "we") reported first quarter 2013 worldwide revenues of $2.4 billion, an increase of 24.3% year-over-year. Worldwide car rental revenues for the quarter increased 25.7% year-over-year to $2,084.8 million. Revenues from worldwide equipment rental for the first quarter were $351.0 million, up 16.2% year-over-year.

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First quarter 2013 adjusted pre-tax income was $144.5 million, versus adjusted pre-tax income of $29.4 million in the same period in 2012, and pre-tax income, on a GAAP basis, was $72.2 million versus a loss before income taxes, on a GAAP basis of $36.8 million in the first quarter of 2012. Corporate EBITDA for the first quarter of 2013 was $367.1 million, an increase of 74.2% from the same period in 2012.

First quarter 2013 adjusted net income⁽¹⁾ was $93.9 million, versus $19.4 million in the same period of 2012, resulting in adjusted diluted earnings per share for the quarter of $0.21, compared to $0.05 for the first quarter of 2012. First quarter 2013 net income attributable to Hertz Global Holdings, Inc. and Subsidiaries’ common stockholders, on a GAAP basis, was $18.0 million or $0.04 per share on a diluted basis, compared to a net loss attributable to Hertz Global Holdings, Inc. and Subsidiaries’ common stockholders, on a GAAP basis, of $56.3 million or $0.13 per share on a diluted basis for the first quarter of 2012.

Mark P. Frissora, the Company’s Chairman and Chief Executive Officer, said, "We’ve now achieved record year-over-year adjusted pre-tax income seven consecutive quarters and increased employee productivity twenty six consecutive quarters. Our record first quarter 2013 results were driven by year-over-year, double-digit revenue and pre-tax margin growth in the car and equipment rental and leasing businesses, especially in North America. Dollar Thrifty is performing better than anticipated, with integration and synergy progress exceeding our targets," he added.

INCOME MEASUREMENTS, FIRST QUARTER 2013 & 2012
			Q1 2013									Q1 2012
(in millions, except per share amounts)			Pre-tax Income			Net Income (Loss)			Diluted Earnings (Loss) Per Share			Pre-tax Income (Loss)				Net Income (Loss)		Diluted Earnings (Loss) Per Share
Earnings Measures, as reported (EPS based on 460.9M and 418.1M diluted shares, respectively)			$	72.2		$	18.0		$	0.04		$	(36.8)		$	(56.3)		$	(0.13)
Adjustments:
	Purchase accounting			33.7									24.1
	Non-cash debt charges			17.3									25.2
	Integration expenses			10.8									–
	Restructuring and related charges			7.9									10.0
	Acquisition related costs			2.6									6.9
Adjusted pre-tax income				144.5			144.5						29.4			29.4
Assumed provision for income taxes at 35% in 2013 and 34% in 2012							(50.6)									(10.0)
Earnings Measures, as adjusted (EPS based on 460.9M and 418.1M diluted shares, respectively)			$	144.5		$	93.9		$	0.21		$	29.4		$	19.4		$	0.05

Net cash provided by operating activities was $743.6 million in the first quarter of 2013, compared to $492.0 million in the same period last year, an increase of $251.6 million. The increase was primarily due to an increase in net income before depreciation and amortization, as well as the timing of interest and other corporate payments. Free cash flow⁽¹⁾ increased by $5.7 million due to increases in net cash provided by operating activities noted above, partially offset by increased capital expenditures on revenue earning equipment, and property and equipment. The Company ended the first quarter of 2013 with total debt of $16.3 billion and net corporate debt⁽¹⁾ of $6.5 billion, compared with total debt of $15.4 billion and net corporate debt of $5.9 billion as of December 31, 2012. In March 2013, the Company purchased 23.2 million shares of company stock for $467.2 million, in connection with the sale of 60,050,777 shares by Clayton, Dubilier & Rice, LLC, The Carlyle Group and BofA Merrill Lynch. The shares will be held as treasury stock. In addition, the Company stated its intent to settle the conversion of the 5.25% Senior Convertible Notes in 100% stock.

WORLDWIDE CAR RENTAL

Worldwide car rental revenues were $2,084.8 million for the first quarter of 2013, an increase of 25.7% from the prior year period. The Company achieved record transaction days for the quarter which increased 23.4% over the first quarter of 2012 [31.7% U.S.; 1.8% International] largely due to the acquisition of Dollar Thrifty, partially offset by the Advantage divestiture. U.S. off-airport total revenues for the first quarter increased 13.5% year-over-year, and transaction days increased 13.0% from the prior year period. Worldwide rental rate total revenue per transaction day⁽¹⁾ ("total RPD") for the quarter increased 2.6% [4.8% U.S.; (1.2)% International] from the prior year period.

Worldwide car rental adjusted pre-tax income for the first quarter of 2013 was $208.4 million, an increase of $116.8 million from $91.6 million in the prior year period. The result was driven by stronger volumes and pricing including the impact of the Dollar Thrifty acquisition, lower net depreciation per vehicle, lower interest expense as a % of revenues, an increase in total RPD, and disciplined cost management. As a result, worldwide car rental achieved an adjusted pre-tax margin⁽¹⁾ of 10.0% for the quarter, versus 5.5% in the prior year period.

The worldwide average number of Company-operated cars for the first quarter of 2013 was 757,100, an increase of 27.2% over the prior year period, largely as a result of the Dollar Thrifty acquisition.

WORLDWIDE EQUIPMENT RENTAL

Worldwide equipment rental revenues were $351.0 million for the first quarter of 2013, a 16.2% increase from the prior year period. The primary drivers of the increase were stronger equipment rental volumes, up 15.7%, and a 3.6% increase in pricing. Volume increased on strong industrial and improving construction performance.

Adjusted pre-tax income for worldwide equipment rental for the first quarter of 2013 was $45.8 million, an improvement of $19.9 million from $25.9 million in the prior year period, primarily attributable to the effects of increased volume, improved pricing and cost management initiatives. Worldwide equipment rental achieved an adjusted pre-tax margin of 13.0% and a Corporate EBITDA margin⁽¹⁾ of 39.6% for the quarter.

The average acquisition cost of rental equipment operated during the first quarter of 2013 increased by 12.8% year-over-year and net revenue earning equipment as of March 31, 2013 was $2,269.5 million, compared to $1,911.1 million as of March 31, 2012.

OUTLOOK

The Company reaffirms its full year 2013 guidance, provided on February 25, 2013, for revenues, Corporate EBITDA, adjusted pre-tax income, adjusted net income and adjusted diluted earnings per share. In 2013, the Company expects to generate worldwide revenues in the range of $10,850 million – $10,950 million, Corporate EBITDA in the range of $2,210 million – $2,270 million, adjusted pre-tax income in the range of $1,270 million – $1,340 million, adjusted net income in the range of $830 million – $875 million and adjusted diluted earnings per share in the range of $1.82 – $1.92.

RESULTS OF THE HERTZ CORPORATION

The Company’s operating subsidiary, The Hertz Corporation ("Hertz"), posted the same revenues for the first quarter of 2013 as the Company. Hertz’s first quarter 2013 pre-tax income was $86.0 million versus the Company’s pre-tax income of $72.2 million. The difference between Hertz’s and the Company’s results is primarily due to additional interest expense recognized by the Company on its 5.25% Convertible Senior Notes issued in May and September 2009.

(1) Adjusted pre-tax income, adjusted pre-tax margin, Corporate EBITDA, Corporate EBITDA margin, adjusted net income, adjusted diluted earnings per share, free cash flow, net corporate debt and rental rate revenue per transaction day are non-GAAP measures. See the accompanying Tables and Exhibit for the reconciliations and definitions for each of these non-GAAP measures and the reason the Company’s management believes that these measures provide useful information to investors regarding the Company’s financial condition and results of operations.

(2) Management believes that Corporate EBITDA, adjusted pre-tax income, adjusted net income and adjusted diluted earnings per share are useful in measuring the comparable results of the Company period-over-period. The GAAP measures most directly comparable to Corporate EBITDA, adjusted pre-tax income, adjusted net income and adjusted diluted earnings per share are (i) pre-tax income and cash flows from operating activities, (ii) pre-tax income, (iii) net income, and (iv) diluted earnings per share, respectively. Because of the forward-looking nature of the Company’s forecasted Corporate EBITDA, adjusted pre-tax income, adjusted net income and adjusted diluted earnings per share, specific quantifications of the amounts that would be required to reconcile forecasted cash flows from operating activities, pre-tax income and net income are not available. The Company believes that there is a degree of volatility with respect to certain of the Company’s GAAP measures, primarily related to fair value accounting for its financial assets (which includes the Company’s derivative financial instruments), its income tax reporting and certain adjustments made to arrive at the relevant non-GAAP measures, which preclude the Company from providing accurate forecasted GAAP to non-GAAP reconciliations. Based on the above, the Company believes that providing estimates of the amounts that would be required to reconcile the range of the non-GAAP Corporate EBITDA, adjusted pre-tax income, adjusted net income and adjusted diluted earnings per share to forecasted cash flows from operating activities, pre-tax income, net income and diluted earnings per share would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above.

CONFERENCE CALL INFORMATION

The Company’s first quarter 2013 earnings conference call will be held on Tuesday, April 30, 2013, at 10:00 a.m. (EDT). To access the conference call live, dial 800-288-8975 in the U.S. and 612-332-0530 for international callers using the passcode: 291985 or listen via webcast at www.hertz.com/investorrelations. The conference call will be available for replay one hour following the conclusion of the call until May 14, 2013 by calling 800-475-6701 in the U.S. or 320-365-3844 for international callers with the passcode: 291985. The press release and related tables containing the reconciliations of non-GAAP measures will be available on our website, www.hertz.com/investorrelations.

2013 ANNUAL MEETING OF STOCKHOLDERS DATE

The Company’s Board of Directors has set the date and time of the annual meeting of stockholders for May 15, 2013 at 10:30 a.m. (Park Ridge time) at Hertz’s Corporate Offices located at 225 Brae Boulevard, Park Ridge, New Jersey. Registration and seating will begin at 10:00 a.m.

ABOUT THE COMPANY

Hertz is the largest worldwide airport general use car rental brand, operating from approximately 10,460 corporate and licensee locations in approximately 150 countries in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest airport general use car rental brand, operating from approximately 8,960 corporate and licensee locations in approximately 150 countries. Our Dollar and Thrifty brands have approximately 1,500 corporate and franchise locations in 85 countries. Hertz is the number one airport car rental brand in the U.S. and at 120 major airports in Europe. Hertz is an inaugural member of Travel + Leisure’s World’s Best Awards Hall of Fame and was recently named, for the thirteenth time, by the magazine’s readers as the Best Car Rental Agency. Hertz was also voted the Best Overall Car Rental Company in Zagat’s 2012/13 U.S. Car Rental Survey, earning top honors in 14 additional categories, and the Company swept the global awards for Best Rewards Program and Best Overall Benefits from FlyerTalk.com. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, and unique cars and SUVs offered through the Company’s Adrenaline, Prestige and Green Traveler Collections, also set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation and operates the Hertz On Demand car sharing business. The Company also owns a leading North American equipment rental business, Hertz Equipment Rental Corporation, which includes Hertz Entertainment Services.

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release and in related comments by our management include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include information concerning the Company’s outlook, anticipated revenues and results of operations, as well as any other statement that does not directly relate to any historical or current fact. These forward-looking statements often include words such as "believe," "expect," "project," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would," "should," "could," "forecasts" or similar expressions. These statements are based on certain assumptions that the Company has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors that the Company believes are appropriate in these circumstances. We believe these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and our actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative.

Among other items, such factors could include: our ability to integrate the car rental operations of Dollar Thrifty and realize operational efficiencies from the acquisition; the risk that expected synergies, cost savings from the Dollar Thrifty acquisition may not be fully realized or realized within the expected time frame; the operational and profitability impact of the Advantage divestiture and the divestiture of the airport locations that we agreed to undertake in order to secure regulatory approval for the Dollar Thrifty acquisition; levels of travel demand, particularly with respect to airline passenger traffic in the United States and in global markets; the impact of pending and future U.S. governmental action to address budget deficits through reductions in spending and similar austerity measures, which could materially adversely affect unemployment rates and consumer spending levels; significant changes in the competitive environment, including as a result of industry consolidation, and the effect of competition in our markets, including on our pricing policies or use of incentives; occurrences that disrupt rental activity during our peak periods; our ability to achieve cost savings and efficiencies and realize opportunities to increase productivity and profitability; an increase in our fleet costs as a result of an increase in the cost of new vehicles and/or a decrease in the price at which we dispose of used vehicles either in the used vehicle market or under repurchase or guaranteed depreciation programs our ability to accurately estimate future levels of rental activity and adjust the size and mix of our fleet accordingly; our ability to maintain sufficient liquidity and the availability to us of additional or continued sources of financing for our revenue earning equipment and to refinance our existing indebtedness; safety recalls by the manufacturers of our vehicles and equipment; a major disruption in our communication or centralized information networks; financial instability of the manufacturers of our vehicles and equipment; any impact on us from the actions of our licensees, franchisees, dealers and independent contractors; our ability to maintain profitability during adverse economic cycles and unfavorable external events (including war, terrorist acts, natural disasters and epidemic disease); shortages of fuel and increases or volatility in fuel costs; our ability to successfully integrate acquisitions and complete dispositions; our ability to maintain favorable brand recognition; costs and risks associated with litigation; risks related to our indebtedness, including our substantial amount of debt, our ability to incur substantially more debt and increases in interest rates or in our borrowing margins; our ability to meet the financial and other covenants contained in our Senior Credit Facilities, our outstanding unsecured Senior Notes and certain asset-backed and asset-based arrangements; changes in accounting principles, or their application or interpretation, and our ability to make accurate estimates and the assumptions underlying the estimates, which could have an effect on earnings; changes in the existing, or the adoption of new laws, regulations, policies or other activities of governments, agencies and similar organizations where such actions may affect our operations, the cost thereof or applicable tax rates; changes to our senior management team; the effect of tangible and intangible asset impairment charges; the impact of our derivative instruments, which can be affected by fluctuations in interest rates and commodity prices; and our exposure to fluctuations in foreign exchange rates. Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

The Company therefore cautions you against relying on these forward-looking statements. All forward-looking statements attributable to the Company or persons acting on the Company’s behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Tables and Exhibit:

Table 1:	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2013 and 2012
Table 2:	Condensed Consolidated Statements of Operations As Reported and As Adjusted for the Three Months Ended March 31, 2013 and 2012
Table 3:	Segment and Other Information for the Three Months Ended March 31, 2013 and 2012
Table 4:	Selected Operating and Financial Data as of or for the Three Months Ended March 31, 2013 compared to March 31, 2012 and Selected Balance Sheet Data as of March 31, 2013 and March 31, 2012
Table 5:	Non-GAAP Reconciliations of Adjusted Pre-Tax Income (Loss), Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) per Share for the Three Months Ended March 31, 2013 and 2012
Table 6:	Non-GAAP Reconciliations of Free Cash Flow, EBITDA, and Corporate EBITDA for the Three Months Ended March 31, 2013 and 2012
Table 7:	Non-GAAP Reconciliations of Operating Cash Flows to EBITDA for Three Months Ended March 31, 2013 and 2012, Net Corporate Debt, Net Fleet Debt and Total Net Debt as of March 31, 2013, 2012 and 2011 and December 31, 2012 and 2011, Car Rental Rate Revenue per Transaction Day and Equipment Rental and Rental Related Revenue for the Three Months Ended March 31, 2013 and 2012
Exhibit 1:	Non-GAAP Measures: Definitions and Use/Importance

								Table 1
HERTZ GLOBAL HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
Unaudited
	Three Months Ended				As a Percentage
	March 31,				of Total Revenues
	2013		2012		2013			2012
Total revenues	$ 2,436.5		$ 1,960.9		100.0	%		100.0	%
Expenses:
Direct operating	1,351.2		1,114.1		55.4	%		56.8	%
Depreciation of revenue earning
equipment and lease charges	587.0		515.1		24.1	%		26.3	%
Selling, general and administrative	251.7		207.8		10.3	%		10.6	%
Interest expense	176.8		162.3		7.3	%		8.3	%
Interest income	(1.8)		(1.1)		(0.1)	%		(0.1)	%
Other income, net	(0.6)		(0.5)		–	%		–	%
Total expenses	2,364.3		1,997.7		97.0	%		101.9	%
Income (loss) before income taxes	72.2		(36.8)		3.0	%		(1.9)	%
Provision for taxes on income	(54.2)		(19.5)		(2.2)	%		(1.0)	%
Net income (loss) attributable to Hertz Global Holdings,
Inc. and Subsidiaries’ common stockholders	$ 18.0		$ (56.3)		0.8	%		(2.9)	%
Weighted average number of
shares outstanding:
Basic	415.8		418.1
Diluted	460.9		418.1
Earnings (loss) per share attributable to Hertz Global
Holdings, Inc. and Subsidiaries’ common stockholders:
Basic	$ 0.04		$ (0.13)
Diluted	$ 0.04		$ (0.13)

											Table 2
HERTZ GLOBAL HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions)
Unaudited
		Three Months Ended March 31, 2013						Three Months Ended March 31, 2012
		As				As		As				As
		Reported		Adjustments		Adjusted		Reported		Adjustments		Adjusted
Total revenues		$ 2,436.5		$ –		$ 2,436.5		$ 1,960.9		$ –		$ 1,960.9
Expenses:
Direct operating		1,351.2		(35.4)	(a)	1,315.8		1,114.1		(28.7)	(a)	1,085.4
Depreciation of revenue earning
equipment and lease charges		587.0		(3.6)	(b)	583.4		515.1		(2.9)	(b)	512.2
Selling, general and administrative		251.7		(16.0)	(c)	235.7		207.8		(9.4)	(c)	198.4
Interest expense		176.8		(17.3)	(d)	159.5		162.3		(25.2)	(d)	137.1
Interest income		(1.8)		–		(1.8)		(1.1)		–		(1.1)
Other income, net		(0.6)		–		(0.6)		(0.5)		–		(0.5)
Total expenses		2,364.3		(72.3)		2,292.0		1,997.7		(66.2)		1,931.5
Income (loss) before income taxes		72.2		72.3		144.5		(36.8)		66.2		29.4
Benefit (provision) for taxes on income		(54.2)		3.6	(e)	(50.6)		(19.5)		9.5	(e)	(10.0)
Net income (loss) attributable to Hertz Global Holdings,
Inc. and Subsidiaries’ common stockholders		$ 18.0		$ 75.9		$ 93.9		$ (56.3)		$ 75.7		$ 19.4
(a) Represents the increase in amortization of other intangible assets, depreciation of property and equipment and accretion of certain revalued liabilities relating to purchase accounting. For the three months ended March 31, 2013 and 2012, also includes restructuring and restructuring related charges of $2.5 million and $8.1 million, respectively.
(b) Represents the increase in depreciation of equipment rental revenue earning equipment based upon its revaluation relating to purchase accounting.
(c) Represents an increase in depreciation of property and equipment relating to purchase accounting. For the three months ended March 31, 2013 and 2012, also includes restructuring and restructuring related charges of $3.9 million and $1.9 million, respectively. For all periods presented, also includes other adjustments which are detailed in Table 5.
(d) Represents non-cash debt charges relating to the amortization of deferred debt financing costs and debt discounts.
(e) Represents a provision for income taxes derived utilizing a normalized income tax rate (35% for 2013 and 34% for 2012).

			Table 3
HERTZ GLOBAL HOLDINGS, INC.
SEGMENT AND OTHER INFORMATION
(In millions, except per share amounts)
Unaudited
	Three Months Ended
	March 31,
	2013		2012
Revenues:
Car Rental	$ 2,084.8		$ 1,658.2
Equipment Rental	351.0		302.1
Other reconciling items	0.7		0.6
	$ 2,436.5		$ 1,960.9
Depreciation of property and equipment:
Car Rental	$ 40.3		$ 30.8
Equipment Rental	8.5		8.4
Other reconciling items	2.5		3.1
	$ 51.3		$ 42.3
Amortization of other intangible assets:
Car Rental	$ 19.5		$ 9.3
Equipment Rental	10.5		9.5
Other reconciling items	0.5		0.4
	$ 30.5		$ 19.2
Income (loss) before income taxes:
Car Rental	$ 169.6		$ 61.5
Equipment Rental	32.1		10.2
Other reconciling items	(129.5)		(108.5)
	$ 72.2		$ (36.8)
Corporate EBITDA (a):
Car Rental	$ 250.2		$ 124.2
Equipment Rental	139.0		108.3
Other reconciling items	(22.1)		(21.8)
	$ 367.1		$ 210.7
Adjusted pre-tax income (loss) (a):
Car Rental	$ 208.4		$ 91.6
Equipment Rental	45.8		25.9
Other reconciling items	(109.7)		(88.1)
	$ 144.5		$ 29.4
Adjusted net income (loss) (a):
Car Rental	$ 135.4		$ 60.4
Equipment Rental	28.9		17.1
Other reconciling items	(70.3)		(58.1)
	$ 93.9		$ 19.4
Adjusted diluted number of shares outstanding (a)	460.9		418.1
Adjusted diluted earnings per share (a)	$ 0.21		$ 0.05
(a) Represents a non-GAAP measure, see the accompanying reconciliations and definitions.
Note: "Other Reconciling Items" includes general corporate expenses, certain interest expense
(including net interest on corporate debt), as well as other business activities such as our
third-party claim management services. See Tables 5 and 6.

			Table 4
HERTZ GLOBAL HOLDINGS, INC.
SELECTED OPERATING AND FINANCIAL DATA
Unaudited
	Three		Percent
	Months		change
	Ended, or as		from
	of Mar. 31,		prior year
	2013		period
Selected Car Rental Operating Data
Worldwide number of transactions (in thousands)	7,694		20.4	%
Domestic (Hertz, Dollar and Thrifty)	6,100		26.1	%
International (Hertz, Dollar and Thrifty)	1,594		2.8	%
Worldwide transaction days (in thousands)	39,070		23.4	%
Domestic (Hertz, Dollar and Thrifty)	30,064		31.7	%
International (Hertz, Dollar and Thrifty)	9,006		1.8	%
Worldwide total rental revenue per transaction day (a)	$ 50.14		2.6	%
Domestic (Hertz, Dollar and Thrifty)	$ 49.35		4.8	%
International (Hertz, Dollar and Thrifty) (b)	$ 52.76		(1.2)	%
Worldwide average number of cars during period	757,100		27.2	%
Domestic (Hertz company-operated)	432,900		33.9	%
Domestic (Leased)	24,800		N/A
International (Hertz company-operated)	137,500		3.2	%
Donlen (under lease and maintenance)	165,600		N/A
Worldwide revenue earning equipment, net (in millions)	$ 11,699.7		25.1	%
Selected Worldwide Equipment Rental Operating Data
Rental and rental related revenue (in millions) (a) (b)	$ 322.1		17.4	%
Same store revenue growth , including initiatives (a) (b)	12.9	%	N/M
Average acquisition cost of revenue earning equipment operated
during period (in millions)	$ 3,273.5		12.8	%
Worldwide revenue earning equipment, net (in millions)	$ 2,269.5		18.8	%
Other Financial Data (in millions)
Cash flows provided by operating activities	$ 743.6		51.1	%
Free cash flow (a)	(78.7)		6.8	%
EBITDA (a)	916.3		30.4	%
Corporate EBITDA (a)	367.1		74.2	%
Selected Balance Sheet Data(in millions)
	March 31,		December 31,
	2013		2012
Cash and cash equivalents	$ 653.8		$ 533.3
Total revenue earning equipment, net	13,969.2		12,908.3
Total assets	24,076.2		23,286.0
Total debt	16,317.0		15,448.6
Net corporate debt (a)	6,528.5		5,934.4
Net fleet debt (a)	8,709.5		8,409.3
Total net debt (a)	15,238.0		14,343.7
Total equity	2,037.2		2,507.3
(a) Represents a non-GAAP measure, see the accompanying reconciliations and definitions.
(b) Based on 12/31/12 foreign exchange rates.
N/M Percentage change not meaningful.

							Table 5
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP EARNINGS MEASURES
(In millions, except per share amounts)
Unaudited
ADJUSTED PRE-TAX INCOME (LOSS), ADJUSTED NET INCOME (LOSS) AND
ADJUSTED DILUTED EARNINGS PER SHARE
	Three Months Ended March 31, 2013
					Other
	Car		Equipment		Reconciling
	Rental		Rental		Items		Total
Total revenues:	$ 2,084.8		$ 351.0		$ 0.7		$ 2,436.5
Expenses:
Direct operating and selling, general and administrative	1,328.2		232.0		42.7		1,602.9
Depreciation of revenue earning equipment and lease charges	513.0		74.0		–		587.0
Interest expense	75.8		13.4		87.6		176.8
Interest income	(1.7)		(0.1)		–		(1.8)
Other income, net	(0.1)		(0.5)		–		(0.6)
Total expenses	1,915.2		318.8		130.3		2,364.3
Income (loss) before income taxes	169.6		32.2		(129.6)		72.2
Adjustments:
Purchase accounting (a):
Direct operating and selling, general and administrative	20.5		10.5		0.6		31.6
Depreciation of revenue earning equipment	2.1		–		–		2.1
Non-cash debt charges (b)	5.7		1.2		10.4		17.3
Restructuring charges (c)	3.2		0.4		0.1		3.7
Restructuring related charges (c)	2.6		1.5		0.1		4.2
Integration expenses	4.7		–		6.1		10.8
Acquisition related costs (d)	–		–		2.6		2.6
Adjusted pre-tax income (loss)	208.4		45.8		(109.7)		144.5
Assumed (provision) benefit for income taxes of 35%	(72.9)		(16.0)		38.4		(50.6)
Adjusted net income (loss)	$ 135.5		$ 29.8		$ (71.3)		$ 93.9
Adjusted diluted number of shares outstanding							460.9
Adjusted diluted earnings per share							$ 0.21
	Three Months Ended March 31, 2012
					Other
	Car		Equipment		Reconciling
	Rental		Rental		Items		Total
Total revenues:	$ 1,658.2		$ 302.1		$ 0.6		$ 1,960.9
Expenses:
Direct operating and selling, general and administrative	1,064.4		217.3		40.2		1,321.9
Depreciation of revenue earning equipment and lease charges	452.7		62.4		–		515.1
Interest expense	80.5		12.8		69.0		162.3
Interest income	(0.9)		(0.1)		(0.1)		(1.1)
Other income, net	–		(0.5)		–		(0.5)
Total expenses	1,596.7		291.9		109.1		1,997.7
Income (loss) before income taxes	61.5		10.2		(108.5)		(36.8)
Adjustments:
Purchase accounting (a):
Direct operating and selling, general and administrative	10.2		10.0		1.0		21.2
Depreciation of revenue earning equipment	2.9		–		–		2.9
Non-cash debt charges (b)	11.2		1.5		12.5		25.2
Restructuring charges (c)	3.5		3.2		–		6.7
Restructuring related charges (c)	2.3		1.0		–		3.3
Acquisition related costs (d)	–		–		6.9		6.9
Adjusted pre-tax income (loss)	91.6		25.9		(88.1)		29.4
Assumed (provision) benefit for income taxes of 34%	(31.2)		(8.8)		30.0		(10.0)
Adjusted net income (loss)	$ 60.4		$ 17.1		$ (58.1)		$ 19.4
Adjusted diluted number of shares outstanding							418.1
Adjusted diluted earnings per share							$ 0.05
(a) Represents the purchase accounting effects of the acquisition of all of Hertz’s common stock on December 21, 2005 on our results of operations relating to increased depreciation and amortization of tangible and intangible assets and accretion of workers’ compensation and public liability and property damage liabilities. Also represents the purchase accounting effects of certain subsequent acquisitions on our results of operations relating to increased depreciation and amortization of intangible assets.
(b) Represents non-cash debt charges relating to the amortization of deferred debt financing costs and debt discounts.
(c) Amounts are included within direct operating and selling, general and administrative expense in our statement of operations.
(d) Amounts are included within selling, general and administrative expense in our statement of operations.

													Table 6
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP EARNINGS MEASURES
(In millions)
Unaudited
FREE CASH FLOW, EBITDA, AND CORPORATE EBITDA
FREE CASH FLOW					Three Months Ended
					March 31,
					2013		2012
Income (loss) before income taxes					$ 72.2		$ (36.8)
Depreciation of property and equipment					51.3		44.0
Amortization of intangibles and debt costs					47.8		44.0
Cash paid for income taxes					(5.7)		(22.4)
Changes in assets and liabilities, net of effects of acquisitions, and other					6.2		(28.9)
Net cash provided by (used in) operating activities excluding
depreciation of revenue earning equipment					171.8		(0.1)
Car rental fleet growth (a)					(152.6)		(54.4)
Equipment rental fleet growth (a)					(41.3)		(3.3)
Property and equipment expenditures, net of disposals					(56.6)		(26.6)
Net investment activity					(250.5)		(84.3)
Free cash flow					$ (78.7)		$ (84.4)

(a) Car rental fleet growth is defined as car rental fleet capital expenditures, net of proceeds from disposals, plus car rental fleet depreciation and net car rental fleet financing. Equipment rental fleet growth is defined as equipment rental fleet expenditures, net of proceeds from disposals, plus depreciation. The calculation reflects the following:
FLEET GROWTH	Three Months Ended March 31, 2013								Three Months Ended March 31, 2012
			Car		Equipment						Car		Equipment
			Rental		Rental		Total				Rental		Rental		Total
Revenue earning equipment expenditures			$(3,098.8)		$ (154.2)		$(3,253.0)				$(2,524.7)		$ (124.0)		$(2,648.7)
Proceeds from disposal of revenue earning equipment			2,198.9		38.9		$ 2,237.9				1,951.0		58.3		$ 2,009.3
Net revenue earning equipment capital expenditures			(899.9)		(115.3)		(1,015.1)				(573.7)		(65.7)		(639.4)
Depreciation of revenue earning equipment			497.8		74.0		571.8				429.7		62.4		492.1
Net financing activity related to car rental fleet			249.5		–		249.5				89.6		–		89.6
Fleet growth			$ (152.6)		$ (41.3)		$ (193.9)				$ (54.4)		$ (3.3)		$ (57.7)
EBITDA AND CORPORATE EBITDA	Three Months Ended March 31, 2013								Three Months Ended March 31, 2012
					Other								Other
	Car		Equipment		Reconciling				Car		Equipment		Reconciling
	Rental		Rental		Items		Total		Rental		Rental		Items		Total
Income (loss) before income taxes	$ 169.6		$ 32.1		$ (129.5)		$ 72.2		$ 61.5		$ 10.2		$ (108.5)		$ (36.8)
Depreciation and amortization	573.1		93.0		3.0		669.1		493.8		81.2		3.5		578.5
Interest, net of interest income	74.0		13.4		87.6		175.0		79.6		12.7		68.9		161.2
EBITDA	816.7		138.5		(38.9)		916.3		634.9		104.1		(36.1)		702.9
Adjustments:
Car rental fleet interest	(70.7)		–		–		(70.7)		(75.8)		–		–		(75.8)
Car rental fleet depreciation	(513.1)		–		–		(513.1)		(451.7)		–		–		(451.7)
Non-cash expenses and charges (b)	5.4		–		7.9		13.3		11.0		–		7.4		18.4
Extraordinary, unusual or non-recurring gains and losses (c)	11.9		0.5		8.9		21.3		5.8		4.2		6.9		16.9
Corporate EBITDA	$ 250.2		$ 139.0		$ (22.1)		$ 367.1		$ 124.2		$ 108.3		$ (21.8)		$ 210.7
(b) As defined in the credit agreements for the senior credit facilities, Corporate EBITDA excludes the impact of certain non-cash expenses and charges. The adjustments reflect the following:
NON-CASH EXPENSES AND CHARGES	Three Months Ended March 31, 2013								Three Months Ended March 31, 2012
					Other								Other
	Car		Equipment		Reconciling				Car		Equipment		Reconciling
	Rental		Rental		Items		Total		Rental		Rental		Items		Total
Non-cash amortization of debt costs included
in car rental fleet interest	$ 5.4		$ –		$ –		$ 5.4		$ 11.0		$ –		$ –		$ 11.0
Non-cash stock-based employee
compensation charges	–		–		7.9		7.9		–		–		7.4		7.4
Total non-cash expenses and charges	$ 5.4		$ –		$ 7.9		$ 13.3		$ 11.0		$ –		$ 7.4		$ 18.4
(c) As defined in the credit agreements for the senior credit facilities, Corporate EBITDA excludes the impact of extraordinary, unusual or non-recurring gains or losses or charges or credits.
The adjustments reflect the following:
EXTRAORDINARY, UNUSUAL OR
NON-RECURRING ITEMS	Three Months Ended March 31, 2013								Three Months Ended March 31, 2012
					Other								Other
	Car		Equipment		Reconciling				Car		Equipment		Reconciling
	Rental		Rental		Items		Total		Rental		Rental		Items		Total
Restructuring charges	$ 3.1		$ 0.5		$ 0.1		$ 3.7		$ 3.5		$ 3.2		$ –		$ 6.7
Restructuring related charges	4.1		–		0.1		4.2		2.3		1.0		–		3.3
Acquisition related costs	–		–		2.6		2.6		–		–		6.9		6.9
Integration Expenses	4.7		–		6.1		10.8		–		–		–		–
Total extraordinary, unusual or non-recurring items	$ 11.9		$ 0.5		$ 8.9		$ 21.3		$ 5.8		$ 4.2		$ 6.9		$ 16.9

										Table 7
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP EARNINGS MEASURES
(In millions, except as noted)
Unaudited
		Three Months Ended
RECONCILIATION FROM OPERATING		March 31,
CASH FLOWS TO EBITDA:		2013		2012
Net cash provided by operating activities		$ 743.6		$ 492.0
Amortization of debt costs		(17.3)		(24.9)
Provision for losses on doubtful accounts		(12.7)		(6.9)
Derivative gains (losses)		1.5		3.0
Gain (loss) on sale of property and equipment		1.0		0.2
Loss on revaluation of foreign denominated debt		–		(2.5)
Stock-based compensation charges		(8.0)		(7.5)
Asset writedowns		–		(2.7)
Lease charges		15.3		23.1
Deferred income taxes		(35.9)		(2.4)
Provision (benefit) for taxes on income		54.2		19.5
Interest expense, net of interest income		175.0		161.2
Changes in assets and liabilities		(0.4)		48.1
EBITDA		$ 916.3		$ 700.2
NET CORPORATE DEBT, NET FLEET DEBT		March 31,		December 31,		March 31,		December 31,		March 31,
AND TOTAL NET DEBT		2013		2012		2012		2011		2011
Total Corporate Debt		$ 7,237.0		$ 6,545.3		$ 4,645.2		$ 4,704.8		$ 5,202.2
Total Fleet Debt		9,080.0		8,903.3		6,780.5		6,612.3		5,547.8
Total Debt		$ 16,317.0		$ 15,448.6		$ 11,425.7		$ 11,317.1		$ 10,750.0
Corporate Restricted Cash
Restricted Cash, less:		$ 425.2		$ 571.6		$ 211.9		$ 308.0		$ 190.9
Restricted Cash Associated with Fleet Debt		(370.5)		(494.0)		(126.5)		(213.6)		(110.2)
Corporate Restricted Cash		$ 54.7		$ 77.6		$ 85.4		$ 94.4		$ 80.7
Net Corporate Debt
Corporate Debt, less:		$ 7,237.0		$ 6,545.3		$ 4,645.2		$ 4,704.8		$ 5,202.2
Cash and Cash Equivalents		(653.8)		(533.3)		(594.7)		(931.8)		(1,365.8)
Corporate Restricted Cash		(54.7)		(77.6)		(85.4)		(94.4)		(80.7)
Net Corporate Debt		$ 6,528.5		$ 5,934.4		$ 3,965.1		$ 3,678.6		$ 3,755.7
Net Fleet Debt
Fleet Debt, less:		$ 9,080.0		$ 8,903.3		$ 6,780.5		$ 6,612.3		$ 5,547.8
Restricted Cash Associated with Fleet Debt		(370.5)		(494.0)		(126.5)		(213.6)		(110.2)
Net Fleet Debt		$ 8,709.5		$ 8,409.3		$ 6,654.0		$ 6,398.7		$ 5,437.6
Total Net Debt		$ 15,238.0		$ 14,343.7		$ 10,619.1		$ 10,077.3		$ 9,193.3
		Three Months Ended
CAR RENTAL REVENUE PER		March 31,
TRANSACTION DAY(a)		2013		2012
Car rental segment revenues (b)		$ 2,084.8		$ 1,658.2
Non-rental revenue		(127.8)		(110.4)
Foreign currency adjustment		1.9		(0.8)
Total rental revenue		$ 1,958.9		$ 1,547.0
Transactions days (in thousands)		39,070		31,669
Total rental revenue per transaction
day (in whole dollars)		$ 50.14		$ 48.85
		Three Months Ended
EQUIPMENT RENTAL AND RENTAL		March 31,
RELATED REVENUE(a)		2013		2012
Equipment rental segment revenues		$ 351.0		$ 302.1
Equipment sales and other revenue		(29.8)		(26.3)
Foreign currency adjustment		0.9		(1.5)
Rental and rental related revenue		$ 322.1		$ 274.3
(a) Based on 12/31/12 foreign exchange rates.
(b) Includes U.S. off-airport revenues of $320.4 million and $283.9 million for the three months ended March 31, 2013 and 2012, respectively.

Exhibit 1

Non-GAAP Measures: Definitions and Use/Importance

Hertz Global Holdings, Inc. ("Hertz Holdings") is our top-level holding company. The Hertz Corporation ("Hertz") is our primary operating company. The term "GAAP" refers to accounting principles generally accepted in the United States of America.

Definitions of non-GAAP measures utilized in Hertz Holdings’ April 29, 2013 Press Release are set forth below. Also set forth below is a summary of the reasons why management of Hertz Holdings and Hertz believes that the presentation of the non-GAAP financial measures included in the Press Release provide useful information regarding Hertz Holdings’ and Hertz’s financial condition and results of operations and additional purposes, if any, for which management of Hertz Holdings and Hertz utilize the non-GAAP measures.

1. Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") and Corporate EBITDA

EBITDA is defined as net income before net interest expense, income taxes and depreciation (which includes revenue earning equipment lease charges) and amortization. Corporate EBITDA, as presented herein, represents EBITDA as adjusted for car rental fleet interest, car rental fleet depreciation and certain other items, as described in more detail in the accompanying tables.

Management uses EBITDA and Corporate EBITDA as operating performance and liquidity metrics for internal monitoring and planning purposes, including the preparation of our annual operating budget and monthly operating reviews, as well as to facilitate analysis of investment decisions, profitability and performance trends. Further, EBITDA enables management and investors to isolate the effects on profitability of operating metrics such as revenue, operating expenses and selling, general and administrative expenses, which enables management and investors to evaluate our two business segments that are financed differently and have different depreciation characteristics and compare our performance against companies with different capital structures and depreciation policies. We also present Corporate EBITDA as a supplemental measure because such information is utilized in the calculation of financial covenants under Hertz’s senior credit facilities.

EBITDA and Corporate EBITDA are not recognized measurements under GAAP. When evaluating our operating performance or liquidity, investors should not consider EBITDA and Corporate EBITDA in isolation of, or as a substitute for, measures of our financial performance and liquidity as determined in accordance with GAAP, such as net income, operating income or net cash provided by operating activities.

2. Adjusted Pre-Tax Income

Adjusted pre-tax income is calculated as income before income taxes plus non-cash purchase accounting charges, non-cash debt charges relating to the amortization of debt financing costs and debt discounts and certain one-time charges and non-operational items. Adjusted pre-tax income is important to management because it allows management to assess operational performance of our business, exclusive of the items mentioned above. It also allows management to assess the performance of the entire business on the same basis as the segment measure of profitability. Management believes that it is important to investors for the same reasons it is important to management and because it allows them to assess the operational performance of the Company on the same basis that management uses internally.

3. Adjusted Net Income

Adjusted net income is calculated as adjusted pre-tax income less a provision for income taxes derived utilizing a normalized income tax rate (35% in 2013 and 34% in 2012) and noncontrolling interest. The normalized income tax rate is management’s estimate of our long-term tax rate. Adjusted net income is important to management and investors because it represents our operational performance exclusive of the effects of purchase accounting, non-cash debt charges, one-time charges and items that are not operational in nature or comparable to those of our competitors.

4. Adjusted Diluted Earnings Per Share

Adjusted diluted earnings per share is calculated as adjusted net income divided by, for the three months ended March 31, 2013, 460.9 million which represents the weighted average diluted shares outstanding for the period; for the three months ended March 31, 2012, 418.1 million which represents the weighted average diluted shares outstanding for the period; which represents the weighted average diluted shares outstanding for the period. Adjusted diluted earnings per share is important to management and investors because it represents a measure of our operational performance exclusive of the effects of purchase accounting adjustments, non-cash debt charges, one-time charges and items that are not operational in nature or comparable to those of our competitors.

5. Transaction Days

Transaction days represent the total number of days that vehicles were on rent in a given period.

6. Car Rental Revenue, Total Rental Revenue Per Transaction Day and Total Rental Revenue Per Transaction

Car rental revenue consists of all revenue, net of discounts, associated with the rental of cars including charges for optional insurance products, but excluding non-rental revenues derived from Donlen. Total revenue per transaction day is calculated as total rental revenue, divided by the total number of transaction days, with all periods adjusted to eliminate the effect of fluctuations in foreign currency. Our management believes eliminating the effect of fluctuations in foreign currency is appropriate so as not to affect the comparability of underlying trends. This statistic is important to our management and investors as it represents the best measurement of the changes in underlying pricing in the car rental business and encompasses the elements in car rental pricing that management has the ability to control.

7. Equipment Rental and Rental Related Revenue

Equipment rental and rental related revenue consists of all revenue, net of discounts, associated with the rental of equipment including charges for delivery, loss damage waivers and fueling, but excluding revenue arising from the sale of equipment, parts and supplies and certain other ancillary revenue. Rental and rental related revenue is adjusted in all periods to eliminate the effect of fluctuations in foreign currency. Our management believes eliminating the effect of fluctuations in foreign currency is appropriate so as not to affect the comparability of underlying trends. This statistic is important to our management and to investors as it is utilized in the measurement of rental revenue generated per dollar invested in fleet on an annualized basis and is comparable with the reporting of other industry participants.

8. Same Store Revenue Growth/Decline

Same store revenue growth or decline is calculated as the year over year change in revenue for locations that are open at the end of the period reported and have been operating under our direction for more than twelve months. The same store revenue amounts are adjusted in all periods to eliminate the effect of fluctuations in foreign currency. Our management believes eliminating the effect of fluctuations in foreign currency is appropriate so as not to affect the comparability of underlying trends.

9. Free Cash Flow

Free cash flow is calculated as Net cash provided by operating activities less revenue earning equipment expenditures, net of disposal proceeds and car rental fleet financing, less non-fleet capital expenditures, net of non-fleet disposals. Free cash flow is important to management and investors as it represents the cash available for acquisitions and the reduction of corporate debt.

10. Net Corporate Debt

Net corporate debt is calculated as total debt excluding fleet debt less cash and equivalents and corporate restricted cash. Corporate debt consists of our Senior Term Facility; Senior ABL Facility; Senior Notes; Senior Subordinated Notes, Convertible Senior Notes; and certain other indebtedness of our domestic and foreign subsidiaries. Net Corporate Debt is important to management, investors and ratings agencies as it helps measure our leverage. Net Corporate Debt also assists in the evaluation of our ability to service our non-fleet-related debt without reference to the expense associated with the fleet debt, which is fully collateralized by assets not available to lenders under the non-fleet debt facilities.

11. Corporate Restricted Cash (used in the calculation of Net Corporate Debt)

Total restricted cash includes cash and cash equivalents that are not readily available for our normal disbursements. Total restricted cash and equivalents are restricted for the purchase of revenue earning vehicles and other specified uses under our Fleet Debt facilities, our like-kind exchange programs and to satisfy certain of our self insurance regulatory reserve requirements. Corporate restricted cash is calculated as total restricted cash less restricted cash associated with fleet debt.

12. Net Fleet Debt

Net fleet debt is calculated as total fleet debt less restricted cash associated with fleet debt. As of March 31, 2013, fleet debt consists of HVF U.S. Fleet Variable Funding Notes, HVF U.S. Fleet Medium Term Notes, RCFC U.S. Fleet Variable Funding Notes, RCFC U.S. Fleet Medium Term Notes, Donlen GN II Variable Funding Notes, U.S. Fleet Financing Facility, European Revolving Credit Facility, European Fleet Notes, European Securitization, Hertz-Sponsored Canadian Securitization, Dollar Thrifty-Sponsored Canadian Securitization, Australian Securitization, Brazilian Fleet Financing and Capitalized Leases relating to revenue earning equipment. This measure is important to management, investors and ratings agencies as it helps measure our leverage.

13. Restricted Cash Associated with Fleet Debt (used in the calculation of Net Fleet Debt and Corporate Restricted Cash)

Restricted cash associated with fleet debt is restricted for the purchase of revenue earning vehicles and other specified uses under our Fleet Debt facilities and our car rental like-kind exchange program.

14. Total Net Debt

Total net debt is calculated as net corporate debt plus net fleet debt. This measure is important to management, investors and ratings agencies as it helps measure our leverage.

SOURCE Hertz Global Holdings, Inc.

PARK RIDGE, N.J., April 25, 2013 /PRNewswire/ — Hertz Global Holdings, Inc. (NYSE: HTZ), the parent company of The Hertz Corporation, the world’s largest general use airport car rental company and a leading equipment rental company in the United States and Canada, today announced plans to hold a conference call to discuss its 2013 first quarter earnings results.

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The call will be held on Tuesday April 30 at 10:00 a.m. ET and will remain available for audio replay one hour following the conclusion of the call until May 14^th.

A press release detailing the company’s financial results will be issued after market close on Monday, April 29, 2013.

Conference Call Dial-In Information:

Time/Date:	10:00 a.m. ET, Tuesday April 30, 2013
Phone:	(800) 288-8967 (U.S.)
	(612) 332-0530 (International)
Conference Title:	Hertz First Quarter 2013 Earnings Call
Passcode:	291985

The call can be accessed by providing the title or passcode to the operator.

Replay Dial-In Information:

Phone:	(800) 475-6701 (U.S.)
	(320) 365-3844 (International)
Passcode:	291985

This call will also be available through a live audio webcast. This webcast can be accessed through a link on the Investor Relations section of the Hertz website, www.hertz.com/investorrelations, and will remain available for replay.

ABOUT HERTZ GLOBAL HOLDINGS

Hertz Global Holdings, through its subsidiary Hertz, operates its car rental business through the Hertz, Dollar and Thrifty brands from approximately 10,400 corporate, licensee and franchisee locations in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental brand, operating from approximately 8,800 corporate and licensee locations in approximately 150 countries. Our Dollar and Thrifty brands have approximately 1,580 corporate and franchisee locations in approximately 80 countries. Our Hertz brand name is one of the most recognized in the world, signifying leadership in quality rental services and products. We are one of the only car rental companies that has an extensive network of company operated rental locations both in the United States and in all major European markets. We believe that we maintain the leading airport car rental brand market share, by overall reported revenues, in the United States and at 111 major airports in Europe where we have company operated locations and where data regarding car rental concessionaire activity is available. We believe that we also maintain the second largest market share, by revenues, in the off-airport car rental market in the United States. In our equipment rental business segment, we rent equipment through approximately 340 branches in the United States, Canada, France, Spain, China and Saudi Arabia, as well as through our international licensees. We and our predecessors have been in the car rental business since 1918 and in the equipment rental business since 1965. We also own Donlen Corporation, based in Northbrook, Illinois, which is a leader in providing fleet leasing and management services.

SOURCE Hertz Global Holdings, Inc.

PARK RIDGE, N.J., April 25, 2013 /PRNewswire/ — The Hertz Corporation is pleased to celebrate its one year anniversary of providing San Antonio with 24/7 vehicle access with On Demand technology and announces special promotions through the end of April, including 20% off hourly rates at select locations throughout the city and, in honor of Earth Day, 20% off daily rates on green compact vehicles, EV and hybrid cars.

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"The City of San Antonio has been an amazing partner over the past year and we’re pleased with the tremendous growth Hertz has experienced," commented Jordan Reber, Vice President, Chief Commercial Officer, Hertz. "Working together, we’ve been able to expand our footprint and establish new partnerships throughout the city to make Hertz the fast and easiest program available."

Since launching in 2012, the program has exceeded the expectations for both the City and Hertz. 24/7 vehicle access with Hertz has grown ten-fold, now encompassing more than 40 vehicles including the Nissan LEAF electric vehicle, 21 new parking locations have been added to the program and membership has grown 500%. Hertz provides 24/7 access to vehicles strategically located throughout the city’s downtown area, with no annual fees.

"The Hertz program has quickly become a popular, smart, new form of transportation and provides our city’s residents and visitors another convenient option to get around in San Antonio," said San Antonio Mayor Julian Castro. "We look forward to seeing this rapidly-expanding system grow even more in the years to come."

In addition, Hertz is now available at all National Tire & Battery Auto Centers throughout the city with onsite kiosks for instant enrollment and rentals from National Tire’s six stores and Hertz’s neighborhood locations at DeZavala Rd. and San Pedro Ave. South also have 24/7 vehicles available.

San Antonio residents, City employees and tourists can enroll online, reserve cars which can be picked up from one of Hertz’s convenient 24/7 location, and experience the enhanced customer benefits offered by Hertz, including:

• No membership, renewal, or late fees.
• Ability to earn Hertz Gold Plus Rewards™ Points, Hertz’s free membership rewards program that provides a wide range of flexible rewards including Points that never expire, ‘AnyDay’ reward options with no blackouts, easy online redemption, and international point accrual.
• A young fleet with the widest selection of vehicles.
• Simplified reservation process via hertz247.com or a customer’s iPhone.
• Unparalleled Services including industry leading in-car technology, including Hertz’s award-winning NeverLost GPS in most vehicles, a hands-free audio kit that connects to Hertz’s in-house customer service, and EZ Pass transponders in the Northeast.
• 180 miles a day, fuel and insurance included in rates.

About Hertz
Hertz, the largest worldwide airport general use car rental brand, operates from approximately 8,800 locations in approximately 150 countries. Hertz is the number one airport car rental brand in the U.S. and at 111 major airports in Europe. Hertz is an inaugural member of Travel + Leisure’s World’s Best Awards Hall of Fame, was named by the magazine’s readers’ as the Best Car Rental Agency, and was voted the Best Overall Car Rental Company in Zagat’s 2012/13 U.S. Car Rental Survey. Products such as Hertz Gold Choice, NeverLost(r), and unique cars and SUVs offered through the Company’s Adrenaline, Prestige and Green Traveler Collections, set Hertz. Hertz owns the vehicle leasing and fleet management leader Donlen Corporation, operates the hourly car rental service, Hertz 24/7 with On Demand technology, and owns a leading North American equipment rental business, Hertz Equipment Rental Corporation, which includes Hertz Entertainment Services.

For more information, visit www.Hertz247.com or www.Hertz.com. For more information about San Antonio’s car share program, visit www.sanantonio.gov.

SOURCE The Hertz Corporation

PARK RIDGE, N.J., April 22, 2013 /PRNewswire/ — The Hertz Corporation (NYSE: HTZ) has announced that Hertz Equipment Rental Corporation has entered into a franchise agreement with Consolidation Services Inc. through its wholly owned subsidiary Mongolia Equipment Rental Corporation. Consolidation Services will have the exclusive license to provide rental equipment in Mongolia utilizing the "Hertz Equipment" brand and proprietary system, starting from a commencement date of July 1, 2013. This move will significantly add to Hertz Equipment Rental’s existing network in Asia.

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Lois Boyd, Group President, Hertz Equipment Rental Corporation, said: "We are very excited to launch in Mongolia through our partnership with Consolidation Services Inc. The nation is one of the most exciting new markets for the world’s mining industry. With its double digit GDP growth (estimated at 15.74% by the IMF for 2013) and influx of foreign investments, the country is also experiencing a boom in construction and infrastructure development."

Former US Ambassador and Chairman of Consolidation Services and Hertz Equipment Mongolia, Mr Michael Ussery, added: "Mongolia’s resource-led economy offers a huge market opportunity for equipment rental. We are delighted to join the Hertz global equipment rental network, giving us access to hundreds of equipment and tool manufacturing partners. This will enable us to provide a full array of equipment rental services to meet a variety of mining, construction, infrastructure development and other equipment rental needs."

The Hertz Equipment Mongolia business will offer a broad range of mining, construction and infrastructure development equipment for rent and sale along with spare parts, repair and other services. The equipment categories under the franchise agreement include:

• Aerial Equipment (mobile platform lifts, personnel lifts and bucket trucks)
• Air Equipment (portable and towable compressors and accessories, air tools and hammers, sandblast equipment and accessories)
• Compaction and Paving Equipment (plate and rammer tampers, rollers, concrete and asphalt compacting and paving equipment)
• Concrete and Masonry Equipment (concrete and mortar mixers, vibrators, saws, trowel machines, power buggies and surfacing equipment)
• Cranes (truck mounted and carry deck cranes)
• Earthmoving Equipment (dozers, loaders, tractors, backhoes, maintainers, trenchers, skid steers, excavators, boring and tunneling equipment and accessories)
• Electrical Equipment (generators, electrical tools and lighting equipment and accessories)
• Material Handling Equipment (construction and industrial forklifts, winches, hoists and jacks)
• Pumping Equipment (centrifugal, diaphragm, trash and submersible pumps and accessories)
• Storage Containers
• Temperature Control Equipment
• Trucks and Trailers (flatbed and box dumps, water trucks and water trailers, towable open trailers and pickup trucks)
• Welding Equipment (welders and accessories)
• Trench Shoring Equipment
• Scaffolding

About The Hertz Corporation
Hertz operates its car rental business through the Hertz, Dollar and Thrifty brands from approximately 10,400 corporate, licensee and franchisee locations in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental brand, operating from approximately 8,800 corporate and licensee locations in approximately 150 countries. Hertz is the number one airport car rental brand in the U.S. and at 111 major airports in Europe. Dollar and Thrifty have approximately 1,580 corporate and franchisee locations in approximately 80 countries. Hertz is an inaugural member of Travel + Leisure’s World’s Best Awards Hall of Fame and was recently named, for the thirteenth time, by the magazine’s readers as the Best Car Rental Agency. Hertz was also voted the Best Overall Car Rental Company in Zagat’s 2012/13 U.S. Car Rental Survey, earning top honors in 14 additional categories, and the Company swept the global awards for Best Rewards Program and Best Overall Benefits from FlyerTalk.com. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, and unique cars and SUVs offered through the Company’s Adrenaline, Prestige and Green Traveler Collections, also set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation and operates the Hertz On Demand car sharing business. The Company also owns a leading North American equipment rental business, Hertz Equipment Rental Corporation, which includes Hertz Entertainment Services.

CONTACT (U.S.): Paula Rivera (201) 307-2824 privera@hertz.com

CONTACT (International): Zoe White +44 1895 553 887 zoewhite@hertz.com

SOURCE The Hertz Corporation

REDWOOD CITY, Calif., April 18, 2013 /PRNewswire/ — The Hertz Corporation (NYSE:HTZ) and nestGSV, the world’s first ‘ecobator’ (ecosystem + incubator), today announced Hertz’s "Mobility and Connected Car" Hackathon, to be held at nestGSV in Redwood City, CA, Friday, April 19, 2013 and Saturday, April 20, 2013. The weekend of innovation will bring together developers, entrepreneurs, corporate partners, and industry experts throughout Silicon Valley for dynamic collaboration to create mobility solutions that offer customers the fastest, easiest and most valued experience afforded by the most technologically innovative products and services available for business and leisure travel.

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More than 400 developers are signed up to gather, learn and create apps that will point to the future of the automotive and travel sectors. Participants will join teams and develop the next connected car apps until the buzzer sounds Saturday afternoon for them to present their creations. Each team will have 3 minutes to pitch their creation to a panel of expert judges. Full schedule of events: http://hertzhackathonsv-efbevent.eventbrite.com

"Hertz is a technology driven company, and we’re committed to enhancing the Hertz customer experience both within and beyond the car," said Mark Frissora, Chairman and CEO of Hertz. "This weekend’s hackathon and our Silicon Valley initiative are geared toward driving the innovative technology and service solutions to provide the fastest, easiest and most connected experience our customers have come to expect from a leader like Hertz."

"We are delighted to participate with Hertz, nestGSV and the other partners in this hackathon to find the next great innovations and startups focused on changing the face of mobility," said Mark Platshon, Advisor to BMW i-Ventures, Venture Partner at Castrol Innoventures and Partner at Birchmere Ventures. "It is especially exciting to work together with a company like Hertz that has the scope and reach to impact consumers around the world as we bring such innovations to market."

The Hackathon: Innovation in Action
Hertz CIO, Joe Eckroth and Vice President of Global Information Technology, Rob Moore, will present the vision, direction and opportunity for developers, who will also learn about integrating prize APIs from leaders at Nokia, HERE, AT&T, ChargePoint, Twilio, VoicePark, RechargeCar and Kiva. Each participant gets 3 minutes to present their idea and teams formed Friday night will work throughout Saturday to produce their apps. Guides will be available throughout the entire day to help code solutions.

Winning participants in the hackathon will be rewarded with more than $50,000 in cash as well as other prizes, access to business leaders in the connected car, mobility and transportation space — including Hertz, AT&T, Nokia and others— and will receive support by Hertz and nestGSV to further develop and bring their products to market.

Selected startups that are aligned with Hertz’s innovation strategy will be accelerated over a 3-month period in a Hertz Accelerator program, located at, and run by nestGSV.

"nestGSV is dedicated to helping the entire ecosystem of innovation — from entrepreneurs to investors to global organizations — to identify, partner and drive the most exciting technology solutions into the market," said nestGSV CEO Kayvan Baroumand. "The commitment of such industry leaders as Hertz, AT&T and our other partners to the process of incubation, education, and events like this hackathon are shining examples of how entrepreneurs with great ideas and organizations of all sizes can meet and work together to bring great ideas to consumers and businesses around the world."

About The Hertz Corporation
Hertz, the largest worldwide airport general use car rental brand, operates from approximately 8,800 locations in approximately 150 countries. Hertz is the number one airport car rental brand in the U.S. and at 111 major airports in Europe. Hertz is an inaugural member of Travel + Leisure’s World’s Best Awards Hall of Fame, was named by the magazine’s readers’ as the Best Car Rental Agency, and was voted the Best Overall Car Rental Company in Zagat’s 2012/13 U.S. Car Rental Survey. Products such as Hertz Gold Choice, NeverLost®, and unique cars and SUVs offered through the Company’s Adrenaline, Prestige and Green Traveler Collections, set Hertz. Hertz owns the vehicle leasing and fleet management leader Donlen Corporation, operates the Hertz On Demand car sharing, and owns a leading North American equipment rental business, Hertz Equipment Rental Corporation, which includes Hertz Entertainment Services.
www.hertz.com

About nestGSV
nestGSV is more than just a place; it’s a way of doing business. As the world’s first "ecobator", nestGSV furnishes a rich ecosystem of services essential to the success of emerging technology companies. We bring together entrepreneurs, investors, large corporations, professional service providers, governments and educational institutions to drive collaborative innovation, successful market adoption and growth. Our ecobator model fosters supportive relationships between players in the innovation economy that create mutual benefit for all involved parties. For further information, visit the nestGSV website at http://www.nestgsv.com. Facebook: http://www.facebook.com/joinnestgsv and Twitter: @nestgsv

SOURCE The Hertz Corporation

PARK RIDGE, N.J., April 18, 2013 /PRNewswire/ — The Hertz Corporation (NYSE: HTZ) announces it has expanded its line of sports cars available for rent to include the Porsche 911, Boxster, and Cayenne, which join the already-available Porsche Panamera. With the expansion, consumers in select markets are now able to rent a variety of Porsche vehicles that transform an ordinary trip into an extraordinary journey.

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"The response among Hertz customers to the Porsche vehicles in our fleet has been overwhelming, clearly demonstrating our customers’ passion to get behind the wheel of these cars," commented Mark P. Frissora, Hertz Chairman and CEO. "The race-proven technology and intelligent performance Porsche brings to everyday driving offer a truly unique driving experience to Hertz customers."

Hertz was recently voted Top-Rated for Vehicles in the Zagat 2012/13 U.S. Car Rental Survey; the expanded line of Porsche products provides more options for consumers looking for an unforgettable travel experience. With suggested retail prices beginning from approximately $50,000 to $85,000, the 911, Boxster, and Cayenne offer a sports car driving character and everyday practicality without compromise. Beginning this month, Hertz customers in select California, Florida, and Nevada markets can experience these remarkable vehicles with rates starting at $250/weekend day. Terms and conditions apply, visit www.hertz.com or call for details.

In addition to the new Porsche offerings, Hertz has once again been named a series partner of the 2013 IMSA GT3 Cup Challenge by Yokohama and a sponsor of the 2013 JDX Racing Team. As part of the sponsorship, Hertz will remain integrated into the GT3 Cup Challenge, with Hertz branding displayed prominently on all vehicles, while the 2013 JDX Racing Porsche GTC car will compete throughout 2013 in the American LeMans Series.

"JDX had a strong 2012 season, winning their first ALMS race at Mid-Ohio, and we’re excited JDX will campaign the #11 JDX/Hertz Porsche GTC for the complete 2013 season. With a new line up of avid passionate drivers, we’re confident their skills and expertise will continue to impress throughout the year," Frissora added.

Operating one of the youngest and most diverse fleets in the industry, Hertz is committed to offering its customers the most technologically innovative products and services available to keep customers "Traveling at the Speed of Hertz." This includes Hertz Carfirmations and Carfirmation Upgrade which provide mobile confirmation of one’s rental car and the ability to upgrade straight from a customer’s mobile device; Gold Choice, which gives Gold members the power to keep the car they reserved or simply choose a different car from the Gold Choice area; and e-Return, with the fastest car rental drop-off that includes an email receipt within hours. These are all complimentary services for members of Hertz Gold Plus Rewards, which is currently free to join. In addition, Hertz continues to expand the presence of its ExpressRent Interactive Kiosks that let customers rent a car, with or without a reservation, through a live, face-to-face video kiosk.

For more information, visit www.Hertz.com or follow Hertz on Facebook or Twitter.

About The Hertz Corporation
Hertz operates its car rental business through the Hertz, Dollar and Thrifty brands from approximately 10,400 corporate, licensee and franchisee locations in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental brand, operating from approximately 8,800 corporate and licensee locations in approximately 150 countries. Hertz is the number one airport car rental brand in the U.S. and at 111 major airports in Europe. Dollar and Thrifty have approximately 1,580 corporate and franchisee locations in approximately 80 countries. Hertz is an inaugural member of Travel + Leisure’s World’s Best Awards Hall of Fame and was recently named, for the thirteenth time, by the magazine’s readers as the Best Car Rental Agency. Hertz was also voted the Best Overall Car Rental Company in Zagat’s 2012/13 U.S. Car Rental Survey, earning top honors in 14 additional categories, and the Company swept the global awards for Best Rewards Program and Best Overall Benefits from FlyerTalk.com. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, and unique cars and SUVs offered through the Company’s Adrenaline, Prestige and Green Traveler Collections, also set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation and operates the Hertz On Demand car sharing business. The Company also owns a leading North American equipment rental business, Hertz Equipment Rental Corporation, which includes Hertz Entertainment Services.

SOURCE The Hertz Corporation

PARK RIDGE, N.J., April 16, 2013 /PRNewswire/ — The Hertz Corporation (NYSE:HTZ) and China Auto Rental (CAR) announced today that Hertz, the global car rental leader, has agreed to invest in CAR, China’s domestic market leader in short and long-term car rentals. Hertz will acquire a stake of approximately 20%, on a fully diluted basis, in CAR and hold a seat on CAR’s Board of Directors. Hertz and CAR will be co-branded at the latter’s full service rental locations countrywide, and Hertz’s car rental locations and operations in China, which will provide premium rental services in key cities, will be contributed to CAR. Hertz will continue to manage its outbound sales team in China, and its equipment rental business in the country is unaffected by this announcement.

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The partnership fulfills Hertz’s objective to significantly increase its presence in the rapidly expanding car rental market in China. Additionally, Hertz and CAR will be exclusive car rental partners for inbound and outbound business, offering international corporate and leisure travelers unparalleled short and long term rental services. In 2012, China’s international travel expenditures exceeded $100 billion, #1 worldwide, and its domestic rental business is expected to grow more than 15% annually through 2016.

"As the leading global car rental brand, it’s a perfect fit for Hertz to partner with the largest and most recognized car rental company in China. China Auto Rental has the largest domestic rental footprint, with 700 locations in 66 cities, and a 50,000-vehicle fleet which is more than four times the size of its nearest competitor. Also, CAR is growing rapidly, having doubled its revenues in 2012 to $250 million, 2.5 times larger than any other domestic company," commented Mark P. Frissora, Chairman and Chief Executive Officer of The Hertz Corporation.

"CAR’s 200% annual growth rate from 2009-2012 is 6 times higher than the market over the same period, and their 50%+ annual forecasted growth rate through 2016 is more than 3 times higher than the overall market projection. As a result, Hertz is now uniquely positioned among American and European car rental brands to support the rapidly expanding Chinese rental market, as well as CAR’s growth. Not only will CAR and Hertz be able to fulfill business and leisure rentals throughout the country, we will also provide the best rental solutions for international travelers to and from China, two markets with strong growth projections," added Frissora.

Under the agreement, which is subject to normal closing conditions, CAR will be granted a license for an initial 5 year term to operate on behalf of Hertz in China. CAR will develop a network of full-service Hertz premium locations in key cities to complement CAR’s expanding location footprint. Taken together, the Hertz/CAR services will encompass self-drive and chauffeur-driven rentals, as well as short, medium and long-term vehicle rentals and leases. Hertz will provide CAR with access to a full array of services to support their rapidly expanding market presence, services which meet Hertz’s industry-leading standards. These include access to Hertz’s operational expertise, reservation capabilities, and fleet management efficiencies.

"Hertz has extensive industry experience, advanced technology, strong brand influence and abundant customer resources. We are very pleased to enter into a comprehensive and in-depth strategic cooperation with Hertz. I believe this alliance will further intensify CAR’s shareholder strength and reinforce CAR’s leading position in China’s car rental industry. It will to a great extent enhance CAR’s scale, branding, as well as products and services, which will bring customers at home and abroad a car rental experience of high quality and convenience," commented China Auto Rental Chairman and Chief Executive officer, Charles Lu.

About China Auto Rental

China Auto Rental Holdings Inc. (CAR) was established in September 2007, and is headquartered in Beijing. As China’s largest car rental service provider, CAR is dedicated to providing customers across China with superior car rental services including short-term and long-term rentals, financial leasing, as well as assorted value-added services of roadside assistance, one-way rentals, etc. As of February 2013, CAR operated in 66 major cities, at 52 airports across China with approximately 700 service locations, serving more than 1 million customers and approximately 10,000 corporate clients.

Since establishment, CAR has received outstanding customer and social reviews nationwide. In 2008, CAR served as the official car rental service provider of the 29^th Summer Olympic Games, and was awarded the 21^st Century Future Star by China Entrepreneur Magazine. In 2009, CAR was listed as one of Forbes China’s High Potential Enterprises. In 2010, CAR was named New Fortune’s Highest Potential Business Model and China.com’s Annual Best Car Rental Service Award. In 2011, CAR received the 5^th Management Action Gold Award from Harvard Business Review, Best Service Award by China Brand Festival, and Best Rental Car Company by National Geographic Traveler. CAR was also voted the 2012 Deloitte Asia Pacific Technology Fast 500, and topped the Chinese Brand Power Index of the Car Rental Industry, becoming the most trustworthy brand of car rental service for customers in China. Additionally, Roland Berger Strategy Consultants named CAR the most recognized car rental brand in China, with indisputable leadership in the scale of fleet size, service coverage, market share and revenue.

About Hertz

Hertz operates its car rental business through the Hertz, Dollar and Thrifty brands from approximately 10,400 corporate, licensee and franchisee locations in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental brand, operating from approximately 8,800 corporate and licensee locations in approximately 150 countries. Hertz is the number one airport car rental brand in the U.S. and at 111 major airports in Europe. Dollar and Thrifty have approximately 1,580 corporate and franchisee locations in approximately 80 countries. Hertz is an inaugural member of Travel + Leisure’s World’s Best Awards Hall of Fame and was recently named, for the thirteenth time, by the magazine’s readers as the Best Car Rental Agency. Hertz was also voted the Best Overall Car Rental Company in Zagat’s 2012/13 U.S. Car Rental Survey, earning top honors in 14 additional categories, and the Company swept the global awards for Best Rewards Program and Best Overall Benefits from FlyerTalk.com. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, and unique cars and SUVs offered through the Company’s Adrenaline, Prestige and Green Traveler Collections, also set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation and operates the Hertz On Demand car sharing business. The Company also owns a leading North American equipment rental business, Hertz Equipment Rental Corporation, which includes Hertz Entertainment Services.

About Hertz Rent-a-Car China

Hertz China offers a fleet of superior cars and international standard car rental services to individuals and corporate customers from Fortune 500 and other well-known enterprises. Hertz provides a wide range of domestic rental and inbound rental services, including long-term leasing, airport transfer with concierge, chauffeur drive, self-drive, MICE car rental solutions, as well as cross-border services between Shenzhen/Guangzhou and Hong Kong. Hertz China operates today in seven cities, including Shanghai, Beijing, Tianjin, Chengdu, Shenzhen, Guangzhou, and Wulumuqi, offering a full suite of car choices including Intermediate and Full Size classes, Luxury, Prestige and SUV Collections. In addition, Hertz China has extensive partnerships with airlines, tour operators, hotels and banks.

Cautionary Note Concerning Forward-Looking Statements

Certain statements contained in this press release and in related comments by our management include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include information concerning Hertz’s outlook, anticipated revenues and results of operations, as well as any other statement that does not directly relate to any historical or current fact. These forward-looking statements often include words such as "believe," "expect," "project," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would," "should," "could," "forecasts" or similar expressions. These statements are based on certain assumptions that Hertz has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors that Hertz believes are appropriate in these circumstances. We believe these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and our actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative.

Among other items, such factors could include: our ability to integrate the car rental operations of Dollar Thrifty and realize operational efficiencies from the acquisition; the risk that expected synergies, cost savings from the Dollar Thrifty acquisition may not be fully realized or realized within the expected time frame; the operational and profitability impact of the Advantage divestiture and the divestiture of the airport locations that we agreed to undertake in order to secure regulatory approval for the Dollar Thrifty acquisition; levels of travel demand, particularly with respect to airline passenger traffic in the United States and in global markets; the impact of pending and future U.S. governmental action to address budget deficits through reductions in spending and similar austerity measures, which could materially adversely affect unemployment rates and consumer spending levels; significant changes in the competitive environment, including as a result of industry consolidation, and the effect of competition in our markets, including on our pricing policies or use of incentives; occurrences that disrupt rental activity during our peak periods; our ability to achieve cost savings and efficiencies and realize opportunities to increase productivity and profitability; an increase in our fleet costs as a result of an increase in the cost of new vehicles and/or a decrease in the price at which we dispose of used vehicles either in the used vehicle market or under repurchase or guaranteed depreciation programs our ability to accurately estimate future levels of rental activity and adjust the size and mix of our fleet accordingly; our ability to maintain sufficient liquidity and the availability to us of additional or continued sources of financing for our revenue earning equipment and to refinance our existing indebtedness; safety recalls by the manufacturers of our vehicles and equipment; a major disruption in our communication or centralized information networks; financial instability of the manufacturers of our vehicles and equipment; any impact on us from the actions of our licensees, franchisees, dealers and independent contractors; our ability to maintain profitability during adverse economic cycles and unfavorable external events (including war, terrorist acts, natural disasters and epidemic disease); shortages of fuel and increases or volatility in fuel costs; our ability to successfully integrate acquisitions and complete dispositions; our ability to maintain favorable brand recognition; costs and risks associated with litigation; risks related to our indebtedness, including our substantial amount of debt, our ability to incur substantially more debt and increases in interest rates or in our borrowing margins; our ability to meet the financial and other covenants contained in our Senior Credit Facilities, our outstanding unsecured Senior Notes and certain asset-backed and asset-based arrangements; changes in accounting principles, or their application or interpretation, and our ability to make accurate estimates and the assumptions underlying the estimates, which could have an effect on earnings; changes in the existing, or the adoption of new laws, regulations, policies or other activities of governments, agencies and similar organizations where such actions may affect our operations, the cost thereof or applicable tax rates; changes to our senior management team; the effect of tangible and intangible asset impairment charges; the impact of our derivative instruments, which can be affected by fluctuations in interest rates and commodity prices; and our exposure to fluctuations in foreign exchange rates. Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Hertz therefore cautions you against relying on these forward-looking statements. All forward-looking statements attributable to Hertz or persons acting on Hertz’s behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and Hertz undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE The Hertz Corporation

PARK RIDGE, N.J., April 8, 2013 /PRNewswire/ — The Hertz Corporation (NYSE: HTZ) the world’s largest general use car rental brand has appointed Holiday Holdings International as its exclusive General Sales Agent (GSA) in Southern Africa.

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The new partnership has tasked Holiday Holdings to grow outbound car rental reservations from South Africa, Namibia, Swaziland, Lesotho, Zimbabwe and Botswana to more than 8,800 Hertz locations worldwide in 150 countries.

In 2012 the USA was the most popular destination for Hertz customers from Southern Africa, while seven European countries were among the top ten destinations, including the UK, Germany, Italy, France, Switzerland, Greece, and Spain.

Michel Taride, Group President, RAC International, Hertz Corporation, commented: "For more than 90 years, Hertz has helped millions of customers from all over the world enjoy the freedom of the open road, and we view Southern Africa as an important emerging source market for our international car rentals.

With its wealth of travel trade experience and in-depth market knowledge of Southern African countries, Holiday Holdings International is ideally positioned to help Hertz expand its long-term outbound growth strategy for key global markets such as the USA and Europe."

Gavin Simpson, CEO of Holiday Holdings added: "Given the magnitude of this important account, Hertz undertook a detailed evaluation of the available options for GSA representation in Southern Africa before deciding on the appointment of Holiday Holdings International.

We will collaborate closely with the local Hertz franchisee to grow both domestic and outbound business for Hertz and the respective brand ambassadors of each organization will coordinate their sales efforts to maximize synergy wherever possible."

Holiday Holdings International has set up a local reservations office and call centre for Hertz in the Randburg district of Johannesburg to service the travel trade and corporate market.

The new partnership will increase Hertz product awareness among travel trade and grow outbound sales by capitalizing on Holiday Holding’s longstanding relationship with the travel industry in Southern Africa. While the USA and Europe remain among the most popular outbound destinations for Hertz customers from Southern Africa in 2012, the United Arab Emirates witnessed the most growth year-on-year.

Southern Africans renting with Hertz in the vibrant Gulf country grew by 74 per cent in 2012, while in Spain, Hertz car rentals by Southern Africans increased by 34 per cent, in Germany by 27 per cent, and in France and UK by 13 per cent and seven per cent respectively.

Hertz has a global portfolio of outbound products that can be easily booked via the travel trade, offering a global fleet of more than 500,000 vehicles for corporate and leisure travellers. Travel agents and operators can contact Holiday Holdings for car rental quotations and reservations on 0861 4 HERTZ in South Africa and 27 11 289 8001 from other Southern African countries.

About The Hertz Corporation

Hertz operates its car rental business through the Hertz, Dollar and Thrifty brands from approximately 10,400 corporate, licensee and franchisee locations in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental brand, operating from approximately 8,800 corporate and licensee locations in approximately 150 countries. Hertz is the number one airport car rental brand in the U.S. and at 111 major airports in Europe. Dollar and Thrifty have approximately 1,580 corporate and franchisee locations in approximately 80 countries. Hertz is an inaugural member of Travel + Leisure’s World’s Best Awards Hall of Fame and was recently named, for the thirteenth time, by the magazine’s readers as the Best Car Rental Agency. Hertz was also voted the Best Overall Car Rental Company in Zagat’s 2012/13 U.S. Car Rental Survey, earning top honors in 14 additional categories, and the Company swept the global awards for Best Rewards Program and Best Overall Benefits from FlyerTalk.com. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, and unique cars and SUVs offered through the Company’s Adrenaline, Prestige and Green Traveler Collections, also set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation and operates the Hertz On Demand car sharing business. The Company also owns a leading North American equipment rental business, Hertz Equipment Rental Corporation, which includes Hertz Entertainment Services.

About Hertz EMEA

Hertz has a strong presence in the Middle East and Africa region, with 11 Hertz franchisees in the Middle East and 23 in Africa, and a total of 66 locations in the Middle East and 161 outlets in Africa, offering a wide range of car rental and leasing services. Hertz locations across the region offer customers the most modern fleet of vehicles in the market, with a focus on quality, safety and reliability.

About Holiday Holdings

Holiday Holdings was established in 1976 and evolved to become the largest and most successful privately owned multi-award winning travel services consortium of its kind in Southern Africa, representing the world’s leading cruise, hotel, rail, coach, airline and now rental car corporations in the local market.

CONTACT (U.S.): Paula Rivera (201) 307-2824 privera@hertz.com

CONTACT (International): Zoe White +44 1895 553 887 zoewhite@hertz.com

CONTACT (Middle East): Gareth Wright Total Communications +971 4 428 1502 gareth@totalcompr.ae

SOURCE The Hertz Corporation