Hertz Partners With China Auto Rental

                    Hertz Partners With China Auto Rental

-- Global Leader Hertz Expands China Presence In Agreement with Country's #1
Car Rental Company --

PR Newswire

PARK RIDGE, N.J., April 16, 2013

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.

(Logo: http://photos.prnewswire.com/prnh/20110810/NY50373LOGO )

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, NeverLostĀ®, 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
 
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